Buying my first flat has turned into a nightmare. Am I making a big mistake with a leasehold?

dills18

BobT36 said:

dills18 said:

My rental accommodation had ran to the end of its tenancy and if I stayed I'd have to have renewed for 12-months which, when i'm buying a property, wasn't an option.  

Too late now, but just in-case you ever end up renting again (hopefully not!), that's not how it works. 
If you'd have stayed, you'd have automatically been put onto a "rolling" monthly contract. Within two months of, or after your tenancy ended, the landlord could have sent you a section 21 however, to give you 2 months notice that they may begin proceedings to have you removed. 

I didn’t know that, thanks. However there was a little more to it than that- it was a 2 bedroom flat that I shared with a friend and he moved out when I told him I was purchasing a property. So I’d have ended up losing money if I had stayed, we went 50/50 on rent.

Mstty

dills18 said:

BobT36 said:

dills18 said:

My rental accommodation had ran to the end of its tenancy and if I stayed I'd have to have renewed for 12-months which, when i'm buying a property, wasn't an option.  

Too late now, but just in-case you ever end up renting again (hopefully not!), that's not how it works. 
If you'd have stayed, you'd have automatically been put onto a "rolling" monthly contract. Within two months of, or after your tenancy ended, the landlord could have sent you a section 21 however, to give you 2 months notice that they may begin proceedings to have you removed. 

I didn’t know that, thanks. However there was a little more to it than that- it was a 2 bedroom flat that I shared with a friend and he moved out when I told him I was purchasing a property. So I’d have ended up losing money if I had stayed, we went 50/50 on rent.

Adding to the blandly distributed (don't leave until court issued) also consider your financial record as you were indeed purchasing a property.

Not that this applies to you from what you have said you made the right choices.

Just an aside Leasehold flats can take many months, it's annoying and we have had a fair few bank holidays and the big summer holiday which always seems to add weeks to some purchases.

Hang in there but definitely keep the pressure on.

dills18

gwynlas said:

Sorry for your loss and the added stress of having to make very adult choices without the backing of a parent. Some might think it sounds condescending but I beleive the ages of 16 to 25 are a crucial stage in adult development. It is a very long time to be waiting and I would suggest that you request a face to face meeting with your conveyancing solicitor. This would be to emphasise the human angle that you are a first time purchaser who could do with your hand holding and some reassurance. It might not be true but who cares at this stage. Owning equal shares in the management company is good as yoou will have in put to setting service charges, your ground rent seeems very high and you should query why this is.
Once you have moved in establish contact with your neighbours who are the named directors of the management company and suggest that all leases are exended preferably to 999 years and that a sinking fund is established for on going maintenance issues. If current lease is 94 years it suggests original was only 99 and internal decoration of communal areas is probably due if not done already and you will have to pay a proportion of that.
Also you could request that you be given a named person at EA to deal with. The seller must be equally frustrated. As you are saving on rent and mortgage  maybe offer you friend a generous allowance to continue to stay there.

Thanks for your response and thanks for the condolences. This has been a learning curve for sure and you’re not condescending at all. Meeting face to face with the solicitor is hard as she is based in Wales, which is a long drive from me. But meeting with the estate agent would be much easier as just up the road, which I plan on doing. The lease would preferably be extended before I move out in the future, but reading up on this it can be incredibly expensive- I know there are future plans from the government to amend lease holding laws to make this more affordable, unless, would there actually be any cost involved considering all flats are shareholders? My friend (and his tenant) are getting financially compensated as I stay which they’re grateful for. 

dills18

I have had an email from my solicitor this morning in regards to the Deed Of Covenant document that the management company needs to issue. She has now put the £300 upfront cost on to me, despite writing an email earlier in the month that this cost would be paid by the sellers. Another annoyance- I’m told one thing, then another. Should this be contested? If I knew it was I who would pay this I would have months ago to speed things up!

