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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12195
Experience:  30 years as a practising solicitor.
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Regarding buying a property in Scotland, offer accepted and

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Regarding buying a property in Scotland, offer accepted and entry date agreed but seller has now decided they cannot complete as the seller is a bank they are needing to get a breakdown of factoring fees and our solicitor is saying now that she doesn't have a completion certificate.We have given up the tenancy on our rental property to coincide with the entry date we were given , we now have to move out with nowhere to go .Where do we legally stand ?
Thank you for your question.
Can you ask your solicitor one question and come back to me please and that is: have missives been concluded for the purchase?
Customer: replied 2 years ago.
It's actually our daughter and son in law who are first time buyers. They are buying a repossessed flat in Glasgow, and have now ended up in this predicament. Seemingly missives have been signed by Amy and Ross, but not by the bank (the sellers).
Would this be a situation that should have been allowed by their solicitor? They now feel that their hands are tied and nobody appears to be able to help.
Buying a repossessed property is always a bit more difficult because the selling bank will have no access to certain information, such as local authority paperwork for completion or alterations which the purchaser or the purchaser's lender will insist on. Often the purchaser has to make his own enquiries as the bank simply isn't interested in doing so.
Similarly, the previous owner from whom the property was repossessed could have left arrears of factoring charges and the factor could have put a notice on the property. Again many repossessing lenders are reluctant to discharge such factoring charges given that they are often selling on the property at less than its worth. However, the purchaser's solicitors should, especially where the arrears are high, insist that the bank gives an undertaking to discharge the factoring fees.
If the bank haven't concluded missives then they aren't bound to sell on the verbally agreed date of entry. The purchasing solicitors should be working hard to pass them to find out about the factoring fees; it's really not that hard as most factors are delighted when a property with arrears is repossessed and they are happy to provide the information in the hope that the charges will be repaid. Likewise the council should be able to confirm the existence of a completion certificate.
Where there are such difficulties the solicitors should make every effort to resolve them quickly. It is not the solicitors fault, however, that there are inherent difficulties with a transaction of this nature.
Happy to discuss further.
JGM and other Scots Law Specialists are ready to help you
Customer: replied 2 years ago.
We are happy with that answer and would like to leave this open for a few days in case there are further questions arise this coming week. Thank you
Thank you. Don't forget to leave a positive rating so that I am credited for my time. The question will not close and you are free to ask me follow up questions at no additional charge.