Mortgage redemption statement delaying exchange

G_M

The reason, whatever it is, does not really matter.

Probate sales always have an additional element of risk (over & above the uncertainty of any sale prior to Exchange).

If Exchange cannot happen till.... the Valuation.... redemption statement..... whatever, then yyou have 2 choices

1) wait, without knowing how long the wait will be, or

2) walk away

Thrugelmir

G_M wrote: »

1) wait, without knowing how long the wait will be, or

2) walk away

This where the EA should be earning their commission and keeping everyone informed.

Ycooper1

Thankyou for all your replies! I became paranoid upon reading from some of them that there was indeed something that I was missing, ( Hence the frustration!) as some of the comments suggest that under normal circumstances a valuation to provide a redemption statement is not required. This has prompted me to scour through all the documentation that has already been received, and I have discovered on the title information that it says that the previous owner took out a Shared Appreciation Mortgage in 1997. Upon further research into this, it appears that the lender has a shared percentage of the current profit from the sale. Therefore, a valuation by the lender is required to determine the current market value.
Why I haven!!!8217;t been told this information by either my solicitor or the EA I can!!!8217;t determine, and although it is ( in very small print) on the title information, it is only having researched what a shared appreciation mortgage actually is that I have some clarity. There is so much legal paraphernalia on the paperwork you receive, that I guess some of it you don!!!8217;t really look into! Lesson learned I guess!!
So, as suggested, I guess I have to weigh up as suggested, do I walk or do I wait???....All down to my buyers At the end of the day. If they won!!!8217;t wait, then the decision is out of my hands

Amanda_Cm

Another option is selling to them and renting for a while.