Sarah1Mitty2

dills18 said:

Hi,

This is my first thread on this forum and I have found it interesting reading some others similar stories on here.

For some context, I am 23 years old and sadly lost my dad last year. Earlier this year we sold his house- trouble free. Which meant that, at such a young age, I find myself in a position to get on the property ladder mortgage-free. A one-bed flat is all I can afford in the area which I live.

It has now been 27-weeks since my offer was accepted back in February and I still haven't moved in to the flat. My rental accommodation had ran to the end of its tenancy and if I stayed I'd have to have renewed for 12-months which, when i'm buying a property, wasn't an option. Short term lets in the area I live are extortionately priced. So I now find myself staying with a friend and have been for the past 5-weeks, which is not ideal. 

I am so surprised at how long this process has taken, with no end in sight. I knew flats and leaseholds in general take longer to complete but surely 27-weeks is a very bad case.

I am using the estate agent's recommended solicitor- and I shouldn't have done (after having a read of the most recent Trust-pilot reviews) . My solicitor is un-communicative with me and every time I ring, I'm either re-directed to a colleague or, when I do get through to her, i'm grumpily told "there's nothing more I can do". I write detailed emails to her and all I get back is one-line "Will get back to you". Am I honestly meant to be paying for this? I sense no urgency with her when i'm desperate to move.  The conveyancing solicitor I used for my dads house was fantastic and there was a third party company in place to liaise between all party's to "keep things moving"- which they did!

At this point in time I feel like it's too late to change solicitor- but I also think the service I am paying for is un-reasonable. Can you contest the solicitor fee's or have they got me in a legal deadlock?

The flat purchase is not progressing because the head-lessor of the flats, a management company, have not yet issued a 'Deed of Covenant'. This has only just been brought up by my solicitor, whereas I feel this should have been brought up months ago considering this is where all time is being wasted- surely she should have known this? 

I am now having serious doubts about the whole situation- I am frustrated and very stressed. The more I learn about management companies online the more I don't want to be a part of them. The fact that there are 2 leases for the flat- 1 for the flat and 1 for the allocated car parking space, is also giving me a red-flag. I fear in the future this will leave me financially constrained. And this process has taken me so long- I'd hate to do it again in future if I ever sell.

This has turned into a nightmare- I have already spent so much money on searches and surveyors that I feel it's too much of an investment to back out. Especially as contracts were exchanged many weeks ago.

I feel not my solicitor, nor the estate agent are guiding me through this at all. No return calls. No help. No nothing.

What are your guys thoughts on my situation? Specifically the solicitor issue and the leasehold situation in general. Should I abandon my efforts and get into mortgage debt with a freehold instead? Any help would be so much appreciated as I feel ostracised by pretty much everyone at this stage.

Dylan   

My thoughts are that it is definitely the wrong time to be buying a flat and that you should wait for interest rate rises to reduce prices (unless you are getting a very good deal now?)

EssexHebridean

Sorry to hear about the loss of your Dad - it's a tough thing to go through, and even more so at your age I would imagine. 

Your posts aren't exactly making me feel that you are filled with effusive delight about the idea of moving in to the flat - are you? If not then that is the reason you should be walking away, and in the circumstances the relatively small financial loss you would take for doing that is insignificant. You are thinking about buying yourself a home - it should make you feel happy, excited, you should be envisaging your possessions in the rooms, and excitedly planning where things will be placed - I'm not getting any of those vibes from your posts... 

dills18

Sarah1Mitty2 said:

dills18 said:

Hi,

This is my first thread on this forum and I have found it interesting reading some others similar stories on here.

For some context, I am 23 years old and sadly lost my dad last year. Earlier this year we sold his house- trouble free. Which meant that, at such a young age, I find myself in a position to get on the property ladder mortgage-free. A one-bed flat is all I can afford in the area which I live.

