2nd thoughts on purchase....

NameUnavailable

I put an offer in on a share of freehold flat in May and expected to be in by August (no chain either side) but due to delays with getting replies back from the vendors solicitors/management company I'm still waiting to hear from my solicitor (seem to be some issues with possible outstanding costs and the way the share of freehold has been set up).

I thought I'd found a bit of a gem, a really great location, long lease, share freehold, seemingly well managed/kept block, under 18M and no cladding etc., and EWS1 hasn't been mentioned at all.

Since I offered I read (and posted here) about the new fire regulations and PAS9980 draft of possible new rules/sign off which will be required in the future, which has made me wonder about potential costs. Also the new rules coming in about efficiency (this is a flat roof building and there is little I will be able to do to improve the current EPS rating).

On top of that, through no fault of mine, I have missed the SDLT holiday so the property is now costing me another £2K approx. I'm minded to ask for a reduction in price, especially as several times I have been told the vendor is threatening to pull out (even though the delays have been totally on his side!). The vendors solicitors emails are very abrupt and dismissive (the EA has forwarded me some over the time).

My thoughts are to pull out and look for a house (I can't afford a house in the same area so would have to look somewhere completely different like Chatham/Gillingham or Aldershot where there are houses in my budget - not perfect locations for me but doable).

I need to see what the final update from my solicitor says when the enquiries are back and then make a final decision as to what to do. I'm not sure why I'm bothering to post this really but it will be interesting to hear any thoughts of others.

GoogleMeNow

If it makes you feel any better, my son's leasehold flat purchase took 6 months.  There was no share of freehold involved, it was before Covid and stamp duty holidays, plus the solicitor acting for him is a personal friend, so was easy to chase for updates/progress!

There are so many third parties involved in a leasehold purchase - all of them need to be on the ball with responses but sadly, your priority is not their priority.

tacpot12

Owning a house would tend to insulate you from rule changes that could end up costing quite a bit, but the costs would be shared, and you would be sharing the costs with the other owners. 

Asking for a reduction on the price due to missing the SLDT holiday would not be unreasonable. I would suggest you ask the vendor for a £1,000 discount, rather than the £2,000 you are paying extra. People tend to agree more readily if there is an element of sharing the extra cost. 

AFF8879

NameUnavailable said:

My thoughts are to pull out and look for a house (I can't afford a house in the same area so would have to look somewhere completely different like Chatham/Gillingham or Aldershot where there are houses in my budget - not perfect locations for me but doable). 

Whereabouts is the flat? Generally speaking, you should always go for a house over a flat if you can afford to- but if you’re comparing e.g. a London flat to a house in those areas then it’s obviously not comparable (that being said… I sold my flat in London in July and have moved to the countryside with family whilst I wait for my new build house - in Hampshire- to be completed, and after two months I can honestly say it was one of the best decisions I’ve ever made- my mental and physical health have both improved significantly, I’m just generally happier and enjoy life more - appreciate we’re all different of course!)

hazyjo

Average might take 3 months (more for a flat), but you really do have to realise that an average is literally the middle figure. Some may take 6 weeks, other 6 months.

If it's right, I'd just wait. The stamp duty was extended so really should have finished months ago. This was really meant for those whose purchases didn't make the last deadline to prevent a crash.

I know it's hard when you're keen to move, but it's often impatience that causes chains to collapse and people to pull out. Do you REALLY need to be in now? Honestly?

Don't lose an ideal property for absolutely no reason at all. So you or they have a slow solicitor, managing agent or whatever. It will happen eventually.

Good luck.

NameUnavailable

AFF8879 said:

NameUnavailable said:

My thoughts are to pull out and look for a house (I can't afford a house in the same area so would have to look somewhere completely different like Chatham/Gillingham or Aldershot where there are houses in my budget - not perfect locations for me but doable). 

Whereabouts is the flat? Generally speaking, you should always go for a house over a flat if you can afford to- but if you’re comparing e.g. a London flat to a house in those areas then it’s obviously not comparable (that being said… I sold my flat in London in July and have moved to the countryside with family whilst I wait for my new build house - in Hampshire- to be completed, and after two months I can honestly say it was one of the best decisions I’ve ever made- my mental and physical health have both improved significantly, I’m just generally happier and enjoy life more - appreciate we’re all different of course!)

Brighton. The cheapest house would be over double the price of the flat!

NameUnavailable

hazyjo said:

Average might take 3 months (more for a flat), but you really do have to realise that an average is literally the middle figure. Some may take 6 weeks, other 6 months.

If it's right, I'd just wait. The stamp duty was extended so really should have finished months ago. This was really meant for those whose purchases didn't make the last deadline to prevent a crash.

I know it's hard when you're keen to move, but it's often impatience that causes chains to collapse and people to pull out. Do you REALLY need to be in now? Honestly?

Don't lose an ideal property for absolutely no reason at all. So you or they have a slow solicitor, managing agent or whatever. It will happen eventually.

Good luck.

I can wait, I'm currently renting a mates spare room. I'm wondering about the new PAS stuff, the possible additional costs, the tardy management company and adding insult to injury the loss of £2K SDLT and aggressive attitude of the vendors solicitors when it's their side that has caused the delay!

I don't like having negative vibes about a deal......

another_casualty

Fwiw ,I'd go for location everytime . Not sure about now, but Chatham had a bit of a reputation . Apologies to those that live there , and I stand to be corrected .

Share of freeholds are complicated. Moreso than the average flat imho , but again stand to be corrected. 

If this falls through ( which of course we hope it doesn't ) , have you thought of a maissonnette . If you have the right neighbour above or below , and a nice block it may not be as bad as some think .
just a thought ...