Help i keep getting odd advice about a house purchase

[RustyRuss]

Good morning all me and my fiancée are first time buyers with no experience of the housing sector at all. We were two days away from completion on a purchase when our solicitor uncovered securities on the sellers deeds and as it happens these securities are for amounts greater than the offer we made so the purchase could not complete.
Our solicitor asked us if we wished to wait two more weeks for the sellers to reach an agreement with their inhibiting creditors and we agreed to this thinking worst case they disagree and we look elsewhere.
Since then though we have been hearing horror stories about credit agencies blacklisting addresses as well as people and have bben cited examples of people we know who have been unable to attain any credit due to the previous owners poor history. Is this the only thing we are missing here and should we drop this like a hot potato?

[krisdelta]

Stories of people not getting credit because of previous occupiers are not true. See link below,

http://www.experian.co.uk/consumer/credit-educatio...

Good luck with your purchase!

Eta - you've been offered a mortgage on this property I would guess, the biggest credit agreement you'll be making for some time I think

[danzman1991]

I would suggest the advice you should be listening to is that of a solicitor who knows what they're talking about - not necessarily the solicitors you're currently dealing with...

[rsbmw]

Assuming since you were 2 days from completion that you have exchanged contracts already? Need to be careful in that case, if you pull out the seller may be entitled to keep your deposit. If you wait for them to pull out (i.e. they cannot sell legally) then you can sue for "loss" such as survey fees, etc.

Either way, sit it out if you like the property, credit etc shouldn't be any sort of issue. Just take your solicitors advice.

[TooMany2cvs]

rsbmw said:

Assuming since you were 2 days from completion that you have exchanged contracts already?

I suspect exchange and completion were due for the same day. There's no way any half-way competent solicitor should allow exchange if it's clear that charges on the property can't be lifted by the sale amount, and the vendor can't provide assurances that they have sufficient other funds available to lift them.

[BoRED S2upid]

krisdelta said:

Stories of people not getting credit because of previous occupiers are not true. See link below,

http://www.experian.co.uk/consumer/credit-educatio...

Good luck with your purchase!

Eta - you've been offered a mortgage on this property I would guess, the biggest credit agreement you'll be making for some time I think

Agree with this. I bought a house once that was tenanted for years I had all matter of bills for loads of different people spent ages marking them as not known at this address and sending back, they soon stopped and I had no issues getting credit so don't worry about that.

[RustyRuss]

Thank you for your time everyone. This certainly echoes what I thought on the subject but im no expert on the matter and prudence necessitated finding out more.
I should have said that this is a Scottish purchase and my solicitor has my money not the seller, and they made sure that nothing completed or will complete until all securities are cleared.