Redemption document is taking too long to arrive

nig3d

We are waiting for this document only to exchange the contracts. We have been waiting for 10 days now and our solicitor cannot still give us an estimated date. For reasons that would take too long to explain, we are staying in a b&b. I am wondering if first is normal that we can not have an estimated date and second if we can claim the seller's lenders for not giving us an estimated date.

G_M

No you cannot claim anything.

And it will take as long as it takes for the lender to issue the document. Some lenders are faster than others.

Plus we do not know what issues there might be, especially if the redemption is part of a deal to transfer a secured loan to unsecured, and/or part of the loan is being written off.

why is the seller getting their mortgage redeemed before the sale is completed? This is unusual.

nig3d

Thank you very much. The solicitor told me that part of their job is to ensure the lenders get their money back. I don't know much more, except that the seller got two mortgages on the house.

davidmcn

G_M wrote: »

why is the seller getting their mortgage redeemed before the sale is completed? This is unusual.

I think the OP means they're waiting for a lender to issue a redemption statement. Some lenders can be uselessly slow at doing this.

G_M

Normally the seller's solicitor gives a 'solicitors undertaking' to the buyer's solicitor, guaranteeing to pay off the mortgage(s) from the money received from the buyer on Completion.

If the seller needs to redeem the mortgage(s) before receiving the purchase price, there is something unusual.