Do I hang on or do I go?

Domjen

Hello everyone and apologies for the long post.

In March 2014 I offered to buy a property under a shared ownership scheme. I went through a rigorous mortgage application that took a total of 3 days at 2-3 hours session per day but was finally approved on principle. My application to the Housing Association was also approved.

This is where the problems started. The vendor then cancelled the surveyor's attempts to survey the property 3 times.

Finally in early July, the vendor agreed to let the surveyors into his property. I received the survey report and my solicitors were able to receive confirmation of the mortgage - which was approved after the survey was done.

The vendor has since been un-contactable again. All throughout this saga the Estate Agent's say they find it very difficult to get hold of the vendor as he doesn't have a mobile phone number and doesn't seem to want to pick up his landline phone either. I was once on the phone to the EA when he rang the vendor simultaneously to prove how the vendor doesn't answer his phone.

I am living in private rented accommodation and my landlady is understandably keen to know if I want to renew my rental contract (6 months) or not. My rental contract finishes at the end of September.

I really do not know what to do now. My instincts tell me to pull out but I am loathe to lose the non-refundable fees I paid to the mortgage broker and the bank to reserve the mortgage. The mortgage is tailor made for this particular house. If I pull out I will need to start the process again and after the rigorous and stressful way I managed to get this mortgage (3 days, 2-3 hours meeting etc where all my financial life was laid bare and to scrutiny) I am again loathe to start.

I detest how I seem to be dancing to the vendor's tune. It's been 6 months since my offer was accepted and this is as far as the sale has progressed. My solicitors are yet to receive anything legal from the vendor's solicitors either.

Do I pull out and lose all that monies paid upfront, renew my 6 month rental contract and start again? I think I know in my heart what the sensible option is but I just feel so defeated and deflated, I'm not thinking clearly and need fresh opinions.

Plus points to buying this property
1) I'll be paying less mortgage/shared ownership rent per month than I do now as a private tenant
2) It's a lovely home with a garden in a nice area I would never have afforded without this shared ownership scheme
3) I'm in too deep with this sale or maybe that's just in my head?

Minus points
1) The vendor continues to obstruct and obfuscates the sale for reasons unknown - then again why put your house up for sale, accept my offer then act like this?
2) The survey did highlight some things that I'd have to rectify - the house is structurally sound just little niggly bits like his garden having 3 elm trees (?!!I swear they were not there in March) that will need digging up! And damp in his kitchen from the gutters he hasn't cleaned or fixed. And his electrics need testing (here I've tried to get an electrician to see to this but as ever, the vendor isn't answering calls according to the EA).

Thank you.

snifflette

Have you seen anything else that you are interested in? I would actively start looking and pull out when something else comes up. It sounds like the vendor isn't going to get this moving any time soon.

dj1471

Domjen wrote: »

It's been 6 months since my offer was accepted and this is as far as the sale has progressed. My solicitors are yet to receive anything legal from the vendor's solicitors either.

Six months and your solicitor doesn't even have the draft contract? Has the vendor even instructed a solicitor???

It sounds like you're wasting your time and money; I'd walk away. But as you're keen on the property give the vendor one last chance. Make it clear that you'll walk away if things don't start moving and set a deadline for your solicitor to receive the draft contract. If they miss it say goodbye.

Worth checking with your broker whether any of the fees you've paid can be waived if you go on to take out a mortgage on another property.

Ask your landlady if you can go onto a statutory periodic tenancy, which would allow you to end it with 1 months notice.

tallybee

dj1471 wrote: »

Six months and your solicitor doesn't even have the draft contract? Has the vendor even instructed a solicitor???

It sounds like you're wasting your time and money; I'd walk away. But as you're keen on the property give the vendor one last chance. Make it clear that you'll walk away if things don't start moving and set a deadline for your solicitor to receive the draft contract. If they miss it say goodbye.

Worth checking with your broker whether any of the fees you've paid can be waived if you go on to take out a mortgage on another property.

Ask your landlady if you can go onto a statutory periodic tenancy, which would allow you to end it with 1 months notice.

This.

I'd run!

BitterAndTwisted

I'd have run when I heard the words "shared ownership scheme". Factoring in an uncommitted vendor and you're on the road to ruin. Write off the money you've wasted so far and find another non shared-ownership property to buy.

Domjen

Thank you all for your replies.

I went out for a very long quiet walk and having read the replies know that I need to disassociate myself from this house sale and vendor. First thing on Monday I'll get on to the mortgage broker and bank to see what I may salvage from this mess.

Kindest regards

dimbo61

Are you sure your Landlady wants you to sign up for another 6/12 months ?
Has she asked you ?
If you sign a new contract then she needs to reprotect the deposit and give you the prescribed Information.
She may need to do this if you go onto periodic tenancy.