It has now been 27-weeks since my offer was accepted back in February and I still haven't moved in to the flat. My rental accommodation had ran to the end of its tenancy and if I stayed I'd have to have renewed for 12-months which, when i'm buying a property, wasn't an option. Short term lets in the area I live are extortionately priced. So I now find myself staying with a friend and have been for the past 5-weeks, which is not ideal. 

I am so surprised at how long this process has taken, with no end in sight. I knew flats and leaseholds in general take longer to complete but surely 27-weeks is a very bad case.

I am using the estate agent's recommended solicitor- and I shouldn't have done (after having a read of the most recent Trust-pilot reviews) . My solicitor is un-communicative with me and every time I ring, I'm either re-directed to a colleague or, when I do get through to her, i'm grumpily told "there's nothing more I can do". I write detailed emails to her and all I get back is one-line "Will get back to you". Am I honestly meant to be paying for this? I sense no urgency with her when i'm desperate to move.  The conveyancing solicitor I used for my dads house was fantastic and there was a third party company in place to liaise between all party's to "keep things moving"- which they did!

At this point in time I feel like it's too late to change solicitor- but I also think the service I am paying for is un-reasonable. Can you contest the solicitor fee's or have they got me in a legal deadlock?

The flat purchase is not progressing because the head-lessor of the flats, a management company, have not yet issued a 'Deed of Covenant'. This has only just been brought up by my solicitor, whereas I feel this should have been brought up months ago considering this is where all time is being wasted- surely she should have known this? 

I am now having serious doubts about the whole situation- I am frustrated and very stressed. The more I learn about management companies online the more I don't want to be a part of them. The fact that there are 2 leases for the flat- 1 for the flat and 1 for the allocated car parking space, is also giving me a red-flag. I fear in the future this will leave me financially constrained. And this process has taken me so long- I'd hate to do it again in future if I ever sell.

This has turned into a nightmare- I have already spent so much money on searches and surveyors that I feel it's too much of an investment to back out. Especially as contracts were exchanged many weeks ago.

I feel not my solicitor, nor the estate agent are guiding me through this at all. No return calls. No help. No nothing.

What are your guys thoughts on my situation? Specifically the solicitor issue and the leasehold situation in general. Should I abandon my efforts and get into mortgage debt with a freehold instead? Any help would be so much appreciated as I feel ostracised by pretty much everyone at this stage.

Dylan   

My thoughts are that it is definitely the wrong time to be buying a flat and that you should wait for interest rate rises to reduce prices (unless you are getting a very good deal now?)

No other properties in my area now for the price I paid, unless you look at retirement and doer-uppers. They’ve all risen, and so has rent prices. I believe I’ve got a fair deal for the price I’ve paid.

Newbie_John

dills18 said:

I have had an email from my solicitor this morning in regards to the Deed Of Covenant document that the management company needs to issue. She has now put the £300 upfront cost on to me, despite writing an email earlier in the month that this cost would be paid by the sellers. Another annoyance- I’m told one thing, then another. Should this be contested? If I knew it was I who would pay this I would have months ago to speed things up!

It varies - buyer could pay to speed things up, seller could pay to build a better relationship and make sure the sale doesn't go..

There's always something blocking, make sure you always ask what it is and try to get it sorted. I'd pay here and forget. Also, the seller has been waiting for many months to sell this place - maybe they're not in a rush? Got stack in the chain? 

dills18

EssexHebridean said:

Sorry to hear about the loss of your Dad - it's a tough thing to go through, and even more so at your age I would imagine. 

Your posts aren't exactly making me feel that you are filled with effusive delight about the idea of moving in to the flat - are you? If not then that is the reason you should be walking away, and in the circumstances the relatively small financial loss you would take for doing that is insignificant. You are thinking about buying yourself a home - it should make you feel happy, excited, you should be envisaging your possessions in the rooms, and excitedly planning where things will be placed - I'm not getting any of those vibes from your posts... 

