Redemption statement nightmare

Linzi73

Hi All
Hoping somebody can help or offer advice here on a number of issues... Complicated thread 😂
So.. We were due to complete on our property yesterday (17th April) and 2 days before this we were casually told by our solicitor that there could be "a delay due to a redemption statement not being sent by the vendors equity company"

We were absolutely dumbstruck. 2 days to collecting the keys with funds sat with the solicitor and packing been done etc, we are now potentially facing this not happening at all.
Long story short. The vendor's parents (both deceased) took out an equity loan that's with NRAM. They are by all accounts being obstructive, unhelpful and are yhus far refusing to send the redemption statement. They have even told the vendor that she has sold the property too cheaply. We have paid 106k for it and it's been valued appropriately. They apparently wanted her to get 110k for it
She said they have been awful to deal with

What we are furious about is the fact that we have only been told about this 2 days before completion.
Everyone concerned knew it was the elephant in the room so why have been led down the garden path and allowed to get this far and nobody tell us until 2 days before completion.
We are unsure if this will ever go ahead if NRAM are being so obstructive to the sale
The property is empty. The executors stand to gain nothing from this as 52k is owed to a nursing home from the sale
I am not party to how much is owed on the equity release 
What I am desperate to know is:
Has anyone dealt with NRAM successfully?
Has anyone had a problem with obtaining a redemption on transfer of funds from lender?
Have we got any grounds to sue for leaving us high and dry and withholding this information until such a late stage?
What is the likelihood of this sale ever going to completion?

We are absolutely gutted. We've had a really awful couple of years, i lost my business in November last year and we were so excited to have been able to get a mortgage on my partners wage and look forward to a fresh start and we just can't believe this is allowed to happen
Can anyone help with any advice at all? I'd be so grateful to hear from anyone at all please
Many thanks 
Linzi 😢

Slithery

Have you exchanged yet?

Thrugelmir

Does the vendor actually own the property?  Was the property being let prior to you purchasing it? 
Something appears to be badly amiss. I'd suggest nothing to do with NRAM either. 

Linzi73

@Slithery
 No.. Exchange and completion were both being done same day. Sounds like he's deliberately not exchanged due to this so there's no liability on either sides. We asked if the vendor would be liable to pay rent for the extra time we may need and he said no because it's not exchanged 

Linzi73

@Thrugelmir
Good question.. Do you know I'm not sure if it's NRAM thats the name on it. The vendor's are executors and the daughters of the deceased owners. They were unaware their parents had obtained equity release.
Property has never been let. 
Something isn't sitting right with me (used to be an estate agent and i never dealt with anything like this) 

Linzi73

@Thrugelmir other half informs me that NRAM is named as lender and the deeds are still in the father's name with the daughters as executors 

AdrianC

Slithery said:

Have you exchanged yet?

Almost certainly not, since anecdote seems consistent that only simultaneous exchange and completion is happening in the current circumstances.

The issue here is clearly that there just isn't enough equity in the property to pay both the care costs and the equity-release off. So who takes a bath?

Thrugelmir

Linzi73 said:

@Thrugelmir other half informs me that NRAM is named as lender and the deeds are still in the father's name with the daughters as executors 

Sounds as there's a mortgage/loan to be discharged. If the property isn't being sold for a sufficient sum (to cover the outstanding mortgage and selling fees). Then the funds will need to come from the estate itself. Perhaps the executors have undertaken probate themselves and failed to take this into account. Thinking that NRAM would absorb the shortfall. Not themselves as beneficararies of the estate. Which is unrelated to their role as executors. 
I'd hazard a guess that a redemption statement has been received and their solicitor is stalling to give the executors time. 

Linzi73

@Thrugelmir they have probate. Their solicitor hasn't done much tbh. He's made some calls/emails to NRAM but largely got no response.
Executors have been trying to resolve this since January. We offered in February 
We were hoping that NRAM assets had been sold off to Pure Retirement and we asked them to ring to see if they now have their equity policy but I'd say its doubtful. NRAM assets were taken over by Pure Retirement in March this year.
I do not understand why nobody told us this. We would have adjusted our rental and timescale accordingly and would have waited but 2 days before to find this s**t out is just horrendous 

greatcrested

Care Home fees are probably on a Charge by the local authority who have paid the fees on the basis of being repaid from the sale.

NRAM also have a Charge for the Equity release.

NRAM probably not saying sold too cheaply as against market value, but as against the costs of the combined Charges that need paying off.

As Thrugelmir says, the Executers will have tomake up the shortfall from the rest of the Estate (eg by selling the yacht in the Nice) - assuming the Estate includes said yacht!

Thrugelmir

Executors have been trying to resolve this since January. We offered in February 

Until the property is actually sold. Interest will continue to accrue and compound on the debt owed. 
When was probate actually granted?