Some questions from a nervous first-time buyer...

danieljwood

kinger101 wrote: »

If the seller thinks they can get a similar offer from someone who can complete sooner, they might well decline yours. When moving from rented to purchased, you should really be budgeting for some overlap anyway. It's often impractical to time completion dates around tenancy end dates.

You could indicate to the vendor you'd like to complete in 4 months but could do so sooner if that's a problem. You could ask your solicitor to drag their feet a bit too (though mine did that without prompting). I'd be surprised if they did it inside 3 months anyway.

If you did need to move sooner, you could offer to surrender the tenancy earlier for a reduction in rent. If the landlord doesn't bite, don't allow them access to redecorate etc. Change the locks and hand the keys back on the last day of the tenancy.

Cheers.

I've handed back properties early before now and it's cost a 're-advertisement fee' of £400 plus all outstanding rent, on the agreement that if it lets before the end of the tenancy they'll refund me the difference. I'm definitely not in a financial position to do this!

Anyhow, that's some good advice on the overlap. If by some chance it was done in 3 months I could stomach having to spend £625 on a month's rent if that's the difference between it all falling through or not.

justme111

I am not sure a full survey will be if much use either.. Do they do electrics , roof, damp survey etc ?

danieljwood

justme111 wrote: »

I am not sure a full survey will be if much use either.. Do they do electrics , roof, damp survey etc ?

Yes, by the looks of it. Ref: structuralsurvey.org

danieljwood

Just a quick update, an offer of £91K against the asking price of £98K has been accepted.

Still some detail to iron out over the leasehold. The estate agents have spoken to the vendor today who's lived in the property for 10 years and has said he's never paid any service charges.

The roof at the back of the property where it has been extended to accommodate a bedroom was redone 3 years ago (I'll be asking for proof). New windows were fitted throughout last year, as was a new boiler.

The set up is a bit of a weird one. It's an end terrace with a chemist next door. The chemist is also the freeholder and also owns the space/flat above the one I made the offer on. The flat above is not residential and is just used for storage.

The current owner has lived there 10 years and has apparently not paid a thing to the chemist/freeholder and believes the only thing they are responsible for is the roof on the property extension over the bedroom. There are no communal areas or communal entrances.

It all depends on what it's deemed I'd be responsible for and what the freeholder is responsible for. Clearly something I need in writing.

I think this is for the solicitor to iron this one out, as you say, I don't want the sudden introduction of an unreasonable service charge.

I've spoken to London and Country today and due a call back Tuesday from them with their recommendations.