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 Tobias'smum

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?




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Wondersuit heaven: Bonds & Disney launch exclusive collection

Bonds and Disney fans with babies to buy for will be celebrating this news. Bonds and Disney have just released collaboration Wondersuits.

Perth hospital mistakes cancerous tumour for "behavioural issues"

When Naomi Holly, a mother of three, noticed her eight-month-old daughter Nora, was having difficulty crawling and standing up as normal, she knew there was something wrong.

Piano playing dad soothes son to sleep in moments

There's nothing more frustrating, or distressing to a parent than a sick child who can't  - or won't got to sleep. 

Lucky escape for mum and bub after snake found in couch

Perth mother Laurie Rushton Dyble was sitting on a recliner chair in her home holding her six-month-old son when her husband suddenly told her to get up and leave the room.

When your partner misses the birth

While no one wants their partner to miss their baby’s birth, it can happen. Here’s what to do if you find yourself in that situation.

Motherhood challenge: smug or just a bit of fun?

The #motherhoodchallenge sounds harmless, doesn't it? Some women disagree.

Who's the mum? Family photo goes viral

Last year, it was "The Dress". This year, it is a family photo that is breaking the internet.

5 easy meditation practices for beginners

So who's with me? You know meditating is one of the best things you can possibly do for yourself.

Woman to go on trial for being a bad housewife

An Italian woman could face up to six years in jail after her husband accused her of not doing enough cooking and cleaning at home.

Is the latest advice on women and drinking over the top?

While most expectant mums know to stop drinking when they’re pregnant, experts now warn women should stop drinking earlier than that. Is this necessary?

How household chores can double as a workout

If there's less than a slim chance you'll find time to get out for a jog or to hit the gym today, take heart in knowing that household chores contribute to the calorie equation.

I have no idea what I'm doing - and that's okay

Why don't we talk about the fact that when everything goes right, we may still feel completely lost, and certain that we have failed?

Dad warns of hair tourniquet danger after baby almost loses toe

A shocked father has shared his family's experience in a bid to warn other parents about the dangers of hair becoming entangled around a baby's toe.

Town welcomes first baby in 28 years

Since the 1980s, the Italian town of Ostana had not seen the birth of a single baby.

How to start teaching your kids road safety

It's something that can be taught as early as possible and reinforced as they get older and more mobile - even from toddlerhood.

Just announced: Bugaboo Cameleon³ Classic+ Collection update

Meet the brand new understated chic model from Bugaboo.

The emotional moment a mum hears her late son's heartbeat

It's been two and a half years since Heather Clark's seven-month-old son Lukas passed away.

Nine reasons why you have 'brain fog'

One minute your productivity is skyrocketing and the next you're sitting there trying to focus – just like that you draw blank, your brain, mush.

I had a caesarean and it was beautiful

Guess what? Despite not pushing him out, I cried, and my heart skipped, and I felt the rush of love and pride when I saw him for the first time.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Penny Wong

'The most hurtful argument in the marriage equality debate'

Labor frontbencher Penny Wong is used to to hearing arguments against same-sex marriage. But for Australia's most prominent gay politician, one hurts more than others.

Does exercise have to be fun to work?

Some things in life are inherently served with a big scoop of fun: balloons, bubbles, cupcakes to name but a few, but exercise?

Hair dye gives woman second-degree burns

She wanted a fresh colour for 2016, but instead she got chemical burns.

Kelly Slater saves mum and toddler from 'freak wave'

A Perth family has thanked US surfing "legend" Kelly Slater after the star saved a mother and a young toddler from "a freak wave" in Hawaii.

Apple recalls millions of power adapters

Tech giant instigates massive international recall of power point adapters due to risk of electric shock.

Toddler's adorable alphabet goes viral

It's impossible not to share this little boy's excitement  about the alphabet.

Tot's nighttime waking saves family's life

Like all tired parents, Monique and Kyle Ruppel were looking forward to the day their 15-month-old daughter Celia would start sleeping through the night. 

Australian mum gives birth to quintuplets

An Australian mum who has shared the ups and downs of carrying quintuplets has welcomed her five babies into the world.

Dad of four girls faints at gender reveal for fifth baby

It was all too much excitement for this dad.

The simple way you can help your baby's language development

The way parents respond to their child's babbling can shape how their infants communicate.

Zika virus is 'spreading explosively': WHO

The World Health Organization announced that it will convene an emergency meeting about Zika.

National database recommended for child protection cases

Baby Ebony was repeatedly failed by the agencies tasked with her protection before her horrific death at the hands of her father, South Australia's deputy coroner says.

Hospitals put babies at risk by ignoring policy on elective caesareans

Thirty-eight weeks or 39? Non-medical factors are pushing women to have elective caesareans earlier than official guidelines - and hospitals are playing along.

Police help deliver baby on busy roadside

Two police officers delivered more than a traffic fine by the side of a busy Melbourne road yesterday.

1D's Louis Tomlinson shares first photo of baby

One Direction's Louis Tomlinson has posted the first picture of his baby boy, Freddie, on social media.

 

FREE TICKET

See Hi-5 LIVE in Melbourne!

Get your ticket to The Essential Baby & Toddler Show - register online now!

 
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.