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The building society said that the solicitors should not have left it to the last minute to have asked for redemption figures.
Solitors said that is a survey was attached to the mortgage then they would never had exchanged
Thames Vally are involved as they supplied the load under the key worker scheme.
is it the solicitors responsibility to know whether redemption figures are required before completion? who is liable?
Thames Valley council are happy it is just the housing association that are not happy. They did not accept the valuation that we had done last minute. Hope that makes sense.
If you have exchanged then it would appear you are committed. It sounds as if your Solicitor should have made sure everything was in order before there was an exchange. This was done done, so it does appear on the face of it that your Solicitor is liable.
Potentially you do have a claim against your Solicitor if you have lost anything and they have been negligent. A Solicitor should make sure everything is correct and in place before an exchange takes place as one this happens either party can NOT pull out.
Can I clarify anything for you about this today please? Alex
that is great, Thanks. They have come back to us and said that the exchange definately won't happen for another 3 weeks now, it has been delayed. Does this mean that we will have to make another mortgage payment? It is due at the end of the month? Any advice on where we go from here would be much appreciated. Do we just have to wait and let the solicitors fight it out?
This whole process has now been delayed for 3 weeks but the buyers are still very keen to move in, they have given notice on their rented accomodation. Could we allow them to rent our property for 3 weeks or until completed? Are there any implications in doing this?
If you are due to sell your house then until you complete you are liable for mortgage payments. If your new house is mortgaged then you only pay when you complete.
If this answers your question, please take a moment before you leave and rate my service, it only takes a second and is an important part of the process. Otherwise if you need more information or help then please click reply. Alex
We are renting and are not waiting to buy another property. We will be in a position that we will be paying rent and the mortage if we don't complete. What are the implications of letting the buyers rent ou property while we wait for completion as they do want to move in>
No, you either pay one or the other. You either continue to pay rent until you complete but you dont pay mortgage payments until you complete as the property is not yours.
Oh OK, so we don't have to pay the mortgage once we have exchanged? No one will be liable for paying the mortagage until the completion has gone through? Please confirm?
Yes that is right.
that is very helpful.
Thats because you dont actually own it until you complete.
If I could invite you to rate my service before you leave today, hopefully it has been excellent. If you do need more help or information please click reply. Thanks – Alex.
What about bills? do we need to cancel all of these now and let the providers know that we are no longer at the property? Thanks for your help.
You should not have to pay for anything such as utilities until you move in.
I was talking more about the property that we are selling, both myself and my wife have moved out now.
I see. If you have moved out and the rent agreement has ended then yes, you would not be liable.
I assume you terminated all associated accounts and gave final meter readings etc?
no not yet, we were going to do this this week once completed. We should do it now?
I see. You would be liable until you have given final readings etc.
But yes, do it now
We don't have a rent agreement we have a mortgage on the property and we have moved out
Ok. You would be liable until completion in that case
Oh and what about the mortgage payment due at the end of the month? we exchanged last week.
Yes, you are liable until you complete.
Oh now I am confused sorry, earlier you said that we would not have to pay the mortgage as the property is no longer ours.
Let me clarify, I thought you were renting your own.
If you are paying mortgage on your old property, you would be liable until you complete.
This is because you own it until you complete.
Therefore you would be responsible but on the plus side it should mean you owe less when you do complete.
We are renting and we have moved out, we exchanged last week, we were due to complete this week but there has been a delay of at least 3 weeks, this could be longer.
Let me be clear
Do you rent or mortgage your OLD property?
Do you mortgage your NEW property?
mortgage the property we are selling, we have moved out and are now paying rent, we have actually seperated and each of us is paying rent.
So you would be responsible for mortgage on the old property until you complete.
This is because until you complete you own the property
OK thanks. and my original question was, can we rent it out to the buyers?
Yes with permission from your mortgage company
We have moved out the buyers want to move in and we can't aford rent and mortgage payments so lloking at options
Yes I understand. You should ask permission but if the mortgage co wont find out then it should not be an issue.
Really you should ask permission but because it is only for a short space of time then it should be ok
OK that is helpful thanks. Are there any implications in doing this? Our mortgage does not allow renting so we would not be able to obtain permission. what are the risks?
Well if they are unlikely to find out......................
As lawyer I would of course say you need to declare it.
But on the other hand..................