I feel like I'm being conned!

holsum

So I've been trying to edit this, as it's turned into an epic... sorry

I'm a ftb and put in an offer for a masionette with a 75yr lease and an absent freeholder, hmm it doesn't sound so good does it, well anyway this is the choice I made.

Anyway I didn't offer the asking price, but 4k under this was mainly due to my concern about the length of the lease, the vendor thought it was a good offer, but was taking some time to consider (this is what the ea said :rolleyes2 ) oh by the way I was also the first person to see the property.

I eventually upped the offer by 2k and it was accepted (in hindsite this was a stupid move and I wish I held my ground), since that time I've waited patiently (almost 2 months) whilst the vendor found somewhere to buy, I've been in no real hurry because I live at home with my parents and it's given me more time to save money.

The vendor has now eventually found somewhere.. I just want to add here that the ea forgot to tell me that the vendor had found somewhere for TWO WEEKS! he claims he did tell me and I must have forgotten... anyway he suggested to me that I should wait until she got her survey done before I had mine, so I have again been waiting patiently all of a sudded last week he's ringing me constantly to find out when i'm going to get my survey done as she has hers booked, I'm convinced he's not right in the head. In the mean time my solicitor has sent out several letters to the vendors solicitor asking for the draft contract and supporting papers and has had no response.

I kept on asking when her survey was booked for and the ea told me he would find out and let me know. I ended up booking my survey last Wednesday and was told that it would be done the following Wednesday, I spoke with the ea on Tuesday and he told me that MY survey, the one I paid for had been done the previous Friday.. :mad: I had intended to speak to the surveyor first

I again asked when the vendors survey was going to be done or if it had been done, the ea again said he would find out and call me back, he didn't call back I called him and it turns out she had only booked it the day before.. why can't people just be honest am I being naive??

In the meantime my solictor has recieved the draft contract from the otherside and sends me out a confirmation letter which I recieved yesterday right at the bottom of the letter he expresses his concern about the absent freeholder and the 73yr lease.... now if you scroll up through this long rant you'll see I made an offer and raised my offer on a property with a 75yr lease.. at the moment I'm so mad :mad: am I being conned?? now I know as the information about the lease length isn't documented anyway they are going to say that this is the figure that they quoted me and i got it wrong.

I'm not sure what my next move should be, should I speak to my solicitor first or the ea...

..Oh the solictor also mentioned in the confirmation letter that the vendor would like to complete in 3 weeks :rolleyes:

Voyager2002

So what exactly are you worried about?

holsum

As the length of the lease is lower than I was originally told can I change my offer price?

alanobrien

holsum wrote:

As the length of the lease is lower than I was originally told can I change my offer price?

You can change you offer price just about any time you like up to exchange of contracts.

Personally, i would run a mile at this one, you have some rights in law to buy the freehold or extend the lease but its all more complex with an absent freeholder.

roswell

If it doesnt feel right walk away before it cost you to much

bgeeza

If the property suits you and you are willing to live with the absent landlord issue, then renegotiate the price! you are in a much stronger position now as the vendor may risk the purchase of their next property if you were to back out of your purchase. Start off with the 4 grand you originally had in mind and take it from there.
In the words of Dr Pepper... "whats the worst that could happen?"

holsum

I think I can live with the absent landlord, as I've mentioned before it's a maisonette and the flat upstairs has just recently been purchased (within the last two months) I spoke with my soon to be new neighbour on the phone when he first moved in and I know he is very keen for us to buy the freehold together.

I really like the flat, I just don't want things to start turning ugly :eek:

holsum

I've just found out on Nethouseprices what the person upstairs paid.. 145k my offer is in at 152k I'm going to reduce my offer tomorrow anyway due to the miscommunication of the lease length to 150k, do you think it's worth me mentioning to the ea that I know what the person upstairs paid (they bought the flat through the same ea) or should I keep that to myself?

natwill_3

Depends when the person upstairs bought it, was it recently? and also what kind of state the upstairs one was in as well as square footage.

Tbh I would renegociate on lease length, 75 sounds a lot better than 73, so I doubt it was a genuine mistake....alot of people are put off by short leases and thy often go for less than asking price especially where it has not been factored in, case in point 2 bed garden flat in West Ken on at 295k like similar ones which go at asking, this one took 6 weeks to get offer of 282 which was accepted as lease was 79 years...just worth bearing in mind

natwill_3

sorry didn't read properly, within 2 months then yes why not bring it up and see what ea has to say, especially if it had longer lease than yours

holsum

So guys I need a little help here, I called the ea and told him that the lease was 73 years instead of the 75years that I was told and that I based and rose my offer on.

He also has in his notes that the lease is 75yrs, but says that the length of the lease is always an approximation, had it have been 5 years out then he might see reason for my concern, but says this is what I pay my conveyancer for to give me the correct details.

Is this true that the length of the lease given by the ea is always an estimation?