Bank Draft maybe lost!

Discussion in 'Mortgages and buying and selling homes' started by CPAMG, Oct 4, 2005.

  1. CPAMG

    CPAMG Frequent Poster

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    27
    Hi

    I took out a bank draft last Thursday made payable to the vendors solicitor, and dropped it into my solicitors office. She sent if of in the internal system they have between solicitors. She rang me this morning saying that the other solicitor has received contracts but not the bank draft. She's asked me not to cancel this yet and to wait until tomorrow to see if it shows up.

    Im just wondering if the bank draft is traceable or recoverable, or can someone else lodge this if they find it. The bank draft was made out to the vendors solicitor but it was not crossed. (*stupid I know)

    Any help greatly appreciated as I'm panicking that the bank draft may have dropped into other hands and that this money is now gone.
     
  2. ClubMan

    ClubMan Frequent Poster

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    43,745
    That's odd. I thought that the DX mail system between solicitors' and other legal offices was guaranteed to be totally secure...
     
  3. CCOVICH

    CCOVICH Frequent Poster

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    I used to use DX and it wasn't 'that' secure (i.e. if someone hadn't locked the door into the collection/drop off room, anyone could wander in).

    I wouldn't be surprised if one of the solictors hasn't misplaced it (no gripe against solicitors here, just people in general!)

    Aren't drafts crossed by the bank on which it was drawn anyway?

    To set your mind at ease, I would disregard your solicitor's advice and go ahead and cancel the draft immediately. I'm not exactly sure how easy it is to do this-do you have a reference number or receipt?
     
  4. CPAMG

    CPAMG Frequent Poster

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    The Bank have come back saying it has not been presented yet. However, they've told me it can only be cashed by the vendors solicitor so that a relief.

    The catch is seems with bank drafts is - if I cancel the draft they put a stop on it for 30 days. If during this time period I lodged the funds to the vendors solicitor account and then the cheque appears he can lodge it and I'll be liable for the amount. This seems very dodgy!! How am I meant to pay the full deposit if I have to wait the 30 days for the draft to cancel?

    I think there may be some gamesmanship going on with the vendors solicitor as I was told this morning that they want to move the closing date out by a month when the closing date was meant to be this Friday. I think they may (find!!) it after this date.

    Thanks for the help anyhow.
     
  5. Vanilla

    Vanilla Frequent Poster

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    Speaking as a practising solicitor, I seriously doubt that any solicitor would lie and say they had lost a bank draft so that their client could drag out the closing date. Especially as the vendor is, until they sign the contracts with a specified closing date, quite entitled to name the closing date in any case.

    No, I'd agree with CCovich, its more likely the bank draft has become misplaced in either your or the vendors solicitors office. It doesnt happen often, but it does happen.
     
  6. rosebery

    rosebery Guest

    Vanilla, you mentioned that the vendor can name the closing date until such time as contracts have been signed. Does this mean the closing date can't be changed after contracts have been signed?

    I am in the situation of trying to buy and sell. The vendors told me they would close at end September - until I signed the contracts. Now that the contracts have been signed and the proposed closing date has passed, they are not willing to tell me when I might get the house. Any suggestions as to how I can get a closing date?
     
  7. Vanilla

    Vanilla Frequent Poster

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    If the closing date has been specified in the contracts, and that date has passed, then your solicitor can serve a closing notice which will ensure closing before 28 days pass, or else you are entitled to charge interest and so on- it is unlikely therefore that once the notice is served that closing won't take place within the period.