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Seller under threat of repossession, refuses to move forward on sale


The seller has been *really slow* responding to enquiries. A few weeks ago the EA had to go to the sellers house to help fill out forms and reply to some of the enquiries. The seller agreed to aim for exchange at the end of August. Enquiries still have not been sent to my solicitor.
A couple weeks ago the estate agent told me that some of the delay was related to the vendor's bank needing an update on some forms in case of repossession. Basically the seller had to put the house on the market because their mortgage is in arrears. The estate agent said the vendor's solicitor has to update the lender every two weeks as to the progress of the sale. I have no idea if that's actually true.
I get a text from the EA a week ago that the seller is being difficult and refuses to move forward with the sale. Won't respond to enquiries, won't sign anything. Just refusing to engage.
I feel like I'm in a stalemate.
How long before the bank essentially forces a sale? It sounds like the bank has already given the vendor over a year to sell and settle their debt. When does the vendor's solicitor have to update the lender that the sale is no longer moving forward because they refuse to sell?
Comments
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Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.1 -
It sounds like the Seller is not motivated to sell and is simply stalling for time if not completely in denial. Does the vendor actually have somewhere else to live? It is going to be difficult for them to agree a sale if they have nowhere to go despite the mortgage co breathing down their necks.The mortgage company cannot force a sale. They would need to apply through the Courts for reposession and then sell once they have gained posession. They may or may not still wish to proceed with your offer at that point.It sounds very much like you should put this one on hold and look for alternatives.8
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theartfullodger said:Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.1 -
anselld said:It sounds like the Seller is not motivated to sell and is simply stalling for time if not completely in denial. Does the vendor actually have somewhere else to live?0
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theartfullodger said:Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.
I just don't know how long until they start with a the court process and get an order of possession. What obligation does the seller's solicitor actually have to the lender to update them about the sale and the vendors refusal to proceed?0 -
Blue_Boston said:theartfullodger said:Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.4 -
user1977 said:Blue_Boston said:theartfullodger said:Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.
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Blue_Boston said:user1977 said:Blue_Boston said:theartfullodger said:Look up lender for £3 on gov.uk land registry and write to them confirming you are willing & able to buy.
Unlikely but they may just respond.3 -
The lendor may be delaying repossession if there is already a sale in place to save on unnecessary costs in applying for a possession order, if they don't have one already. They may want updates from the seller every two weeks to check progress and if not progressing, continue with litigation action.
Do you know if a possession order has already been granted? The vendors solicitor will know if they are providing the updates to the lender.
Or the lender may be assisting a sale instead of repossession.1 -
I think I'd be walking away from this one. Far too much drama and delaying from a vendor who clearly doesn't want to sell and probably feels pressurised by the family into doing so. It doesn't sound worth the hassle waiting any longer. Perhaps just tell them you are pulling out to see if it forces their hand?1
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