Home owners for 12 hours

Silently loud

we collected our keys and with in 12 hours we were told to return them I had just started to paint the sitting room and after scrubbing the place down. Ends up the seller never declared his loans that the used the house as colateral for.

We now have no house and apprarently not a foot to stand on!
We asked our solictitor what can we do?

1 sue! but then seller could claim bankrupcy of say he has not assests other than house which he cant sell because its tied up with lender.

2 Walk away and lose the house

3 Wait and hope the lender will come to some agreement with seller.

I am heartbroken we had the house after waiting 4 months and within 12 hours we lost it. Now I am so upset. People telling me i shouldnt of given back the key but i had to leave as the contracts were void since he signed and never declared the loans.

Now before you say it yes my solicitor checked the seller out all the banks came back saying it was clear but the morning of us moving in our solicitor got a letter saying he got a loan from a lending company that was not a bank. Our solicitor didnt expect this letter even the sellers solicitor was shocked he didnt know about this loan either.

What has been mentioned by a independant is the seller hoped the loan would go with the house (eg before people used to buy a car pay their money then find out that the finanace came with it as well).

This is so annoying. !!

Victor

Is your money protected?

Senna

Has your solicitor passed the money to the vendors solicitor? Who has the deeds of the house? Was the deeds uses as collateral on the new loan the vendor took out?

Silently loud

every thing was in our name. but since they have found out that Seller has outstanding loans on the house and signed the contracts saying he didnt the contract is null and void. all deeds and money has been stopped. He hasnt recieved our money but we are now in limbo.

To be in the house to have the paint all set up and the roller covered in paint about to put it to the wall and then my phone rings!! Now we dont know will we have the house or just to start all over again the seller is (insert colourful words) and has been very stupid, silly isnt strong enough he just seemed to drag his bum! I would tell anyone who is buying a house not to as our experience is horrible. we are young and this was our first house and hopefully last but now it hits me like a tons of bricks in the middle of the day i am avoiding friends and family because those who i did tell said sit in the house dont move! and now they think i am stupid for leaving but i was advised by our solicitor. and those who dont know I dont what to have the conversation

herya

Sorry to hear about your trouble but honestly get your money back, buy another house, let the seller sort it out, you don't want to be involved in this mess!

Silently loud

we asked our solicitor can we pull out he said no if we do we lose all our money! we have furniture bought and they wont hold on to it. if we pull out then we lose money but if he cant prove he can resolve it we get our money back so now we have to wait ... but for how long! I mean we wait four months another four months we will be broke! and homeless.

antoinolachtnai

Hey! Sorry to hear that.

Most important thing now is not to panic. One way or the other, you should be ok.

Is all your deposit money and your safe?

I would ask your solicitor to write to you explaining the situation and the options that face you.

I think that if he failed to close on the agreed date, that that puts him in a weak position legally. But you will have to rely on legal advice.

Best to you.

jimmycrackcorm

Can't the seller pay off the outstanding loan against the proceeds?

Senna

jimmycrackcorm wrote: »

Can't the seller pay off the outstanding loan against the proceeds?

I'd say the seller was trying to pull a fast one, use the house as collateral, then sell it. Hoping that the loan and sale would go through at the same time without anyone picking up on it.

OP; if a buyer doesn't complete by a certain date, the seller can charge them interest on the delay (if its in the contract), you should ask your solicitor was this in your contract and can it be used against the seller?

antoinolachtnai

jimmycrackcorm wrote: »

Can't the seller pay off the outstanding loan against the proceeds?

Hopefully that will be it and there will be no problem.

However, it might not work out as simple as that. The proceeds might not be much after the mortgage has been paid off.

There are certainly some cases in Ireland where properties have been mortgaged as collateral to more than one lender, without the knowledge of the other lenders. If this has happened, it makes things very complex for the vendor. (As in, getting asked hard questions by the ladies and gentlemen of Harcourt St Garda Station.)

eth0_

I'm confused. Isn't the whole point of employing a solicitor to find out if the house you are purchasing is legally the vendors and not tied up as collateral for loans?