Thanks for your condolences,

Don’t get me wrong- I am thrilled! The flat is just what I need and it’s a blank canvas. I’ve done my fair sure of furniture (and even paint… wow) window shopping and I’ve got plenty of bookmarked webpages “ready to go” for when I move. My girlfriend is also moving down from Leeds after I moved away 2 years ago. Ive never been more excited to start a new chapter in my life. 

I think in my circumstance after waiting over half a year for things to take place it’s easy for me to get bogged down with the negatives and the more time ticks on the more I think this move is never going to end up happening! 

Sarah1Mitty2

dills18 said:

Sarah1Mitty2 said:

dills18 said:

Hi,

This is my first thread on this forum and I have found it interesting reading some others similar stories on here.

For some context, I am 23 years old and sadly lost my dad last year. Earlier this year we sold his house- trouble free. Which meant that, at such a young age, I find myself in a position to get on the property ladder mortgage-free. A one-bed flat is all I can afford in the area which I live.

It has now been 27-weeks since my offer was accepted back in February and I still haven't moved in to the flat. My rental accommodation had ran to the end of its tenancy and if I stayed I'd have to have renewed for 12-months which, when i'm buying a property, wasn't an option. Short term lets in the area I live are extortionately priced. So I now find myself staying with a friend and have been for the past 5-weeks, which is not ideal. 

I am so surprised at how long this process has taken, with no end in sight. I knew flats and leaseholds in general take longer to complete but surely 27-weeks is a very bad case.

I am using the estate agent's recommended solicitor- and I shouldn't have done (after having a read of the most recent Trust-pilot reviews) . My solicitor is un-communicative with me and every time I ring, I'm either re-directed to a colleague or, when I do get through to her, i'm grumpily told "there's nothing more I can do". I write detailed emails to her and all I get back is one-line "Will get back to you". Am I honestly meant to be paying for this? I sense no urgency with her when i'm desperate to move.  The conveyancing solicitor I used for my dads house was fantastic and there was a third party company in place to liaise between all party's to "keep things moving"- which they did!

At this point in time I feel like it's too late to change solicitor- but I also think the service I am paying for is un-reasonable. Can you contest the solicitor fee's or have they got me in a legal deadlock?

The flat purchase is not progressing because the head-lessor of the flats, a management company, have not yet issued a 'Deed of Covenant'. This has only just been brought up by my solicitor, whereas I feel this should have been brought up months ago considering this is where all time is being wasted- surely she should have known this? 

I am now having serious doubts about the whole situation- I am frustrated and very stressed. The more I learn about management companies online the more I don't want to be a part of them. The fact that there are 2 leases for the flat- 1 for the flat and 1 for the allocated car parking space, is also giving me a red-flag. I fear in the future this will leave me financially constrained. And this process has taken me so long- I'd hate to do it again in future if I ever sell.

This has turned into a nightmare- I have already spent so much money on searches and surveyors that I feel it's too much of an investment to back out. Especially as contracts were exchanged many weeks ago.

I feel not my solicitor, nor the estate agent are guiding me through this at all. No return calls. No help. No nothing.

What are your guys thoughts on my situation? Specifically the solicitor issue and the leasehold situation in general. Should I abandon my efforts and get into mortgage debt with a freehold instead? Any help would be so much appreciated as I feel ostracised by pretty much everyone at this stage.

Dylan   

My thoughts are that it is definitely the wrong time to be buying a flat and that you should wait for interest rate rises to reduce prices (unless you are getting a very good deal now?)

No other properties in my area now for the price I paid, unless you look at retirement and doer-uppers. They’ve all risen, and so has rent prices. I believe I’ve got a fair deal for the price I’ve paid.

That is what really counts but you know that the stats on prices you are looking at are from transactions many months ago? February is an age away in this market as mortgage rates etc. have changed since then and can still change very quickly, my point was can you cope with seeing the value of your flat falling in future?