indemnity policy

continualdiamond

Peoples thoughts please.

Quick info.

Leasehold flat, advertised 75 year lease. Offered £82000, accepted. Survey, mortgage offer, all ok.

2 weeks ago revealed its 69 year lease not 75. Had to reduce mortgage term to meet requirements of mortgage company.

Ph call yesterday asking if completion date of 20.10 ok, perfect as i work in a school, break up day for 1/2 term.

Today, place now needs an indemnity policy. Our solicitors want vendor to pay (260). Vendor is refusing, saying they shouldn't have to pay.

Now do i pursue this and stick to my guns that the vendor should pay or offer to pay half?

I want the vendor to pay due to all the hassle about the lease, it really annoyed me as it didn't even have a 75 year lease when they moved in. I then had to change mortgage term etc. Also wanted to complete 29.9, tried my best to meet this but couldn't.

We seem to be doing so much to meet what they want and they aren't doing the same. They wouldn't even 'see' how much it would cost to extend the lease for us, we would of paid they just needed to found out the cost.

So what do people think? I really wanna complete 20.10, so part of me says, oh just pay the £260 so we can move.

Doozergirl

What's the indemnity for? Is it entirely neccessary?

If vendor refuses to buy it then you don't really have a choice apart from calling their bluff and threatening to pull out. It'll probably work.

IMO, it is the vendors responsibility to either have correct documentation in place or pay the indemnity. It's hardly your fault they don't have everything they need for the sale to run smoothly.

continualdiamond

Due to double glazed windows going in the lounge and bedroom without landlords consent.

However the vendor didn't have them installed, occupier before them did and this is why they say they shouldn't have to pay.

But i then thought, shouldn't of this been noted when they were purchasing the place 2 years ago?

Doozergirl

I'd call their bluff, but It's hardly the end of the world. The landlord doesn't get the right to his property bcck for another 69 years and we know that you will have to extend the lease even further for you to resell easily.

Think the same windows are going to be in the property in 69 or even 157 years time (which it will be if you extend)? If they're uPVC, there's zero chance.

cattie

In this situation I would certainly expect the vendor to pay. It is possible the solicitor mentioned something to them when they bought the property, but that they didn't realise the significance of it when they moved in.

They either want to sell the flat or they don't. They were dishonest in the first place to mislead you about the lease & should be thankful that you have been so commited to the purchase.

Time to put your foot down I think & threaten to walk away if need be. These kind of vendors don't deserve decent committed buyers.