Redemption statement nightmare

Thrugelmir

Linzi73 said:

It seems clear to me that the vendors solicitor has left it very late to contact NRAM (12th March) then again in 3rd April then again on 10th April.

Have you spoken to the vendors solicitor personally at any time? 

Linzi73

@Thrugelmir indirectly. My husband has been copied in on emails between the 2.
He's emailed this morning to our sol, who apparently according to his secretary is not "in the office" until Wednesday. She has forwarded our unhappy email to the executors solicitors (they are both in house which makes this all the more farcical)
I feel like I'm in some sort of comedy of errors or a Carry On film

Linzi73

@es5595 they've said that if this sale collapses they are handing the keys back to NRAM and throwing in the towel with it 

steampowered

Linzi73 said:

@steampowered there is a clause in the original equity release that means any shortfall doesn't have to be paid by the executors and in the event of a sale the account is paid and closed.
I think that nobody has been proactive in sorting anything out and I suspect the fact we are in rented means there is a lack of urgency as there is no chain involving other people. 

That sounds really frustrating. Still, I suspect your lender will be instructing your solicitor that they will want the security removed before they lend.

It is really up to the seller to sort all of this out. The seller should be pushing their own solicitors rather than waiting for you to do it through yours.

MovingForwards

When there is a shortfall, the executors / solicitors usually seek confirmation from the lender that it's ok to sell for what's being offered, regardless of the term about shortfall.

A letter is usually sent giving details of the valuation, a statement is provided by the EA confirming the valuation and reasons for that figure (helps if they are RICS qualified), what the local market is like, how many comparable sales have taken place, what they sold for, how many viewings were undertaken, how long it was on the market, how many offers and what the offers were etc and usually ends with this is the best we can get for the property, do you agree to write off the difference.

It will be stressful for you, but you need to hang on and wait if this is the property you want.