Head banging brick wall

Pigspiece

Hi, if anyone can help me I will be so grateful.
Briefly: Bought a flat above a shop, refurbed it, decided to sell instead of live in it. Agreed a price with the buyer in Nov 22. After a lot of grief with the buyers solicitors saying the lease was defective (my solicitor, my landlords solicitor, her landlords solicitor all agreed it wasn’t) they were going to pull out unless I bought a deed of variation. So I caved in and all parties were presented with the DOV on the 4th of may 2023. I cannot begin to explain the amount of emails, stress etc that has ensued. The problem being believe it or not is my landlords lenders who literally just have to ok it. Everything else is in place and ready to go. It’s like talking to a wall they are just not responding, they have responded and then nothing…..I’m at my wits end. I’m off work with stress, I’ve had to take a loan out just to pay my bills, I owe money to many and I just don’t know what to do. Has anyone got any ideas please?

MEM62

Such issues and delays are commonplace when selling a property - particularly a leasehold.  Many will have similar stories.  My sale took six months to complete with no chain and no lease issues so these things aren't quick.  You basically have two options, wait it out or pull out of the sale and market the property again.  

Pigspiece

Thanks for your input. If you read it properly there’s no point in putting it back on the market because it’s my landlords lenders that are holding things up for no reason. Having spoken to 3 different solicitors, the ombudsman and CAB things most definitely shouldn’t be taking this long! The email is literally sat in their pile waiting for them to say yes as advised by the solicitors. This is down to a human being not been bothered to do their job and it’s wrong. They aren’t only affecting my life with stress and debt, they’re affecting the people I owe money to, my friends, my family and the professionals trying to get this deal done for me. So telling me these things take time is not really helping me is it.

Tiglet2

Pigspiece said:

Hi, if anyone can help me I will be so grateful.
Briefly: Bought a flat above a shop, refurbed it, decided to sell instead of live in it. Agreed a price with the buyer in Nov 22. After a lot of grief with the buyers solicitors saying the lease was defective (my solicitor, my landlords solicitor, her landlords solicitor all agreed it wasn’t) they were going to pull out unless I bought a deed of variation. So I caved in and all parties were presented with the DOV on the 4th of may 2023. I cannot begin to explain the amount of emails, stress etc that has ensued. The problem being believe it or not is my landlords lenders who literally just have to ok it. Everything else is in place and ready to go. It’s like talking to a wall they are just not responding, they have responded and then nothing…..I’m at my wits end. I’m off work with stress, I’ve had to take a loan out just to pay my bills, I owe money to many and I just don’t know what to do. Has anyone got any ideas please?

You should be pushing your solicitor to actively chase your landlord's solicitor and consequently their lender for their response.  What has your solicitor told you?  

Pigspiece

“I cannot begin to explain the amount of emails”…..

GDB2222

The landlord has no obligation to vary the lease, and their lenders likewise have no obligation to approve it at all, let alone in a timely manner.

As various solicitors do not think that the lease needs rectifying, you can always try to find a buyer willing to buy the property with the present lease.  Prices are down since November, so you will be very fortunate if your buyers proceed at the price agreed so many months ago.

 The real blame lies with the property TV shows, making it seem like developing properly is so easy.  Sorry that things have not worked out so well for you.

Pigspiece

Thanks for your input. Everyone agreed prior to me getting the DOV that it was fine and wouldn’t be a problem. “Everything is in place and ready to go we are literally just waiting for my landlords lenders to say yes” 

GDB2222

I expect the landlord’s lenders will approve it eventually, but do you have a fall back position in case they don’t?

The obvious answer is to stick it in an auction, even if you don’t get the price you want.

Sistergold

So is the flat empty? Why did you decide not to live in it? Is it stress from trying to sell the flat? Sit down and look at plan b to get out of this financial hole before you sink any further. Time off work and loans is not a good way to go with this. 

Pigspiece

Yes the flat is empty, I couldn’t live in it because as soon as all the properties were sold the owner of the car park took away our rights of way(60yrs) and rented the carpark out to europarks. We weren’t even allowed to buy permits at £1500 pa. There is no plan B except pull out and rent it….and then explain to all the people I owe money to they can have it in dribs and drabs. I can’t put it back on the market because I’ll still be in the same position waiting for my landlords lenders to tick a box.

GDB2222

You said in your first post that the lease is not defective, so maybe a different buyer would be less picky?