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

Thrugelmir

The EA won't be any wiser. The only people that know the true situation are the solicitors and the vendor, along with the second charge holder.  My gut instinct is that the net proceeds from the sale were/are insufficient to discharge both the first and second charge holders. Stalling for time allows the vendors to pay down / find finance from an alternative source / come to an arrangement to settle the second charge. 

If matters drag on much longer. Be prepared give an ultimatum and to walk. You've waited far far longer than I would have done. 

rexmedorum

Isn't a redepmtion statement only valid for a short time, I think usually 4 weeks or so? So either it hasn't been requested yet or if it was requested promptly it'll have now expired and need re-requesting. 

Tbh I'm amazed you haven't walked months ago.What does your solicitor say? Do they think the purchase is likley to ever actually happen?

homesickalien90

Thanks for the great replies.

Well some of the delays have been caused by the case being moved to new solicitors in March who aren't good.

They've had 22 one-star google reviews in the last couple of months all saying the same thing - they never reply to queries, when they do documents are missing etc so I'll be honest  - I just thought if other people are having issues with this solicitor then the delays must all be caused by them. I know they had two conveyancers leave there is short succession and its just a small firm.

However I can now see this charge issue could also be behind these delays too.

...................

The reasons I haven't walked yet are the usual - its a great house, I'll never get anything better etc.

I did threaten to walk twice in June and July but went back on this when a little bit of progress was made (most of the queries were answered).  

Honestly I just want closure and a big part of really wants to just pull out again.

But my solicitor has reiterated that its just this final redemption statement they need and then exchange can take place.

I don't want to make a decision I regret...but at the same time where do I draw the line? 

I'll definitely query the second charge/shortfall issue more - thanks for that. 

But I don't know - they've had 4 weeks to get this document and they don't have it, they've said they have chased it but nothing more.  

Bar some very acceptable and plausible explanation given is it reasonable to give one more week before pulling out?

Thrugelmir

homesickalien90 said:

Bar some very acceptable and plausible explanation given is it reasonable to give one more week before pulling out?

Given the patience you've shown might as well wait a week or two. Though via the EA express your frustration at the slow progress. Maintain the pressure. Don't let up. 

GoogleMeNow

The title register will list the two charges.  Are they both from mortgage lenders or is one with someone else?  

homesickalien90

GoogleMeNow said:

The title register will list the two charges.  Are they both from mortgage lenders or is one with someone else?  

Hi

One Natwest, one HSBC or so the EA told me.

However my solicitor said the seller would need to contact the courts regarding the second charge. 

I'll have to find out more from them.

GoogleMeNow

homesickalien90 said:

GoogleMeNow said:

The title register will list the two charges.  Are they both from mortgage lenders or is one with someone else?  

Hi

One Natwest, one HSBC or so the EA told me.

However my solicitor said the seller would need to contact the courts regarding the second charge. 

I'll have to find out more from them.

The EA won't know. 

You should have received a copy of the title with some of the paperwork sent to you.  What does it say in Section C: Charges Register?

homesickalien90

Hi

I've checked and can't find this unfortunately.

The solicitor mentioned to me on the phone last week I think something along the lines that I didn't have this sent to me yet (I've had other things sent).  

GoogleMeNow

Have you had the Report on Title yet?  It's a letter or document setting out lots of information about the property - they would send you a copy of the title with this report if they haven't previously sent it to you.  

Alternatively, buy one for £3 from the official government HMLR website.

https://eservices.landregistry.gov.uk/eservices/FindAProperty/view/QuickEnquiryInit.do

homesickalien90

Hi - I've not had that however my solicitor has emailed stating the charge is a

'Unilateral Notice charge in favour of the County Court at Manchester'

She said

'it probably does need to be a request in writing rather than email and I’m not sure what the timescales are, but its not unusual for them to take longer that a standard redemption request (such as HSBC)'

Not sure if this could indicate an issue or not?