Remortgage issue - advice- any similar issues

Malhamhouse

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Just seeing if anyone able to offer advice.

Fixed term mortgage end date 17/07/22

I started the remortgage process 4/05/22 with a mortgage broker. 

Went through all the usual paper work and advised at the time that we had a help to buy equity loan and that we wanted to keep the loan in order to take advantage of the interest free period of 5 years. 

All the above was noted in the mortgage brokers notes. 

Paid the fees to the broker and a mortgage offer was obtained from Barclays. 

A solicitor was instructed to take care of the transaction by the broker/bank and we was informed that everything was in place to work towards a completion date of the 17/07. 

We had the mortgage deed sent out to use by the solicitor and the mortgage offer. We signed it all and sent everything back promptly. 

After that we heard nothing from the solicitor.

I sent various follow up emails over the course of the month of June and a final follow up email on the 11/07/22 due to lack of communication from the solicitor.  

Received a response from the solicitor that all is in place and working to the completion date proposed 17/07/22

Great I thought all good. 

On the 18/07 I had not heard anything so I sent a follow up email. 

The response I received was that the solicitor did not realise there was a help to buy equity loan involved and that the mortgage obtained was not correct and nor did Barclays.  Therefore the completion has not gone ahead and the money has been returned to Barclays. 

The response further went on to explain that a new offer will need to be obtained from Barclays and then additional work will need to be done with a company called TARGET..which I believe is what homes England use to administer the equity loan. 

We are now at 16/08/22 and I have been told it it will take a further 4-6weeks in order for TARGET to seal/stamp a deed of postponement.

Once this has been done then the remortgage can go ahead. 

We have now had to pay our current providers variable rate mortgage payment which is £1137.00 a month currently.  

The fixed term we would of been with the new provider is £723.00 per month. 

We did everything we can. Started the remortgage process in good time. Responded and provide paper work promptly in order for completion to take place on the 17/07/22 and to avoid going onto the current providers variable rate. 

However due to no fault of our own and through negligence of the broker and solicitor this has not happened. 

I perplexed at the lack of fiduciary duty the solicitor and the mortgage broker has shown me. 

There has been no explanation as to why this has not been picked up prior to the 17/07...the day of completion. 
Why was everything left to last minute and why no one told me until after the proposed completion date had elapsed.

I have lodged a complaint with the relevant parties however I want to check that I am correct in thinking the above should never of happened

Granted that a brief discussion I had with the mortgage broker...they admitted to me that there had been failings on the broker and Solicitor side. 

Has anyone had any similar issues 

It shouldn't take 5 months to re-mortgage a house. 

Many thanks