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Vendor causing delays in our purchase-need guidance please
clumsycloggs0305
Posts: 43 Forumite
Basically, we are puchasing our second home and will rent out our current house. The house we are buying, the vendors are elderly and are down sizing to a flat they own which is currently let out to a tenant.
We struck the deal back in March 2006, and the vendors advised that we should be able to close the deal in 2 months. Over time, it now transpires that the tenant has not paid 3 months rent and both the LA and the Landlord cannot get hold of the tenant. Even the Agent dealing with the sale of the house has tried to help the Vendor/Landlord to no avail. I understand the Landlord (our Vendor) served notice section 21? and this expired on 9th July. We have since been hearing conflicting stories that the tenant has disappeared and that the Landlord changed the locks at few days after the end of the notice period. Yesterday the agent dealing with the sale said the vendor advises the tenants possessions are still in the property and the locks have not been changed. Vendor advises that the matter has been referred to the local Magistrates Court about a week ago.
Can anyone advise how long this process takes from here, and how this will come to an end? We have been waiting to close this for 5 months now. We are prepared to wait but don't know how long this will be. The Agent advises can take up to 4 weeks though the court. As we have been misled so many times I don't know who to believe. Also, we have 2 mortgage offers, one buy-to-let and one residential. Both offers were initially for 3 months, and we have another month's extension on one but not the other as yet. Can the lenders continue to give us extensions until we complete, or will there be a point when they won't grant further extensions? The rates we got then were very good and those products are no longer available. The downside on the buy-to-let is that the 3 year product expires 31st March 2009, no matter when we complete so already we are losing out on the fixed rate period.
Can anyone advise on both the legal and mortgage issues as above? Thanks
We struck the deal back in March 2006, and the vendors advised that we should be able to close the deal in 2 months. Over time, it now transpires that the tenant has not paid 3 months rent and both the LA and the Landlord cannot get hold of the tenant. Even the Agent dealing with the sale of the house has tried to help the Vendor/Landlord to no avail. I understand the Landlord (our Vendor) served notice section 21? and this expired on 9th July. We have since been hearing conflicting stories that the tenant has disappeared and that the Landlord changed the locks at few days after the end of the notice period. Yesterday the agent dealing with the sale said the vendor advises the tenants possessions are still in the property and the locks have not been changed. Vendor advises that the matter has been referred to the local Magistrates Court about a week ago.
Can anyone advise how long this process takes from here, and how this will come to an end? We have been waiting to close this for 5 months now. We are prepared to wait but don't know how long this will be. The Agent advises can take up to 4 weeks though the court. As we have been misled so many times I don't know who to believe. Also, we have 2 mortgage offers, one buy-to-let and one residential. Both offers were initially for 3 months, and we have another month's extension on one but not the other as yet. Can the lenders continue to give us extensions until we complete, or will there be a point when they won't grant further extensions? The rates we got then were very good and those products are no longer available. The downside on the buy-to-let is that the 3 year product expires 31st March 2009, no matter when we complete so already we are losing out on the fixed rate period.
Can anyone advise on both the legal and mortgage issues as above? Thanks
0
Comments
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I have known it take 4-5 months to get a tenant out once the court process has started. The fact that the tenant appears to have gone may speed things up. Speak to your broker/lender with regards to the mortgage offers, some lenders will allow extensions others can be more restrictive.0
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