Major delays - advice sought!

Surrey_EA

Paul_S_1986 wrote: »

An increasingly popular suggestion. We would be so disappointed to lose this place as well as the time, money and stress that would have been wasted. That coupled (even trebled) with being forced to significantly step down from an already modest opportunity seems almost too depressing to really consider.

Is it really the only option though?...

It's not necessarily the only option.

Nobody, part from perhaps the property owner, can give a realistic indication of how likely it is that the sale will go through eventually.

By continuing to proceed with the purchase it is possible that you will waste more time and money, and add to your stress levels, over the coming months and still be no nearer to seeing the purchase go through.

Ask your solicitors to communicate to the seller's solicitor that you are very keen to purchase the property, but are beginning to look at alternative homes to purchase due to the delays. Write to the EA saying the same thing. Send a message direct to the vendor on Facebook if you can contact him that way. Don't give up entirely on this one, but don't keep all of your eggs in just one basket.

Paul_S_1986 wrote: »

I am also led to believe that it is the seller's solicitors who are delaying things. I believe that this could be either because they want us to pull out so that the property can be put back onto the market at a higher price or they just don't want to spend more time on such a difficult sale.

I doubt the vendor's solicitors are that bothered about what price the property sells at, and are highly unlikely to be conspiring to make you pull out.

Paul_S_1986 wrote: »

Well, put it this way - our solicitor won't let us proceed until it's resolved (rightly, I suppose) and she first mentioned it in January. An indemnity has been mentioned as well as a Deed of Easement. What could a Plan B involve exactly?

Your solicitor also acts for your mortgage lender, and therefore is unlikely to confirm the property is suitable security to lend money against until this matter is resolved, one way or another.

Surrey_EA

Paul_S_1986 wrote: »

I agree with and understand your point. I suppose we could potentially be moving into a house for which we would have paid £165,000 that could, by then, be worth more like £200,000! Or is that just blind optimism?...

If that really is the case, how likely do you think it is that the vendor will sell it to you for £165,000?

bouicca21

OP, you do realise that you can't exchange until the property is vacant, don't you? And that that could take months? Add in the legal problem and the sick owner ...

Once all those problems are sorted I'd put money on the house being put on the market again.

I had mega problems with my last purchase over a legal issue but even that only took 6 months. You are not far off a year.

Paul_S_1986

Surrey_EA wrote: »

Nobody, part from perhaps the property owner, can give a realistic indication of how likely it is that the sale will go through eventually.

By continuing to proceed with the purchase it is possible that you will waste more time and money, and add to your stress levels, over the coming months and still be no nearer to seeing the purchase go through.

Ask your solicitors to communicate to the seller's solicitor that you are very keen to purchase the property, but are beginning to look at alternative homes to purchase due to the delays. Write to the EA saying the same thing. Send a message direct to the vendor on Facebook if you can contact him that way. Don't give up entirely on this one, but don't keep all of your eggs in just one basket.

Thank you, some excellent points.

Through some research and a fairly modest amount of time, I managed to contact two relatives of the vendor via Facebook, both of whom were kind enough to reply to me. His wife told me that, although he is still in hospital, he is 'recovering' and 'still wants to sell'.

Our solicitor claims to have had no response from the vendor's solicitors for several weeks now, although I don't know how often and by what means she is contacting them. If it were possible for me to speak with them I would attempt to do so in every free moment that I had until we made some progress.

I will most likely 'formally' inform everyone now that we are going to look elsewhere and see if that has any impact at all.

Paul_S_1986

bouicca21 wrote: »

OP, you do realise that you can't exchange until the property is vacant, don't you? And that that could take months?

Yes, we are aware of that additional, potential problem.

Paul_S_1986

Surrey_EA wrote: »

If that really is the case, how likely do you think it is that the vendor will sell it to you for £165,000?

Am I to understand that they can increase the value whenever and to as much as they like (within reason, of course)?

Surrey_EA

Paul_S_1986 wrote: »

Am I to understand that they can increase the value whenever and to as much as they like (within reason, of course)?

They can increase the price as much as they like, with or without reason. Increasing the value is altogether different. Whether someone wishes to pay the price is up to a buyer, and potentially their mortgage lender.

bouicca21

Am I to understand that they can increase the value whenever and to as much as they like (within reason, of course)?

They can increase the price - there is no commitment on either side until contracts are exchanged and you are probably at least 4 months away from that, if not longer.

Paul_S_1986

Surrey_EA wrote: »

They can increase the price as much as they like, with or without reason. Increasing the value is altogether different. Whether someone wishes to pay the price is up to a buyer, and potentially their mortgage lender.

Sorry, I meant 'price' not 'value'.

OK, I wasn't sure about that but had an idea that they could increase it at will. We would just have to trust that it will remain at what we originally agreed then, whatever the likelihood.

Paul_S_1986

BREAKING NEWS: I had a reply, two hours ago, from the Estate Agent claiming that they have tried 'phoning, emailing and even writing to the vendor without reply. I threw the dice one more time and rang the number on which I spoke to his wife three weeks ago. Who answered? The vendor!

We had a long, pleasant, productive conversation and found that we are both on the same wavelength with everything (including our mutual disregard for the Estate Agent). He has hired a private investigator to track down his estranged son and, interestingly, said that he had just spoken to his solicitor who mentioned nothing about any contact from our side so one of them is lying.

To be fair, he said that he had only just returned from hospital but I am more optimistic now but still, naturally, wary that there is a long way to go.

Thanks to everyone who has commented so far, there has been some welcome, helpful feedback and advice.