wont take of the market

groovysuzie

i have just had an offer accepted on a flat and the seller are refusing to take the property off the market for 28 days and will continue to advertise. They say this is a condition because they are company sellers. The problem is that we love the property.

its is not a repossession, its an equity relief scheme property so we are told.

Is this normal? and what can we do to minimise the chances of being gazumped.

we are getting the mortgage offer and survey sorted so we can exchange on the 29th day.

ruggedtoast

groovysuzie wrote: »

i have just had an offer accepted on a flat and the seller are refusing to take the property off the market for 28 days and will continue to advertise. They say this is a condition because they are company sellers. The problem is that we love the property.

its is not a repossession, its an equity relief scheme property so we are told.

Is this normal? and what can we do to minimise the chances of being gazumped.

we are getting the mortgage offer and survey sorted so we can exchange on the 29th day.

It is for repossessions, no idea what an equity relief scheme property is, but if its some kind of company policy maybe you could have a gentle word and suggest they change their policy; at least to take it off the market after your survey.

Short of trying to physically stop other buyers going inside there isnt a whole lot you can do to avoid getting gazumped (other than raising your offer), especially if they are still inviting viewings.

Davesnave

It's come into the company's possession under an equity release scheme, so I imagine they are entitled to sell in the same way as they would a repo. They have a duty to their shareholders to obtain the best price possible, so they are unlikely to alter their policy in this matter. It's a business transaction and your love of the property is neither here nor there to them.

So long as you make sure there are no hold ups from your end, there isn't much more you can do.

While it may be of no great comfort, most people with a few purchases under their belt have loved and lost property. Life goes on, and more than a few of us have actually benefited when we thought we'd missed out, because there is always another one.

mlz1413

many prospective buyers fall out of love with property as quickly as they fall in love with it - ie get a survey, try and knock price down and then decide another property is on the market that they love more and so move onto that.

as a seller in a difficult market I think it makes sense to leave the property on until after the survey, but as a company selling a property no emotion is involved so if the rules say marketed for 28 days then that is what they will do.

BUT as you are first to have your offer accepted then getting everything done in a timely fashion will mean you will first to exchange and so buy the flat. Use a local conveyenor / solicitor so that it is easy to go and sign forms and speak to the same person about any questions that arise.

Do make sure you know how long the lease is for, the ground rent and approx yearly maintenance costs plus the fund held by management company as this pays for general running costs and long term repairs.