Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Mozalini
    • By Mozalini 11th Apr 18, 2:34 PM
    • 3Posts
    • 1Thanks
    Mozalini
    Do I have any rights?
    • #1
    • 11th Apr 18, 2:34 PM
    Do I have any rights? 11th Apr 18 at 2:34 PM
    Hi everyone - hoping someone can shed some light (sorry for the essay).
    I'm in the process of buying a shared ownership property, but we're 4 months down the line and there's still no sign of a moving date. Basically, everything that could have gone wrong, has gone wrong, but no one is accepting any responsibility and I'm the one left out of pocket.

    1. I was misinformed from day one - I confirmed with the Estate Agent 3 times that the lease was 900 years. 2 months in, the solicitor got involved and told me it's actually a short lease with 85 years left. From what I've read, if it goes below 80 years it becomes harder to sell and/or I'll have to pay thousands to extend the lease. Estate Agent issued a non-heartfelt apology and basically said 'you either want to move in or you don't'.

    2. Parking - from the moment I viewed the property I was told the parking outside was mine. Turns out two spaces right outside my kitchen window are public and not mine at all - again, found out by the solicitor 3 months in.

    3. Boiler service - the boiler is dead old, which I knew, but I was told by my EA that the seller was going to service it before the exchange. I chased and I chased and was told the seller was let down by a couple of plumbers. I then got a letter through from my solicitor saying the seller would not be providing a boiler service. So my only assumption is that my EA was lying and hadn't confirmed it with the seller at all. This means I now have to pay for the service (on top of the ridiculous premium the seller has added to the price of the property).

    4. The most important one - the mortgage! As far as I was aware, I'd secured a mortgage with Nationwide and it was all going through okay. Now, over 4 months in, Nationwide have retracted their offer because I'm paying a premium on the property. Apparently they don't offer mortgages on shared ownerships where there is a premium. I was never told this would be an issue, so I'm annoyed that I'm only finding out 4 months in. The Estate Agents have blamed my solicitor, saying it's their remit to relay this information to the lender, and my solicitor is blaming the Estate Agent, saying it should have been made clear in the initial application made by the mortgage broker as they (the solicitor) could only approach the lender once they'd received all the paperwork from the seller (which took month!).

    Now I'm facing a mortgage with higher monthly repayments, the possibility of needing to pay out to extend the lease, to shell out for a boiler service and possible a new boiler - and all this IF I can actually find a new mortgage. I'm tearing my hair out a little and I feel like no one is taking responsibility.

    I'm just fed up of being led a merry dance and told "Oh sorry about that..." and then being expected to just deal with it.

    Do I have any rights at all to complain? (I daren't do anything yet because I don't want to jeopardise the process any further!)
Page 1
    • ReadingTim
    • By ReadingTim 11th Apr 18, 2:49 PM
    • 2,551 Posts
    • 3,642 Thanks
    ReadingTim
    • #2
    • 11th Apr 18, 2:49 PM
    • #2
    • 11th Apr 18, 2:49 PM
    1 - no, this is why you employ a solicitor - to investigate the truthfulness (or otherwise) of the statements made by a salesman

    2 - see 1, above

    3 - you don't need a boiler service to buy this property. If you want one, you can pay for one. If you thought you were going to get one, and now find out you're not, you could walk away, or reduce your offer by the price of the service. The seller may or may not agree to this, jeopardising the sale. Up to you as to whether you're willing to lose the property for the sake of something which is entirely voluntary. My boiler wasn't new when I moved in 12 years ago, hasn't been serviced since and is still working fine.

    4 - not sure either of them can be responsible for the seller being slow in providing information.

