Flat buying - seller turning nasty

carpetbelly

Definately agree... Have another look around. Do it for your own sanity. That flat you've offered on isn't worth what she's asking for in todays market.

3bed, needs some work
http://beta.rightmove.co.uk/viewdetails-16080020.rsp?pa_n=1&tr_t=buy

2bed, prob needs some updating
http://beta.rightmove.co.uk/viewdetails-17208287.rsp?pa_n=1&tr_t=buy

another 2bed
http://beta.rightmove.co.uk/viewdetails-18111452.rsp?pa_n=1&tr_t=buy

2bed
http://beta.rightmove.co.uk/viewdetails-9823104.rsp?pa_n=2&tr_t=buy

another 2bed
http://beta.rightmove.co.uk/viewdetails-16428217.rsp?pa_n=3&tr_t=buy

There are loads of choices out there. These were all within 5miles of bermondsey (my old stomping ground) and max price of £160k from rightmove (min of 1bed to). Seems you can get a lot more for your money than the vendor's asking for.

Personally, I'd rather take a slightly more run down 2bed I can work on rather than a nice 1bed. I have the thinking in my head, when I eventually move on 2beds are a little more attractive than a 1bed.

ghekkomanic

Thanks carpetbelly. I used to live in Peckham so know Camberwell quite well and like it. Will certainly have a look around. Used to like the Redstar bar but am probably too old for that place now ...

My GF is now waiting for the vendor's sols to post enclosures - the faxed replies from landlord (which took about 10 years for them to get us) revealed the seller is in arrears with her service charge payments. Now I've been advised not to do anything until they receive the enclosures (supposedly tomorrow but who knows?).

Is this common? And is the seller being in arrears something I should be concerned about?

Also (deep breath) I phoned my mortgage lender to check how long they need to release funds upon exchange, as my GF said 5 working days but people here have said it can be done same day. I was told by my mortgage advisor at Barclays that yes it can and has been done same day. I told my GF, who spoke to her boss, and they advised me that that would be a risk, as there would be a "strong chance" there would be a delay in the Woolwich sending the mortgage advance, meaning I would liable for damages running to several thousands of pounds if we were unable to complete on the contracted day resulting in my being in breach of contract.

I don't want to ignore my GF and her boss's advice, but is this being overly cautious? They tell me we definitely cannot complete on the 10th now, and I'm wondering just how long this sale (and thread!) can go on for ...

Tea3

This thread can go on forever from a readers point of view as its addictive reading, but from your point of view I hope its over soon for you. When we bought our first flat we fell in love with the idea of having our own place and went all out for the first place we liked - after a few months of wrangling and problems etc it all fell through and at the time it was awful due to amount of time and money invested but three weeks later we found the flat of our dreams (round the corner from yours in Leytonstone actually) and we ended up so glad the first one fell through as this one was much better. Hang on in there and when your in your penthouse over-looking the thames that you got for a steal you will laugh about this flat

BTW - carlsberg dont make forum threads but if they did.... it'd be this one

WTF?_2

ghekkomanic wrote: »

resulting in my being in breach of contract.

I don't want to ignore my GF and her boss's advice, but is this being overly cautious? They tell me we definitely cannot complete on the 10th now, and I'm wondering just how long this sale (and thread!) can go on for ...

Just walk away, already.

This is by no means a 'dream flat', you've had endless problems and the market is showing all the signs of taking a tumble in the near future.

Listen to what fate is saying, hold on to your money and wait for something better and cheaper.

The only risk is that you might not be able to secure a mortgage so easily once the market starts declining. But in that case, did you really want to take on such a large financial obligation anyway?

Nicki

It does take a few working days for money to come from the mortgage broker, and I think how long depends on the lender. If you are planning to exchange and complete simultaneously however, this doesn't involve any risk on your part. It is only if you exchange with a completion date of a few days later, without knowing the money has arrived and the completion monies then don't arrive that you are in problems. If you do want to go ahead, once you are ready, and have all the outstanding info you need, you can ask your solicitor to draw down all the money and exchange and complete on the same day, or complete a few days later if you'd prefer, safe in the knowledge that the money is sitting in your solicitors bank account. You are only talking about a very small amount of extra interest for drawing the money down early. That being said, as you have enquiries outstanding, I'd tend to agree that 10 December is unrealistic, but if you still want to go ahead, you could still be in by Christmas should you want this.

BrandNewDay

ghekkomaniac, just to help me catch up, could you tell me what the current "deal" is in regards to the seller? What I mean is, what does s/he think they're getting for the flat and the furniture at the moment? And, if everything were to fall into place tomorow, would you still drop your offer? I'm just a bit lost, so I thought I'd ask for an update.

Mozette

I do genuinely like the sofa! Might have to go for a nosey round Ikea!
I really think it would serve the seller right if you pulled out. And she soooooo deserves it.
All the best whatever you decide.

Lavendyr

Blimmin' 'eck, I've followed this thread all the way through from when it began with great interest, and I have to echo what others have said - pull out, pull out, pull out. It is *not* that special a flat - it is above a shop, it is nicely presented but nothing out of the ordinary for that kind of place, it is quite expensive and the seller is being a turnip.

Please do yourself and your girlfriend a favour and rent somewhere until prices come down. Flats are likely to be the first type of housing to drop in value because so many are being built and so few people actually want them when given the option. Save your money, rent at as low a cost as you can, and wait for six months (when a lot of BTLers may well be selling up their properties, apparently, because of the change in CGT rules) - then look again.

I really do wish you the best of luck and hope that whatever you choose to do, it works out for you.

ruggedtoast

I think this thread is over-rated and is becoming a victim of its own hype. Like when the Stone Roses released Second Coming.

guppy

ruggedtoast wrote: »

I think this thread is over-rated and is becoming a victim of its own hype. Like when the Stone Roses released Second Coming.

This thread is way more fun than the Stone Roses!