2nd Charge on a Property

regularsaver1

What more has your solicitor said?

goldiewil

I just phoned the lender he owes and found out that as I suspected he has not done anything to resolve this issue! He has not tried to negotiate anything. what do i do???

AMILLIONDOLLARS

Offer to buy the house from them when they repossess it.

silvercar

goldiewil wrote:

I just phoned the lender he owes and found out that as I suspected he has not done anything to resolve this issue! He has not tried to negotiate anything. what do i do???

Which lender, the first charge or second? Either way it will focus the lender's mind.

goldiewil

wrote:

the second charge lender

regularsaver1

sounds like you are doing a lot yourself - shouldn;t your solicitor be doing this for you?

silvercar

So at least the second charge lender knows the situation. You could ask them how much they would accept to release the charge, being there is only £3k secured on the house available to them should the first lender repossess.

If they will take a lower amount, you could bite the bullet and pay more. Or you could sit it out.

Very, very unfair situation that has been forced on you. When we purchased last month I asked my solicitor if there was any insurance / indemnity we could take out to protect us if the seller didn't complete, apparently there isn't anything which seems unfair being there seems to be insurance available for all sorts of oddities.

goldiewil

Our solicitor has not been very helpful since this matter came up. He hasnt done anything apart from serve notice to withdraw from the transaction. he refuses to chase the sellers solicitor as he says that the seller lied to his solicitor and doesn’t even know if he will be paid for his services… that’s not my problem, I'm paying him to represent me and He knows he will be paid as the deposit money will come through him! Very unfair!!!

epoman

silvercar wrote:

When we purchased last month I asked my solicitor if there was any insurance / indemnity we could take out to protect us if the seller didn't complete, apparently there isn't anything which seems unfair being there seems to be insurance available for all sorts of oddities.

I remember a couple of years ago coming across a policy that protected against abortive house purchases, but if memory serves me correctly, that only covered wasted costs. If I can find out more I'll post again.

dougk_2

Write a letter of complaint to your solicitors senior partner. Your solictor hasn't done the job properly prior to exchange (i.e a search immediatley prior) and now is doing nothing to resolve the issue and work on your behalf. Inform them unless they act quickly to resolve the issues then you will a) Refuse to pay their fees b) contact the law society and issue a formal complaint.

If no luck contact the Law Society and register a formal complaint. I would also at this point consult another solicitor (seperate firm) for advice.

They cannot keep your deposit as it was not given to them for funding their fees and should return it in full, otherwise I would class this as theft and report it to the police and the law society.

My other suggestion is keep in contact with the EA - they want their commission so will be all too willing to get the matter sorted quickly and they may talk directly to the vendors solictors while your solicitor isn't!