Last Straw? Advice Please..

LA_FTB21

My partner and I are FTB and are currently 24 weeks in since we had our offer accepted on the property. We were pulled into a chain half way through the process so we gave the vendors an extra 12 weeks to complete on their onward purchase (we were ready by this stage).

We have had dates fall through a number of times now, with many different excuses, as we've been waiting for the vendors on their purchase - they now won't exchange with us until they are ready to exchange on their purchase, which is understandable.

We were supposed to complete this Friday but have now been told that the vendors have encountered a problem with the deeds on their onward purchase when they went down to sign the contracts. Some of the land on the property has possessory title which needs updating to absolute title through the land registry.

Has anyone encountered this problem before and know how long it can take to resolve?

We have invested so much time in this property but just feel that we've been strung along with false promises ever since we made an offer (at the time we were told we weren't in a chain and would not be pulled into one) that we are slowly getting to the point of giving up. Our mortgage offer runs out soon which also makes things complicated.

How long would we expect to be waiting for this issue to be sorted? I understand that many cases are different but just a general idea would be great so we know whether we need to start looking at other properties if this one is going to be a dead end as we want to move ASAP.

mrginge

Start looking at other properties.

Guest101

Buying takes upto, and more than, 12 months.


You can start again (and you cant recover what you've spent so far) or you can wait

G_M

Issues arise. Nothng you can do except either

* wait patiently for the issue to be resolved, or

* pull out, write off you costs so far, and start looking again, or

* start looking again quietly and see wha happens first: you find another property or the issue is resolved and this purchase progresses.

TheGardener

Guest101 wrote: »

Buying takes upto, and more than, 12 months.


You can start again (and you cant recover what you've spent so far) or you can wait

Really! I must have been very fortunate as I've never had a purchase take longer than 13 weeks and I though that was a long time :eek:

Guest101

TheGardener wrote: »

Really! I must have been very fortunate as I've never had a purchase take longer than 13 weeks and I though that was a long time :eek:

I'm not saying the average is 12 months, but it's far from unheard of.

hazyjo

TheGardener wrote: »

Really! I must have been very fortunate as I've never had a purchase take longer than 13 weeks and I though that was a long time :eek:

Longest for me was 5 months, but I have had at least two where the chains has fallen apart and reformed so many times it took around a year or more from when I first offered on a house to when I completed on one (not the same one).


Try to get your mortgage offer extended now. They're more likely to agree than if you leave it until the last minute. I had a similar situation once with a Deed of Rectification/Variation and it added a good 4-8 weeks, but that involve a lot of faffing with an indemnity policy first (refused) before going down that route. If they know what they're going for to start with, hopefully it won't take quite that long! A land registry bod may be along to advise...

Pixie5740

There are plenty of people in your situation. Have a look at some of the other threads on this board....you are not alone.

Land_Registry

LA_FTB21 wrote: »

We were supposed to complete this Friday but have now been told that the vendors have encountered a problem with the deeds on their onward purchase when they went down to sign the contracts. Some of the land on the property has possessory title which needs updating to absolute title through the land registry.

Has anyone encountered this problem before and know how long it can take to resolve?

How long would we expect to be waiting for this issue to be sorted? I understand that many cases are different but just a general idea would be great so we know whether we need to start looking at other properties if this one is going to be a dead end as we want to move ASAP.

The devil is in the detail as to how long it might take. Best case scenario is that they have had possessory title for a number of years and are upgrading it to absolute title. That should be done within a matter of weeks providing all is in order.

Worse case scenario is that they don't have possessory title and the application is to register the claim and get one. That's going to take a lot longer and can take 3/4 months with the current backlog of work we have of this type. It can be sped up, expedited, but that depends on the solicitor involved pushing the point that there is a chain if confirmed buyer's etc

So you need to establish the detail if you are to make a judgement call over how much longer