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Desperately need advice-house buying deeds issue
fergiewilson
Posts: 8 Forumite
We have been trying to buy the house we rent since June. It's a bit complicated, we're buying from our landlord/an employer and have an approved concessionary mortgage as the house price is high enough and our purchase price of low enough we don't need a deposit. The issue has been that we've been told the mortgage and deeds the landlord had with national bank of Australia which in turn has apparently sold it to a hedge fund in America. This has been going on since June as apparently nobody knows where the deeds are so our solicitor can do the land checks etc so we can buy the house. Our mortgage offer is up soon and I'm beginning to panic, but the problem is how do we get this moving and is anyone else in the same position?? On the other hand we are also out of pocked £150 each month this drags on being that our mortgage is cheaper than the rent and we could put it to good use as the house needs decorating, but we're scared to push too much being as the landlord is also an employer and nothing has been signed yet to confirm house purchase as the missives can't yet be done without deeds.
Anybody help??
Anybody help??
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Comments
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How come the property is unregistered? How long ago was the mortgage put on - it must have been back in the 60s/70s......?
It's not really costing you £150. You are still getting a home at the rant you've always paid.
Ah! 'Missives'? Are you in Scotland?0 -
Title deeds lost? Doesn't matter, copies are easily obtainable. The seller should be sorting this out if they're at all interested in progressing this.0
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Our rent is £525 a month, the mortgage is due to be £365, which is bothering us as it's taking so long to get things moving. Worrying as we have signed nothing, he's not committed to selling it until we've signed off
Yes we're in Scotland. Apparently bank of Australia has sold off it's uk debts as it is withdrawing from the UK, hence why they're with a company in the US. We don't want to renew the mortgage offer as they've had long enough to get this moving and we've had zero progression far.0 -
fergiewilson wrote: »he's not committed to selling it until we've signed off
If he's not bothering to get copies of the deeds for you then it doesn't sound like he's committed to selling at all. I'm assuming by "the deeds" you mean the things which show that he owns the property, what the boundaries are, etc? There should be no problem in getting copies of those, if the property is on the Land Register then it's all electronic anyway and you can get them in seconds online.
Do you mean National Australia Bank? I know they're trying to find a buyer for the Clydesdale, I didn't know the Clydesdale had already sold off any of its mortgage book but it's possible. But the deeds won't be "in the US" (or floating in the Pacific en route between Australia and the US!), they'll almost certainly be in a warehouse in the UK.Apparently bank of Australia has sold off it's uk debts as it is withdrawing from the UK, hence why they're with a company in the US.
Maybe ask your solicitor to clarify what the position is - you can get copies of the deeds if you want to pay for them, but that won't help you much if there is some other problem preventing him from going ahead.0 -
That's exactly my thoughts, I think he's trying to back out. We've only heard from landlord directly what's happening, or more like what's not. We have it in writing what we've agreed to pay to buy it etc but we're scared to push too much being that he's an employer too. We're needing some security for our family as don't want to move kids again. As far as we're aware from what he's told us is that he's in contact with this American company trying to sort out deeds etc as he has also of other properties that have also had the debts sold to this company. I'm a bit in panic mode now.0
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Have you checked to confirm that is definitely unregistered? You can do this free on the LR website.
If it is registered then the physical deeds are not necessary.0 -
Not sure what you mean as unregistered?0
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fergiewilson wrote: »Not sure what you mean as unregistered?
They've only read your original post and assume you're talking about an English property.0 -
Search herefergiewilson wrote: »Not sure what you mean as unregistered?
https://www.gov.uk/search-property-information-land-registry
If it's registered you can pay £3 to get a copy of the electronic record. If it's not registered then it will say so and you will not have to pay anything.
If it's not registered you will need to ask your solicitor's advice on how to proceed.
Edit: Sorry for Scotland you need to try here
https://www.ros.gov.uk/0 -
All title deeds and plans are held electronically by the land registry, though there are a small number of unregistered properties which the land registry does not have details of. For something such as a house that has a mortgage on for it to be unregistered it must have been bought some time ago (60s or 70s as G_M says).
For £3 you can get the title deeds from the land registry website, though it's also worth paying another £3 to get the title plan as well, then you know exactly what the deeds are referring to.
If the title and plan are available from the land registry then there's clearly something else going on which is causing the delay (perhaps intentional stalling on the part of the vendor).
See: https://www.gov.uk/get-information-about-property-and-land/copies-of-deeds0
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