First Time Buyer - House purchase taking forever, is it best to pull out?

Jadiie1087

I am purchasing a property as a first time buyer. I am my agreement in principle from the mortgage company, all my paper work completed and signed ready to go, surveys and such have been done and just waiting on a confirmed completion date.

I am being told the seller is all ready, all deeds and titles and questions answered, paperwork ready, price agreed and house empty. 

Here is where is gets difficult to understand the hold up. The seller has inherited the house, there is some money outstanding. The money outstanding is with Santander who are working with Ascent. Ascent have to approve a completion date in order for us to go ahead, they seem to not be responding to the sellers solicitor's leaving me in a state of limbo. 5 months on, 3rd completion date missed and I don't know where we can go from here, sounds like everyone is ready but one company holding it up. 

Has anyone experience or known anything like this before? Starting to wonder if it is not meant to be and I should pull out?

Alderbank

You seem to be referring to Ascent Legal in Sheffield. 
They work for Santander and other mortgage lenders to try to recover debts where the borrower has defaulted.

It sounds like this is a probate sale where the deceased was in mortgage arrears and the executors are trying to raise the funds to release Santander's charge on the house.
Probate sales can be very protracted and take a year or even longer to resolve.

You are FTB so are not in the position of someone who has managed to sell their current house and is anxious to complete.
How important is speed to you?
If you are living at home and looking forward to fly the nest perhaps you could just bide your time and keep saving?

Hoenir

Jadiie1087 said:

The seller has inherited the house, there is some money outstanding.

Seller is a beneficiary of the deceased's estate. Might also be the executor. Probate sales are often protracted. 

Sounds as if you are close to completion. Worth hanging in there. Going through the entire process again with another property could also take months. 

Mark_d

I don't think the buyer should have to wait indefinitely on account of the seller not resolving a mortgage charge against the property. Having missed three agreed completion dates, as I buyer I would be reducing my offer on the property to show the sellers that they need to resolve their issue without delay.

Hoenir

Mark_d said:

I don't think the buyer should have to wait indefinitely on account of the seller not resolving a mortgage charge against the property. Having missed three agreed completion dates, as I buyer I would be reducing my offer on the property to show the sellers that they need to resolve their issue without delay.

More than likely something outside of the sellers direct control.  The seller presunably being an executor rather than the owner. No benefit in stalling the sale. 

BarelySentientAI

Mark_d said:

I don't think the buyer should have to wait indefinitely on account of the seller not resolving a mortgage charge against the property. Having missed three agreed completion dates, as I buyer I would be reducing my offer on the property to show the sellers that they need to resolve their issue without delay.

How does reducing the offer "show the sellers they need to resolve their issue without delay"?

It would give them a very simple way to say "no, sale's off" - which wouldn't really affect them (because it's not progressing yet) but would affect the OP significantly.

I also think it's extremely unlikely that they have missed three completion dates - that's probably an error in description.

wjr4

I think you’re being impatient and they can’t have possibly missed three completion dates as you haven’t completed. 

Jadiie1087

We have missed 3 targeted completion dates. It’s not an error , my solicitor has asked me for a completion date 3 times with a couple of weeks each time to allow ascent to respond to the sellers solicitors. There has been response from ascent (this is what I am getting told) so another date has to be proposed for completion. The idea is to exchange and complete on the same day. 

I asked my solicitor if they had experienced anything like this before they said no. I am being told everything else is ready from seller and my side. Just little to no comms from ascent acting on behalf of Santander as the deceased owed money on the mortgage I believe. 

I was just looking for advice or if anyone had experience anything similar to be honest. As a first time buyer who’s mortgage offer is about to expire and I will no doubtly have to pay higher rates , it’s all unknown and worrying. 

Hoenir

Jadiie1087 said:

I asked my solicitor if they had experienced anything like this before they said no. I am being told everything else is ready from seller and my side. Just little to no comms from ascent acting on behalf of Santander as the deceased owed money on the mortgage I believe. 

You are not getting the full story and never will. The other side know exactly what the issue is. 

Jadiie1087

@Alderbank

Thanks for this , I am currently renting with 3 kids , who by the end of the year due to ages will need their own rooms. This has been “agreed” since end of Feb which is why I am getting anxious. No one seems to be able to tell me an estimate of time or what is going on which just feels odd .

Which is where I was looking for similar experiences or advice. 

I dunno if it’s best to look elsewhere which will take time yes but will there be better communication, I don’t know. 

RAS

Sorry but kids do not need their own rooms at a specific age. I shared a room until I left home. My friend shared a room with 4 sisters until married, and a bed with one of them until she left home.