Delay in exchange - no redemption statement

ele_91

Hi, we are trying to buy a property and are due to complete tomorrow. Our conveyancer has been trying to exchange since Thursday but can’t as the sellers conveyancer doesn’t have a redemption statement yet. 

On the title deeds there are two charges, one charge has no details and the second is for the Coop Bank which we presumed was the mortgage. However I’m sure our conveyancer was talking about Paragon being the lender. I see the point there might be two mortgages on the property but wouldn’t the second be listed as the 2nd charge?

We are so worried we are not being told the real truth here. The solicitor is confident we can complete tomorrow and says that Paragon will supply a redemption statement on day of completion but it all seems so odd. 

Tiglet2

You must have been sent a copy of the title register during the course of the transaction?  What does it say at C. Charges Register?

Have you exchanged?

ele_91

No they refuse to exchange without the statement. There are two charges, the first has no details and the second is for the Coop bank. 

The first simply says: registered charge dated xxxxx.

the second says Proprietor the coop bank etc etc and is dated 10 years later. 

Tiglet2

Is it like this for example:

(16.05.2014) REGISTERED CHARGE dated 2 March 2014.

(16.05.2014) Proprietor:  SANTANDER UK PLC (Co. Regn. No. 222949493) of 2 Triton Square, Regents Place, London NW1 3AN.

If so, that's one charge.  It's stating that there is a charge on the property and the second bit is who the charge is in favour of.


Unfortunately, if you have not exchanged yet then no-one is legally bound to complete tomorrow, until exchange takes place.  For information the Co-operative Bank no longer offers mortgages, although they used to.  All redemptions and servicing are now through Platform.  Is that who you meant?  Unfortunately Platform will only offer one free redemption statement.  A subsequent statement will only be supplied following payment of a fee (used to be £25, not sure if that is still the fee).  So, the seller's solicitor may want the seller to pay this prior to ordering the redemption statement and if memory serves me correctly, Platform are not very quick.  Good luck!

ele_91

Yes that’s it. My conveyancer was talking about Paragon, although she may have got confused and meant Platform, as there is no mention of Paragon. 

Tiglet2

To clarify, the solicitor would have obtained a redemption statement at the beginning of the process and so the redemption statement needed for completion would be the second statement.

The date 10 years later may simply be because the vendor re-mortgaged 10 years ago with the same lender.

george4064

ele_91 said:

Yes that’s it. My conveyancer was talking about Paragon, although she may have got confused and meant Platform, as there is no mention of Paragon. 

IIRC, Platform is part of the Co-op Bank so sounds like it’s easy to mix up the two.

ele_91

Apparently the statement was ordered last Tuesday (the day we set completion) and still hasn’t arrived! My conveyancer seems to think they will fax it if it’s the day of completion but not before.

rose_T

ele_91 said:

Hi, we are trying to buy a property and are due to complete tomorrow. Our conveyancer has been trying to exchange since Thursday but can’t as the sellers conveyancer doesn’t have a redemption statement yet. 

On the title deeds there are two charges, one charge has no details and the second is for the Coop Bank which we presumed was the mortgage. However I’m sure our conveyancer was talking about Paragon being the lender. I see the point there might be two mortgages on the property but wouldn’t the second be listed as the 2nd charge?

We are so worried we are not being told the real truth here. The solicitor is confident we can complete tomorrow and says that Paragon will supply a redemption statement on day of completion but it all seems so odd. 

We are going through something similar, we were due to complete Friday but last minute my solicitor was told by sellers solicitor that there is a charge registered to the property. 

The property we are buying is probate and the executors are selling. We and our solicitor do believe the 1st charge is paid off but the old lady didn’t discharge her mortgage after final payment. 

The charge is from 1983 so a long time ago, their solicitor offered a title indemnity policy but we want that 1st charge off as this will cause problems downline when we remortgage or sell. 

I am just worrying that it may take months to sort as it was years ago and maybe the bank doesn’t hold records that far back

ele_91

Well we exchanged first thing this morning and completed this afternoon! The lender faxed the statement first thing as otherwise we wouldn’t have been able to complete. @rose_Ti hope you get it sorted.