Hi All,
I recently bought my first property. I thought everything was fine. This is what happened
1. Made and offer, owner accpeted, paid deposit, 3mth settlement etc.
2. One month after that, a third party contacted me informing me that i cannot settle because he is sueing the seller.
3. My solicitor now talks to the seller's solicitor and the seller's solicitor says we are still going to settle on the set date.
4. The plaintiff's solicitor had already put a caveat over the property before i bought it.
5. The real estate agents new about this but because the seller's solicitor said not to worry about it they proceeded with sellign the property.
6. 2 months after the sale date, plaintiff's solicitor has not removed caveat but seller's solicitor still says we are going to settle on the set date.
7. 4 Days before settlement, bank is ready, date/time set, plaintiff's solicitor still says green light to settle, no news from plaintiff's solicitor that caveat will be removed. My solicitor informs the seller's solicitor that if we do not hear from the plaintiff's solictor that the caveat is to be removed then we will not draw cheques for settlement.
8. 3 days before settle, seller's solicitor informs us that he is in discussion with plaintiff. If we do not hear anything by the end of the day then they do not draw cheques (settle will not go ahead). Didn't hear anything….My question is, what am i to do in this situation? i want the property i bought but i have no idea how long i have to wait until i can settle. can they just make we wait for years??? and i don't even know if i can settle… my finances are tied up in this property that i don't even know if i will get…. i am really frustrated…
help….
Jon
Just a very basic question first, if the caveat existed before you bought the property, were you aware of it? Did your solicitor inform you of it and its implication?
Cheers, F. [cowboy2]
If it is seriously going into the legal network for sorting out then you have to make the decision on whether you can accept the pain for possible gain though with probable delay or bailing out and don't look back as you move forward.
Carpe
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