Seller has been waiting for redemption statement for 3 month!

yiiiiiiirc

The seller side proposed an exchange date of 16th May. So we had signed the contract from our end and had paid into the solicitor's account. 

However, on the 16th, the seller's solicitor informed us that seller is still waiting for a redemption statement from a third party. From the information we know, the seller has been waiting for the redemption figure since this March. We cannot exchange the contract because there is a charging order on the Title. 

The agent had informed us on 19th May that the seller had signed the contract as well, and the only thing they are waiting is the redemption figure. They have no chain, but the seller's two sons are currently living in the property and will go for renting after the property sold. 

We doubt that if the seller side is telling the truth that they are waiting for the redemption statment (for nearly 3 months already). What could we do to push this process? Anyone got any idea what should we do in this circumstanse rather than waiting?

Much appreciated for your ideas/suggestions!

t1redmonkey

Not really sure...but I sold my house recently and on multiple occasions in the month leading up to completion, I was requesting the redemption statement from my lender (TSB).  It never took them more than a day or two to send me it.  I don't see how any big lender would take months to send these out, I mean if they took that long, they'd be dealing with hundreds of complaints from almost everyone trying to redeem their mortgage!

canaldumidi

Who has the charging order? It will be shown on the Land registry Title.

I doubt the story- I suspect the seller is delaying for some other reason.

Or maybe the price you are paying is insufficient to pay off the charging order and the seller is trying to find the extra money needed elsewhere eg borrowing off great grandad who is reluctant to bail him out.

Thrugelmir

Redemption figure will only be requested close to completion. One that is a few months old is no use when effecting completion. The solicitor needs to ensure that all outstanding debt is discharged.  Often there's last minute hold up's as everybody gets their ducks into a line. 

yiiiiiiirc

canaldumidi said:

Who has the charging order? It will be shown on the Land registry Title.

I doubt the story- I suspect the seller is delaying for some other reason.

Or maybe the price you are paying is insufficient to pay off the charging order and the seller is trying to find the extra money needed elsewhere eg borrowing off great grandad who is reluctant to bail him out.

Thanks for the reply!

The seller side has the charging order. On Land registry Title of the property we are going to buy has 3 charging orders, one is mortgage (which is very commonly seen), and the other two are from third party financial companies.