May 26, 2021 1:07 pm
We sold our home and have purchased another. The settlement date was a month ago and the portion of our funds to purchase have been sitting in our solicitors trust fund since a couple of days before.
We ended up having to sign a licensing agreement to enter the property prior to settlement.
One month on...we are still waiting and no one can tell us why Westpac are 'not ready'.
Has anyone else experienced this? I find it extremely odd since we have 100% of the purchase money and no loans are involved.
I hope someone can shed a bit of light on this odd situation.
Re: BANK NOT READY3
May 28, 2021 10:57 pm
Not a bad idea but I’m not sure it would help. Weve been told we don’t have any recourse with WP unless we don’t go through with the contract....a bit late after paying an arm and a leg for a removalist and unpacking nearly 200 boxes.
I just can’t understand why they don’t just take our money!!?
Thanks for the thought though.
Re: BANK NOT READY4
May 28, 2021 11:15 pm
A lot of lenders are under the pump at the moment. Additionally Westpac relies on some offshore processing from India which had taken a hit at the moment. If you're not getting sufficient feedback then by all means make a complaint though.
Re: BANK NOT READY5
May 28, 2021 11:35 pm
We are the purchasers and the money has been sitting in our solicitors trust fund for a month as of 2 days ago. We purchased the block next door as well (same owner) and it settled about 10 days ago. We didn’t need a loan so I thought this would be simple....not so!
We are getting close I can tell you.
Re: BANK NOT READY6
Jun 01, 2021 4:21 pm
Given you're paying the full purchase price, I'm assuming Westpac is the Vendors bank that holds the interest in the security property? If that the case, there may be issues the vendor is having with the bank around their own financials. Certainly sounds odd. I would lodge a complaint to Westpac, failing that, AFCA. That should speed them along.
Are you being impacted financially in anyway at the moment as a result of this scenario? If not, im unsure youre going to see a speedy resolution, but if you are, you can bet your bottom dollar a complaint will speed things up.
Re: BANK NOT READY7
Jun 01, 2021 6:23 pm
Yes we are, 100% of the funds for our purchase are in our solicitors trust fund-have been since 23rd April. Yes that does sound to be the case.....we bought the block next door (owned also by the vendor) and it settled just over a week ago...another oddity in this mess! Why one and not the other?
No we’re not, we signed a licensing agreement to enter the property on the settlement day but were not allowed make improvements etc etc, which is soon to become a problem. We pre-ordered a fire and our hearth is being made, both due for installation about 24/06, meanwhile we’re chewing through the air conditioning. Also cutting a hold in the roof will be a problem and it’s a cold house at present especially as we e moved south.
I think you may be right and I’ll look into it tomorrow. The bank are even refusing to speak with our solicitor citing that they are not the client!
Thank you-you have definitely given me food for thought.
Re: BANK NOT READY10
Jun 13, 2021 2:14 pm
I had a similar experience recently, my purchased house had a definite settlement date, I paid the money into the Conveyancers Trust fund then got told that the Vendors Conveyancer had stuffed up their paperwork for the ATO. This caused a delay and of course nobody knows how fast the ATO will do things or even if they care. I had to get the Licencing agreement too just to get the keys so I could let tradies in for quotes. Altogether it was delayed by 3 weeks, but at least my Conveyancer gave me a concrete reason as to WHY this happened.
Re: BANK NOT READY11
Jun 13, 2021 3:25 pm
We finally took ownership after over 5 weeks...hooray! That said, I’ll probably die not knowing...we’ve had several excuses!!
I will say one thing, thank god for the licensing agreement otherwise god knows where we’d be living or where our furniture would be!!
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