Cash Buyer Help Waiver / Disclaimer

Switchit

Can someone help, Im a cash buyer trying to buy a leasehold chain free flat above a commercial property.

I am 4 and half months and still no signs of completing and 46 outstanding enquiries?

My solicitors said I could sign a Waiver / Disclaimer and completed? But i dont understnd the implications of this option, or even what it means?

Also what does this mean? " A clause giving the right for the Landlord to acquire the lease and dispose of the same"?

Does this mean they can take the property back from me whenever they like as there is 169 year remining on the lease.

user1977

You're paying your solicitors to advise you - so if you don't understand their advice, ask them to explain. I guess they mean they would advise you not to proceed with the enquiries outstanding (and the disclaimer is just to confirm that you're happy to take the risk of going against their advice), but in that case they ought to be explaining what the risks are.

Though if the vendor can't be bothered answering the enquiries, are they actually willing and able to complete anyway?

" A clause giving the right for the Landlord to acquire the lease and dispose of the same" is pretty meaningless - do you have the full wording of the clause?

Switchit

HI User1977,

this was the statment I recieved, tho just emailed them to see if I can get the wording of the clause

"It appears that the lease has been set up largely as a tenancy for a short term letting and has not considered that this is a long term residential flat and that the drafting appears to be a mixture between a residential lease and a commercial lease which would make it very difficult to mortgage and of course would affect the resale value of the property. We further note that there is a clause giving the right for the Landlord to acquire the lease and dispose of the same which of course would again further affect the market and price of the property."

Not sure what all this means, as I am purchasing this for me to live there permanantly, not to rent

wilfred30

IMO, reading between the lines, it basically means that you shouldn't buy it with someone else's money let alone your own!!!

I would look for something else if I were you.  That property is going to be extremely difficult to sell on.

canaldumidi

46 outstanding enquiries.

Before deciding to proceed without getting the answers (ie via a waiver), you need to fully understand what the 46 enquiries are.

Either post all 46 here for us to advise, or better still, ask your solicitor to explain!

user1977

Was it marketed as being suitable for cash buyers only? Now you know why, if you didn't already.

Like I said, if you really don't understand what your solicitor is saying, call them and discuss. But reading between the lines, they are advising you to walk/run away from this one.

Phil4432

"I am 4 and half months and still no signs of completing and 46 outstanding enquiries?"

Call it a day there.  Too much trouble.

eddddy

Switchit said:

this was the statment I recieved, tho just emailed them to see if I can get the wording of the clause

"It appears that the lease has been set up largely as a tenancy for a short term letting and has not considered that this is a long term residential flat and that the drafting appears to be a mixture between a residential lease and a commercial lease which would make it very difficult to mortgage and of course would affect the resale value of the property. We further note that there is a clause giving the right for the Landlord to acquire the lease and dispose of the same which of course would again further affect the market and price of the property."

Not sure what all this means, as I am purchasing this for me to live there permanantly, not to rent

It sounds like your solicitor is saying it's a 'botched together' lease.

So you might have trouble when you want to sell because:

• A buyer won't be keen on the 'botched together' lease
• A buyer wouldn't be able to get a mortgage, because of the 'botched together' lease

So you'd probably have to sell it cheaply to get rid of it.

This doesn't sound like a property for an average buyer - it sounds like a 'problem property'. Probably only for somebody who fully understands all the risks, and is happy to work around them.

london21

I will stay away.

Switchit

Thanks everyone for all the advice. Appreciate the helo.