fair reduction of agreed house price

lush_walrus

Pennywise wrote:

I appreciate probate can take a while, but we aren't looking at just a few weeks since the person died - we are looking at a few weeks since the house sale was agreed, which could have been weeks, or months, after the death of the owner. The process needn't be delayed until the house sale has been agreed. Also, if the probate process had not been started and therefore everyone involved knew that there could be a longer delay, why was the purchaser led to believe that their suggested exchange date was possible. I stand my ground - sounds like incompetence or negligence to me.

I think the one point that you may well be missing on your efficiency drive is that the reason there is probate in the first place is due to someone dying!!

I would like to see someone threaten me with being too slow in dealing with an estate of a loved one!!!! I think the only people with a right to complain about the speed of the probate process will be the people who have lost the loved one.

I guess you havent ever been through the process of probate, I assure you that the last thing you will care about if you do is the speed!!

lush_walrus

Pennywise wrote:

So what's to say the delay is just a few weeks? You could still be waiting in six months time. I would say that you do need some cast iron guarantees now to prevent weeks turning into months. I would suggest a threat of withdrawal or, as someone above suggested, a reduction of £x per month to focus the minds of the other party.

And yes, I have been involved in two probate cases, one as an executor and one as a beneficiary. There were no delays caused by the Inland Revenue or the local registrar (we got an appointment within the week), but we kept it moving by constantly being on the backs of the solicitors involved, both involved properties, but neither had long delays at all - just a few weeks. In the end, the sale of both properties went through without a hitch because the probate had been sorted before and during the early stages of it being put on the market.

Oops missed that reply, but again very strange to be so rushed by time when dealing with someone you loved (or care enough about to have been part of their will).

Not to be too rude, but I dont think any of this threatening to pull out, grapple for money reductions etc is very considerate or sypathetic to the situation. The decent thing to do is wait or go!

donsaini

thanks for all the replies.

the thing i was thinking, call me pessimist. what is to stop the vendor from agreeing to a deal say £1000/week of non completion, then turn around in 2 months and say its the full price or no sale. i know they would have to be fait to themselves and weigh up pros/cons of getting another buyer the wait for sale after that. they should have had things sorted fromtheir side before putiing pproperty on market.

i think there is a capital gains tax issue involved somewhere, thats causing the hold up

ceebee_2

There could be a novel answer to the problem. Assuming a willing buyer/willing seller situation, why can"t you agree (legally) to the purchase price and then rent the place for a "peppercorn" rent until completion. This assumes that the place is currently unoccupied and you agree to meet all outgoing expenses ( electricity, gas, repairs, etc.)
Is this too simple a solution?

donsaini

ceebee wrote:

There could be a novel answer to the problem. Assuming a willing buyer/willing seller situation, why can"t you agree (legally) to the purchase price and then rent the place for a "peppercorn" rent until completion. This assumes that the place is currently unoccupied and you agree to meet all outgoing expenses ( electricity, gas, repairs, etc.)
Is this too simple a solution?

i wouldnt mind this but place needs new bathroom/kitchen, fully redecoration. so we cant move in straight away, i suppose we could, call me paranoid but i'd rather the house be mine before spending another £20k. also mum's house about a mile away, so convemient to live there whilw work getting done. only thing is that expecting work to take 6-8 weeks (?optimistic). as wife pregnant want everything ready in time for september

donsaini

agreed to a £2500 reduction, after vendor was adamantnot one penny reduction. so states fine by me, wanted £5k off. would walk away. had a fretful night but next day agreed to split difference. seems fair to me that 3-4 week delay is worth about 1% off asking price

Pennywise

Excellent result, well done!!!