House Buying Is More Stressful Than Divorce, Death or Bankruptcy

[Kenickie]

Ten viewers is great.

[Figaro]

All sounds very promising! Fingers crossed.

[Froozy]

Ten viewings is very promising, good luck! D's flat has finally completed so we're hoping to get our house on the market in a month or so. There's a lot of decluttering to go yet.

If your movers also pack you do they go into the loft as well or do you have to do that/bring the stuff down? D is planning to pack up the loft but I'm hoping we won't need to bother.

[Cerise]

Ours went up there, Froozy.

[Derek Nimmo]

The good news? Two offers at asking price, both from first time buyer couples in exactly the same positions. The EA has gone back to them to ask for last and finals.

The bad news? Somehow, they've both got the idea that I will pay for a lease extension (currently at 90 years), which will add untold time/effort/money onto the deal. And puts the place I want in jeopardy as they were keen to get everything done asap and ideally were holding out for a cash buyer.

I knew, knew, KNEW I shouldn't have bought leasehold again. This fucking system! Will see if I can think of a way round it once I've heard last and finals, like a reduction in price of the best offer or something.

[Squirrel]

Wtf is wrong with 90 years?! Gaah. Best of luck Del.

[Derek Nimmo]

I wonder if the EA has been putting ideas in their heads I told him originally that I'd investigate the idea of getting them the rights to buy (because you have to be in situ for two years to get that automatically), but not that I'd pay for it!

[Squirrel]

I wondered that too. Or if they're nervy first-timers who have been watching too much Kirstie & Phil.

[Figaro]

Great news about the offers! How much is it to extend the lease? 90 years sounded like the threshold for being considered acceptable from the reading I've done. I must admit I'd feel
a bit twitchy about anything under 100. Do you think the EA told them to ask for it?

[Derek Nimmo]

£4/5K I reckon Fig, it's more about the time it takes than the money to be honest. Even to secure the rights - something I did when I sold my last place in London - took months and months though.

Standard leaseholds are 99 years, so I'm glad you never looked at any flats

[Figaro]

Me too! I'm sure the flat I lived in in London had a 999 year lease though.

Looking online it seems that 80 is what everyone is saying "don't buy if it's less than this", so maybe they're just being cheeky.

[Luna]

Is there a chance of the new owners buying a share in the freehold, Del? Sometimes this offer is more inviting if plans are afoot for this. Who are your agents? You can give me the initials if you like.

[Derek Nimmo]

A 999 year lease means that you have share of freehold, you can't say that formally though for a flat as you can't physically 'own' the land if there's x amount of you stacked on top of each other.

[Derek Nimmo]

Fraid not Luna, there are two other flats in the house - one owned and rented out by the Freeholder already, and the other by a miserly old git who rents it out and hasn't got the slightest interest in banding together with me and wresting the Freehold away.

[Luna]

Hmm. That is a bit shit. But a 90 yr lease shouldn't be cause for concern and doesn't cause a problem for lenders unless it's under 70 yrs. The agent works for you so don't be strong-armed into accepting a lower offer because of it. They should be getting more from the buyers for you.

[absley]

I'd bet on it being the EA who said something, Del.

[Rebel Pebble]

Oh, for goodness sake, how annoying. 90 years is fine! Our first flat had 68 years to go and THAT required getting extended as part of the buying process.

They're being lazy - they don't want to have to deal with it themselves before they come to sell in the future by which time it might be an issue so they're pushing it onto you. And I'd put money on the EA having mislead them.

[Derek Nimmo]

I have sent him an email asking him what put the idea in both their heads pretty bluntly. Seeing as he only saw fit to email me to tell me that neither of them could up their offers I thought I wouldn't do him the courtesy of a phone call either

Have I mentioned how much I fucking hate this process?

[Luna]

They are not really acting in your interests are they? Fucking Estate Agents

[Mayday]

What is EAs obsession with best and finals? I know its to trick people into paying more but I find it really sneaky (an EA, really? I hear you say ).