Legal charge on house purchase not declared

gmje

I didnt my buyers listened to the estate agents who had info from solicitors . The solicitors told us it was straight forward..........but clearly it wasn't 

gmje

kinger101 said:

gmje said:

mebu60 said:

What did your conveyancer say about the existence of the debt? Why is it a concern? 

Not sure what a debt on your prospective property purchase has to do with your buyer pulling out of buying yours.

Are you saying you've pulled out of your purchase because of the debt issue and your buyer has gone elsewhere because you are no longer in a position to move? 

My buyer pulled out because it had already been ongoing for over  6 months and the estate agents said it would be a long process to sort the legal charge- and yes I  cant move now im not sold

The estate agent doesn't deal the the legal process.  Technically the vendor's solicitor just needs to be aware of the charge then retain and distribute funds to all debtors in preference to the vendor.

If the EA has caused the chain to collapse, id be reporting it via their complaints procedure.

But you mention 6 months already.  Why is this?  If the delays are partly your fault, e.g., took 3 months to find somewhere you liked  then largely to be expected.  I've been on both sides of this and understand people's patience is limited.

delays were all solicitors, sold mine in april found property in april-appointed solicitor beginning may-

nakie999

That should have been disclosed right away. The vendor's solicitor is supposed to reveal any legal charges on the title before contracts are exchanged. You definitely have grounds to complain.

BikingBud

nakie999 said:

That should have been disclosed right away. The vendor's solicitor is supposed to reveal any legal charges on the title before contracts are exchanged. You definitely have grounds to complain.

Contracts haven't been exchanged but I would agree if there is an unusual charge then being up front would have been beneficial to all.

Unless of course the vendor is hoping the house won't sell and they can stay living there! 

EssexHebridean

gmje said:

mebu60 said:

What did your conveyancer say about the existence of the debt? Why is it a concern? 

Not sure what a debt on your prospective property purchase has to do with your buyer pulling out of buying yours.

Are you saying you've pulled out of your purchase because of the debt issue and your buyer has gone elsewhere because you are no longer in a position to move? 

My buyer pulled out because it had already been ongoing for over  6 months and the estate agents said it would be a long process to sort the legal charge- and yes I  cant move now im not sold

Ignore what the agents say - they wouldn't have a clue. What does your solicitor have to say about it? 

gmje

EssexHebridean said:

gmje said:

mebu60 said:

What did your conveyancer say about the existence of the debt? Why is it a concern? 

Not sure what a debt on your prospective property purchase has to do with your buyer pulling out of buying yours.

Are you saying you've pulled out of your purchase because of the debt issue and your buyer has gone elsewhere because you are no longer in a position to move? 

My buyer pulled out because it had already been ongoing for over  6 months and the estate agents said it would be a long process to sort the legal charge- and yes I  cant move now im not sold

Ignore what the agents say - they wouldn't have a clue. What does your solicitor have to say about it? 

he didn't know abot it until we were ready to exchange 

EssexHebridean

gmje said:

EssexHebridean said:

gmje said:

mebu60 said:

What did your conveyancer say about the existence of the debt? Why is it a concern? 

Not sure what a debt on your prospective property purchase has to do with your buyer pulling out of buying yours.

Are you saying you've pulled out of your purchase because of the debt issue and your buyer has gone elsewhere because you are no longer in a position to move? 

My buyer pulled out because it had already been ongoing for over  6 months and the estate agents said it would be a long process to sort the legal charge- and yes I  cant move now im not sold

Ignore what the agents say - they wouldn't have a clue. What does your solicitor have to say about it? 

he didn't know abot it until we were ready to exchange 

Assuming it is showing on the title documents that either isn't true, or certainly shouldn't be. If you solicitor has only looked at the title documents at the point of exchange of contracts, then that is worthy of a formal complaint.

silvercar

Usual reason is that the current owners bought from the council and the council impose a charge on the property to claw back the discount offered if the property is sold within X years.

it could be that the sellers forgot they would lose this money and couldn’t proceed with an onward purchase with less money than they thought.

strawb_shortcake

Our home was bought under RTB, our agents checked the deeds and saw there was a restriction if selling within 10 years which we are/were by 7 months, so we had to get approval from the HA to say they didn't want first refusal as well as give us permission to market the property. This is our first time selling a property so assumed agents all do their due diligence 

mebu60

gmje said:

EssexHebridean said:

gmje said:

mebu60 said:

What did your conveyancer say about the existence of the debt? Why is it a concern? 

Not sure what a debt on your prospective property purchase has to do with your buyer pulling out of buying yours.

Are you saying you've pulled out of your purchase because of the debt issue and your buyer has gone elsewhere because you are no longer in a position to move? 

My buyer pulled out because it had already been ongoing for over  6 months and the estate agents said it would be a long process to sort the legal charge- and yes I  cant move now im not sold

Ignore what the agents say - they wouldn't have a clue. What does your solicitor have to say about it? 

he didn't know abot it until we were ready to exchange 

Are you using a 'conveyancing farm'? I.e. the qualified person only looks at the file just prior to exchange?