Delayed exchange due to negative equity?

bargainhunterss

Glad to hear it laura_louise! I bet you're relieved!

Good luck with the exchange!

laura_louise

Today found out that there are also problems because the seller has missed mortgage payments, it seems the house is/was on the verge of being repossessed by the bank. More papers to sign off apparently from the sellers lender... still waiting.

My Solicitor suggested that i put pressure from my side or get my broker to phone on my behalf. So i pestered the sellers estate agent this afternoon hence why i got the above extra info.

Time is getting really tight as i have to be out of my rented house next week.

Thrugelmir

laura_louise wrote: »

Today found out that there are also problems because the seller has missed mortgage payments, it seems the house is/was on the verge of being repossessed by the bank. More papers to sign off apparently from the sellers lender... still waiting.

Sounds messy to be honest.

Thrugelmir

bargainhunterss wrote: »

They should still keep her informed.....

If everybody kept to a moral code I would agree with you. Unfortunately many people don't. So when it comes to financial matters plan for the worst in case. If everything falls into place then great. Divorce, mortgage arrears, negative equity and probate sales throw up any number of curved balls. That create unwanted stress at a stressful enough time.

laura_louise

Yesterday the seller's bank has finally agreed to release the mortgage and has given out the redemption certificate. We are due to exchange either today or Monday and complete on 12th. I'm not holding my breath that it'll happen though, everytime we agree to exchange something else crops up...

bargainhunterss

laura_louise wrote: »

Yesterday the seller's bank has finally agreed to release the mortgage and has given out the redemption certificate. We are due to exchange either today or Monday and complete on 12th. I'm not holding my breath that it'll happen though, everytime we agree to exchange something else crops up...

*Fingers crossed*!!

laura_louise

Still no exchange

The sellers mortgage redemption statement came through, the seller paid up the shortfall in funds, but at the last minute there is a 'discrepancy' on the redemption statement. So it has to go back to the bank yet again.

*bashes head on nearest wall*

My Solicitor has ordered my mortgage funds for a second time, to arrive on Thursday. The sellers insist they'll be able to complete by then. I'm running out of time and have to be out of my rented property by the end of this week (served S.21 which expires in a few days).

What started out as a leisurely move with plenty of overlap between properties is turning out to be a rather stressful race against the clock.

martinsurrey

laura_louise wrote: »

I'm running out of time and have to be out of my rented property by the end of this week (served S.21 which expires in a few days).

Not that it will come to that because you're going to complete soon (positive thinking!), but did the landlord serve the s.21 or did you give notice to quit?

If you gave notice, you do need to leave or could face some some stiff charges, if the landlord gave you an s21 you dont HAVE to leave, the last date of that notice is just the first day he can go to court to get an order to force you to leave.

if push comes to shove though, a lot of people on here could give you good advice regarding the rental situation, if you give the details.

Hoploz

Oh no what a nightmare. Sounds as if the sellers are on board with going through with it though so hopefully it will all come together. Good luck, hope tomorrow brings good news for you.

laura_louise

Yes, i think the sellers are as desperate to get rid of the property as i am to buy it, they cannot afford to pay the mortgage on it and it's sitting empty right now.

I was served a s.21 back in January, Martin. My landlord is selling the house i'm in (and i'm not buying it... nor would i, the poor buyers of this place are going to be stuck with some major structural issues eek!). If worst comes to worst i could overstay past the end of the s.21, i suppose it would take them a few weeks to get a court order. I'd feel really bad if i had to do that but might not have an option. We'll see...

Thanks for your comments