Feel misled by estate agent - thoughts?

silveremploy

eddddy said:

silveremploy said:

I would also be minded to ask for a reduction anyway as I assume a DoV would probably cap the ground rent at £1000/an which is still more than double what I was expecting.

If the vendor reject this,...

As it stands, is there any reason to suspect that the freeholder would accept a ground rent reduction to £1000 per year?

TBH, if the freeholder is open to the idea of accepting a big chunk of money in return for reducing the ground rent to £1000 per year...

... I suspect they might be open to the idea of accepting an even bigger chunk of money in return for reducing the ground rent to £400 per year.



It's a matter of either

• persuading the seller to pay the freeholder a bigger chunk of money to get the ground rent down to £400 - so you'll keep your offer the same

• persuading the seller to pay the freeholder a lesser chunk of money to get the ground rent down to £1000 - and you'll reduce your offer

But it all needs to be agreed between the seller and their freeholder (and you).


(And the seller might have other ideas about doing a different type of Deed of Variation which doesn't involve reducing the ground rent.)

Yeah I simply have no idea whatsoever at the moment. I only just asked my solicitor to investigate this with the freeholder, although they had been inclined to try this as soon as they obtained the information and warned me about the ground rent straight away. Without this, I can't see myself being remotely satisfied with the asking price (or even a fair bit lower) with the ground rent situation. Thankfully I'm not in a rush, I can see how much misery this would cause for people who find themselves in less flexible circumstances.