How much would I lose if I pulled out of buying a home?

sheramber

Dannydee333 said:

Why should one or both sellers be out of pocket to help someone they dont know? That's not their issue. 

You're on here asking how to look after your best interests i.e your money without stopping to think about the other side also looking after their best interests.

Why is your interests acceptable, but theirs isn't?

Yes things could be made simpler. Can start with all parties not feeling entitled and feeling their interests matter more than others.

What on earth are you talking about? What do you mean "Why should they be out of pocket?"

How are they out of pocket by HOLDING UP THE SALE? They apparently won't communicate with each other, so how long should my patience and compassion last? A week? A month? Three months?

They'll sure be out of pocket if I choose to buy a different home.

They should get their finger out, and quick.

The Management Company are out of pocket and are using holding up the sale to try to force the sellers to pay up.

My payment, no sale.

Tiglet2

I don't think the management company necessarily hold up the sale.  What they will require is the agreement of the seller's solicitor to pay them the outstanding monies out of the sales proceeds, which means the debt is paid on completion.  Doesn't affect the buyer, who just pays the agreed price, but the seller's solicitors will deduct the amount due to the management company and pay the remainder of the proceeds to the sellers.  However, the sellers need to agree to it and have clear instructions on how much each half receive out of the rest of the proceeds.  I wonder if there is enough equity in the property to do that?

Herzlos

Dannydee333 said:

So the issue is that the management company are owed a lot of money from the sellers. The sellers have a dispute about who owes what, so, they are ignoring the issue.

The management company say they won't take me on until the arrears are settled. Which, of course, have nothing to do with me.

Meantime, I'm left in limbo.

I'm annoyed with the sellers and the management company now. I'm supposed to have a financial obligation to them and pay them regularly, but they're forcing us to get off on the wrong foot here by punishing me for the previous owners owing them money.

This is beyond antagonising and I'm on the verge of telling everyone to take a run and jump.

I'm even looking at other properties now and might make some spontaneous offers.

How much do they owe the management company? If it's not much then it may be worth you just paying it and then filing a small court claim to get reimbursed by the seller.

Or you can get your solicitor to ask them to settle the debt or at least agree for the debt to the settled out of the sale transaction, and give them a deadline before you withdraw. You may find that they'll stop arguing when they realize it'll cost them the sale.

It's probably also worth asking the estate agent to have a word with them.

There's also no harm in looking elsewhere as you're not completely committed yet, and these people are realistically going to be a pain to deal with going forward too.

Dannydee333

The Management Company are out of pocket and are using holding up the sale to try to force the sellers to pay up.

My payment, no sale.

Yeah, essentially punishing me for something that's nothing to do with me.

Dannydee333

Tiglet2 said:

Sounds to me like one half of the separating couple doesn't want to sell and the other half does.  The half that doesn't want to move is dragging their heels and making it awkward for everyone else involved.

OP, I think you may well be better off buying another property as this may take a long time to resolve.  Trying to buy a property from a separating/divorcing couple is often fraught with acrimony.  None of it your fault but your needs don't feature in their own war against each other.

Bear in mind, however, that leasehold purchases do take longer than freehold and it's not uncommon for it to take upwards of six months, even when you haven't got a fighting couple in the mix.

I'll see if anything happens next week in terms of movement. I think they are extremely disrespectful and I'm now questioning whether they deserve my money.

Six months is ridiculous. That's the only way to describe it. Is there any logical explanation for why it can't happen in a third of that time?

user1977

Herzlos said:

Dannydee333 said:

So the issue is that the management company are owed a lot of money from the sellers. The sellers have a dispute about who owes what, so, they are ignoring the issue.

The management company say they won't take me on until the arrears are settled. Which, of course, have nothing to do with me.

Meantime, I'm left in limbo.

I'm annoyed with the sellers and the management company now. I'm supposed to have a financial obligation to them and pay them regularly, but they're forcing us to get off on the wrong foot here by punishing me for the previous owners owing them money.

This is beyond antagonising and I'm on the verge of telling everyone to take a run and jump.

I'm even looking at other properties now and might make some spontaneous offers.

If it's not much then it may be worth you just paying it and then filing a small court claim to get reimbursed by the seller.

I can't see how that would work? Especially as the OP doesn't even have a contract with the seller yet.

Dannydee333

Tiglet2 said:

I don't think the management company necessarily hold up the sale.  What they will require is the agreement of the seller's solicitor to pay them the outstanding monies out of the sales proceeds, which means the debt is paid on completion.  Doesn't affect the buyer, who just pays the agreed price, but the seller's solicitors will deduct the amount due to the management company and pay the remainder of the proceeds to the sellers.  However, the sellers need to agree to it and have clear instructions on how much each half receive out of the rest of the proceeds.  I wonder if there is enough equity in the property to do that?

It does affect me, from having to spend way more money on rent than I needed to. And as it stands there is no end in sight to this domestic dispute the three of us are in.

Dannydee333

How much do they owe the management company? If it's not much then it may be worth you just paying it and then filing a small court claim to get reimbursed by the seller.

Or you can get your solicitor to ask them to settle the debt or at least agree for the debt to the settled out of the sale transaction, and give them a deadline before you withdraw. You may find that they'll stop arguing when they realize it'll cost them the sale.

It's probably also worth asking the estate agent to have a word with them.

There's also no harm in looking elsewhere as you're not completely committed yet, and these people are realistically going to be a pain to deal with going forward too.

I imagine the figure is confidential, and no, as a matter of principle for the lack of consideration, I would absolutely not pay the outstanding balance this pair of adults can't find agreement on.

I don't need to direct my solicitor to do anything. They know their job and are keeping the pressure on. Even the sellers' solicitor is frustrated at them and doing what they can. The estate agent are also trying their best but from what I'm being told they are behaving irresponsibly for people engaged in a professional transaction of this magnitude.

Although my frustration may indeed make me give an ultimatum if this pair don't figure this out and get me a definitive closing date next week.