Hi everyone
I have pre-booked my oversea trip about 9 months ago for 2 weeks holiday from 9th feb to 25 feb 13.
I have signed up a H&L contract last year, awaiting land to be registered. The IP is at QLD. Nine months passed, and the land finally got registered a week before my oversea trip. 14 days settlement triggered, which means the settlement date is falls in between my holiday.
Contract signed, mortgage and valuation completed, I would have thought everything is there just awaiting for settlement. It's 7 days between the date land got registered and my oversea trip, another 7 days between my oversea trip and the settlement date.
So the first 7 days of the settlement period (prior to my departure), I have deposited required money (actually slightly more) to cover the balance of settlement and all costs. I have contacted my solicitor And mortgage broker, asking is there anything required from me for settlement? And confirm my away will not affect the settlement date. Both emailed back said no problem, I am alright to go.
While I am away, the first email received is from my solicitor, one business day prior to settlement date, advising request to delay settlement. The one and only issue is I haven't sign the mortgage documents from the bank. These doc. Posted to my address after my departure.
Now I am forced to extend settlement period (the seller has agreed) but paying 11% interest for approx. 3 weeks.
So I am asking, who should I blame for and get reimbursement:
1. Myself? I should have known this because this is not my first purchase. However I have contacted everyone to make sure no outstanding doc. For settlement prior to my departure.
2. The solicitor?
3. The mortgage broker?
4. The bank?
5. Other?
Lastly, can anyone please advise how to deal with this situation? As I am back to Sydney on this coming Monday.
Secondly, what to do to avoid this problem if settlement date falls on the day I am away.
Thanks
Ryan
I have pre-booked my oversea trip about 9 months ago for 2 weeks holiday from 9th feb to 25 feb 13.
I have signed up a H&L contract last year, awaiting land to be registered. The IP is at QLD. Nine months passed, and the land finally got registered a week before my oversea trip. 14 days settlement triggered, which means the settlement date is falls in between my holiday.
Contract signed, mortgage and valuation completed, I would have thought everything is there just awaiting for settlement. It's 7 days between the date land got registered and my oversea trip, another 7 days between my oversea trip and the settlement date.
So the first 7 days of the settlement period (prior to my departure), I have deposited required money (actually slightly more) to cover the balance of settlement and all costs. I have contacted my solicitor And mortgage broker, asking is there anything required from me for settlement? And confirm my away will not affect the settlement date. Both emailed back said no problem, I am alright to go.
While I am away, the first email received is from my solicitor, one business day prior to settlement date, advising request to delay settlement. The one and only issue is I haven't sign the mortgage documents from the bank. These doc. Posted to my address after my departure.
Now I am forced to extend settlement period (the seller has agreed) but paying 11% interest for approx. 3 weeks.
So I am asking, who should I blame for and get reimbursement:
1. Myself? I should have known this because this is not my first purchase. However I have contacted everyone to make sure no outstanding doc. For settlement prior to my departure.
2. The solicitor?
3. The mortgage broker?
4. The bank?
5. Other?
Lastly, can anyone please advise how to deal with this situation? As I am back to Sydney on this coming Monday.
Secondly, what to do to avoid this problem if settlement date falls on the day I am away.
Thanks
Ryan