Buyer's buyer requesting deed of variation, sale delayed by 2 months so far

KellySixx

So after a dragging experience so far since we put the property on sale in November and agreed a buyer in February, we're all done our end. It's a 3-party chain, so our buyer and our buyer's buyer. The issue is now that the bottom party are arguing with their landlord-to-be over a premium regarding a deed of variation, this has taken 2 months so far and we're still no closer.

What options are available to us? We've not paid any fees to solicitors or estate agents and don't have to until the sale, the only thing we paid for was an information pack from the management company. I feel powerless and every month that goes by, we lose money as we're paying interest on a mortgage and the property value is still creeping up, yet we won't get more because we agreed the price 5 months ago.

Thanks for your time

Hoploz

The options are, you continue with your sale, or you go back on the market!you don't seem to be buying - what are your forward plans?

It seems to me that the problem is not really yours, but your buyer's. If prices are indeed rising, have the EA back in, and another one as well, to get an up to date market appraisal, eg see how many people are actually looking (around here I think that is reduced at the moment tbh) and gauge what they say about whether you're best sticking with it or go back on the market.

You could give an ultimatum, but there is no point unless you actually genuinely intend to do something at the end of it.

Trouble is, if their buyer is trying to deal with the freeholder (if my understanding is correct) these things take forever, and actually depending what the variation is that they are requesting, it may or may not end up being granted, so at this stage your buyer still has no idea whether their buyer will proceed at all! It is really therefore your buyer who should be giving the ultimatums in this instance. You can do as you like!

hazyjo

I bought with my now-ex in 2011. We offered in Nov 2010, had an investor buying mine which he wanted tied up within a month so we were running round like headless chooks rushing round getting everything done, but then there was a prob with the house we were buying (something about the two garages not being assigned to the house on their leases, or the house deeds not having some link to the leases - I forget now).


They were trying other routes before resorting to a deed of variation, but it did eventually come to that. It took five very long months from offer to completion (in April 2011).


Your property value is going up - but so is the one you're buying, presumably at a larger percentage so count yourselves lucky


Keep an eye on your mortgage offer - does it expire after 3 or 6 months?! Ours expired after 3 and we had to extend, obviously for much longer than we expected in the end which caused a few hiccups!


I say, so long as it's in hand and they are actually doing something and it's not at a standstill, sit tight and wait, but keep on top of it and make sure they're not passing the buck or all sitting there twiddling their thumbs thinking the next person is dealing with it or waiting for something when they're not.


Good luck!


Jx