Patrick, a resident of the Visé region, had signed the sales agreement for his house in July 2020. At the same time, he had just found his new home, located in Esneux. Only, the buyer’s notary blocks the sale, and Patrick has a loan to repay very soon. He tells us about his mess.
In life, things don’t always go as planned. Patrick has just lost his wife, and wants to move into a smaller house because his health no longer allows him to maintain the one he shared with his late wife. “Besides health, my wife died in this house, so I wanted a change of scenery…” he explains.
While his sales agreement is signed and he should have signed the deeds 2 or 3 months later according to his notary, a problem arises. The notary of the future buyer of Patrick’s house blocks the sale of the property. “According to her, the cadastral plans did not correspond to the town planning document: it was a plot of land near my house and those of my neighbors that posed a problem. It needed to be updated“.
A surveyor was therefore dispatched to solve the problems of plans. Only, one of the people concerned by this plot of land refuses to pay his share, which amounts to some 600 euros, the costs being shared between the owners. “She only wishes to donate a maximum of 200 euros. Therefore, it can be said that the sale is also blocked by this person“.
And no way to find an alternative: the buyer’s notary does not budge an iota, defending the interests of his client, and this cadastral plan has still not been updated.
A credit to be repaid in the next few days
Wanting to make way quickly for the future owner of his house, Patrick had left the premises as soon as possible after finding his new home in Esneux. He therefore takes what is called a ‘bridge loan’ to be able to afford this property. What exactly does this consist of?
A bridging loan is useful when you want to buy or build a new home, but you have not yet sold your old house or the money from the sale of it is not yet available in sight. finance the purchase of the new property. The bank grants a short-term credit that must be repaid after selling your old home.
As you will have understood, the problem is in the second sentence: the loan is short and must be repaid after selling the old house. But Patrick, stuck, has not yet sold his property, and the loan is about to expire. And during this period, we generally pay substantial interest.
Patrick’s house is still not officially sold (©RTLinfo)
“I’m supposed to pay the interest on my loan in a few days, but I don’t have that money. All my savings have gone to the down payment on my new home, I only have a very small pension. I live Hell, it’s ruining my life. I’ve already contacted the bank to try to get them to give me a deadline, but they haven’t gotten back to me yet, as the deadline is approaching”.
Patrick continues to call his notary clerk very often to see if the situation can be resolved. “I’m desperate. He tells me that the buyer’s notary is looking for problems where there are none. My children support me, but I can’t ask them to pay for me, they have a life to lead also”.
A last minute miracle
“It is the job of the notary to ensure that the operation is compliant and corresponds to the expectations of the buyer”, explains notary Renaud Grégoire. “It is his responsibility to assure the buyer that he will obtain a good that meets his expectations. However, it is quite rare to get stuck for so long with a compromise. From there, either you have to cancel the sale, or, as the gentleman did, you have to call a surveyor and try to settle it as soon as possible. If a neighbor refuses to pay his share, there, we leave the field of competence of the notary, and it is a discussion to have around a table between the seller and the person “.
If the notary takes responsibility for requesting a report from the bank, there, in general, the bank is more flexible
Renaud Grégoire is optimistic about obtaining a loan repayment deferral. “If the seller goes to his bank and asks for a deferral, there is little chance of this happening. On the other hand, if the notary takes responsibility for requesting a report from the bank, then, in general, the bank is more flexible and it is possible that it will work.
And while Patrick had to repay his loan within a few days, the miracle took place shortly before the publication of this article: his notary managed to negotiate a one-month postponement with the bank at the very last minute. “It’s an incredible relief. Now, we will have to find common ground with the buyer’s notary and sign the deeds as soon as possible!“