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Lease extension nightmare threatening our sale
davens02
Posts: 2 Newbie
Hello, any advice on below would be much appreciated as I'm v.worried,
We had our offer accepted on a perfect flat 2 months ago - at the time of offer we and the vendor and estate agents knew the offer was dependent on the vendor extending the lease. The Freeholder is now asking the vendor for double what they intended to pay...... Everyone has gone a bit silent and I spoke to the estate agent today who told me about the freeholder wanting more money and the EA started muttering about the flat now being worth more than it was 2 months ago (even with a 79 year lease....?).
My question/issue is can we contact the vendor, who we met once & seemed v.nice to clarify that we really want to buy the flat but are at the top end of our budget. Our mortgage offer is only good until the end of November and we are unlikely to get it extended due to a change in our circumstances. Does anyone know what happens when a freeholder & leaseholder reach stalemate & how long it takes? I believe they have already served a section 42 notice.
Is there anything I can do to try & move things along? Is it unacceptable for me to contact the vendors solicitor directly for updates as the estate agents are not being very forthcoming - surely they want the sale to go ahead to get their money??
Any advice gratefully received as I'm really starting to worry that the vendor is going to pull out of the sale or ask for more money (is that common?) We have already lost another flat due to a bidding war. We are first time buyers with a large deposit of just over 25% so were originally told we were in a good position?
We had our offer accepted on a perfect flat 2 months ago - at the time of offer we and the vendor and estate agents knew the offer was dependent on the vendor extending the lease. The Freeholder is now asking the vendor for double what they intended to pay...... Everyone has gone a bit silent and I spoke to the estate agent today who told me about the freeholder wanting more money and the EA started muttering about the flat now being worth more than it was 2 months ago (even with a 79 year lease....?).
My question/issue is can we contact the vendor, who we met once & seemed v.nice to clarify that we really want to buy the flat but are at the top end of our budget. Our mortgage offer is only good until the end of November and we are unlikely to get it extended due to a change in our circumstances. Does anyone know what happens when a freeholder & leaseholder reach stalemate & how long it takes? I believe they have already served a section 42 notice.
Is there anything I can do to try & move things along? Is it unacceptable for me to contact the vendors solicitor directly for updates as the estate agents are not being very forthcoming - surely they want the sale to go ahead to get their money??
Any advice gratefully received as I'm really starting to worry that the vendor is going to pull out of the sale or ask for more money (is that common?) We have already lost another flat due to a bidding war. We are first time buyers with a large deposit of just over 25% so were originally told we were in a good position?
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Comments
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Hi, if they have met stale mates and the leaseholder wants to extend the lease they will probably want to go to the LVT which could take months probably a minimum of 20 weeks. or the other alternative is that the vendor will but the flat on the market, most flats still sell with a 79 year lease and mortgage companies will leand. I think my flat had 78 years left on the lease when i sold it last year!0
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Thanks so much for your reply - do you think then that they will pull out of our offer & try to get more money to cover the higher lease extension cost?0
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