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Buying leasehold, huge delays on vendors side, what can I do?

So I'm currently (still) trying to buy a leasehold property. It was meant to have completed last Friday, and I have been off work this week when I was meant to be moving in.

The completion has been delayed because the sales management back has not arrived from the local council. At least, this is what I have been told. I was told by the EA that this had been ordered around the 6th October, but my solicitor told me they understood it had been ordered at the end of October. I set a new completion date of the 28th November, but it looks like we are going to miss that one too.

Considering I had my offer accepted back in August, it seems quite absurd that I am now looking at the prospect of completing in the new year...

Do you think it's possible the vendor is delaying the transaction? I've made it quite clear to the EA that I can't wait forever. If I have to complete in the new year, I'll struggle to get time off work. Not only that, I have saved up holiday days so I could take time off to move, I've already wasted a week of those. It just seems so frustrating that I might have to take holiday days out of next years allowance, and waste the days I saved up from this year :mad:

Having not heard anything so far this week, I'm going to start taking a look at properties again. I've already seen 3 other good properties come and go while I've been waiting for this one to complete.

Comments

  • Kynthia
    Kynthia Posts: 5,690 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I had a chain free leasehold purchase that took 6 months! Leasehold issues can delay things. In future you should bear in mind that a completion date is just a hopeful date until you've exchanged. You shouldn't assume you'll actually complete on this date and incur costs, book removals, cancel utilities, etc, unless you've exchanged and the reason people have a delay between exchange and completion is to do these things.
    Don't listen to me, I'm no expert!
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Okay, question, can I complete without the management pack? Or would it be a requirement for my mortgage?
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Hi there, It will be a requirement from the mortgage company I expect as they will need to see approx 3 years of service charge/ground rent accounts and the terms set out by the management company.


    Leasehold properties do take longer. I am due to complete on one on Friday. Just keep chasing and chasing that's what I had to do. I sent numerous emails to the vendors solicitors as well.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Well, it's the end of the week and nothing has changed, which means I won't be completing next Friday as there now isn't enough time to request the funds from my mortgage provider (5 days).

    I'm seriously starting to think about pulling out of this and looking further afield to buy a house, leasehold seems to be such a nightmare.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    You say "completed", but do you mean "exchanged"?

    Exchanging contracts is when you pay the deposit and are contractually bound to buy the place.
    Completion is when the sale is, well, complete - you pay the entire balance, get the keys and move in.

    If you've not exchanged yet, then - yep - threaten to pull out.
    If you're really talking about completion, and have already exchanged, then I'm very surprised there's still paperwork outstanding, but you can't easily pull out.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Sorry, I do mean exchanged. I haven't exchanged yet, and because it's taken so long I'm pushing to exchange and complete on the same day, I just want to get in there now so I can actually get things sorted before Christmas. I'll end up with quite a bit of an overlap on my rental agreement, so I'll end up paying rent and council tax for a bit longer than I wanted, which isn't ideal. I would happily accept that right now if I could get in there next week though!
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Snakey
    Snakey Posts: 1,174 Forumite
    I was in just the same position exactly two years ago - supposed to be completing 23 November (I naively thought I was being sensible by building in a week for delays, I wanted to be in there by the 30th).

    I pulled out of the deal when it became clear that not only were the vendor and her solicitors disorganised and lazy/incompetent respectively, but they were not being straight with me. It was clear that they had not done what they said they had, and also that it wasn't possible to sort out the issue in anything like the timescale they were trying to jolly me along with. (It eventually went back on the market, with the issue sorted out, at the end of the following April! "No more than a week's delay, two at the most" my backside!)

    The day I pulled out of the deal I dropped in to let the block manager know (just out of courtesy) and she let slip that the owner had a family member staying for the next two weeks who had business in town... she'd never had any intention of packing up and moving house during those two weeks.

    I'm still mildly annoyed when I think about how badly they messed me around, but I am now in a much better flat that I love and to be honest it feels like something that happened a long time ago to somebody else. I am sure this will be the case for you whether you go ahead or not. This is small potatoes in the scheme of things, assuming you intend to stay put for years once you've bought it.

    However. How much do you like this flat? What are your alternatives if you don't buy it? Have prices gone up or down since your offer was accepted? Can you deal with the delays involved in starting all over again - along with the risk that the next purchase might be just as much of a shambles? If so, you could throw your toys out of the pram and insist on a reduction. I actually managed to negotiate £1,500 off (prior to finding out there was deliberate untruthfulness involved on their part), which would have sweetened the deal enough for me.

    Another option might be, instead of stressing out over something you can't control or predict, to let them get on with it and use your remaining holidays for a fortnight in Thailand. Finalise the deal in the New Year at your leisure (insist on a nice gap between exchange and completion and so on, let them wait for their money. If they wanted it in their bank account before Christmas, they should have got a move on.) Not sensible if prices have risen, of course, since it might be them who pulls out.

    I feel your pain, anyway. :(
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Thanks Snakey, very insightful.

    I don't feel confident they are telling me the truth about the reasons for the delay, and when I pressed the EA for answers the lady got angry with me very quickly, which I found odd... I would have thought I was they one they wanted to keep sweet?

    If I pull out now, there will be other flats that come along, it's a strong market in my area at the moment. In the time I've been waiting for this flat, 3 other flats have come and gone that would have been very viable alternatives. This gives me confidence that there would be others. The only factor is prices have probably gone up slightly since August when I had my offer accepted, but I did put in an offer over the asking price at the time.

    I'm going to ring around a few of the EAs next week and book some viewings on a few flats that are currently on the market. If I find a good enough alternative, I might just pull the plug on this one if they can't guarantee me exchange/completion before Christmas.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • You should try to wait for the management pack as it'll detail everything regarding the service charge, ground rent, ongoing maintenance and any scheduled works, major works or even cyclical decoration, that can go up to £10,000 depending on if the council is the Freeholder or not. It will also tell you whether the current leaseholder is up-to-date with their paymenuts, or if anything is currently outstanding. If they do still owe the Freeholder any payment for maintenance or service charges, then your solicitor must request funds from the proceeds to sale to be held as a retainer, otherwise it may have to come out of your pocket.
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