gazundering and horrible buyers...advice please!

howzat92

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

Share of freehold in most cases probably still means there is a lease at least there was in share of freehold flats I was looking at.   

rik111

I wouldn't be messing around. You have been misled from the start.
Just ring the agent Monday and tell them to put it back on the market, the market has really heated up since you sold so you are likely to get a better offer but I bet the  current buyer comes crawling back at the agreed price......
I did this once when the buyer started messing us around regarding the electrics. They wrote us a letter begging to continue with the sale. Was smooth sailing from there on in.

eddddy

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

You're confusing 2 different things.

When an Estate Agent refers to "Share of Freehold" - it means that 2 related things are for sale.

1. A leasehold flat
2. Joint ownership of the freehold building that the flat is in

But in reality, you were just selling 1 thing - a leasehold flat.


A freehold flat is completely different. And as you say, it can be difficult to get a mortgage on a freehold flat.

naomibm

eddddy said:

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

You're confusing 2 different things.

When an Estate Agent refers to "Share of Freehold" - it means that 2 related things are for sale.

1. A leasehold flat
2. Joint ownership of the freehold building that the flat is in

But in reality, you were just selling 1 thing - a leasehold flat.


A freehold flat is completely different. And as you say, it can be difficult to get a mortgage on a freehold flat.

aha..its making a bit more sense now! i think...! well we gave them 4k off so that is fair...and about 3/4k of other thing

naomibm

eddddy said:

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

You're confusing 2 different things.

When an Estate Agent refers to "Share of Freehold" - it means that 2 related things are for sale.

1. A leasehold flat
2. Joint ownership of the freehold building that the flat is in

But in reality, you were just selling 1 thing - a leasehold flat.


A freehold flat is completely different. And as you say, it can be difficult to get a mortgage on a freehold flat.

it wasnt in the listing...just in conversation where i worded it wrong when showing him round

naomibm

eddddy said:

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

You're confusing 2 different things.

When an Estate Agent refers to "Share of Freehold" - it means that 2 related things are for sale.

1. A leasehold flat
2. Joint ownership of the freehold building that the flat is in

But in reality, you were just selling 1 thing - a leasehold flat.


A freehold flat is completely different. And as you say, it can be difficult to get a mortgage on a freehold flat.

ha...i just checked the listing and it says leasehold....ha!

lookstraightahead

rik111 said:

I wouldn't be messing around. You have been misled from the start.
Just ring the agent Monday and tell them to put it back on the market, the market has really heated up since you sold so you are likely to get a better offer but I bet the  current buyer comes crawling back at the agreed price......
I did this once when the buyer started messing us around regarding the electrics. They wrote us a letter begging to continue with the sale. Was smooth sailing from there on in.

Has it heated up in their area? Begging letters are few and far between. Why do you think the buyer will come crawling back? 

SuperHung

I think your buyer can smell how desperate you are, probably reading this with glee. I would agree with others, deadline on agreed price or back on the markets.

lookstraightahead

naomibm said:

lookstraightahead said:

to be fair if you didn't even know about the freehold then I would be checking everything really carefully as a buyer, there is no reason why he would know about your freehold/leasehold situation.

They might be pulling a fast one and it's your choice whether you put it back on the market. They can pull out (as can you) any time up to exchange.

you cant get a mortgage on a freehold flat..

Huh? What do you mean?

Jeepers_Creepers

Confusion over freehold/leasehold - fair enough, that needed sorting.

Bringing up new surveys at this late stage - no.

It's your call, Naomibm, but - if you at all can - then call their bluff. 'Exchange or it gets remarketed'. BUT, you have to be prepared to do it.

Don't say it as a 'threat' or with any sense of petulance - just as a matter of fact; "we are not at all convinced your client is serious about this purchase, so we have decided to remarket the property unless...".

From what you say, it looks as tho' you are going into rented anyway? Is this because you've lost out on the house you were chasing, or just that it's not available yet?