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

 

Life with anxiety

At times, I feel pretty worthless. In those moments, all I want to do is curl up into a ball and hide in the dark. I can try to quiet my mind, but it won?t shut up.

IVF leaves woman pregnant with another couple's twins

An Italian woman has been told the twins she is three months pregnant with are not hers.

'My mother-in-law found out our baby's gender behind our backs'

My husband and I mutually decided that we didn?t want to know our baby's sex before the birth, but his mother couldn't handle that.

What you need for the 'fourth trimester'

In my opinion, the first three months after the birth are the most intense. Here's what got me through that time after welcoming my baby.

Weaning a toddler off a dummy: a 15-day plan

Weaning your child off the dummy can be a traumatic experience for both of you. Here are some tips to help you through.

Choosing to be a solo parent

Two women share their stories of longing for a baby so much that they each decided not to wait for a partner before becoming a mum.

Asphyxia link another piece of the SIDS puzzle

An Australian study has uncovered information which could lead to a better understanding of why babies die from Sudden Infant Death Syndrome.

Rescue dog Zoey and BFF Jasper star in adorable pics

Photographer, self-professed "crazy dog lady" and mum Grace Chon takes photos of rescue dog Zoey and her 10-month-old son Jasper together. The results are just too cute. See more on Instagram @thegracechon.

The ultimate travel stroller: the Mountain Buggy nano

We tried the Mountain Buggy nano and give it an enthusiastic thumbs up. As the ultimate travel stroller, it's practical, has great features, and looks fab, too.

Mum's heartbreak as son dies in road accident

Daly Thomas and her two young sons were walking home from church on Tuesday afternoon. Her youngest son never made it.

New Kate Spade baby bag designs

Don?t adjust your screen: this bright beauty is coming to you in full colour.

Easter gifts for babies, no chocolate in sight!

If this is your little one?s first Easter you might want to mark the occasion with something a little extra special. Here are 10 Easter gift ideas, which won't harm little teeth.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Win the brand new phil&teds vibe

Check out the good looking new release of the Vibe 3 and the Verve 4-wheeler inline strollers. To celebrate their release, we have a Vibe with double kit to give away.

Baby sleep

From birth to one year and beyond, read about baby sleep, soothing techniques, routines, and sleep school experiences.

Easter gifts for babies, no chocolate in sight!

If this is your little one?s first Easter you might want to mark the occasion with something a little extra special. Here are 10 Easter gift ideas, which won't harm little teeth.

7 tips for a kid-free trip, not a guilt trip

Although I?m jumping out of my skin to take my child-free holiday, I?m dreading the goodbye. But I?m determined to make the most of it without tarnishing it with guilt or sadness about leaving the kids.

Itchibubs: clothes for babies and toddlers with eczema

Parents of children who suffer from eczema will know only too well the scratching that occurs around the clock. A new clothing range aims to help make everyone more comfortable.

Ear piercing: what age is best?

What is it that shapes our opinions on what?s an 'appropriate' age for our children to get their ears pierced? Parents share their views on how young is too young when it comes to piercing.

Caring for kids helps grandmothers stay mentally alert

Looking after grandchildren can help grandmothers ward off brain disease - but it's also possible to get too much of a good thing, researchers say.

Why I loved my third home water birth

After two water births at home, I was determined to give birth to my son the same way. I just hoped this birth would be quicker than my last two.

Revealed: 7 ways food marketers try to trick consumers

If you?re confused by food labels, you?re not alone. Next time you?re shopping for food, look out for these seven common labelling tricks.

'My mother-in-law found out our baby's gender behind our backs'

My husband and I mutually decided that we didn?t want to know our baby's sex before the birth, but his mother couldn't handle that.

 

Free Printable Activities

Keeping little hands busy

Free printable acitivity pages like colouring in, cutting, word finders, mazes, maths activities and puzzles.

 
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.