Aright good rant

bakerp

:mad:Hi all i'll make it as short as possible,we sold our house 7 weeks ago dropped alot of money but ok we found what we wanted in budget,3 in the chain first time buyers,our buyers and us.I would not say its been plain sailing,as the 1st timers are buying a lease hold maisonette from our buyers.Suddenly after 7 weeks a defect on the lease has been found,to do with management fees and access rights.So all hells broke loose as we should be exchagning to day to complete tomorrw.
The problems won't be sorted until Wednesday and evidentley the mortgage place has to see the revised lease or an indemnity has to be taken out.The 1st timers have threatend to pull out,I am at witts end with it all.
Does anyone know if these sort of problems can be sorted or will it have to be a whole new lease.By the way the 1st timers have to be out of their rented place by the 7th August,please help me stay sane.:(

Raggie

in our house we have some sayings:

Its not a Birthday until someone cries.....

Its not a wedding until there is a fight.....

Its not a house sale/purchase until someone threatens to pull out...

you can't control it.. its your buyers.. so try to chill :beer:

Doozergirl

FTBs do it a lot. Honestly, you cannot

I don't know how you planned to complete tomorrow (a Saturday?) nor in fact even expect to have exchanged today if everything wasn't ready. It seems that the FTBs have in effect brought all of this upon themselves.

Their solicitor was clearly not near ready to exchange today if this has just come to light. They should have been listening to solicitors rather than driving for a date obviously not agreed by the solicitors.

...and they have given notice on a rental property without exchanging, which is just silly. You leave a bigger gap between exchange and completion if you have to give notice.

...and then again aimed to exchange and complete within a day, meaning absolutely no room for error - if the plan was to move next friday then you'd have the rest of next week to exchange. Delays happen a lot. I can't count the number of times that exchange has been delayed but completion has taken place as agreed the following week.

I think they should take a good look in the mirror before going completely nuts and threatening to pull out... It's no-one's fault but their own!?

bakerp

My thoughts exactly sorry it was to exchange today and complete next fri,do you all think they are just making idle threats or do you think they will pull out?I think they would silly stand to loose alot of money and would still have to go through it all again to buy somewhere else.Please cross your fingers for us that it happens,the worst thing is being in limbo land.Thanks for replys

mlz1413

The 1st time buyers need to move out of there home, they gave notice so they know that. They may have to put stuff into storage and live with parents / friends not the end of the world just a bit of pain for them.

You need to inform the solicitors / owners you are buying from that there has been a delay and you will advise them as you know more which will be Wed onwards.

Get a cup of tea and take deep breaths, your chain has not broken but is under strain. Its a stressful time and will be until contracts are exchanged / completed and you have all moved.

fingers crossed for you!

Doozergirl

I think that it's possible that you might manage completion next week if you are lucky. Where will they go if they pull out? They're still homeless!

I don't like to generalise but FTBs are very quick to threaten to pull out, moreso than people who are in the middle of chains, in my own experience. They seem to think they hold the cards - which they might if they weren't that bothered about buying the place but most people are head over heels in love with the places they choose to buy. It's their own problem and something that they should be pleased that their solicitor is doing for them ultimately. They don't want to buy something with a defective lease.

If they came on here I'd tell them to calm down. It's hardly your fault! Would it be something that an indemnity policy would cover, I wonder? Otherwise it wouldn't be a new lease but possibly a deed of variation.

bakerp

Doozergirl wrote: »

I think that it's possible that you might manage completion next week if you are lucky. Where will they go if they pull out? They're still homeless!

I don't like to generalise but FTBs are very quick to threaten to pull out, moreso than people who are in the middle of chains, in my own experience. They seem to think they hold the cards - which they might if they weren't that bothered about buying the place but most people are head over heels in love with the places they choose to buy. It's their own problem and something that they should be pleased that their solicitor is doing for them ultimately. They don't want to buy something with a defective lease.

If they came on here I'd tell them to calm down. It's hardly your fault! Would it be something that an indemnity policy would cover, I wonder? Otherwise it wouldn't be a new lease but possibly a deed of variation.

Does a deed of variation take ages?I sat here in tears everyone seems to be shouting at me we are ready and have been for 3 weeks.:(

PasturesNew

The FTBs don't have to move out. yes, they gave notice, but they can talk to their landlord and see if they can stay on .... and if he says no, then legally they still don't have to move out as the LL would legally have to take them to court to evict them (add 2 months for that).

It's not your fault. It's not even your buyers. It's those pesky FTBs.... it's for them to sort out really.

bakerp

I suppose I will have to sit out yet another weekend of wondering oh god i'm so fed up,sorry everyone if this ends up coming good I will never move again.:(

Eric1

bakerp wrote: »

Suddenly after 7 weeks a defect on the lease has been found,to do with management fees and access rights.So all hells broke loose

Why was the seller not aware of, or not willing to disclose, the defect before? Is this common?
That's what your FTBs are probably thinking now.
From their point of view, it looks suspicious.

Doozergirl

Eric1 wrote: »

Why was the seller not aware of, or not willing to disclose, the defect before? Is this common?
That's what your FTBs are probably thinking now.
From their point of view, it looks suspicious.

It is their own solicitor's responsibilty to read the lease and spot any problems themselves! That's what you employ them for, it is for no-one else but the buyer's solicitor.

So sorry that people are shouting at you, OP. Just sit back and watch and realise that they are ranting about their own problem. It isn't yours.

It will get sorted, I am sure.