House stays on the market after valuation? - UNFAIR

StarX_2

Hi forum,

I made an offer for this house back in May on the basis that the leasehold was for 125 years (told by Estate Agent). I got the mortgage, instructed an homebuyers and found from the report that the leasehold was for 84 years.

I got rather ehm... upset (i wouldn't have put an offer in) and the Estate Agent told me that the leasehold could be easily extended and blablah

The lease hold got eventually extended, and I waited three months. Now the report had highlighted other area of concerns which I am now investigating, and I have instructed another valuation on the damp-proof course.

However I have found out the house back on the market on 4 different websites, so the Estate Agent is obviously trying to capitalize on the new, longer leasehold.

I have demanded the house to be taken off the market, as I have already instructed the valuation and the delays were down to the EA's mistakes not mine. The EA says he is not showing the house, but of course I don't believe him!
Now do you think it is fair for me to suspend everything until the house has been taken off? I am not sure about the advantages of such a strong stance, but for sure I will gain a reduced exposure to the risk of being gazumped.

Any advice welcome,
StarX

Doozergirl

Was the agent sole agent? If not, you will find the other agents still trying to sell it even after you've bought the place trying to 'flog a dead horse' as it were.

I wouldn't worry too much:
The lease will not impact on price - it will certainly not provide enough of a temptation for people to start gazumping you. Also, most other potential purchasers will be put off by the fact that sale is progressing already; even if they're not, you're likely to complete way before they can - this is of benefit (and relief I expect) to the vendor.

The 'mistakes' you talk, by the way, were those of the vendor, not the EA; the EA only goes on what they have been told. It seems your vendor was a little economical with the truth (it WAS a 125 year lease once!).

I'm sure everything will be okay.

[Deleted User]

I'd ask the ea or your solicitor to give you your vendor's telephone no. and speak to them directly! You'll be amazed how much easier things will become if you are friendly with them. Communication is the key, believe me.

I did that when I bought my place and it paid off (the ea was trying to persuade my vendor to put the property back on the market because I also had the lease extended and it took ages, but after speaking to me the vendor realized I was ver keen and he stuck with me).

If not, get your solicitor to contact the vendor's solicitor asking that they put it in writing that the house if off the market.

financial_filly

I agree that it wasn't the ea fault they would have been going on the information that the vendor had provided them with. I know sometimes a vendor "may" forget exactly how long is left on the lease but by that i mean a year or two not a difference of 125 to 84 !!!

The vendor may just be covering themselves (rather than the ea trying to get another buyer) in case the survey brings up things which put you off purchasing this house and then they will be left with no buyer and the house off the market. Perhaps you could inform the ea and a note through the vendors door to the effect that once your surveys have been completed and provided that there are no problems etc then you want to progress to completion asap that you feel that it would more than appropriate for the house to be taken off the market at this point in time. Maybe if you asked your solicitor to get something in writing from the vendors that might give more peace of mind ?.

Also i believe that the ea / solicitor would only be able to give out the vendors phone no. if the vendor was happy to communicate directly with you however as they have already "forgotten" how long the lease was for would you be able to trust them to instruct all the ea to stop advertising their property ??

Sorry not have been of much use and good luck

GDB2222

Well, my advice to the vendor would be on no account to take the house off the market. You have been in negotiations for 5 months and are still investigating 'other areas of concern'. I'm surprised that he is still talking to you, let alone taking your offer seriously.

I am surprised that vendors ever take their house off the market until contracts are exchanged. They have nothing to gain by that. In your case, where you have had 5 months already, I cannot see much point in asking.

If I were the vendor, I would be deeply suspicious of you as a buyer. One pretty obvious ploy is to string the seller along for many months and then at the last moment gazunder them, hoping that they will be so browned off by the whole process that they will accept your much reduced offer. Of course, this has never entered your mind, I am sure, and you have had to put up with a lot of !!!!!! from your vendor, etc.

Robert_Sterling_3

I guess the lease was originally for 125 years.
When put up for sale there was a 125 year lease in place with 84 years still to go.

As you do not appear to have exchanged contracts you can back out if you wish to do so.

Similarly the vendor can sell to someone else.

Conrad

I f I were the vendor I would have re - marketed a long time ago. You expect them to put thier future in the balance while you have 'further investigations done'!

The whole point of such an investigation is so that you may then judge whether or not to proceed, or try and negotiate a reduction or work be done.
Older houses tend to have a little damp you know.

Poppy9

I agree with others if I was the vendor I would be actively marketing. You say you had the Homebuyers report in May yet you are only now carrying out further investigations. IMO if I was the vendor I would worry how serious you were about buying. They kept up their end and extended the lease, unfortunately this is a drawn out process, but now you are not ready to proceed. If they are buying another house they are in danger of losing this so will be keen to progress a sale asap.

GDB2222

BTW, the cost of extending a lease from 84 to 125 years is minimal - less than 1% of the property value. So, it hardly seems sensible to have waited 3 months to get it extended. You could have agreed a slightly lower price to compensate and gone straight ahead.

bobmccluckie

You ahve no authority to get a house taken off the market before exchange of contracts. I certainly would never do it.