11:08 AM, 24th April 2014, About 8 years ago 5
I exchanged contracts on a flat I am selling on 11.4.14 with completion set for 17.4.14. It was not certain that this would go ahead until the last minute, so my solicitor didn’t request a redemption figure until then. Unfortunately, the mortgage on this flat is a portfolio mortgage with one other property. The Mortgage Works are insisting on revaluing both properties before they calculate the redemption figure for one! Their time span for this is 21 working days, I now find out. They have had the valuation back on the property I am selling but not the other one, which they say they do not expect until 30.4.14.
My buyers have very tolerantly agreed to an extension of a week with completion taking place on 25.4.14, but I can’t even make this now. Each time I have rung TMW I have been given different information, each time suggesting the answers would be ready by the next day.
My solicitor says that whilst he would not recommend it we could complete and he will hold the proceeds until we get the figure.
What I need to know is: how will TMW work out the redemption figure? If it was simply the amount outstanding on the mortgage there would be no need for the valuations. I assume they will add the values together and make sure the other property still has the same LTV or less. The original LTV on these products was 85%. There is enough equity in both properties for the LTV to now be 75% and still give me back the equity in the flat I am selling. I have never missed a mortgage payment or in any way upset them. No one I am able to talk to at TMW appears to know this.
Any suggestions – I’m getting just a bit desperate…
Previous ArticleThe Social Housing crisis and Landlords