Jump to content
Property settlement issues...
10 replies to this topic
Posted 15 January 2013 - 06:16 PM
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.
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.
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.
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...
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.
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.
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
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.
Posted 17 January 2013 - 05:40 PM
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?
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?
1 user(s) are reading this topic
0 members, 1 guests, 0 anonymous users
The workplace isn't always a friendly place for pregnant women. Yet working women inclined to conceal a pregnancy from prying coworkers may be better off opening up and carrying on, according to a new study.
To celebrate Mother's Day this year we are giving you the chance to win one of five great prizes simply by telling us your story.
There is so much pressure about having a baby who sleeps 'all night' , it's no wonder you worry about your baby if she wakes in the night.
What makes some names have comebacks while others silently fade into oblivion? A few factors come into play.
Dads can have many reasons for not wanting their partners to breastfeed their baby, but both parents should learn more about it before making a final decision.
Most new mums would recoil at the thought, but Sarah Stage has shared a post-pregnancy selfie just four days after giving birth.
If you're a new mum and feeling ignored by the older mum/the old hand/the has-been, please know, it's not you, it's me. Blame the last child parenting fatigue.
Having a new baby isn't tiring - it can be downright exhausting.
I was on a high. I'd done it all by myself with no help from anyone.
We're big fans of kids' birthday parties - but this is one bash we're glad we didn't get an invite to.
Everybody loves a bargain - including the Duchess of Cambridge.
A lengthy note put on the window of a fish & chip shop has gone viral due to the writer's serious doubts about the romance of travel.
Pregnant women are under pressure to do all the "right things" to have a healthy child. It results in women feeling judged about their decisions.
Giving your child a sibling when you don't want to have another baby can be a complex issue.
The mother of missing toddler William Tyrrell says she has a vision that somebody "picked him up and moved him on ... that's the only way ... to explain for him not to be there".
Most 23-year-old blokes spend their hard earned cash on fun times with mates or romantic dinners with their girlfriend, but not Tommy Connolly.
The first all-female quintuplets born in the United States were delivered last week, at 28 weeks and two days.
He may be less than a week old, but baby James Hunter has already helped his model mum silence her critics.
A recent Reddit thread has revealed some of the more creative names in the world.
A US woman awakened this week from a four-month-long coma that doctors had feared would be permanent and learned that she had given birth to a baby boy, according to her family.
Posting a lot of baby photos doesn't make you a bad person. It may make your Facebook feed a little irritating, but it doesn't make you a bad person.
It's time to shift the focus off what dads aren’t doing and shine it on what they are.
If you're only just joining the modern cloth nappy movement, or would like to spruce up your collection, we have to introduce you to Designer Bums.
When you’ve just had a baby, having sex isn’t usually top priority. In fact, for a lot of women it rates about as appealing as changing another dirty nappy.
Is it acceptable to use these car parking spots when pregnant? How many of us would admit to doing it?
Fertility doctors have described their "most extraordinary case" - creating a healthy baby from sperm taken 48 hours after a man had died.
Sign up to receive 30 amazing tips and ideas for play with baby during the month of April and submit a picture or tip on our social wall for a chance to win an amazing Fisher-Price prize pack.
Top 5 Articles
You have less than a week left to win your child one of five Fisher-Price toy packs valued at over $600 each - hurry, enter today!
Let’s keep talking about these issues and not allow them to be put into a neat little box that’s labelled ‘Fix childcare and everything is solved’.
When trolls felt the need to comment on 35-year-old singer-songwriter Pink's weight, her answer was an awesome ode to body love.
A national chain of fertility clinics is offering egg donors a $5000 payment to cover their expenses, a first for Australia which is raising concerns the money could act as an inducement.
Australian officials could do nothing to stop an Australian couple from abandoning their baby son, born through surrogacy in India, after they decided they did not want to bring him to Australia.
Individual choice works for haircuts and handbags, but not for preventing infectious diseases that kill kids.
If there is one thing Leilani Rogers knows about childbirth, it is that no two deliveries are ever the same.
Note to self: less sewing, more life. Not the party dress, but the party. The toddler, as usual, has it all figured out.
In 1965, Zella Jackson-Price was told her premature baby girl had died shortly after birth.
New research suggests that taking specific pregnancy probiotics could be the answer to a range of common pregnancy side effects.
Announcing that you're expecting can be a time to express your creativity, sense of humour and imagination. Check out how other parents and parents-to-be have broken the news to friends and family.
Are you one of those that know the whole IKEA catalogue by heart? Love their stuff but want to personalise it? Here's some inspiration to help you realise the potential of IKEA furniture and fittings.
A French court may have ruled out Nutella as a baby name, but that doesn't have to stop you from taking inspiration from the supermarket (or bottle shop). See what parents in the US have chosen for their delicious little ones.
Last week to submit a picture of your baby at play for your chance to win. Visit the Play Wall to view our recent entries.