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I remember a few years back hearing of a local solicitor who got sewed for negligence, after a transaction for conveyancing went horribly wrong!
The persons who were purchasing the property were a sure bet - the house was exactly what they were looking for, an eighty foot garden, conservatory, three bedrooms and a drive that could house at least three cars, with four cars at a push.
The house was in Hertford Heath, property in Hertfordshire, a quiet location with London only a stone's throw away.
The transaction was going real smooth with very few problems until they reached the exchange of contracts. What the solicitor failed to do was to request the redemption statement from the bank (money lender) prior to the exchange taking place. The problem is that as soon as an exchange of contracts has been achieved, both parties are legally bound to do-the-deal!
When the redemption statement came through and to the horror of the solicitor, the redemption statement proved that the client selling the property was in negative equity, meaning that they didn't actually have enough funds to cover the balance on the outstanding mortgage.
This the end of - Property in Hertfordshire
