Target HCA - Deed of Postponement

flashdee

Hi All,
In a bit of a stalemate here and having issues with both Target HCA and Barclays:

I am currently in the process of re-mortgaging and have an existing Help to Buy equity loan. After a significant delay, Barclays finally sent across their mortgage offer which required that I obtain a Deed of Postponement relating to the mortgage from Target HCA on their standard form. My solicitor dealing with the remortgage advised Barclays three weeks ago that Target HCA will only execute a Deed of Postponement on their own standard form, not Barclays, to which Barclays did not flag any concerns (or even respond). We finally received the sealed Deed of Postponement and sent this to Barclays to complete the remortgage which is was rejected. Barclays again cited that this needs to be completed on their standard form and will not accept an executed Deed of Postponement that uses Target HCA's template (could have told us before when flagged but ignored us!). I have gone back to Target HCA who said they will not execute a Deed of Postponement on Barclays template. So I am in a situation where I need a Deed of Postponement, Target HCA wont accept Barclays template and Barclays wont accept Target HCA's template.

Not sure how to proceed? I do find this situation bizarre given that Target HCA and lenders would cross paths on a frequent basis, so would have thought some sort of industry standard or universally adopted template would be in place. The frustrating part is that my solicitor is adamant that both templates provide the same outcome i.e. Barclays will become first charge, and the language isn't too far apart. Both documents are a page and a half. However, neither are budging. Are Barclays being needlessly difficult here? Any advice is appreciated.

kingstreet

https://www.myfirsthome.org.uk/iwantto/remortgage/
The website says;-
"Before we are able to confirm consent the following information needs to be sent to us:

• A copy of the formal mortgage offer from your new lender
• Details of the solicitor dealing with this remortgage, please complete and return the Solicitor Details Requirements Form, this can be found in the Customer Information Pack
• A Mortgage Redemption Statement from your current Mortgage Lender
• A copy of the New Mortgage Lenders Deed of Postponement (DOP)"

Which suggests Target is expecting the lender's DoP, not its own.

trisarahtops123

Hi flashdee, what was the outcome of this in the end for you? we seem to be in this position now. 

Thank you 

flashdee

In case anyone reads this finding themselves in the same position...

The resolution:

I recall that Target HCA provided an updated template that they asked Barclays to complete and execute saying Barclays should be able to approve. Apparently Barclays do not like the standard template Target HCA provide. Barclays are also adamant that they will only accept their own form. Our solicitor took the updated template from Target HCA and had to fax it over to the Barclays legal team as it was considered non-standard and needed approval. After a few days it was approved by Barclays. 

VtotheJ

Hi flashdee. 

I am in a kind of similar position whereby Target HCA keep on sending back an unsigned Deed on the basis of it not holding the date of the charge that Barclays (new lender) have over the property. 

The thing is, as I have not yet re-mortgaged, the charge is currently held with my existing lender, Santander.  My mortgage offer is based on base rate as a few months ago and is going to expire soon so I am trying to resolve what seems to be a stalemate. 

Did you by chance have sight of your Deed? And if so, presumably there was no date for the charge that Barclays had not yet taken given you had not yet completed the re-mortgage?

When I call Target, the call centre staff have no clue as to the process and keep on telling me to wait for the verdict of person who will check the Deed.  

Thanks in advance.