Advice needed as Vendor refuse to take house off the market

kkoma

Hi, I am a FTB using a broker in the middle of process buying my first house. I have a DIP in place and ready to proceed. Quick summary about the situation:

The property has been on the market since April and since, the asking price has been reduced twice. Another estate agent has also started to advertise the property couple of months ago so the property at the moment is marketing by 2 different agents.

We started viewing the house when the 2nd agents was brought in. We viewed the house through them and made an offer couple of months ago. We then found out that the property is on a short lease and it is not possible to apply for mortgage with this lease time. so we have been waiting for the freehold process to be done in the last couple of months. Few weeks ago we got the offer accepted in condition of the freehold being completed. Finally last week I was told that it is going to be completed in the next week or 2.

I have then asked them to take the house off the market since we are ready to proceed. We are using a broker with finance in place just waiting for the freehold before we submit the mortgage application. However, we were told that they are going to keep the house on the market until we submit the application. I have sent them my broker details, the DIP and proof of my finance to show we are serious but they still refuse to take it off the market.

Yesterday I have asked a friend of mine to contact the first agent and he was told that there is a lady who made an offer to the house but was rejected because it was a low offer. He then asked them about the freehold situation but the agent did not aware about the completion date of the freehold so we think the offer might be a bluff from agent.

Should I insist to take it off the market or wait till the freehold is completed with the hope that the offer was a bluff?

Thanks.

Linton

But you arent ready to proceed - you dont have a mortgage yet. It seems reasonable to me for the vendor to keep the house on the market until you actually have the money available. It's a stressful time - just be patient.

PasturesNew

It's usually considered quite normal for a house to remain for sale up to the point you've had a survey booked. That is the very first evidence they will have that you're still around, you're paying money for things, you're really interested for real.

However, the estate agent will have lost interest in it ... that house will be on their back burner as they've already found a buyer for it (you) so they will dissuade potential new viewers from seeing it and will be keen to show them other/new properties on their books.

TBagpuss

Well, you can't force them to take it off the market.
You can chose to tell them that you are wqithdrawing their ofer asthey are not wiling to withdraw it for sale, you can compromise and ask that it imarked 'sold subject to contract', you can talk to your broker about whether it is actually impossible to apply for a mortgage or whether it is simply that any offer will be conditional on the purchase of the freehold being comleted and you will run the risk of your morgage offer expiring or being withdrawn if it is not done in time.

david1951

Have you commited anything financially to the purchase? Solicitors? Survey?

If you have then I would certainly insist that the house is taken off the market (especially with agent #1 who is likely to cause a few issues). You may have to threaten to withdraw your offer to achieve this.

If not, then it's probably fair that the vendor can't rely on your 'accepted offer' (which means diddly squat on its own) and I would say they are entitled to keep the house on the market for now.

kkoma

Thanks guys for the advices.

I havent made any financial commitment into the property since I was told by the broker (I am using L&C) that hes going to submit the mortgage application, book the survey through the lender and find a solicitor once the freehold is completed so I have been waiting for the last couple of months for it to complete. It just feels unfair while I have to wait for the property for 3 months then gazumped by someone else. Furthermore, they have accepted my offer and I have shown them the DIP and put the broker in contact to prove that I am ready to proceed.

david1951

kkoma wrote: »

Thanks guys for the advices.

I havent made any financial commitment into the property since I was told by the broker (I am using L&C) that hes going to submit the mortgage application, book the survey through the lender and find a solicitor once the freehold is completed so I have been waiting for the last couple of months for it to complete. It just feels unfair while I have to wait for the property for 3 months then gazumped by someone else. Furthermore, they have accepted my offer and I have shown them the DIP and put the broker in contact to prove that I am ready to proceed.

You just have to hold tight. Taking it off the market doesn't prevent gazumping anyway.

marksoton

Personally my offer on my flat was dependent on it coming off the market.

What's the freehold issue?

kkoma

It is on a very short lease so I couldnt apply for mortgage since it will be rejected. They are in the process of buying out the freehold. I was told last week it will be completed in another week or 2.

That was why I couldnt make any financial commitment until the freehold is purchased.

cajef

Having twice been let down by people making offers and then pulling out I refused to take my last property off the market until the buyers survey was done and they had instructed solicitors.

davidmcn

kkoma wrote: »

It is on a very short lease so I couldnt apply for mortgage since it will be rejected. They are in the process of buying out the freehold. I was told last week it will be completed in another week or 2.

That was why I couldnt make any financial commitment until the freehold is purchased.

They don't need to have completed the purchase of the freehold before you make your mortgage application. Why not just apply on the basis that you'll be getting the freehold?