Jump to content

Property settlement issues...


  • Please log in to reply
10 replies to this topic

#1 Taffabella

Posted 15 January 2013 - 06:16 PM

Hi,

I really need some advice. I have no idea where to go or what to do.

Firstly, let me deal with our most immediate problem.

We are the buyers of a new property which was due to settle on Jan 21. Issue is, our conveyancer (who knew this) has some how pushed out the settlement of the house we are selling until Feb 28.

As of today, the vendor of the house we are due to buy on Jan 21 have accepted our request for belated settlement, however are requesting penalty interest and legal fees are incurred by us.

What I really need to know is what we can do to avoid paying penalty interest? As a vendor, would you be willing to accept rent and no legal costs for 1 month?

What else would you (as a vendor) be willing to accept as compensation for delayed settlement?

________


Secondly, we are in Victoria. Does anyone know how I go about taking legal action for the recovery of any such compensation costs to the vendor against a conveyancer who wrecked the settlement date of the house we are selling in the first place? Is there a government body (like an ombudsman ) that deals with these situations?

Please help. Kind of urgent.

Thanks.

#2 Sassy Dingo

Posted 15 January 2013 - 06:25 PM

As to the first question it can't hurt to ask them if they'd accept.

As to the second, if it is a legal firm you can complain to the states legal services commissioner.

Here is the link to the legal services commissioner for Qld.

http://www.lsc.qld.gov.au/complaints

#3 GeminiSix

Posted 15 January 2013 - 06:50 PM

You need to call Consumer Affairs Victoria for advice in relation to your conveyancer.  Their website states that all licensed conveyancers need to hold professional indemnity insurance.  Here is some information from the CA website

Consumer Affairs Vic


#4 JRA

Posted 15 January 2013 - 07:36 PM

I would not give an inch on something like this, but of course you can try

They will probably need to pay two mortgages etc for that time, they deserve compensation as you guys have screwed them around.

Now if your lawyer pushed your other settlement out, why did they do that? Why did you agree to it? Surely they didn't do it without asking.

#5 Escapin

Posted 15 January 2013 - 07:41 PM

I would go back to your lawyer and say you agreed Jan 21, and it better be Jan 21 or you'll be hitting him/her up for costs...

#6 libbylu

Posted 15 January 2013 - 07:44 PM

Perhaps it would be cheaper for you to settle on the original date (21st Jan) and get bridging finance yourself to cover you for the period between when the house you bought settles and when the house you have sold settles. It might be easier to attempt to recoup these costs from your solicitor when you have clearly had to pay them (to the bank), rather than your costs being compensation to a third party.

Find out what the vendors are asking for in compensation and get a quote for bridging finance for yourselves and see which works out cheaper.

#7 Taffabella

Posted 15 January 2013 - 08:47 PM

Thanks I will contact our bank about bridging finance.

As to how all of this happened in the first place - the conveyancer looked over a purchase contract for a property that was tenanted until Feb 28th on our behalf.

We didn't buy that property (or even put an offer in) but somehow she has taken it as an indication we needed to move settlement date and requested it.
The people buying our house did not advise before Christmas on the extension of settlement and when we spoke to the conveyancer she told us to keep to the original contract date if we were to purchase over the Christmas period (which we did).

Anyway very long story with what has followed, we are not impressed, but need to sort out settlement first and deal with compensation after we've sorted it.



#8 Safety Queen

Posted 15 January 2013 - 08:56 PM

long story short if agent delayed settlment when banks other party ready then they can wear the cost .

In wa we have set terms and conditions re penalty interest. An agent shouldnt be able to do that with out your written consent



all the best



#9 rob6712col

Posted 16 January 2013 - 02:05 PM

If you have the same conveyancer for  your sale and your purchase and they were aware that the purchase relied on the sale and then they still changed the settlement date of your sale then the conveyancer needs to pay the fees for late settlement. If you have not signed anything to change the settlement then I would not be paying a thing. The rent and penalties for the purchase will come out at settlement. Advise your conveyancer that they will be paying them. From the vendors point of view you could ask if they would just take rent but if it was me I wouldn't.  Has the conveyancer contacted the people buying your home and told them they have made a mistake and would like to bring the settlement forward? Even if it was brought forward by a couple of weeks then at least the penalties would be less.


#10 Shellby

Posted 17 January 2013 - 05:40 PM

QUOTE
when we spoke to the conveyancer she told us to keep to the original contract date if we were to purchase over the Christmas period (which we did).


This bit I don't understand - did you know of the 28th Feb date before you purchased this house - if so why didn't you make your purchasing contract the same date instead of 21st of January?

If you did know that your contract for selling had changed and happened before purchasing and signing the contract for the house your buying I can't see the conveyancer being the one in the complete wrong except for not pointing out before you signed the contract that the settlement date is before your settlement date for selling or you did you sign the contract before having them look over it and discuss it with you?




#11 ellebelle

Posted 18 January 2013 - 03:48 PM

We don't know enough about the vendor of the property you are buying to say on what terms he might negotiate. I wouldn't stuff them around though if you really want the property as they can also just shut down the process and sue you for not settling as per the contract if they are really disagreeable.

