Avoid at all costs
My letter to Ross Coates: Thank you for your letter of May 12 (addressed to 115A Turnmill Ave). As you have offered assistance, here are some matters that you could help with. I engaged Ross Coates on January 6 of this year. I am a cash buyer and the seller was buying a new build, so this was a very simple transaction - no chains were involved. We aimed for completion by March 31 so as to avoid increased stamp duty on the seller's next purchase. As March 31 approached I became increasingly anxious. It was extremely difficult to talk to anyone at Ross Coates as the phones were rarely answered. However, on one occasion I was advised that it would expedite matters if I sent the money for the purchase to Ross Coates, which I did on March 26. The deadline was missed. I was then advised that enquiries had to be undertaken that would take a further 15 to 20 weeks, but, for an additional fee of £720, I could take advantage of the “Express Service”. The Enquiries turned out to be very straightforward, such as a Property Information form and a copy of the Lease. Eventually a completion date of May 9 was agreed, with exchange on May 6. I was phoned on May 5 by Mr Coates to say that the exchange could not take place because of a problem with the chain. I pointed out that there was no chain. The exchange took place with completion on May 9. My questions are these. Why was so little done in the three months before March 31, resulting in the seller having to pay an additional £2,500 in stamp duty? Why was I told that very simple enquiries would take 15 to 20 weeks to resolve? Why did Mr Coates phone to say that there was a problem with the chain when, if he knew anything about the case, he would have known there was no chain? The cash for the purchase was held by Ross Coates for 45 days, which would have earned between £500 and £1,000 in interest. Why was this not included in the Completion Statement?