No question - just need to vent about my AWFUL vendor!

p00hsticks

BluecoatRob said:

And if there is a long delay, any CGT accrued after April wouldn't come due until Jan '24, so they're taking a huge risk on hypothetical gains two years in the future.

Not true - Any CGT due on a property sale that isn't your main residence has to be paid within 60 days of completion (until recently it was only thirty) or you will start to rack up fines and interest

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

BluecoatRob

p00hsticks said: it

BluecoatRob said:

And if there is a long delay, any CGT accrued after April wouldn't come due until Jan '24, so they're taking a huge risk on hypothetical gains two years in the future.

Not true - Any CGT due on a property sale that isn't your main residence has to be paid within 60 days of completion (until recently it was only thirty) or you will start to rack up fines and interest

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

Ah, thanks for clarifying, that makes a lot more sense.

BluecoatRob

So, having made our concerns clear to the vendor we received a reply this afternoon, which amounts to: "We note your concerns, but we're doing it anyway."

I was a mixture of furious and crestfallen. Now I'm more wearied resignation. We've now got to decide whether to pull out or press on - neither particularly appealing options.

I sense the consensus here is to pull out. As it happens our solicitor is off tomorrow, so we have a day or so to figure out what we want to do. We're waiting to hear back from our lenders.

Who'd buy a house eh?

HampshireH

BluecoatRob said:

So, having made our concerns clear to the vendor we received a reply this afternoon, which amounts to: "We note your concerns, but we're doing it anyway."

I was a mixture of furious and crestfallen. Now I'm more wearied resignation. We've now got to decide whether to pull out or press on - neither particularly appealing options.

I sense the consensus here is to pull out. As it happens our solicitor is off tomorrow, so we have a day or so to figure out what we want to do. We're waiting to hear back from our lenders.

Who'd buy a house eh?

Can't you leave your offer there for now and view other properties? Get a sense of how the land lies and if you find something else pull out. In the meantime check with your lender whether they would lend and if not you withdraw your offer then?

In the meantime the agent knows your actively looking and your not sitting on time

Flugelhorn

I would tell the solicitor not to do any more work and start looking at other properties 

Swipe

There's at least a 10 month turnaround for changing the name on a tittle according to the Land registry person that posts on here. I sold a house nearly 6 months ago and the sold for price hasn't even been updated yet. They have huge backlogs.

babyblade41

TripleH said:

babyblade41 said:

TripleH said:

Babyblade41, would you be so bothered if they told you they had a date of 1st April (hypothetically) due to rental contract but in the meantime were working on the purchase?

I don't blame you, they probably think they can get it all done in 2 weeks so leaving to last minute..

Wouldn't mind at all if there was exchange a lot earlier but I hate it when people aren't up front.

The wife had the cheek to tell my agent that all is being done but due process must be followed.  I agree it should and our purchase which started 10 days after has been completed so she can go and swing .

I agree, it annoys me when people are not upfront and honest. Sometimes it's because they want to catch a buyer and the truth will deter people (the hope is that you'll commit too much to want to pull out) which is the worst scenario.

Having said that, buyers with a change in circumstances part way through the purchase, who go all quiet can be frustrating. Often if they keep you updated, that's enough to keep me happy, its the silence of not knowing that I hate.

well , strangely all the enquiries turned up yesterday,The first sign of any work actually being done .

Who knows what's happening now but onwards we go . Just to show that even when it is an extremely small chain ( my buyers & our sellers) with no mortgages , it still can be incredibly slow when one in that chain is a PITA.

pretamang

another vote for leave the offer on the table, tell solicitor to stop work, and start looking at other properties in the meantime.

look for somewhere else to rent with a 6 month break clause - perhaps this vendor will be ready to go again in six months or you will have found a new property by then.

we were in a similar position a few years ago: whilst waiting for a useless seller to exchange our rental ran out (plus a few 1 month extensions from nice landlady before she found a new long-term tenant). We had a month of couch surfing with friends and family before we could get a new rental, were there for six months in which time we found a new place to buy and exchanged on it

BluecoatRob

Yep, that seems to be the way we're heading. We'll see the solicitors tomorrow, find out where our lender stands, and in the meantime go back to looking. We have a viewing booked for Thursday, and a promising lead on a rental, so things are moving.

Thanks for your help and sharing your experiences - it has been a big help 

p00hsticks

Swipe said:

There's at least a 10 month turnaround for changing the name on a tittle according to the Land registry person that posts on here. I sold a house nearly 6 months ago and the sold for price hasn't even been updated yet. They have huge backlogs.

There is a means of expediting updates if it is holding up a sale though - I'm not sure if you need to give a reason and if so. if changing existing ownership simply to save on CGT would be a legitimate one.