Do I stay withdraw my offer? Also query re: second charges

homesickalien90

Offer accepted -  07 December 20 (yes really)

Searches etc done -  Feb 21

Sellers solicitor changes to a new one (no explanation given as to why) -  March 21

(Radio silence from seller's solicitor)

Finally most enquiries answered  - 25 June 21 

(Radio silence from seller's solicitor)

2 x Mortgage redemption statements outstanding.  Seller has the first one.  However there's a charge on the second one -  apparently this second mortgage redemption statement can only be provided if the seller requests this by letter?  - 2 September 21

Seller chased up with HSBC written request for 2nd redemption statement with a charge on it  - 20 September 21



Basically the seller's solicitor is appalling - they've had over 22 one star reviews in the last two months for never replying, answering phone calls/emails - the usual. 

I've threatened to pull out a number of times and sent many, many emails to the estate agent - the stress has been unbelievable.

Basically we're at the point now though where all we need is this last redemption statement - I will have waited almost 4 weeks soon and the seller still doesn't have it.

I really want this house and basically cannot afford anything else in this town.

Is it normal for a redemption statement with a charge on it to take weeks to arrive?  Am I fooling myself by hanging on in here even though apparently this is the last thing that's needed?

GDB2222

I don't see why a redemption statement isn't available almost instantly? 

homesickalien90

Hi - that's what I thought.  But apparently because there is a charge they have to request it by letter? 

I don't know specifically if its a redemption statement that's needed but I know its some document related to this second charge. 

Does this sound right to anyone?

user1977

Yes, some lenders are rubbish at issuing redemption statements (minimum number of days' notice, "losing" previous requests etc), especially the secondary lenders.

Of course it's possible they're covering up some other issue (e.g. realising they're in negative equity and scrabbling around for some cash). Are they buying?

homesickalien90

Thanks for the reply.

I'm renting, its a chain free sale - the house was rented out by the landlord but has been empty for a year.

I've phoned the EA alot and I pretty much trust him (as far as you can) when he says the sellers definitely want to sell and they're just waiting for this document.

Ah ok - is there anything that can be done to sort the request quicker?

I was thinking maybe they make a complaint to HSBC - not to get people in trouble - just to sort the issue.

Seems strange the initial request has to by letter - my solicitor mentioned something about it involving the courts?

Thrugelmir

What charges are secured on the property? That'll be an indication of the underlying issue. Which more than likely is the root cause of the delay. The vendors solicitor isn't at fault. None of your business either, so not point in complaining to anyone other than the vendors!  Who obviously have been less than transparent with you.  An owned empty property should be a straightforward transaction. 

homesickalien90

I've no interest in what the charge is and have no idea anyway.

I'm just wanting the buyers to get this statement so the sale can progress finally after almost 10 months. I thought suggesting to the buyer that they complain to HSBC may do something to help?

Surely 4 weeks is long enough to wait for statement to come through in the post?

Thrugelmir

homesickalien90 said:

I've no interest in what the charge is and have no idea anyway.

I'm just wanting the buyers to get this statement so the sale can progress finally after almost 10 months. I thought suggesting to the buyer that they complain to HSBC may do something to help?

Surely 4 weeks is long enough to wait for statement to come through in the post?

The vendor knows full well what the issue is!  There's no need for them to complain. I'd say it's a stalling tactic to buy a little more time. If you aren't interested in investigating. Then we are all in the dark and pointlessly speculating. Though I would hazard a guess at a shortfall. 

homesickalien90

Thrugelmir said:

homesickalien90 said:

I've no interest in what the charge is and have no idea anyway.

I'm just wanting the buyers to get this statement so the sale can progress finally after almost 10 months. I thought suggesting to the buyer that they complain to HSBC may do something to help?

Surely 4 weeks is long enough to wait for statement to come through in the post?

The vendor knows full well what the issue is!  There's no need for them to complain. I'd say it's a stalling tactic to buy a little more time. If you aren't interested in investigating. Then we are all in the dark and pointlessly speculating. Though I would hazard a guess at a shortfall. 

Hi

Thanks for the reply.

Its not that I'm not interested in investigating but I can go only go what information has been provided to me - I assumed the EA wouldn't tell me anymore than what I've been already been told.

All I do know is apparently my solicitors mentioned they needed these documents as early as January but this information wasn't passed on to the seller until late August by their solicitor (allegedly).

Out of interest why would they be stalling?  I know there's always the chance they have a buyer they've not informed me about with a higher offer but is there any other reason they'd stall?  Does shortfall mean they'd struggle to pay off this charge or there is some kind of issue with it?

Sorry I'm very naïve to all this and don't really understand it, thanks

user1977

homesickalien90 said:

Thrugelmir said:

homesickalien90 said:

I've no interest in what the charge is and have no idea anyway.

I'm just wanting the buyers to get this statement so the sale can progress finally after almost 10 months. I thought suggesting to the buyer that they complain to HSBC may do something to help?

Surely 4 weeks is long enough to wait for statement to come through in the post?

The vendor knows full well what the issue is!  There's no need for them to complain. I'd say it's a stalling tactic to buy a little more time. If you aren't interested in investigating. Then we are all in the dark and pointlessly speculating. Though I would hazard a guess at a shortfall. 

Its not that I'm not interested in investigating but I can go only go what information has been provided to me 

You know what charges are registered against the property (or your solicitor will anyway). If you didn't understand your solicitor's explanation, speak to them again, as they obviously know more than either you or us.

GDB2222

It might be one of these:

https://www.citizensadvice.org.uk/debt-and-money/action-your-creditor-can-take/charging-orders/