ABBEY & RICHARDS, SOLICITORS
From: Training Partner
To: Trainee Solicitor
Re our client Wessex Building Society and its sale of 6 Well Way Cardiff.
We act for the Wessex Building Society. As a consequence of the borrower’s default the Society is selling the above property as mortgagee in possession. Contracts were exchanged a month ago and completion was due yesterday. As you know, the Society is an important client of ours and we must do our utmost to protect its interests at all times. Unfortunately, notwithstanding the contractual date for completion was yesterday, the buyer has failed to complete. I rang the purchaser’s solicitors who told me they were not in funds and were having difficulty getting instructions from their client who seems to have suddenly become somewhat elusive. The sale price for this freehold cottage is £257,000. We have a stakeholder deposit of £25,500 in our client deposit account and the contract incorporates the latest edition of the Standard Conditions of Sale.
Lynne Brangwyn, Wessex's local manager, has been on the telephone to me this morning saying she has another buyer interested who can proceed to exchange immediately, albeit at a lower price of £256,000. She believes that the offer is genuine and that the buyer could indeed exchange very swiftly. What are our options for advice for the clients in the light of these circumstances?