I found out 4 days from completion that the property i was to buy had a 2nd charge on im now homeless becasuse of this and feel i should have been told of the situation a lot sooner the property has now gone back on the market but at more expensive price ive paid all my solicitors fees and transfered all my post tv licence and other documents over the the property i was to purchase and i now feel as though i have been let down very badly please can anyone help many thanks mary
2006-08-21 16:32:33 · 7 answers · asked by mary b 1 in Business & Finance ➔ Renting & Real Estate
your solicitor is to blame. contact the law society or legal ombudsman to lodge a complaint. you may even be able to sue
2006-08-21 16:40:01 · answer #1 · answered by Donna : 4 · 1⤊ 0⤋
Property does not have the charge, that is only the security, the charge will belong to someone, its a mortgage or loan. Lots of people have second charges over their homes, its paid when the mortgage completes, so i'm afraid i am at a loss as to why it would effect you. Sounds to me like the vendor wants more for his property, its called gazzumping and its legal. The solicitor has done his job. I'm afraid it doesn't make any sense. The charge can only belong to the people who own the house. If these people recently took a loan out over the house, it doesn't always show for quite a few weeks, that's probably why it didn't show on the solicitor's searches. They have recently took another mortgage, there's no other explanation for it. They now need to get more money for the house to pay off the second charge.
2006-08-21 22:44:33 · answer #2 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
Charges will be registered at the Land Registry unless the property hasn't been sold since 1925 when registration was phased in. In the later case it would only become apparent when actual deeds handed over. However there is a standard list of inquiries that your solicitor sends to the vendor's solicitor regarding the property. It is only on receipt of acceptable answers that the contract is drawn up. There's something not right here the deeds would only be released when transfer of funds received so how did this oversight become apparent before the completion and presumably after exchange of contracts. It is possible that the charges are not enforceable if they were not registered correctly and you had no way of knowing of the interest. It sounds as if your lawyer is at fault but I'm not 100% sure. I suggest you ask the law society for a list of lawyers who specialise in suing other lawyers. They are a rare breed so you may need to travel to find the nearest one. As with all legal cases each has its individual points. Had contracts been exchanged before you were informed. Was the land registered.
Was your solicitor negligent. Was the vendor's solicitor negligent. Did the vendor act in bad faith i.e. denying the existence of the charge. Depending upon the circumstances the courts could find in your favour and order that the contract be enforced. It seems odd that the property is back on the market if the second charge was preventing the proposed sale to you.
Second proposal is to get in touch with the Royal Institute of Chartered Surveyors and ask for a General Practice Surveyor near you. Probably easy enough to find in the phone book.These are the guys that carry out the valuation for mortgage purposes. They should be equally well informed as to where the blame lies. A surveyor who has practised for several years is entitled to call themselves a Fellow and will be denoted by FRICS after their name. They might struggle as to the remedy but should certainly be able to give you impartial advice. You may not have to pay them but please check before you visit.
Don't lose hope you might still be able to move in. Good luck
2006-08-21 18:04:17 · answer #3 · answered by charlie r 2 · 0⤊ 0⤋
the owner should have told the realestate agent when the property was listed. If the deal would have gone through you may have been able to sue for the cost of the 2nd. But escrow must told you towards closing.
i was in a simular situation, the house was half the value, i stood to make fortune, i could not get a loan the house went back on the market and was sold out from under me. I paid $12,000 to attorney's who ripped me off, plus 2yrs. of my life thinking i was going to win because someone screwed up big time. No body cares. Laws are set up to make it to hard for the regular joe to file suit's. If you go to an attorney, make sure he takes your case on contiginecy, or FORGET IT. They will screw you.
2006-08-21 17:19:53 · answer #4 · answered by mannmk7 2 · 0⤊ 0⤋
Your solicitor should of found this with his land registry searches....
2006-08-21 16:53:56 · answer #5 · answered by engineer 4 · 0⤊ 0⤋
yes i agree with Donna
your solicitor is to blame
you can sue him/her
2006-08-21 16:45:30 · answer #6 · answered by me 5 · 0⤊ 0⤋
i also condone what donna says and get on to it straight away
2006-08-23 05:34:55 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