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Charge on house we bought
Comments
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I stated on a similar post that undertakings are not worth the paper and was berated by dozens, this proves why.
Indemnity policy is the better option.
As for this, start the solicitors complaints procedure before the statute of limitations gets them off the hook.I do Contracts, all day every day.0 -
The veracity of your seller can't really be questioned now but that of your solicitor can and should be.
I wouldn't be happy.
Not sure I would be totally happy with the seller. Did they ask welcome finance to send them details of the loan extension to their new address, or did they rely on mail forwarding. At some point they would have to sign to accept the money and no doubt there would be something in the paperwork that says that "your home is at risk if you don't keep up repayments..." So did they think the loan was secured on their new home, assuming they bought again? Or did they know that the lender was using the original security for the loan?
May be worth a call/ letter to welcome finance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Not sure I would be totally happy with the seller. Did they ask welcome finance to send them details of the loan extension to their new address, or did they rely on mail forwarding. At some point they would have to sign to accept the money and no doubt there would be something in the paperwork that says that "your home is at risk if you don't keep up repayments..." So did they think the loan was secured on their new home, assuming they bought again? Or did they know that the lender was using the original security for the loan?
May be worth a call/ letter to welcome finance.
Oh i'd be mad as hell don't get me wrong. My point was i can't see how the OP would have any recourse from them that's all.0 -
Marktheshark wrote: »I stated on a similar post that undertakings are not worth the paper and was berated by dozens, this proves why.
Indemnity policy is the better option.
An indemnity policy which protects you against your seller not bothering to redeem their secured lending? Does that even exist as a product? And how would it help in this situation - the new lender is still going to insist on the prior charge being removed.
A solicitors undertaking can be enforced against the solicitors, and they have insurance to back it up.0 -
Good news the charge has been removed! Phew I'm relieved, we can continue with the remortgage.
I think I'm going to still speak to the purchasing solicitor though, I don't want anything from them or anything but they have made a mistake which has taken me 3 weeks to sort out & loads of chasing about (& a hefty phone bill) & I have had to sort it myself which ( I think) should have all been dealt with when the purchase was going through.0 -
& thank you all for the help
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