Adverse possession but mortgage offer timing out

mikeyt1994

Long story short I am buying a property and during the initial proceedings our solicitors noticed a land discrepancy, 
it all gets very complicated but overall the seller has chose to take the adverse possession route and go about it themselves. 

Unfortunately this has meant a few mistakes / delays etc and now our mortgage offer is close to elapsing. 

What options do I have here, obviously we are very worried about a reapplication the way the market has moved in the last 3 months

last we heard the application has been submitted and they have until the 28th to object and then it can be considered on the 29th 
unfortunately our mortgage offer elapses the 31st. 

That and our solicitors are not very hopeful that the application will be successful as “no one is in the business of giving land away”
 any thought or insight will be helpful as we are quite obviously stressed at this moment in time  

Ramouth

Your best option would be to try and get an extension to your mortgage offer.  

Alternatively, depending on the location of the disputed land, you may also be able to look at continuing with the sale with the adverse possession unresolved.  You would need to be willing to accept buying the house without the section of land being claimed.  We attempted this on one house but couldn’t get a mortgage because in our case the land in question contained the front entrance porch.  I’m still sad about this one.

user1977

How significant is the discrepancy? Has anybody investigated getting indemnity insurance?

theartfullodger

Only offer what the place is worth to you without the "discrepancy"".

Chances are it belongs to someone else and/or will take years to sort.  Might be worth a gamble, but long-shot and assume you'll lose.

Your gloomy correspondent.

canaldumidi

Apply for mortgage extension.

Could comment better if we undersood more about the 'discrepancy'.

mikeyt1994

thankyou for all the replies,
nationwide have said they will not extend in a letter but I’m guessing our mortgage advisor will have a little more pull on that and may be able to do something,


as for the land the house is old (around 1840) and the sellers have been there over 50 years, in that time they built a extension 30 years ago and a block of flats was built adjoining around the same time.

it’s my understanding that the flats were positioned wrong and a agreement on a handshake was made about a new border line for both keeping everyone happy, 

unfortunately it looks like someone messed up and the actual property deeds show the property we intend to purchase as using a 1m wide by about 6m long plot that they do not own. 

It’s only the fact that it’s been looked at for the sale that this has come up. 

There argument is it has been that way for over 30 years now but my solicitor said it is not that simple as both A housing association and Homes and communities association need to agree to release the land 

Snookie12cat

mikeyt1994 said:

thankyou for all the replies,
nationwide have said they will not extend in a letter but I’m guessing our mortgage advisor will have a little more pull on that and may be able to do something,


as for the land the house is old (around 1840) and the sellers have been there over 50 years, in that time they built a extension 30 years ago and a block of flats was built adjoining around the same time.

it’s my understanding that the flats were positioned wrong and a agreement on a handshake was made about a new border line for both keeping everyone happy, 

unfortunately it looks like someone messed up and the actual property deeds show the property we intend to purchase as using a 1m wide by about 6m long plot that they do not own. 

It’s only the fact that it’s been looked at for the sale that this has come up. 

There argument is it has been that way for over 30 years now but my solicitor said it is not that simple as both A housing association and Homes and communities association need to agree to release the land 

If the 6m strip isn't that important to you if you lost it, then can you proceed with it unresovled?  

mikeyt1994

Our solicitors have also said that until the acquisition is completed OR the seller purchases the land they will not proceed with the sale under any circumstances 

kingstreet

How long are offers valid for?

• Remortgage and house purchase offers are valid for 180 days
• Rate Switch offers are valid for 45 days
• Additional borrowing (further advance) offers are valid for 90 days

In addition, there is a 15 day grace period from the date of the offer expiry in order to complete. You don’t need to contact us, this is automatically applied.

After that it's a new application.

canaldumidi

mikeyt1994 said:

Our solicitors have also said that until the acquisition is completed OR the seller purchases the land they will not proceed with the sale under any circumstances 

I assume you don't mean 'our solicitors', since they must do as you instruct.

What you mean perhaps is 'Nationwide's solicitors'?

I doubt either of the two options they propose will happen speedily. So either

* you apply for a mortgage elsewhere (or purchase for cash)

* persuade N/W to extend your mortgage offer

* you look for a different property

mikeyt1994

Snookie12cat said:

mikeyt1994 said:

thankyou for all the replies,
nationwide have said they will not extend in a letter but I’m guessing our mortgage advisor will have a little more pull on that and may be able to do something,


as for the land the house is old (around 1840) and the sellers have been there over 50 years, in that time they built a extension 30 years ago and a block of flats was built adjoining around the same time.

it’s my understanding that the flats were positioned wrong and a agreement on a handshake was made about a new border line for both keeping everyone happy, 

unfortunately it looks like someone messed up and the actual property deeds show the property we intend to purchase as using a 1m wide by about 6m long plot that they do not own. 

It’s only the fact that it’s been looked at for the sale that this has come up. 

There argument is it has been that way for over 30 years now but my solicitor said it is not that simple as both A housing association and Homes and communities association need to agree to release the land 

If the 6m strip isn't that important to you if you lost it, then can you proceed with it unresovled?  

Unfortunately not as it’s a side access path and the corner of the garage that sits on it