slack solicitors

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From: Shelly R


G'day All,
Recently I was charged $845 penalty interest by the vendors on settlement for
going over the due settlement date.
The reason being both the lenders solicitors and mine were both slow and in my opinion hopeless.
I purposely arranged for a 42 day settlement
due to my negative past experiences with solicitors being slack.
This time around I lost count of how many phone calls I made pushing on both sides to
get them to complete.
I'm now working to get compensation from both solicitors.
How can I safe guard against this happening again?
A longer settlement could be a solution but could also prevent a sale.
If the vendor particularly wants a quick settlement this can be a significant aspect of the negotiations.
I'd like to ad a clause to my contract,
noting that the solicitors will pay any over due penalty when they are are the cause.
I'm certain I did everything I could to hasten this settlement.I'm not the one responsible for stuff ups like actually forgetting to send the mortgage documents to
my solicitors!
Cheers Shelly R
 
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Reply: 1
From: Rolf Latham


Hi Shelly

Not an uncommon story, more so where the lender doesnt not use their own in house legals.

In every instance where settlement has gone over we have managed to retrieve penalty interest and associated costs.

Go for it, you will find lots of passive resistance but if you persist you will win. The average time for payout is 12 weeks.

Ta

Rolf

Rolf
 
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Reply: 1.1
From: Alan Hill


Shelly,

Wonderful experience isn't it?

You ring your solicitor and they tell you it's the other holding things up......you ring the other solicitor and they claim it's your solicitor holding things up......you learn a little more and the merry-go-round starts again.....

There are many factors with IP that we have a LOT of control over and other things we have MINIMAL control over. The meeting of two new solicitors, thrown in with the differences found with various lenders definitely puts this part of the process in the MINIMAL category!

Keep at it though.



:)
 
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