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Property purchase - should I pull out?
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Fig Lee
Posted: 04 October 2020 13:10:55(UTC)
#42

Joined: 23/12/2019(UTC)
Posts: 1,477
Ah, I see. I didn't realise that the surveyors are able to provide a market view on "fair" price for the area and condition.

Agents have certainly bid prices up.

But this vendor owns 41 houses and are a large company not mindful to make concessions.

I intend to take another look and see how I feel about it. Plan B is to remain renting a little longer which would not be good.

I did previously look into buying a house remotely and located in the north west which is physically a great distance away from me.
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Jimmy Page
Posted: 04 October 2020 13:50:30(UTC)
#44

Joined: 11/11/2017(UTC)
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So far as a structural survey is concerned, you don't necessarily have to use it as a negotiating weapon.
In our case, the roof condition was unknown to the vendor and it led to an amicable reduction in price. Had they not agreed, then we would have had to decide whether or not to buy at the original price, albeit in the knowledge that some expensive repairs were also due. Forewarned and forearmed.
Rightly or wrongly, it was in our view all part of going in with eyes wide open. Caveat emptor and all that.
Each to their own though. I certainly wouldn't presume to advise anyone on how they spend their money.
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Fig Lee on 04/10/2020(UTC), NoMoreKickingCans on 04/10/2020(UTC)
Newbie
Posted: 04 October 2020 14:26:34(UTC)
#43

Joined: 31/01/2012(UTC)
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Fig Lee;131793 wrote:
Ah, I see. I didn't realise that the surveyors are able to provide a market view on "fair" price for the area and condition.

Agents have certainly bid prices up.

But this vendor owns 41 houses and are a large company not mindful to make concessions.

I intend to take another look and see how I feel about it. Plan B is to remain renting a little longer which would not be good.

I did previously look into buying a house remotely and located in the north west which is physically a great distance away from me.


Have a look again and if you feel that what you are paying for is not the value which you feel it is (be it present or future) then do not proceed. By that I mean, think of it in terms of discounts and premiums on an IT.

If you have doubts, but decide to go ahead, the likelihood is that, this will always be a niggling point and you may not feel comfortable in the house which can have big impact on your lifestyle given this is likely to be your largest outlay and you will be faced with it everyday.

Just a thought.
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2 users thanked Newbie for this post.
Fig Lee on 04/10/2020(UTC), gillyann on 02/11/2020(UTC)
Fig Lee
Posted: 04 October 2020 15:04:01(UTC)
#45

Joined: 23/12/2019(UTC)
Posts: 1,477
These are very good thoughts thank you both.

And Newbie I think that you have put your finger on the heart of the matter in your last sentence. I guess that most people have some kind of light that goes off in their mind when they know. Perhaps I am just too weird or old to appreciate these things and I know that I should.
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New Simon T
Posted: 06 October 2020 07:04:37(UTC)
#46

Joined: 19/07/2018(UTC)
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For info - I am selling my house now and it has been over 20 years since I last sold a house, and the number of forms and uploads and questionnaires is incredible
Can't remember if was like this previously
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Tim D on 06/10/2020(UTC), Fig Lee on 06/10/2020(UTC)
Fig Lee
Posted: 07 October 2020 17:55:48(UTC)
#47

Joined: 23/12/2019(UTC)
Posts: 1,477
I have a similar problem with documentation too.

My problem is with security as I fail all credit checks I think because I have no credit history.

And also when I try to open an online savings account they ask for originals or certified. For 0.5% interest I don't think so.
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Tim D on 07/10/2020(UTC)
Fig Lee
Posted: 10 October 2020 12:55:11(UTC)
#48

Joined: 23/12/2019(UTC)
Posts: 1,477
Just when I thought it this was done...

So the latest episode in this sad story has taken a more unfortunate twist,

It looks like I may have lost the house I wish to purchase and some legal fees in the process,

Being a cheap skate and in the interest of time I opted for a no sale no fee conveyancer. There was a subsequent breakdown of communication with them or more correctly put, they failed to communicate with me. What they do (if you have never used one) is upload documents such as search results, sellers pack, title document etc. on to a web portal. You then review. So I sacked them.

After a chat with the estate agent and wish to avoid finding someone else I went back to the cretinous conveyancers and gave them a second chance. I got a new contact name and carried on from where we left off from.

Then a draft contract of sale from the vendor was uploaded and I reviewed this and me being me requested on there being 2 changes:
- Cash deposit not held in the seller's solicitor account (as they requested) but in my solicitor own account
- 10% deposit reduced to 5% (ha)

The above changes were communicated I assume via the conveyancer (whom I still had no contact with) and the vendor must have gone nuts; estate agent let me know. Oh dear

So we both (estate agent and myself) were trying to get some communication going with them this week - but no dice. Human nature never ceases to amaze me.

And I see that the property is now back on the market and as for me it looks like I am in some kind of limbo but not the party type dancing. Having to extend my flat rental lease would be icing on cake.
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NoMoreKickingCans on 10/10/2020(UTC)
NoMoreKickingCans
Posted: 10 October 2020 18:40:43(UTC)
#49

Joined: 26/02/2012(UTC)
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Oh dear, that is sad if you were really in love with that house.

I think be wary of services offered at potentially no charge.
I think a decent conveyancer would have explained whether or not your changes were reasonable or likely to be accepted by a vendor. I have had similar concerns about building contracts and wanting a greater retained amount. But I think as soon as you try and move away from what has become accepted practice and standard terms - you get the cold shoulder. No profession or industry seems to want customers sticking their oar into whatever, possibly cosy, arrangements have evolved. In the end estate agents, conveyancers and so on are all in the same game.
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Fig Lee on 10/10/2020(UTC)
Fig Lee
Posted: 11 October 2020 12:41:13(UTC)
#50

Joined: 23/12/2019(UTC)
Posts: 1,477
Thank you for your kind words No More.

Yes, these things can put you on a downer and the challenge for us all is to remain mentally positive and resolute.

My thinking behind changing the contract was that usually (unless I am mistaken) the buyer's solicitor retains the deposit on exchange pending completion. The vendor is a large limited company and these can go bankrupt and possibly the vendor may choose not to complete. I would have thought that deposits are "guaranteed" by the Law Soc in the event of a breach of contract but I need to check.

Nevertheless the agent still thinks the sale is on but we will see.

Perhaps its all for the best though as large cities enter lock down once again and most smart people are leaving it.
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countrymum
Posted: 11 October 2020 12:56:11(UTC)
#51

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Fig Lee I'm sorry you lost the house and some legal fees

If it is of any comfort, sometimes things do seem to happen for a reason. I hope that this transpires to be one of those times, and that things move on for you in a positive direction.
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Fig Lee on 11/10/2020(UTC)
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