    You can complain all you like, but whether it'll do you any good is debatable. If you're hoping for some compensation off the back of this complaint, maybe some agencies might chuck up to a couple of hundred quid your way as a "goodwill gesture" - basically paying you to shut up and go away, but on the whole, I suspect you're going to be disappointed.
    • Mozalini
    • By Mozalini 11th Apr 18, 3:01 PM
    • 3 Posts
    • 1 Thanks
    Mozalini
    • #3
    • 11th Apr 18, 3:01 PM
    • #3
    • 11th Apr 18, 3:01 PM
    I figured that would be the case. How annoying. I'm very good at complaining until people give me something, so I'll probably just wait until the sale goes through and then moan until they do something about it.

    The Estate Agent seems to be the root of all the issues here, giving me false information left right and centre. I just wish there was something I could do to call them out on it, because it doesn't seem fair to be able to lie to people and there be no repercussions. **walks away grumpily**
    • TamsinC
    • By TamsinC 11th Apr 18, 3:10 PM
    • 121 Posts
    • 111 Thanks
    TamsinC
    • #4
    • 11th Apr 18, 3:10 PM
    • #4
    • 11th Apr 18, 3:10 PM
    I'd walk away more than grumpily - I'd just walk away
    • lisyloo
    • By lisyloo 11th Apr 18, 3:14 PM
    • 21,717 Posts
    • 10,499 Thanks
    lisyloo
    • #5
    • 11th Apr 18, 3:14 PM
    • #5
    • 11th Apr 18, 3:14 PM
    Have you exchanged?
    What have you comitted financially so far.

    I'd be seriously considering walking away as in a few years time your looking at something unseable or at a loss.

    Can you answer those 2 important questions.
    • agrinnall
    • By agrinnall 11th Apr 18, 3:15 PM
    • 19,897 Posts
    • 15,606 Thanks
    agrinnall
    • #6
    • 11th Apr 18, 3:15 PM
    • #6
    • 11th Apr 18, 3:15 PM

    The Estate Agent seems to be the root of all the issues here, giving me false information left right and centre. I just wish there was something I could do to call them out on it, because it doesn't seem fair to be able to lie to people and there be no repercussions.
    Originally posted by Mozalini
    You might, in the future, have some opportunity to do this, although when I last looked at the thread the general consensus seemed to be that the proposal is unlikely to work as intended.

    http://forums.moneysavingexpert.com/showthread.php?t=5823456
    • Smodlet
    • By Smodlet 11th Apr 18, 3:15 PM
    • 2,908 Posts
    • 5,907 Thanks
    Smodlet
    • #7
    • 11th Apr 18, 3:15 PM
    • #7
    • 11th Apr 18, 3:15 PM
    Newsflash: EAs lie; it's their job.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Bass_9
    • By Bass_9 11th Apr 18, 3:24 PM
    • 21 Posts
    • 12 Thanks
    Bass_9
    • #8
    • 11th Apr 18, 3:24 PM
    • #8
    • 11th Apr 18, 3:24 PM
    Are you sure you still want to buy if the lease is that short?

    I don't think complaints post purchase would amount would achieve anything. And they could easily say, you knew what you were buying, it was your decision.
    • Ozzuk
    • By Ozzuk 11th Apr 18, 3:28 PM
    • 1,281 Posts
    • 1,892 Thanks
    Ozzuk
    • #9
    • 11th Apr 18, 3:28 PM
    • #9
    • 11th Apr 18, 3:28 PM
    Why are you proceeding? You are paying a premium, but the value has dropped likely significantly since you agreed to buy - short lease, no parking etc.

    I'd be walking away, a few k lost in fees versus a bigger loss if you carry on.

    The parking would be the killer for me though - parking issues are often one of the biggest causes of stress.
    • deannatrois
    • By deannatrois 11th Apr 18, 3:38 PM
    • 5,286 Posts
    • 7,417 Thanks
    deannatrois
    To be honest, considering the problems you are having, I'd be wondering if its worth buying this property. Sounds like it won't be an easy sell either when the time comes.

