Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
I am sorry to hear of your situation. Even though you were wishing to "keep the existing mortgage" this does entail you having to apply to your B Society for a new Mortgage on your purchase property. I can't really comment too much as to your old Solicitor saying that you didn't need to do anything- this is totally incorrect- although we Solicitors pay off a client's Mortgage on their Sale and request and obtain the clients new Mortgage monies, it is up to the client and the client alone to arrange their own Mortgage.
I am not sure whether you signed the paperwork in front of your Solicitor or whether it was all done via the post, but he should have raised your £52,000 shortfall with you at the time of signing.He should also have certainly told you that he would require your balance funds a good couple of days before completion, to avoid any last minute hitches. This would have alerted you to the fact that you needed to sort out your new Mortgage.
As it stands, you are legally obliged to vacate your property tomorrow, but of course won't be able to complete on your purchase. If you do not vacate your property, your Buyer will be able to sue you for breaching the terms of the Contract- this is likely to involve any hotel/alternative accomodation fees they incur.
As regards ***** ***** the Sellers Solcititor is likely to serve a "Notice to complete" on your Solicitor, which gives you 14 days to come up with the monies and duly complete. If you are unable to acchieve this, the Seller is entitled to rescind the Contract (make it null and void) and retain the Deposit that has already been paid by you.
From the little you have told me, I do believe your Solicitor as certainly been careless and may also have been negligent. Not only will you need to speak to your B Society asap to arrange the new Mortgage, I advise you to speak to a local independent Solicitor to see if you have grounds to sue your Solicitor for negligence.
I am sorry I couldn't be more positive in my answer, but I have had to set out the legal position to you.
If I have assisted, I would be grateful if you could rate my answer.