Redemption statement nightmare

Linzi73

@greatcrested this is what we don't understand. That our funds are ready to go and any shortfall is nothing to do with us so therefore shouldn't stop us completing. They're liable for any outstanding costs.
Somebody isn't being truthful. I don't doubt NRAM are probably a nightmare but who in the current climate would actively turn down a sale of a lump of cash. I have no idea how much they borrowed but they certainly didn't spend it on the house as it's a doer upper

Linzi73

@Thrugelmir all i know is that their father died last year and the property went on the market in October 2019. The property is virtually sold. Our funds were ready to go on Friday and our lender had transferred funds. But they can't do it without the redemption. NRAM only confirmed a couple of days ago they had received all the paperwork then *nothing *

Thrugelmir

As the transfer was only completed on the 23/03 to Pure Retirement. Then it couldn't have happened at a worse time. As business services have been severely impacted for very obvious reasons. Perhaps this all just a temporary delay which is just unfortunate but unavoidable. 

Linzi73

@Thrugelmir we are hoping and praying that the equity loan was part of the assets taken by Pure because she has spoken to them regarding her father's policy and they said if they located it, it could be sorted within a couple of hours if that. They were supposed to be calling her back on Friday after trying to locate the policy but did say they had literally thousands to search.
This would be the best case scenario as they seem proactive. She can't seem to make any headway with NRAM 
I just wish we'd been informed of this hazard on having the offer accepted then we would have worked round it 

Thrugelmir

Linzi73 said:

@Thrugelmir we are hoping and praying that the equity loan was part of the assets taken by Pure because she has spoken to them regarding her father's policy and they said if they located it, it could be sorted within a couple of hours if that. They were supposed to be calling her back on Friday after trying to locate the policy but did say they had literally thousands to search.
This would be the best case scenario as they seem proactive. She can't seem to make any headway with NRAM 
I just wish we'd been informed of this hazard on having the offer accepted then we would have worked round it 

No one foresaw events of recent weeks. Many organisations are working at greatly reduced capacity. Simply not the staff on site. 

Linzi73

@Thrugelmir we could have been informed of this given that we had our offer accepted on 4th February. The executor has been dealing with NRAM since January and again since we offered on the property. As it became more apparent that things weren't progressing as they should someone should have flagged it up then we wouldn't have given notice and packed up. The solicitor was pushing us to complete a week earlier and we couldn't so how could we have completed sooner with this still not resolved. 

greatcrested

It is really very common with Probate sales for delays to occur. Just search back through the forum! Executers often don't have a full understanding of the process, or aren't aware of the financial history (eg an equity release), or get bogged down by organisational burearcracy/delays (Probate Office, HMRC, financial institution etc).

Add in the current issue on top, and none of this is surprising.

The fact that, as you repeat, "your funds are ready to go and any shortfall is nothing to do with us" is irrelevant. No, the shortfall is nothing to do with you, but it does, apparantly, impact the seller's ability to Exchange. And if they can't exchange, then you and your funds will have to wait, or go elsewhere.

wilfred30

Linzi73 said:

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?
Linzi 😢

No, unfortunately not.

Thrugelmir

Linzi73 said:

@Thrugelmir we could have been informed of this given that we had our offer accepted on 4th February. The executor has been dealing with NRAM since January and again since we offered on the property. As it became more apparent that things weren't progressing as they should someone should have flagged it up then we wouldn't have given notice and packed up. The solicitor was pushing us to complete a week earlier and we couldn't so how could we have completed sooner with this still not resolved. 

Being in contact since January has no bearing on the outcome. House sales take can 8-12 weeks at the best of times. Redemption statement can only be issued once the matter is reaching the final conclusion. Everything is currently taking far longer that's an unfortunate fact of life. 

trex227

Linzi73 said:

@greatcrested this is what we don't understand. That our funds are ready to go and any shortfall is nothing to do with us so therefore shouldn't stop us completing. They're liable for any outstanding costs.

I agree with greatcrested and thrugelmir- sounds like the sale price isn't enough to cover the equity release and care home fees. Its somewhat similar to when a seller is in negative equity, either the executors need to come up with cash from the estate to cover the shortfall or come to some agreement with the creditors e.g. the shortfall is written off. Given NRAM don't think its been sold for enough, doesn't seem like they are amenable to the latter.

The shortfall may not have anything to do with you but has everything to do with the sellers ability to sell the property as the creditors need to agree to remove the charge/s on the property.