House sale possibly fallen through?

darlopaul

Thrugelmir wrote: »

Your solicitor isn't being unhelpful. The matter is out of their hands entirely.

What has the vendor said?

The vendor has said he is struggling to get a redemption figure from his lender due to him having a chain of properties that he owns and the bank are being difficult. I can only assume because the property is being sold 15,000 less then he paid. 5 years ago and maybe he's borrowed more on the house then the sale price.

darlopaul

bigjoe wrote: »

If the above is true, why did you say this in your opening post:

"I've asked them to give me a completion date by 5pm tomorrow if not I will be pulling out the sale (which I don't want to do)."

Sounds like you have beworking on a property in the belief that completion was a formality. You also say you have gutted the house without the seller knowing - if you had completed it would be of no concern of his.

I gutted the property because I thought I was in ownership of the property as I've paid the money etc and was given the keys. Surely anyone else would have thought exactly the same thing?

bigjoe

darlopaul wrote: »

I can only assume because the property is being sold 15,000 less then he paid. 5 years ago and maybe he's borrowed more on the house then the sale price.

Again, you are saying that the property is being sold - if you had completed it would have been sold.

If it is being sold, the seller is still the owner.

If it has been sold (legally), you are the owner.

bigjoe

darlopaul wrote: »

I gutted the property because I thought I was in ownership of the property as I've paid the money etc and was given the keys. Surely anyone else would have thought exactly the same thing?

You paid the funds to your solicitor - but has he paid the seller?

darlopaul

bigjoe wrote: »

Again, you are saying that the property is being sold - if you had completed it would have been sold.

If it is being sold, the seller is still the owner.

If it has been sold (legally), you are the owner.

Yes agreed but is it not upto the owner how much the house is sold for? Or is it the lenders decision? Is it normal for a lender to be difficult when providing a redemption figure because I assumed it was only a simple phone call?

darlopaul

bigjoe wrote: »

You paid the funds to your solicitor - but has he paid the seller?

The estate agent has confirmed they have received the payment

loubel

You need to speak to your solicitor and ask them:

1. Did I exchange contracts?
2. If yes, what was the contractual completion date?
3. Did I complete on that date?

You keep saying you assumed these things but you need to know the answer to these questions to know your position. If your solicitor has never told you you have exchanged or completed then it is highly unlikely that you have!

bigjoe

darlopaul wrote: »

Yes agreed but is it not upto the owner how much the house is sold for? Or is it the lenders decision? Is it normal for a lender to be difficult when providing a redemption figure because I assumed it was only a simple phone call?

The bank has an interest in the property as well as the "owner".

A redemption figure is a final figure for settling the mortgage (including all charges and interest to a certain date). That shouldn't be difficult to obtain, but you do need the mortgage lender's permission to sell a property if you're not going to get enough from the sale to cover the redemption figure. This is where your seller seems to have come unstuck. He presumably owes more on the property than you are paying for it.

This, however, should have been sorted out prior to formal completion. That's why your solicitor needs to tell you if you have completed - yes or no - as per loubel's post above.

Guest101

Walcott wrote: »

Then you are in trouble!

Not necessarily, the money for deposit is needed before exchange not signing the contract

elsien

And given that you've gutted the house, giving them ultimatums probably isn't a great idea as if the house isn't yet yours that probably leaves you liable for the damage you've done to someone else's house.