Anyone any experience of shared appreciation mortgages in a chain?

[Gettingonabitnow]

It is threatening to leave us homeless due to just being discovered in the chain. How long will it take to resolve, weeks, months? I’m beside myself with worry. Thanks.

Hopeful bump!

Never heard of this, sorry. There are lots of knowledgeable mortgage people on the MSE talk forum.

Thanks @Lightsabre, how do you get to that forum please?

forums.moneysavingexpert.com/

Not sure if this helps

Pros & cons of SAM loans
Pros
You can potentially get a lower interest rate on your mortgage.
It could reduce your monthly mortgage payment.
It could reduce or cover your down payment.
If your home does not appreciate in value or you don’t plan on staying in your home long, you could end up ahead.
It could help you if you’re struggling to repay your mortgage.

Cons
They are hard to find and not available everywhere.
You won’t get to keep all the appreciated value of your home to yourself when you sell.
If you shop around, you might be able to get similar benefits from another lender without giving up a portion of your home’s appreciation.
You might not qualify.
They are less flexible due to application dates.

What's the rest of your details op

I don't even know what this is, never heard of it before but I would suggest your solicitor must have?

Thanks all. Sorry I should have provided more details - basically the top of the chain is probate and the deceased had a SAM from the 80s. They were very controversial.

The house has now by valued additionally by the lender, but it is dragging and dragging, and I just don’t know when it will all be resolved.

I guess I was wondering if anyone else had had a SAM in their chain and how long it all took to resolve? X

I don't have experience of these, but from a quick Google I can't see why there would be a delay? Is it that the mortgage holders didn't fully understand the terms and so won't have as much money as they thought for their purchase?

Sorry, cross post. The probate adds an extra complication, but I would have thought the basic principles of SAMs would be easy to apply. Definitely one to speak to your solicitor about and find out what the actual issue is.

@Househunting21 no me neither. But to quote the estate agent “it’s in the hands of the lender now and we have to wait until they provide a redemption certificate”. It’s been over a month since it was first discovered.

The solicitor at the top of the chain seems void of any ideas / inclination to chase the lender - they still use fax as a firm apparently so I doubt they’d have the nouse to find an email address.

We’ve broken the chain and moved in with family so as not to lose our buyer but it is really hard going.

Ah OK. In your shoes I'd probably be tempted to speak to the lender yourself - unlikely they'd tell you anything, but maybe you could prompt some movement! Good luck, I hope you can get it resolved - open ended issues are torturous.