Leasehold Flats - FTB at the end of my tether!

aziraphale

I think I'm close to beaking point and need to vent.

Found a lovely two-bedroom duplex apartment on Oct 1st last year, massive rooms, great location, off street parking offer accepted - perfect. Then the survey came back with damp in the basement level so ran away (with hindsight maybe a bit hastily).

Still, managed to find somewhere else quickly. Not as big, but in same area and the flat was of a higher build quality and roughly the same price. Seller assured me it was a freehold flat (with my FTB status I don't know this was [almost?] technically impossible. Had offer accepted on that at the beginning of november. Mortgage offer was transferred no probs (thanks London and Country) and the survey came back clean.

Cut to a week before Xmas and thinking that we're getting ready to exchange., then nothing.....for six weeks....the seller can find the lease. This takes us to Feb. My Solicitors take near enough 3 weeks to 'check over the documents' (with almost daily calls to try and keep it moving). I sign and send it back with the deposit and then find out 15 further enquires have been raised with the seller. Solciitor didn't include copy of letter with contract documents. Grrr. Seller is abroad for two weeks. Replies get back 12th March.

Meanwhile the landlord at the place I'm renting finds someone to take over the room so I agreeto move out by 2nd April. Me and seller agree 23rd March is good completion date and talk the respective solicitors round to it.

I pay my statement of completion on friday via bankers draft and text seller to say all go. Find out today my vendor had further enquiries from my solicitors which I didn't know about.

Now they are peed off, I'm peed off and wish I'd never started this whole debacle. Supposed to be completing Friday but don't know where I stand abd cant really find out until Monday.

Just needed to get it off my chest *sigh*

PROFESSIONAL_LANDLORD

Yea ! pile of crap m8 , funny how your always left in the lurch on a FRIDAY and got to sweat it out till monday, study your solicitors bill when you get it !:rolleyes:

aziraphale

My Sols are suddenly saying to the vendor they must take out a contingency buildings insurance policy b/c currently the flats each have their own policy-The residents management comapny haven't set up a whole house policy yet. I've got my own insurance arranged with payment shield.

What can I do?

EdInvestor

Is this in fact a freehold flat?If so, you probably shouldn't buy it.
Sorry to tell you this, but your solicitors are doing exactly the right thing.

I'm surprised you haven't had a problem with your lender.

aziraphale

The freehold was transferred to the owners when the last flat in the building was sold. The residents set up a management company and became the shared holders of the freehold, with each of the four flats having 1 share (i.e. 25% stake) in the management company.

So it is in effect leasehold.

Lender (C&G) is fine with it. Their policy is that it is fine as long as there are no more than four flats in the building

EdInvestor

OK that's fine in principle but how come they haven't got the insurance sorted? Should be the first thing to be dealt with.

Otherwise it's par for the course when buying and selling property. :rolleyes:

aziraphale

Being a bit bone idle TBH, they've got quotes for it but I think m y vendor was probably reluctant to sign up for it given she was in the process of moving out - but that's just conjecture. It's going to be one of the first things I push to sort out when I'm in.

Can I instruct my solicitors to accept that I've got my own insurance arranged and its something to be sorted after completion?