Buyer pulled out of the property purchase last minute - what can be done?

Gleek

What if you'd been even further out and there was only 20 or 25 years left? I'm sorry but it's understandable why she pulled out.

moromir

Gilly_VV wrote: »

We did not have any idea what the lease term was. Why should I lie about it? I only know that the extension was very expensive so we did not proceed but this could easily come from the freeholder being mad (we are in a dispute re maintenance costs which are unreasonably high for the service he provides). Whatever we put on the form (which was not a legal document just piece of paper for information & for the survey and valuation process) could easily be a typo - what then?

What do you mean, what then?

The exact same situation would occur, the buyer would find out the actual lease term, be unable or unwilling to proceed.

You would then have the option to extend the lease at your cost (buyers will very rarely wish to be lumbered with the time consuming and costly exercise) and try and convince the buyer to stay on board while you organise this.

PasturesNew

powerful_Rogue wrote: »

I suggest you take a step back. Its only an internet forum!

I've nothing better to do than watch this car crash .... I bet her OH's headed for the pub to get out of earshot.

PasturesNew

moromir wrote: »

What do you mean, what then?

The exact same situation would occur, the buyer would find out the actual lease term, be unable or unwilling to proceed.

You would then have the option to extend the lease at your cost (buyers will very rarely wish to be lumbered with the time consuming and costly exercise) and try and convince the buyer to stay on board while you organise this.

A new person can't start the process until they've owned the flat 2 years, which is why it's always recommended that the current owner does it.

patricia..xx

Just to add further misery - if you have had a dispute over management fees looks like you should have disclosed this too. Look on the law society website for form TA7 which should look familiar.

Are you sure your OH didn't do any of this which is why you sound so baffled?

tim123456789

Gilly_VV wrote: »

Ok I admit that the argument about middle aged was too harsh and unfair (I still cannot understand though why someone without dependents should be annoyed with the property rights which are clearly sufficient for the lifetime).

She may not be intending to say in this property for (the rest of) her lifetime.

A short lease is a wasting asset and she won't be able to "swap" this property for a more suitable retirement one in 20 years time unless she can find a similar short lease to move to (which is unlikely) (or pays for a lease extension)

tim

tim123456789

sulphate wrote: »

Because she may not be thinking of it as a forever home so will find it difficult to sell on.

The EA gave you very bad advice but I am frankly unsurprised.

Nor am I

I've watched a number of properties with a short lease go on sale at "full value" and go SSTC.

Only for the sale to fall through and they come back to the market at a lower price with a bold line on the details saying "Note this property has a short lease".

EA's always think that they can fool a buyer that the length of the lease doesn't matter, even when they are upfront about the length.


tim

tim123456789

pinkshoes wrote: »

A lease that drops below 80 years is a no no for most mortgage lenders,

Rubbish

Please stop perpetuating this exageration, it does nobody any favours

tim

sulphate

So now we have racist comments, how classy.

Don't forget that this recent migrant was going to buy your flat before she discovered that the vendor gave her the wrong information.

SnooksNJ

Gilly_VV wrote: »

I do not know what to say more... as someone suggested it costs only £3 to find out the term of the lease so why she hasn't checked it before making an offer if it is so so so important for her??? No honestly if it was a deal breaker for you would you have checked or not?

No we did not try to extract money from her we actually asked below market as we knew of the issue. Nothing also wrong with her being non UK (she is even non EU). That's the lesson for us if you are trying to be generous someone will come and take a free ride...

I hope this non EU person isn't American because we love to sue.