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

GDB2222

Blue_Boston said:

saajan_12 said:

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.

What obligation does the seller's solicitor actually have to the lender to update them about the sale and the vendors refusal to proceed?

None at all, it’s entirely up to their client.

So the estate agent saying the vendor's solicitor is having to update the lender every two weeks is likely nonsense?  I think the estate agent is making stuff up but I just have no idea how repossession works or mortgage arrears works.

No - the lender may well have threatened repossession but holding off as long as they hear that the sale is progressing.. so the solicitor does 'have' to because their client has instructed them to, which they have because otherwise it'll get repossessed. 

However its likely going to be irrelevant for you.. updating a lender on progress doesn't have to slow down the progress that much.. more likely the vendor themselves are just stalling.. maybe just doing the barest minimum to stay ahead of the lender's threats. 

Exactly.  The sale *isn't* progressing. At what point does the lender give the seller an ultimatum because an ultimatum from me wouldn't work.

Even if the lender commences possession proceedings tomorrow, it would take months until they actually gain possession. 

Then, almost certainly, they will simply remarket the property, and they will probably take the highest offer. 

Blue_Boston

saajan_12 said:

Blue_Boston said:

saajan_12 said:

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.

What obligation does the seller's solicitor actually have to the lender to update them about the sale and the vendors refusal to proceed?

None at all, it’s entirely up to their client.

So the estate agent saying the vendor's solicitor is having to update the lender every two weeks is likely nonsense?  I think the estate agent is making stuff up but I just have no idea how repossession works or mortgage arrears works.

No - the lender may well have threatened repossession but holding off as long as they hear that the sale is progressing.. so the solicitor does 'have' to because their client has instructed them to, which they have because otherwise it'll get repossessed. 

However its likely going to be irrelevant for you.. updating a lender on progress doesn't have to slow down the progress that much.. more likely the vendor themselves are just stalling.. maybe just doing the barest minimum to stay ahead of the lender's threats. 

Exactly.  The sale *isn't* progressing. At what point does the lender give the seller an ultimatum because an ultimatum from me wouldn't work.

You're absolutely right, but unfortunately between the significant cost of repossesssion that the lender is weighing up and the relatively limited information they're getting on the progress (they only know what they're told which can sometimes be subjective), this can take months or even a couple of years. We don't know how long its been already, but waiting for the lender to act is probably going ot be too long for most buyers. 

Don't get sucked into trying to help the lender see the light or even getting the seller to do the right thing. It won't work and it'll just frustrate you. 

Thanks. I'll give an ultimatum and then withdraw my offer completely. Gotta move on with my life and it would give me a bit of agency.