What can we do? SO fed up - we were due to complete and exchange today

annie_m

and now we're back in limbo because of all the debts secured on the house by the previous owners.

We've been going back and forth for 3 months solving various problems and were finally getting somewhere; all the searches were done, had signed and returned our contract, money in Solicitors Bank Account ready for today, and then it transpired that another charge was filed against the property on 17th Sep after initial searches were carried out.

It's such a mess. Now, unless the woman can get this latest charge removed (it is in her estranged husbands name - he has filed for bankruptcy, she doesn't want to and has so far avoided it) the house could be reposessed and sold by the bank. We dont even get first refusal. Apparrently they don't even have to tell us whats happening and all we can do is keep an eye on the SOLD sign to see if they're re-marketing it.

It doesn't make sense. We have the money for it, ready, today. It's a decent price for the house so I can't understand why this has to happen.

Surely vendors should have to provide a full credit history regarding the house before they are allowed to put it on the market?

I was ok yesterday, but so I'm upset today. There must be something I can do, but I can't find anything out from anyone as it's nothing to do with us in the eyes of the bank and they have all the answers according to the sols and estate agent. We know that their bank is RBS. I'm contemplating a call or letter to them even if just to put ourselves into the picture.

DC2 is due in just over 2 weeks......I should have known it was all ending up a bit too neatly after all the crap.

(Just to add the hosue is empty and has been since Feb this year. The sale was agreed prior to any financial difficulties of the vendors coming to light, so we're not muscling in on a reposession leaving anyone homeless or anything - just wanted to clarify)

poppysarah

Tell them the offer is reduced 2000 a week until exchange.

annie_m

I'm not sure we're in the best position to do that kind of thing are we? After all if the house gets repossessed who will care what we're offering? The vendor will be out of the loop, as it is there will be no proceeds from the sale and the bank can sell to whoever they like.

teabelly

You'll need to take out insurance against the bank trying to sue you if they think you paid less than you should. There is a little known about clause in these purchases from distressed sellers that if they become bankrupt within a certain time frame the creditor can come after the new purchaser for any difference between what the market value was and what they paid. The estranged husband's details also need passing onto the relevant authorities as this is potentially fraudulent behaviour. If you can get the secured loan reversed then you should be ok but it may not be a quick thing to do.

If your offer doesn't cover the whole amount secured on the property then it is a difficult position to be in. I'd walk away from the whole deal unless it can be resolved within no more than 2 weeks. Otherwise it could drag on for months.

DVardysShadow

annie_m wrote: »

and now we're back in limbo because of all the debts secured on the house by the previous owners.

We've been going back and forth for 3 months solving various problems and were finally getting somewhere; all the searches were done, had signed and returned our contract, money in Solicitors Bank Account ready for today, and then it transpired that another charge was filed against the property on 17th Sep after initial searches were carried out.

Original thread here https://forums.moneysavingexpert.com/discussion/2755724

OP, please don't start new threads, stick with the first one. It saves so much reposting

G_M

Thought it looked familiar - I'm sure suitable advice was previously given but I can't be bothered to look back. Suggest the OP does though.