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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

WIBU to put an offer in on another property?

41 replies

motheroreily · 15/06/2018 12:58

I had an offer accepted on a flat in feb. The flat is empty and I'm in rented so it should be straight forward.

However my solicitor has found an issue with the ground rent (it rises by 8% every year) which means it may be difficult to get a mortgage and sell in the future.

The solicitor has requested a deed of variation on the lease. However, no progress has been made. It hasn't even been requested yet.

I also know the freeholder may say no to the deed of variation when they are asked

I dont want to carry on waiting indefinitely. I've asked for updates and a timeline of when i can expect a resolution.

I've seen another flat I like. Would it be bad to make an offer and walk away from this sale? I feel bad for the sellor

OP posts:
scattercushion · 15/06/2018 13:00

Do it!

DownUdderer · 15/06/2018 13:02

The seller will know the risks and might have to face the fact that you need to move onto a different flat and move on with your life.

frustratedashell · 15/06/2018 13:04

You've been waiting since Feb? Definitely put in an offer on other property

mumtomaxwell · 15/06/2018 13:07

We walked away in similar circumstances... it was about a bit of garden that didn’t show on the tithe deeds but the vendor had acquired from the developer who built the house. It could have been sorted out quite easily but the vendor’s solicitor didn’t do anything about it nor showed any sign of wanting to! We didn’t want to buy something that could potentially be difficult to sell... so we didn’t buy it!

Ariela · 15/06/2018 13:09

Perefectly reasonable to do this - if the ground rent rises by 8% per year it's going to be a hideous sum in a few years, so you'll be better off elsewhere and that explains why the flat is empty I'm sure!

BottleOfJameson · 15/06/2018 13:10

YANBU. They're fault for dragging their heals.

BottleOfJameson · 15/06/2018 13:10

*their!

ikeepaforkinmypurse · 15/06/2018 13:11

In this case, of course. Frankly, it's always acceptable to walk out after a bad survey or bad search results from your solicitor, that's why you get them done, you pay to protect yourself.

Make an offer on the other property.

SockMatchmaker · 15/06/2018 13:12

Yanbu, in fact I’d pull out of your current purchase full stop.

DontCallMeCharlotte · 15/06/2018 13:15

If it can be resolved, I would be making the estate agent earn his (considerable amount of) commission by getting him to chase whoever's dragging their feet.

Original poster
motheroreily · 15/06/2018 13:18

Thank you all so much.

I don't think my solicitor has been that efficient either but the other solicitor could have been alot more proactive.

Im desperate to change jobs as I'm commuting 2 hours each way this is draining for my daughter too who is with a childminder for long hours after school but dont want to do anything til I've got a mortgage. Im paying about £200 a month more in rent than my mortgage will be for a similat property. Prices keep rising where I live and I'm at the very bottom of the market in terms of my budget. So all in all I'm a bit desperate Grin and can't hang around

OP posts:
MinesaPinot · 15/06/2018 13:18

YANBU to pull out. I would do the same in the circumstances.

Abetes · 15/06/2018 13:19

Yes, go for the other flat. You need to be a bit selfish, there’s no point buying something that you will struggle to resell.

ThePeasantsAreAtTheGates · 15/06/2018 13:20

You sound like a lovely person to worry about the seller, but sadly all's fair in love, war and house sales/purchases. It's perfectly reasonable to walk away at this stage given the situation. It's preferable if you can find a flat where the freehold is owned and shared equally by all the flat owners in the building.

Rachie1973 · 15/06/2018 13:23

8%???

I'd definitely pull out now.

WeAreGerbil · 15/06/2018 13:24

YANBU at all, you've waited ages. Which flat do you like best though?

Noqont · 15/06/2018 13:25

Do it.

cherrytrees123 · 15/06/2018 13:26

Yes, pull out.

Original poster
motheroreily · 15/06/2018 13:34

wearegerbil that is a good question! The new one is slightlymore expensive (still in budget though if it doesn't go for more than the asking price) but is in a better location for me so is probably my preference

OP posts:
PlatypusPie · 15/06/2018 13:35

That’s an insane ground rent increase - no solicitor with any credibility is going to let that pass. THe compound increase after even short time is dotty. They won’t get anyone to buy it with that on a lease so I don’t understand why they aren’t complying with your request. The recent fuss about new build leasehold houses has been partly about those sort of clauses ( also usurious freehold purchase costs)

Go, go, put in an offer on the other one !

FizzyGreenWater · 15/06/2018 13:35

No brainer. Prices are rising, you prefer the other one, the original one might not even do the deed of variation? Don't wait another moment!!!

reallybadidea · 15/06/2018 13:39

The rising ground rent clauses have been in the news recently as being an utter rip-off. I would run like the wind!

eggsandwich · 15/06/2018 13:39

You may well have a similar issue with the other flat and the ground rent rising, speak from experience.

NeverTwerkNaked · 15/06/2018 13:41

Of course Yanbu.

Loonoon · 15/06/2018 13:44

They are doing nothing to expedite this. Make the second offer and if is accepted pull out of this deal. It might be what is needed to get them moving!