Mis sold a mortgage and secured loan due to lack of PRC cert...what happens?

donny_osmonds_mad_fan

Well the solicitor is trying to sort things out but it is taking time to gain info so just wondered if anyone here had any ideas or advice about what may or may not happen please...

my partners house is/was on the market to be sold due to a split with his wife type creature. They had a buyer, but they could not get their mortgage agreed due to their mortgage company wanting the PRC certificate on the house for work carried out before my partner bought the house.

When they bought the house in 2002 their solictor/mortgage company wanted to see it, and also when they got a secured loan a few years back the same thing was requested. When they bought the house they had to go to the local council and pay a fee to get this certificate or at least what they believed it to be.

So when their buyers requested this certificate it was handed over to the solictors and it turns out it is not acceptable and not the needed certificate but just saying the council signed off the work.

Apparently it needs a total survey on all of the work which will be in excess of 5k.

There is no spare money to pay for this, there will be a massive short fall on the house/loan anyways due to fall in house prices now, ex wife is refusing to pay any bills whatsoever or even the interest only mortgage now of only £200 despite earning enough to pay it, so the house is on the verge of being repossessed..the buyers were ideal but have now backed out due to this.

The conveyancing solictor my partner is using is saying the solicitors used to buy the house are/were negligent only that solictor has retired and her firm was merged with another who have no records of anything to do with this all.

all just turning into a bit of a nightmare to be honest, he has an ex wife who spends all the money she has on fags and buying god knows what, plus so many debts, new ones every month she has secretly run up and there is just no money left to afford to pay anything up front, the house according to the estate agents is unsaleable and they have now taken it off the market, despite them saying there would be plenty of buyers as it is a lovely house near the beach in a perfect condition.

anyone else had any such problems or negligent situations? if the solictor they used in 2002 is negligent what would be the likely outcome...would it be hand over the posession of the house and they would write off outstanding debt? sorry but i have zero experience of all of this and it is worrying us madly, just wondered if anyone can put our minds at rest please over this??

many thanks

poppy10_2

The requirements for PRC certificates vary from lender to lender - the original lender may have been quite happy with the PRC certificate provided at the time in 2002, whereas the new buyer's lender might have stricter requirements. I don't think there is any case for mis-selling here.

You could ask the buyers to try a different lender - preferably going through a specialist whole of market mortgage broker. Some lenders are happier to lend on concrete properties than others.