WIBU to put an offer in on another property?

[motheroreily]

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

Do it and don't look back- 8% ground rent is insane!

Definitely go for the second then! I had to pull out of my first flat when it turned out the freeholder has disappeared, and I pulled out of my fifth purchase when I found the sellers had lied to me. It's a big decision and important you get it right for you.

Put in the offer now! In fact, pull out of the first one in any case as it seems as if it will drag on and is going to be problematic for you and your mortgage.

Crack on! all's fair in love and property! :D

I would have pulled out as soon as I heard about an 8% annual rise in ground rent.
Phone your solicitor and pull out NOW.
Make an offer on the other flat.
If it gets accepted tell them you will pay an extra £1000 in cash on completion day IF it is done in 6 weeks.
Trust me, the vendor then gets their solicitors moving.
You will save that money in dead rent of two months solicitor feet dragging.
Good luck.

I read the title and came on here all ready to huff and tell you to behave decently and stick with your original offer.

But having read your actual situation I think you would be absolutely right to offer on another place.

You should def not worry about the seller. These things happen all the time and also they had plenty of time to chase things along if they were really keen to sell.

Ground rent rising at 8% per year is ridiculous.

There's an ongoing saga with some leasehold properties that have onerous leases. Have a look at NLC (national leasehold campaign) on Facebook for all the detail, as it may help you make a good informed choice when buying a flat/avoiding a leasehold house.

has Nigel grown his hair for a particular role?

I met him twice IRL - so easy to talk to. Not something I say very often!

oops wrong thread lol.

I feel bad for the seller
Well if you have been waiting since Feb, they certainly don't feel bad for you.
Forget this flat. You can do so much better than mad ground rent increases every year.

I'd pull out alltogether and make offer on other property

Def move on. You weren't aware of the info at the time you made the offer so its quite reasonable to withdraw. Offers are subject to survey and conveyancing etc.

Probe the agents for detailed info before making an offer on your next place!

Thank you. I feel alot better about my decision.

Ok offer accepted. im going to pull out. Im really nervous.

Good luck!

Don't be nervous, it's for the best. Good luck in your new home.