Frustrated buyer - vendor's purchase of retirement flat dragging

lilmissthrifty

Hi guys,

Just wondered if anyone here has any experience of the process for buying retirement flats? Our vendor's onward purchase is painfully slow. We have been ready to exchange for three weeks now.

Frustratingly, the vendor didn't set any wheels in motion on her onward purchase until we got our mortgage offer through 3 weeks ago. Our solicitor has been chasing the vendor's solicitor and apparently they are still waiting for the 'management pack' and the additional enquiries to come back.

The vendor's son-in-law (who has been handling purchase) is going on holiday on 23 March until 7 April so hoping we will have exchanged by then. They want us to complete on 15 April so they better get skates on! And we've had to given notice on the flat we rent so we'll be homeless then if we don't complete by that date.

Is is reasonable to take three weeks to receive the management pack? Things seem to be just at the beginning and we're getting restless.

hazyjo

When did you start the process? Any average purchase takes an average of around 3 months. We're currently in month 5! And we were meant to exchange within 3 weeks of our offer... ha!

Are you still talking in terms of 'weeks' from start to finish or has it been going on longer? Flats generally take longer than houses to deal with so that's probably slowing things down a tad.

Keep chasing, and make sure you know what people are waiting for. Speak with your solicitor and the agent you're buying through.

Jx

lilmissthrifty

It started back in november when we made original offer (vendor had agreed offer on this retirement flat back then). but the offer didn't get accepted properly until mid-Jan (so it's been going two months now). What I don't understand is why they didn't get their purchase in train while we were getting our legal stuff ready / mortgage offer. It seems like they didn't ask their solicitor to start work on the purchase until we were ready to exchange contracts.

But will keep chasing. Frustrating thing is that vendor's solicitor being very cagey with us all and won't divulge what the enquiries are or give an estimate of how long it might take.

Everyone keeps talking about completion on 15 April but I just want us to exchange!

Hazyjo - sorry to hear yours is dragging too.

hazyjo

So many people think they have a buyer, but the buyers are being refused mortgages when push comes to shove. It seems a few sellers are now keeping their properties on the market until exchange even. Not something I'd do, but many are.

I can understand why they'd not start proceedings until they knew you had the mortgage in place... The fact you're currently renting (ie without a current mortgage - whether you've had one before won't really matter) probably caused more doubt. The vendor might have lost sales in the past because of it which is making them ultra-cautious this time.

Hopefully you can get it all tied up by 15 April. If you (or the vendor) don't need more than a day or two between exchange and completion, it should be fine. Wouldn't recommend doing it all on the same day.

Or start asking around if anyone could put you up in their spare room if you're homeless for a few days/weeks... your stuff could stay in storage maybe, or in someone's garage.

Or, if your LL hasn't lined up new tenants, you might be able to sort something out there.

Try not to worry, things usually manage to sort themselves out. You've still got quite a bit of time.

Jx

sooz

lilmissthrifty wrote: »

But will keep chasing. Frustrating thing is that vendor's solicitor being very cagey with us all and won't divulge what the enquiries are or give an estimate of how long it might take.

Is the retirement flat vacant? We had a similar problem with a purchase, and it turned out our vendor was waiting for their retirement home of choice to have availability.

Yes...they were waiting for someone to die (apparently there were 3 contenders). We pulled out of the chain when they finally said what the hold up was.

lilmissthrifty

yes it is vacant apparently and has been for months! but still don't feel like I'm getting the full story. apparently retirement flats are a lot more paperwork that buying a normal house. but that doesn't help us who will be homeless in less than six weeks!