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Advice needed on pulling out of a property purchase!
Comments
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If you are not happy to go ahead with the purchase i would walk away. But if you feel a new price can be negotiated go for it.0
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Well the mortgage lender aren't holding any money back they are suggesting that the works should be carried out to maintain the property. The original offer was £130000 which has been reduced by £7000 to £123000. We have fallen in love with the property but have a nightmare 4 months attempting to purchase it, and there are a lot of risks involved for a first time buyer with this house. The insurance isn't going to cost any more normal insurance will cover the flood risk, however there are missing parts of the deeds and you have to access the property over private land.
Over the 4 months ended Dec 08, Halifax reports that prices have fallen generally by 9.7%. So, that's a £13k reduction. Why are you only getting £7k off? In effect, you seem to be paying £6k more than you originally agreed, and of course there's still the issues about it being in a flood plain, etc. Whilst you may be able to get insurance now, there's no guarantee that position will last. Can't you fall in love with a different house? ;-)No reliance should be placed on the above! Absolutely none, do you hear?0 -
You either want it or you don't. Consistently asking for price drops makes it sound like you are a good part of the reason this sale drags on.
If there were a real flood risk then another 2500 off isn't going to make it less likely to flood is it? Most deed issues can be covered with indemnity policies etc.
Sounds like you are making excuses to me. If you don't want it, do the vendors a favour and let them go now before you waste any more of their time.Everything that is supposed to be in heaven is already here on earth.
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