House Buying Is More Stressful Than Divorce, Death or Bankruptcy

[Angus]

How infuriating, Del. At best I'd be offering them the cost of the extension off the price, I certainly wouldn't drag it out by extending it before the sale. As others have said, it won't affect their mortgage.

The house we looked at on Sunday would have been perfect with a bit (lot) of work but then Mr A noticed an RSJ in the front garden. It's on a sharp bend and they have issues with people crashing into their garden so it's a no.

There is just nothing for sale though. The EA says they normally have 70-80 properties for sale at this time of year, they currently have 8.

[Ella77]

Argh, heaven save us from first-time buyers who have Read A Book.

[Derek Nimmo]

That's insane Angus, did the EA say why he reckoned so few properties are around?

Allegedly, both sets of buyers have parents who have advised them not to accept a lease of under 125 years and so the request came from them :woteva:

I have told the EA to go back to them both and explain that I am not going to pay for that lease extension, and if they want to revise their offers in response then I'm open to hearing them. He's also told me that there have been more viewings on the place that I want, and that his advice would be to take one of these offers to reassure my sellers and lock them in, but to keep showing the flat (I've got six more viewings lined up for this week) and if I get a better offer to ditch them. Erm...unethical much? I'd feel so uncomfortable doing that, but would be really interested to hear other people's take on it.

[Lucy666]

I would be very cautiously thinking about using a different EA because I don't think shitty ethics like that is a very promising sign. I say this with the caveat that a) they might all be like that and b) you might be locked in.

[Rebel Pebble]

Allegedly, both sets of buyers have parents who have advised them not to accept a lease of under 125 years and so the request came from them :woteva:

Then there are four idiot parents out there if it's true. When we had the aforementioned lease extended it was to...125 years but from 5 years before we extended it because that's when the current set of leases ran from or something (big block). So actually 120 years. They're in for a long and painful flat hunting process if they stick with that principle, and will probably be seen on Lx3 being massively irritating in a year's time

Having been gazumped as a FTB I'm morally opposed to the EA's plan but there's a small part of me that thinks your two lots of potential buyers are a load of chumps who will drive you crazy anyway.

I'm not at all impressed with your EA's absolutely BLATANT lack of ethics though. Usually they're subtler about it.

[Derek Nimmo]

Then there are four idiot parents out there if it's true. When we had the aforementioned lease extended it was to...125 years but from 5 years before we extended it because that's when the current set of leases ran from or something (big block). So actually 120 years. They're in for a long and painful flat hunting process if they stick with that principle, and will probably be seen on Lx3 being massively irritating in a year's time

So true!

I'm locked in for six weeks Luce, but the reason I chose this EA is that he's also selling the place that I want, so it would be in his best interests to find me a buyer quicksmart. Not to the point of having zero ethics, but I rather doubt any other EA would be that different. Gah, although I'm glad to see we're all of a mind on this one - I was beginning to doubt myself.

I will see what they both come back with, and then take a view.

[Kenickie]

I think your buyers are being overly cautious, but I don't think it's justification for treating them like that, sadly. Your EA sounds horrible and I'd be a bit worried about what he's advising the sellers of the place you want.

[Ella77]

I agree with Ken. I do also think that maybe those parents do exist, because when we were buying, my in-laws had all sorts of ideas about lease lengths, having only ever bought freehold themselves. Either way, I think you're quite right to be firm about it and refuse to get involved in the paperwork. It would be quite stressful enough doing it for yourself, let alone somebody else!

[smalex]

I've never lived in a leasehold, so excuse my ignorance, but will the lease definitely be able to be extended?

[Derek Nimmo]

Yep, by law the freeholder has to extend it - and why wouldn't they? It's free money! It's just that the process takes for-bloody-ever, and that's when you've got a responsive managing agent / freeholder (which I don't).

I secured the rights to extend for my buyers in London (the lease was hovering around the 80 year mark so a different situation) and it took months and months.

[Lucy666]

I also believe those parents exist. In my experience, parents (who have lived in their family home for 20 odd years) have much less experience of how the market works these days and therefore tend to be weirdly over-cautious.

[smalex]

Yep, by law the freeholder has to extend it - and why wouldn't they? It's free money! It's just that the process takes for-bloody-ever, and that's when you've got a responsive managing agent / freeholder (which I don't).

I secured the rights to extend for my buyers in London (the lease was hovering around the 80 year mark so a different situation) and it took months and months.

Ok, I see. That is frustrating, They could afford to spend ages applying for it, while happily living in the flat.

[Derek Nimmo]

Exactly! And the difference in cost between 90 and 88 years should be negligible.

[Chicky]

Gah Derek, that's frustrating. I agree the EA is being a pillock, but over-cautious buyers can be a nightmare too. Hopefully someone can talk some sense into them!

I'm not buying a house (ever again), but I am getting a joint mortgage with my sister who wants to buy a flat in London. She has no way of affording a property unless she goes in with someone, and it makes the most sense to do it with me as my dad (and Mr C for that matter) are too old ( ) and my other siblings have young kids and other financial commitments. I'm not putting any money in, nor contributing to any costs so will have no vested interest but am still very curious as to what she wants to buy.

[Puss in Boots]

It sounds like the EA just wants the two sales to go through as soon as possible, a few thousand pounds on either side won't make much difference to his commission and then he can move on to the next sale

Sorry, that's not particularly helpful nor insightful. Do you feel comfortable to sit it out a bit longer?

[Livilla]

Over anxious buyers are the worst. In your shoes I'd say they can have a bit off the price, then, and sit it out, but that's easy to say from the outside!

[Lucy666]

I'm also not massively convinced that going with the EAs who are also selling the house you want is ever that helpful, in reality. I appreciate you have a lot more experience in this than me, though

[Derek Nimmo]

I don't really have that much choice but to sit tight Liv (and Puss) - my potential sellers will keep the place on the market if I can't offer them a quick deal (which would be the case if I had to get involved in any kind of lease dealings) and then it could all be for naught, so my potential buyers either come up with less dosh/a promise to take it off my hands with no more nonsense or they don't. I was never convinced I'd get asking price anyway, so am quite prepared to take less.

It seems logical to me Lucy, in that it's in their best interests to make both your sale and purchase go through - this one has taken it to unethical lengths though!

ETA Chicky, forgive my nosiness, but she can't afford to buy without you but you're not contributing to the mortgage - how will that work?

[Chicky]

She can afford the monthly mortgage payments (which aren't that different to her rent now) and my parents have lent her a deposit but she doesn't earn enough on paper to get an actual mortgage Del, so that's why she needed me. I don't know how anyone ever affords a place in London really, it's crazy.

[Derek Nimmo]

London or the South East really, prices are insane throughout. Thank you for satisfying my beak!