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pulling out a purchase
jchaffin
Posts: 5 Forumite
We made an offer on a flat that was advertised as having a 97 year lease, the vendor then told us it was 95. When solicitors checked the paperwork, the lease was actually 79 years. The vandors say they didn't realise, and they will not under any circumstances extend the lease for us.
We do not have the money to extend a lease & it's not the terms we made the offer on. We are seeing the estate agent tomorrow & are planning on pulling out of the purchase due to the length of the lease.
Do I have to do this in writing?
Thanks for any advice.
We do not have the money to extend a lease & it's not the terms we made the offer on. We are seeing the estate agent tomorrow & are planning on pulling out of the purchase due to the length of the lease.
Do I have to do this in writing?
Thanks for any advice.
0
Comments
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No. Just tell the agent and your solicitor you're not proceeding.We made an offer on a flat that was advertised as having a 97 year lease, the vendor then told us it was 95. When solicitors checked the paperwork, the lease was actually 79 years. The vandors say they didn't realise, and they will not under any circumstances extend the lease for us.
We do not have the money to extend a lease & it's not the terms we made the offer on. We are seeing the estate agent tomorrow & are planning on pulling out of the purchase due to the length of the lease.
Do I have to do this in writing?
Thanks for any advice.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Or negotiate a reduction in price using the calculator at the bottom of this page
http://www.lease-advice.org/0 -
The Marriage Value law comes into play sub 80 years... - exactly how much it will cost won't be known until you set the ball in motion. I'd want a 20k reduction at least to keep my interest, else, i'd walk.0
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