Settlement Process & it's set backs!

16th June 2015
We paid our deposit. We held that cheque like nothing was more important. We had to run through storming rain to get to our conveyancers office and all I could think about was keeping that piece of paper dry!!

We only had to pay 10% but many banks recommend up to 50% deposit when mortgaging a property. Another reason an equity loan was the right choice for us!

We put an offer on our property on the 19th May 2015. Today we still haven't settled and it is the 13th September 2015! We are ok that the settlement is taking longer than expected, however an end date would be fabulous! 

We have what is called an "Auto Consol" attached to one of the parcels of land we are purchasing. We are purchasing 2 lots, and the front lot creates a boundary between another 2 lots of land so makes the subdivision process longer!
Initially the vendors solicitor wanted us to settle on one title and give us the other title 6 months down the track (called a sunset period). We were not comfortable with this because while they hold the title they can still take out a mortgage on that property. So we entered a clause in the contract that settlement will take 6 weeks or may be extended if the Land Registration takes longer than the 6 week period, so no costs will be incurred to either party.

We are fortunate that the vendors allow us to go onto the property as needed. For day trips, quotes, choosing a home site or just to see it.

You know you have bought the right block when its all you think about and you just want to be there! When you gaze at photos, or google the address or make a point of talking about it to everyone who will listen! I reckon I have driven all my friends crazy!

THURSDAY, 17 SEPTEMBER 2015

We may have a settlement date....

I received an email today from my conveyancer giving me the date for settlement. 28th of August 2015. 

It couldn't come soon enough!

I put in for Leave at work for that weekend to enjoy a 5 day camping and riding escape!

Update

28th of August came and went. The surveying is taking longer than expected and could possibly be another month!!

I put an application into the council to register for a legitimate address instead of a Lot title. This is for insurance purposes.

Spent my 5 days off spring cleaning my house but most importantly we picked out a cabin we both love!!

30th September 2015

Still no sign of settlement. Getting very frustrated with the whole situation. Im tired and probably overthing the situation. 

I rang my solicitor today and got the usual reply of "we are still waiting to hear from the vendors solicitor". So I sent an email back ventung my frustrations. We are blind and feel taken advantage of

Questions on our minds:

*How much longer?

*Have someone taken our deposit and run?

*Should we seek further legal advice?

*Should we back out and write off our losses?

*Why can't they just give us a date?

A copy of the email I sent tonight:

(Solicitors name) is there any way we can make them give us a firm date for settlement? 

I think it is very unprofessional on their behalf to leave it so long over the settlement date when they originally hoped for a 6 week settlement it has now been at least a 10 week settlement. It is very disheartening to see a lot of other properties come on the market and sold  in this time we have been waiting for the seller to get their act together.

I remember we made a joke in the first meeting about this property when I was hoping to have it by the June long weekend and my husband said maybe by the October long weekend. It was a joke then that we chuckled over but now this weekend IS the October Long weekend and we have no idea whats happening. It is completely unfair how long we have been strung along! Is there anything we can legally do to push this along, we know it is no fault of yours.  

We are both getting frustrated!

Will see what pans out from this. I am getting prepared to ring the solicitors for the seller myself and unleash my vent! Just so frustrating! 

2nd October 2015

Received a phone call today that the land is finally registered! Settlement is looking to be on the 16th October at this stage. Not holding my breath but the registration was always going to be the longest process. Now to wait for the final price we need to lay for settlement!

Unfortunately my solicitor told me she is seeing so many properties come on the market without being aubdivided first. Probably a "Buyer beware" catch to the sale, we are patient but the sellers put the property on the market almost a year ago and have had all that time to get the land subdivided before a sale was made.

13th October 2015

Finally recieved the email with a final figure to pay out for settlement! It is great news! We are settling on the 16th October 2015!

16th October 2015

No settlement happened. The cheques didn't arrive in time. Rescheduled for Monday 19th October.

19th October 2015

No settlement happened. The deeds for the land weren't at the bank branch where settlement was to take place. Rescheduled for Tuesday 20th October.

20th October 2015

Settled! 

Will take 2 weeks to gave the deeds registered in our name then put into legal storage.