Vendor doesn’t actually own their garage…

silvercar

Morble93 said:

MEM62 said:

Morble93 said:

What would you do in this circumstance?

What we would do is not relevant.  It is not our money.  The question is what do you want to do?  There will be some, even if small, negotiation with the seller and you are either willing to go ahead with that or not.  

It is relevant to me, thats why I ask. I’m curious to know what others would do (or maybe have done previously) in this or a similar situation. No harm in asking others for their views!

Having almost been in this situation, I would say it depends how essential it is for you to have the garage. If you could live without it, then it's a question of putting a value on the property without the garage and adjusting your offer accordingly. If you can't live without it then you tell the seller to sort it or you will look elsewhere.

The value of the property without the garage isn't going to be more than the value of the property with the garage less the cost of buying the garage, but in all probability would  be less. It depends on demand in the area for garages/ parking.

user1977

Grumpy_chap said:

user1977 said:

In theory maybe, but they'll have a de minimus value below which they're hardly likely to insist on the current occupier being evicted and the garage going to auction.

GrumpyDil said:

And if it is only one garage in a row that will keep the price down 

I know it is a different part of the country, but in my road there is a garage for sale at £165k.  That very same garage last sold at Christmas 2019 (I know as I was interested in it) at £113,500 which was far more than I could afford to pay for just a garage.

Hopefully this isn't news to you, but in almost every part of the country those would be considered absurdly high prices for a garage. Given the OP is talking about a row of Brummie lockups in the vicinity of ex-council houses, I doubt they're fetching six-figure sums.

DE_612183

Morble93 said:

DE_612183 said:

Morble93 said:

MEM62 said:

Morble93 said:

What would you do in this circumstance?

What we would do is not relevant.  It is not our money.  The question is what do you want to do?  There will be some, even if small, negotiation with the seller and you are either willing to go ahead with that or not.  

It is relevant to me, thats why I ask. I’m curious to know what others would do (or maybe have done previously) in this or a similar situation. No harm in asking others for their views!

How much is the purchase price?
how much do you need the garage?
What type of house is it?
How many people living there?

Purchase price: £210k
The garage is a must as it means I have somewhere to put my car. Otherwise it’s road parking which would be competitive seeing as not many of the houses have driveways.
It’s a 60s terrace, ex-council.
4 current occupiers (family), and there will be 2 of us (couple) moving in. Wasn’t sure whether you meant them or us so I just answered both.

Thats fine - just wanted to assess the issue.

Ok, so if that was me - I'd probably pull out as the Garage is essential ( from day 1 )

If you can live without the garage for a while.....

I'm think you could add to the contract ( to be agreed ) that the seller has to pay all costs for the transfer of the garage  to your name in the future - basically what happens is the solicitor get £210k, but keeps say £10k to cover the costs in the future - you still get the property AND the garage at a later date - the vendor should be happy because now they are aware of it their options are:

1. Go with your proposal
2. Pull out and try and find another buyer - but they'd have to declare the issue as would the EAs so likelihood is they won't get the same price anyway

kirtondm

I think realistically if the garage is essential you will need to start again - now the council are aware a transfer or sale is going to take months in all likelihood.

Grumpy_chap

user1977 said:

Grumpy_chap said:

user1977 said:

In theory maybe, but they'll have a de minimus value below which they're hardly likely to insist on the current occupier being evicted and the garage going to auction.

GrumpyDil said:

And if it is only one garage in a row that will keep the price down 

I know it is a different part of the country, but in my road there is a garage for sale at £165k.  That very same garage last sold at Christmas 2019 (I know as I was interested in it) at £113,500 which was far more than I could afford to pay for just a garage.

Hopefully this isn't news to you, but in almost every part of the country those would be considered absurdly high prices for a garage. Given the OP is talking about a row of Brummie lockups in the vicinity of ex-council houses, I doubt they're fetching six-figure sums.

Yes, I am aware. 
The point of my post was that the Council was unlikely to assess the value as de minimums as was suggested might be the case.
Could still easily be a 5-figure sum.

fewcloudy

@Morble93

Hi, what did you do in the end?

TadleyBaggie

The OP hasn't logged in since September, doubt they are coming back.

SprostonGreenHead

Morble93 said:

My thoughts are to ask the sellers to knock off the price of the garage (once confirmed from the Council) from the house, but I’m anticipating they won’t accept if it’s over £2k. 

This seems entirely reasonable and is exactly what I would do. The sellers can refuse or accept. Morally they should accept it because they advertised it with the garage, your offer therefore included its inclusion and yet the sale is without it. Unfortunately they may not see it that way. You can but try.

robatwork

Really rather annoying, but nothing more than another in a long line of people who get some advice which they acknowledge as helpful, but fail to update with an outcome.

It would be very interesting to this forum as to what percentage on a £210k house the separated garage would be valued to the seller, the buyer, the mortgage company and possibly the owner-neighbour.  Undoubtedly 5 figures but which 5?