Bought at Allsop auction seller will not close

[Vanilla]

Issue One - there are two charges to be removed or two Solrs undertakings provided to permit removal of both liens post closing and Issue two - they don't know who will sign the deed of sale, these are causing the delays.

These issues are one and the same really.

If the Vendor signs the deed as mortgagee in possession charges and burdens registered after the charge can be extinguished. However if the Vendor signs as Receiver this is not the case so those burdens have to be dealt with. Either there is sufficient money to pay both the charge and the burdens, in which case no problem, or there is not sufficient, in which case the charge holder has to negotiate with the owners of the burdens about how much they will accept to take their burden off the title so it can be sold.

Your solicitor is well aware of all this, I am sure, and will be pressing the solicitor for the Vendor to give answers.

As a matter of interest, what did the contract say about who would execute the deed?

 

[Palerider]

Update, stuck with it and finally got it closed, all down to the professionalism of the Receiver who intervened, understood the blockages and saw it through when solicitors on my side and the sellers side could not, delays as a result of waiting to get two signatures on releases, some people are of course too important to bother getting their fingers out and at least one of these two boyo's working as liquidators to the charge holder fall into that space as he caused the severe delays, still curious how much of this is going on causing deals to fall away, oh and by the way Allsop were not interested when I raised it directly with them.

 

[DirectDevil]

This is not my area so I ask this for information.

If there are two judgements registered against the title does that not mean that the title is not clear because it is encumbered ?

If the title is encumbered how would the putative purchaser get a clear and good title ?

From first principles, I thought that a prime objective of conveyancing was to ensure that the purchaser got a good title that is defensible against all comers.

I see the point about undertakings. However, is that not the same as an indemnity i.e great if it can be backed up but useless if there is nothing of substance behind it.