Friday 26th May and another Bank Holiday Monday looms. As usual we had a number of completions and you just know something is going to go wrong. On this day the Buyer's Solicitors had a problem with their mortgage advance. Apparantley, their change of status from partnership to LLP had been approved by the head office of the lender but someone forgot to tell the completions dept. The story is the completions dept. said earlier in the day that the advance would be sent and then changed their mind later so that the funds were never received. The Partner dealing with the matter was on leave, his experienced assistant went home at lunchtime and it appeared to me that the matter was left with the receptionist to sort out. Late in the day (4.30pm) the Senior Partner got involved and we managed to cobble something together to enable the clients to move into their new houses but this was around 5.00 pm. Much stress and tears from my client.
The motto of this story is to ask for your mortgage advance the day before completion and if it doesn't arrive you have time to sort out the problem before it becomes time critical.
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