We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Buying a leasehold flat has been the single worst experience of my life
Comments
-
I just spoke to my solicitor and she said basically the bank has a 5 day holding period and so I don't think I can move in until the money has cleared and been released to the seller.
Anyway I can wait 9 days… I've waited this long.
0 -
4 months is literally the minimum that most conveyancers will tell you to expect for a Leasehold property - so the "worst experience of your life" is actually pretty much the best outcome you could have hoped for IF being realistic - assuming everything goes to plan now of course. Curious to know why the simultaneous exchange and complete though - not usually something to be desired if it can be avoided because of the risk of difficulties that last minute hitches cause.
The usual process would be to exchange with completion date sent somewhere about a week (sometimes more, sometimes less) hence, submit "Certificate of title" to the mortgage lender for release of funds, then on completion day those funds are sent across to the seller's solicitors and once received the instruction to release keys is given.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
So what you said was a "nightmare" has actually been a very quick leasehold sale?
Something to bear in mind for next time. Property sales are not quick.
I really don't understand why the exchange and completion of the same date. We have done that before when we part exchanged against a new build but we certainly wouldn't do it again through choice again. It just adds ti an already stressful situation.
We are pushing for exchange to happen two weeks before completion for our upcoming sale and purchase to give us time to arrange removals and switching utilities etc.
0 -
I NEED to move as soon as possible. I can't go into detail but if you were me you would totally understand why.
0 -
What you NEED is neither here nor there. There are legal procedures that have to be carried out as part of the conveyancing process. It takes as long as it takes and adding in leasehold makes that process longer.
You have done well to get it finished in a little over 4 months. Next time just remember to factor in for more time, it will make things a lot less stressful for you.
1 -
What the OP doesn't realise is that if/when they come to sell, it's almost certainly going to take longer.
There's still going to be a lease involved.1 -
Sadly the older we get the more likely we will have these problems. I’ve had 2 recent deaths and a brother going into care with Alzheimer’s. I’ve had to deal with him as one of the deaths was his wife. 😿😿😿1 -
But you would still be moving on the same date - if it can be said with certainty now that exchange can happen, then there shouldn’t be anything preventing that happening with a subsequent completion date set. It does sound like this hasn’t been well explained to you. I do hope your solicitors aren’t intending to charge you more money for the simultaneous if they have talked you into doing things that way.
Without wishing to raise any alarms, you DO have a plan in place in case completion doesn’t happen on the scheduled day, do you? This is particularly relevant if as it sounds you have to vacate your current accommodation on that date.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
I'll cross that bridge in 20 years when I come to it. Also by that point I'll be retired and can chill.
I don't have to vacate on a specific date, but I every day I stay here longer than I have to is painful.
I'll call my solicitor tomorrow and see if there's a way I can actually pick up the keys and physically move in before the seller has received their money but I doubt it. The bank has a 5 day holding period for a start.
0 -
I'd be very surprised if you could move in before you actually own it, that potentially creates all sorts of problems for the vendor - you'd be a tenant, what if the transaction didn't go through for some reason??
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards