Vendor taking the mick?

Richard_Webster

I suspect what has happened here was that neither OP's solicitors nor the seller's solicitors bothered about the normal conveyancing work until they knew whether a deal could be done over the purchase of the freehold. OP's solicitor would not want to run up costs for Op if the transaction wasn't going to happen because the freehold could not be quickly acquired from the freeholder.

Somebodywho has owned a leasehold house for 2 or more years can go through the compulsory process but this does take time and costs.

The shorter the length of the lease the higher the price. Most leasehold houses have 999 yaer leases with maybe about 900 years left, but a few are only for 99 years so a lease granted in say 1960 would only have 50 years left. With the 999 yaer ones the value is a multiple of the ground rent which usually works out a low hundreds. With short periods, as well as the multiple of the ground rent there is also the value of the impending right to repossess the property. I'm not sure of the exact figures but it is something like what sum when invested compound at around 4.75-5% will bring in the present market value in X years time? E.g. using 5% just under £12,000 would bring in £137,000 in 50 years so that kind of figure could be right depending on length of lease and value of the property.

mrstinchcombe

I'm just about losing patience with the whole house buying process. Initially I was extremely patient waiting for things to sort themselves out with the above problem but now things are silly.

The vendors solicitors replied to mine after two weeks to an answer a request from them. This information wasn't sufficient so my solicitors asked for further information, its now a week and counting and no reply from the vendors solicitor, these are the last requests prior to completion.

This is getting disgraceful, the vendors solicitor have been obstructive and has held up this purchase no end. They are extremely unprofessional and feel I have to vent my spleen about it. I'm very close to actually getting a completion date and this just annoys me.

:mad:

smartpicture

I would ring their estate agent and say that as 3 months have passed, during which house prices have dropped dramatically, then unless they pull their finger out quickly, you are going to have to review the price you are willing to pay for the property. Then let him put a rocket up their a**e. After all, they've got nothing much else to do at the minute.

mrstinchcombe

I'm just about at the tend of my patience now, almost two months since I set up this topic and I still haven't exchanged.

I'm a FTB with no chain, the sellers have no chain and its a vacant property, yet I've been waiing since November since I had my offer accepted. Not even got a date or even any idea how long it will take.

Vendors solicitor is allegedly chasing up the final part of this which has been out of my hands for ages. Would be nice if they kept us in the loop but they dont despite my solicitor constantly chasing them up on my behalf. Told my solicitor to inform them that if I haven't exchanged by 2nd week of April I will be substantially adjusting my offer on the property, have they replied to this? No they would rather do sweet fa!

This is my first experience of buying a property and its !!!!, I'm never going to live in this house, might as well write off my solicitor fees and start over, what a waste of over 4 months.

Doozergirl

If they are actually buying the freehold for you then that will also take time.

Why not go out and look at other properties just in case? It's fine to lose the fees so far if you find something better! It's not a wasted 4 months if
a) you don't find anything better
b) you do find something better
= win/win!

You can threaten to drop your offer but they can choose whether to accept that or not. They don't sound too fussed about anything right now.

mrstinchcombe

Cheers, you can tell im a little annoyed.

How long does buying a freehold take? They had an offer accepted for that beginning of Feb. Surely all it is pay money... have a document put in your name... thats it!

Noones giving me any idea!

Doozergirl

It normally takes about the same as buying a house. Solicitors blah blah blah. I'd expect six weeks minimum. It took us something like five months start to finish on a lease extension. Freeholder dragging their feet - they don't do anything quickly.

(She says with a buyer's enquiry questionnaire letter sitting on the desk since last week; the first floor flat has been repossessed by Northern Rock)

mrstinchcombe

Doozergirl wrote: »

It took us something like five months start to finish on a lease extension. Freeholder dragging their feet - they don't do anything quickly.

Those two sentences have turned me into Bannatyne... I'm ooot!

I liked the property and I liked the price and location but guess it wasn't to be. Still annoyed that both estate agents and solictors lied to me tho but I should know thats what they do!

Tassotti

You may well have had your heart set on this one, but believe me, there are hundreds of other properties that you will love, and the buying process will be much smoother.

Why is a house leasehold anyway???

mrstinchcombe

Tassotti wrote: »

Why is a house leasehold anyway???

Some houses are allegedly, obviously a big con when they were built because unlike a flat there are no communal areas to upkeep.