If so, surely you have a case against your solicitor for failing to uncover this information?

jhegarty

So the solicitor never checked the deeds ?

eth0_

ALso - why did the vendors solicitor hand over the keys when your solicitor had not yet transferred the funds to the vedor?

There's something very odd about all this. You should be demanding answers from your solicitor and maybe think about lodging a complaint with the law society.

golden

Sorry for your troubles. I am no solicitor but always thought that your solicitor had to do a legal search for indebtness to see if there was any colerateral on buildings. If this is the case you should seek another legal advice

antoinolachtnai

The problem is that there could be indebtedness that was not properly registered in the land registry or registry of deeds. The solicitor might have done all the searches and not known.

But you are certainly in the murky outer reaches of conveyancing and you should be concerned. Your solicitor may be able to allay the concerns.

Silently loud

so its monday morning and the situation is ..

Solicitor advised us give the seller a week see can he pay the money.

Legally we have every right to sue and we will win but seller can claim that they has no money to pay any compensation. so we will win but recieve no payment from seller.

when our solicitor was doing the checks on the house he asked the sellers solicitor to verified with seller that there was no outstanding loans. Seller agreed no loans where against the house. When the banks wrote back to our solicitor they said no monies outstood. Our solicitor contacted us saying that he had given enough time to allow all notification to come back and nothing had showed up he said that because the seller had also signed contracts so say no money outstood. Our sol would release the money from our bank. it was sent to the sellers solicitor thursday we got the keys thursaday night and friday morning our solicitor got a letter from the CU saying they had the house as collateral against loans and would not allow the house to be sold untill the money had been repaid in full.

This has been the longest weekend I have ever put down and from the sound of things its going to be a long week.

What annoys me most is no one has said sorry. not one person even when we had to hand over the keys to sellers solicitor we met him in his office and his attitude was "had them to my receptionist! and gave us no explanation. ....:(

ntlbell

Silently loud wrote: »

What annoys me most is no one has said sorry. not one person even when we had to hand over the keys to sellers solicitor we met him in his office and his attitude was "had them to my receptionist! and gave us no explanation. ....:(

well to be fair, it's not the solicitor's fault, maybe the seller told him the same spin thinking it wouldn't come back on him.

Expecting a hug from the solicitor is a bit much.

right it's a horrible situation but **** happens.

MG

Silently loud wrote: »

every thing was in our name. but since they have found out that Seller has outstanding loans on the house and signed the contracts saying he didnt the contract is null and void. all deeds and money has been stopped. He hasnt recieved our money but we are now in limbo.

Very to sorry to hear of your horrible situation. Make sure to keep a note of every contact with banks and solicitors etc.

Just a clarification, if the vendor does not have your money, have you "only" lost the deposit?

D3PO

Silently loud wrote: »

when our solicitor was doing the checks on the house he asked the sellers solicitor to verified with seller that there was no outstanding loans. Seller agreed no loans where against the house.

now im no solicitor but surely this isnt the correct way to do an indebtedness check. :eek::eek: Id be looking hard at your solicitor and asking what they were playing at

Silently loud

ntlbell wrote: »

well to be fair, it's not the solicitor's fault, maybe the seller told him the same spin thinking it wouldn't come back on him.

Expecting a hug from the solicitor is a bit much.

right it's a horrible situation but **** happens.

did i mention a hug.... no I think that is slightly childish.

and yes **** happens but so one has to pick up the slack.

ntlbell

Silently loud wrote: »

did i mention a hug.... no I think that is slightly childish.

and yes **** happens but so one has to pick up the slack.

Well to be fair the onus is on YOUR solicitor to do the business.

the seller's solicitor doesn't oue you anything maybe point your energies at the right person it might be more beneficial in the long run

Jamie-b

Get a new solicitor. Id he failed to make the proper checks and it is his fault he won't tell you that- find out from a third party