I'm not really uhnderstanding your version of events - the conveyancer would surely have put all this in writing to you before confirming with another party?




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

The popular baby name from the Rio Olympics

"With a pair of athletes who are not only successful, but seen as great role models – combined with a softer sound – it is like hitting the jackpot."

Toy stuck in baby's throat for two weeks

When Jude Atiga's baby son Laith was struggling to breathe the worried mum called an ambulance.

Mum awarded $20 million over birth power struggle with nurses

As a mother of three, Caroline Malatesta thought she knew what she was letting herself in for when it came to the birth of her fourth baby.

Win a Baby Jogger City Premier for Father's Day

To celebrate Father's Day, one lucky EB fan will win one of their own! Enter Now!

'There's a giant picture of BOOBS but I can not feed my child'

A mum was ushered out of an US department store's underwear section after discreetly breastfeeding her baby.

Why fatherhood scares many dads-to-be

Travis Bull vividly remembers discovering his partner was pregnant for the first time.

Free ticket offer

Pinky Mckay joins us again at the Essential Baby & Toddler Show presented by Blackmores with her expert baby settling advice. Register now for your free ticket.

Warning for pregnant women as flu-related deaths triple

A more than three-fold increase in flu-related deaths has sparked a plea for those with the flu to stay away from vulnerable people.

I'm trying to keep my child-free friends in my life, but it's tough

I tried to prove to my single friends that I was the same I'd always been. But marriage did change me - and motherhood has, too

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Too many parents still putting babies in unsafe bedding: study

A study found that a whopping 91 per cent of four-week-old babies had been placed in cots with unsafe bedding.

Mum's shock as toddler fat-shamed by internet trolls

When a mother uploaded a cute photograph of her 14-month old child online, she did not expect a swarm of internet trolls to write that her toddler was fat.

How an Aldi staff member made one exhausted mum's day

It was a simple act of kindness, but one that made an exhausted mother's day.

The most awww-worthy celeb baby pics of the week

It's been a pretty cute week on Instagram in terms of celebs relishing their babies.

When 'Just Do It' just doesn't cut it

When even Michelle Bridges admits to struggling with her exercise regime, it's time to accept that having small children can be a legitimate reason for exercise not happening.

What life is really like when you have five kids

Life is cute with one, manageable with three, but at times completely impossible with five.

When no one can pronounce your baby's name

In Wales it's a common name, but over here, it's cause for some confusion.

Dad shares horror tale after Roomba's run-in with dog poop

It's the poop story that's been shared hundreds of thousands of times around the world.

How a homemade wheelchair is giving baby Evelyn freedom

Like all one-year-olds, Evelyn Moore is keen to get moving and explore the world around her. But a battle with aggressive cancer left the little girl paralysed from the waist down.

Single to double pram that folds with seat attached

A pram is a large purchase, and you only want to buy once.

Mum-to-be surprises husband with big news in joy-filled photoshoot

When Bri Dow learnt that she was expecting, she immediately knew she wanted to break the news to her husband Brandon in a special way.

Blake Lively: 'Post-pregnancy slim down pressure is so unfair'

Blake Lively has urged women not to feel pressured to lose weight after pregnancy.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Why drinking water can be deadly for babies

H2O is one of the necessities of life, but for babies a seemingly harmless amount of water can be fatal.

5 ways having a baby is different when you have older children

So much parenting advice is geared towards having your first baby, but what's it like having a baby when you already have children?

You can now make your own plush Falkor

Fans of The NeverEnding Story – of which there are certainly plenty – went crazy for these plush Falkors when they first went on sale last year.

Baby steps

10 things that will actually happen after having a baby

I thought I had prepared myself for motherhood. Then my baby girl arrived and knocked everything flat.

Having a baby: expectations vs reality

People love to warn you about what to expect when having a baby, but they can be way off when it comes to the reality.

Are we having fun yet? Thinking positively as a parent

Motherhood is wonderful ... except when it sucks.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

When breastfeeding doesn't go with the flow

Breast is best, except when it's not. And in our case, it most definitely wasn't.

'If you don't vaccinate your kids you're a bloody idiot'

The photos are heartbreaking and almost too difficult to look at, but Kayley Burke is begging other parents to take notice.

Why pregnant women should eat chocolate

In news that will make expectant mums jump for joy - and reach for a block of Cadbury - scientists have revealed chocolate could provide health benefits during pregnancy.

The baby born with an incredible head of hair

If you're in any way challenged in the follicle department, prepare to feel a jolt of envy - at a two-month-old baby.

The push for Medicare to fund lactation consultants

While meeting with a lactation consultant can make an enormous difference to a new mother, it's not a service that is available through the public health system.

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

Three truths about C-section mums

Lately I've been thinking about the caesarean stories and the brave women who birth their children with strength and beauty.

Help! My baby will only sleep in my arms

It's stressful to be the one who is holding your baby most of the day, but it's even more stressful to wonder, 'am I doing something wrong? Or am I creating bad habits?'

 

ENTER NOW

Win one of two Father's Day Gift Packs

Sign up to receive our new Essential Kids announcements emails for a chance to win.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.