    There must be better schemes around if you have to use shared ownership.
    • pinklady21
    • By pinklady21 11th Apr 18, 3:39 PM
    • 519 Posts
    • 355 Thanks
    pinklady21
    Don't walk away. Run!
    • InterestedParty2018
    • By InterestedParty2018 11th Apr 18, 3:54 PM
    • 39 Posts
    • 19 Thanks
    InterestedParty2018
    Have to agree, this is a massive investment/financial commitment. If you are unsure, move on and find something else that ticks your boxes.

    You have not yet bought, yet you know all the circumstances (lease length, car parking, unserviced boiler and the increased mortgage costs), if you progress it will be entirely your own choice. Please dont think complaining after the event will make things better.

    I would also take this opportunity to suggest that you read your lease with a fine tooth comb to avoid any surprises. Do not rely on what the EA or your solicitors says, read the document yourself!
    • steph2901
    • By steph2901 11th Apr 18, 4:04 PM
    • 288 Posts
    • 172 Thanks
    steph2901
    I would probably walk away and look for something else that had the things I wanted, like the parking and not having to worry about the expense of extending the lease.
    • AnotherJoe
    • By AnotherJoe 11th Apr 18, 6:34 PM
    • 8,996 Posts
    • 9,889 Thanks
    AnotherJoe
    Another vote for walking.

    If you do proceed then make your complaint to the person you see every day in the mirror.
    • da_rule
    • By da_rule 11th Apr 18, 6:46 PM
    • 2,562 Posts
    • 2,264 Thanks
    da_rule
    Cut your losses and walk.

    told by my EA
    Originally posted by Mozalini
    Also, this is your issue, they're not your estate agent, they're your sellers estate agent. Their job is to sell the property on the behalf of the seller, even if that means being a bit lose with the truth. The other issue is that EA's often don't (never) research the title and rely on what their client tells them, which is why you get legal advice to check this stuff out.
    • Brookside88
    • By Brookside88 11th Apr 18, 8:26 PM
    • 64 Posts
    • 153 Thanks
    Brookside88
    I'd be running in the opposite direction. Sound like a hideously bad idea to proceed with an 85 year lease, no parking, an expensive mortgage and a dodgy boiler
    Barclaycard CC 5,912.12/0___Virgin CC 0/5,185___Zopa Loan 5,680.83/5,293.50___Tesco CC 1,922.46/1,847.46___MBNA CC 6,323.15/5,683.15
    Total 19,838.56/18,009.11 (9.2%)
    • diggingdude
    • By diggingdude 11th Apr 18, 8:30 PM
    • 121 Posts
    • 112 Thanks
    diggingdude
    are you certain about lease length? The shared ownership i looked at 2 years ago all came with a new lease off the HA when you purchased
    House Deposit - Target 20000 April 2019
    Current Savings - 10225
    • HampshireH
    • By HampshireH 11th Apr 18, 8:38 PM
    • 556 Posts
    • 572 Thanks
    HampshireH
    Have you renegotiated the price to factor all this in?
    • Mozalini
    • By Mozalini 11th Apr 18, 11:23 PM
    • 3 Posts
    • 1 Thanks
    Mozalini
    I will probably try and renegotiate the premium if the boiler isn't up to scratch.
    I'm a first time buyer and doing this on my own so I appreciate all the advice. I think I need to have a long think about whether this is the right property for me. Booooo :-(
    Thanks guys
    Professional complainer. Because why not?
    • bike saving expert
    • By bike saving expert 11th Apr 18, 11:31 PM
    • 77 Posts
    • 13 Thanks
    bike saving expert
    started reading this then realized the problem well basically estate agents lie in order to sell properties they serve themselves only. But they are slightly more on the side of the person they are selling for than you.

    sounds like your broker probably should have known that about nationwide that sounds like his fault.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

364Posts Today

4,620Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke? https://t.co/9FxNEpDs6p

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr? https://t.co/B2ft5OS3Ig

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R? https://t.co/vi3hBxo4Hn

  • Follow Martin