seller wants to pull out for taking too long

matt90sw

I Saw a similar thread but was dated so starting new.
I had a offer accepted on a flat almost 5 months ago and am still waiting as further enquires have been raised.
The seller is now talking about pulling out as its taking so long and they have lost 4k in not renting it out.
There is no chain!! the Flat was rental and is now empty and I'm waiting at my parents to get the keys, NO CHAIN!!!
my mortgage offer runs out in a month and was based on when I was doing more overtime than I have been recently and I will not get the same offer next time for what is needed. I've also had to turn down jobs which annoyingly pay more basic than I get with overtime anyway but I didn't want to jeopardise the mortgage as it was takenwith my current job.
I've spent about £1200 on fee's already.
And to top it off my cars packed up....where do I stand if this falls through???

D.L

If it falls through, you've lost all the money spent on fees, same applies to the seller.

Chain free sale on both ends. What's taking so long? What searches/enquiries are you still waiting on? 

annetheman

Sounds like a nightmare but what exactly is holding things up?

xylophone

as further enquires have been raised.

By your solicitor? By the vendor's solicitor? What about?

GDB2222

I think both sides have been patient. But, as Boris would put it, you need to crack on. Pretty sharply.  Have you discussed this with the solicitor?

AlexMac

You are buying the flat. With no chain. So you - or your solicitor - are in control of the timetable, in that you are leading the process; unless the other side- the seller's solicitor - is being useless and dragging it out.
So either
- your solicitor is holding up the purchase as they are carp at their job, not doing what they should do or asking for lots more information than you need or
- the seller's solicitor is carp at their job and failing to respond to your solicitors' "standard enquiries".
It alternatively might be that the "Freeholder" of the block of flats has not responded to standard enquiries ( your solicitor will have sent them a form asking the usual things like; service charges for insurance and maintenance costs, any major plans for  upcoming repairs which you'll have to pay, who manages the block and how you pay for your share of the building's common areas , cleaning, energy and any grounds or landscaping... 
When I owned flats in a couple of previously owned  "shared freehold"  blocks I did these replies myself.  I turned them round within a couple of days...   But if the freeholder is dragging their feet, that's the seller's problem, not yours.  If their freeholder can't satisfy your solicitor then they will also screw up the seller's future sales.
So, given that you chose your solicitor on the basis of recommedation, or because when you asked them to quote, they responded promptly so as to give you competence in their ability to do the job - which you are paying them to do - find out where the blockage is.
And ask the estate agent to do some chasing too.  They don't get paid until the sale completes, so it's in their interest to kick 4ss.  Last time I sold, the Agent was great- they just kept ringing the two solicitors to find out what was going on; but rmemeber, the Agent works for the seller- not you as buyer.
Get on the phone, or better still- pop in.  Good luck

Tiglet2

Agree with AlexMac, but also want to add:  If the hold up is due to enquiries not being answered satisfactorily, that is unconnected to being/not being in a chain.  Your solicitor has to be doing his due diligence in making sure you are aware of all the costs involved in purchasing this leasehold property and he obtains all this information by requesting documents and raising enquiries of both the current owner and the landlord/freeholder and/or management company.  Any one of these can hold things up by not answering properly or by having to obtain further documents from the council.  You need to find out from your solicitor what they are waiting for and next steps.  Then get the Estate Agent to find out what the seller/seller's solicitor is waiting for and next steps.  Finally, 5 months on a leasehold property is quite normal.  My son's purchase of a leasehold flat took 6 months and that was with my employer doing the conveyancing.

AdrianC

matt90sw said:

I had a offer accepted on a flat almost 5 months ago and am still waiting as further enquires have been raised.
The seller is now talking about pulling out as its taking so long

Five months is indeed a long period to not even get to exchange, with no chain - even with Xmas and NY delays. and they have lost 4k in not renting it out.

The question is why has it been delayed?
Are you being over-cautious and raising trivial queries?
Is the vendor taking too long to reply?
Is the freeholder taking too long to reply?
Is your solicitor being slow?
Were you slow in firing off searches, survey, etc?

my mortgage offer runs out in a month and was based on when I was doing more overtime than I have been recently and I will not get the same offer next time for what is needed. I've also had to turn down jobs which annoyingly pay more basic than I get with overtime anyway but I didn't want to jeopardise the mortgage as it was takenwith my current job.

And they won't extend it?
Doesn't sound like there's any point in turning that better-paying job down, then.

I've spent about £1200 on fee's already.

Yep, that's the hazard of a sale falling through.

And to top it off my cars packed up....where do I stand if this falls through???

Either fix it or replace it. If this falls through and you really can't renew your mortgage offer, the financial pressure might be off - but don't go mad and finance yourself up to the eyeballs. There's plenty of perfectly decent £2k cars around.

matt90sw

they're waiting on something from the freeholder that say the ground rent wont go up past £250 a year so the banks will lend money on it and wont put it up to a stupid amount should I fail to pay the mortgage and need to reclaim it, this enquiery was raised 3 weeks ago and I dont really understand why it wasn't done at the very beginning as this must be the same for any other leasehold property. Can I not hold solicitor's liable for failling to act quick enough?

Joanthebone

I would have  thought the ground rent would be fixed in the lease, which your solicitor has a copy of?  Its not likely the freeholder can just charge whatever he likes as ground rent, not in my experience anyway.

AdrianC

matt90sw said:

they're waiting on something from the freeholder that say the ground rent wont go up past £250 a year so the banks will lend money on it

What does the lease say about the GR amount and increases?

Can I not hold solicitor's liable for failling to act quick enough?

The delay is with the freeholder replying, isn't it? How's that either solicitor's fault?