To pull out of buying this flat

[WithKumdud]

My offer was accepted 4 months ago, but they've been slow even though they know I need to move for work by Feb.

Still lots of outstanding questions and they have refused to buy an indeminity policy for where they have breached the lease with their alterations.

I feel like they are running down the clock so I just press ahead, but I'm not going to spend 450k on something unless all the boxes are ticked.

Its reaching that point where I will either have to exchange or just start looking to rent.

Would you just pull out and not feel guilty?

I'd have pulled out the moment they refused to buy the indemnity policy tbh, and wouldn't have felt guilty. If you are really keen maybe tell them your bottom line is that they do that and that you exchange within 2 weeksv to complete when you need in Feb or you're pulling out

Sounds bad. Give them an ultimatum on the indemnity policy and a date for exchange.

450k is a huge amount to risk on flaky sellers.

Would you just pull out and not feel guilty?

What on earth would you need to feel guilty about?
They are shillyshallying despite knowing that you have urgent need to complete, they disregarded their lease conditions & are refusing to rectify that with an indemnity, so why waste any more time on them?

Frankly you might even proceed quicker if you find another flat you like this week. I've completed in 6 weeks before. It's entirely possible - just that people are too accepting of excuses & expect the experience to be protracted.

They've messed you around, you should just walk away

I think it's worth a final message - "Look, I want the flat and I need to complete not mess around Get the indemnity policy and exchange this week and complete in two or I'm out.

And do it.

Walk away.

Just pull out indemnity insurance costs buttons last one I did was something like £20, 10 years ago. Find yourself somewhere else, theoretically if you found a short chain or chain free you could move in a few weeks, quickest I did it was 6 weeks found the house on 27/12 and moved in on the 18/2, everyone was quiet as people push to move by Christmas and people stop looking towards the end of Nov.

This was a chain free house in the SE

I’d start looking at other property and give them an ultimatum - they sort the indemnity and exchange by a certain date, or you’re pulling out.
I’ve been messed around by sellers in the past, and given ultimatums. One pulled through, the other I let go and actually found a far better property.
If they want to sell it, they’ll do the very reasonable things you (& any other buyer) are asking for. If they don’t do them, then the whole purchase will probably be a nightmare.
Fwiw I’ve completed 3 weeks after having my offer accepted before, so there is still a chance you could be done by Feb if you find the right property/vendors.

Still lots of outstanding questions

Unless your questions are totally weird/unreasonable/unanswerable this isn’t good enough. I’d call it a day - £450k is hardly loose change.

Even if they did agree to cover the indemnity policy, I'd read the small print really carefully, and check that it would cover you for all costs emanating from the breach.
Many years ago I acted for a client who'd bought a flat with alterations made without consent. When the Landlord found out, they were pretty ruthless in their pursuit of the lessee, and the whole thing was a nightmare. I don't think the indemnity policy covered all the costs ( lawyers fees, surveyors fees, landlords costs, re-instating the original layout, decrease in flat value etc)and the aggravation caused to the buyer was just awful.
I wouldn't touch it with a barge pole unless the landlord agrees in writing to waive the breach permanently. And that would need to be through their solicitors, not just an uniformed consent. I'd also want a full set of building regulation consents/guarantees for the work.
HTH.

PUll out and find somewhere else, even if you need to rent for six months

Pull out, rent somewhere. If it is a new area you might find its best to have a few months experience of a new place before you buy anyway.

There are always more houses. Even in desirable areas, even in London...there will always be another property. If you can rent whilst finding another place I would pull out, rather than risk half a mil!

An indemnity policy is rarely worth anything at all.

Solicitors love them and demand them for all sorts of crap things for which they make no difference whatsoever.

I have an indemnity for one thing which was essential as, if invoked, (for which the chances are minimal) it could cost me 10s of thousands to fight the legal case.

But I refused to get them for a couple of requests on the property I sold and luckily, because I could talk to my buyers, they agreed they were pointless.

One was for a raised deck, built with no planning permission 18 years ago. - the only thing the indemnity would cover is against the council arguing against it being there with no PP. Council can't do anything anyway because it was more than 10 years ago.

The second is for some electrical work done 10 years ago. Again, I didn't realise at the time I needed a certificate. When I found out about needing a cert after I put the property up for sale, I got an electrician to fully check it and give it a safety certificate. Again the sols were wanting an indemnity. All this would cover against was the council deciding to check (and then refuting the safety cert I had done) - it wouldn't cover for shoddy work even if this resulted in damage - do pointless.

I'm not saying yours is pointless - but it may be. It would be worth checking it out. AND it may be their sol being obstructive rather than the sellers.

Is it them or their solicitors who are being slow? Do they need to buy somewhere in order to move out?

Are you paying 450 grand for a flat?

Have pulled out of two properties at later stages before. In one, the survey threw up major issues with the drains and roof and vendor wouldn't drop the price. In the second one the survey showed the extension hadn't been built according to proper building regs and would probably have to be torn down.

Until you exchange you have the right to withdraw at any time for any reason. If your gut is telling you it's a bad decision, don't proceed.

Are u in contact directly with buyer ? I know when we sold that we thought the buyers were being slow but it turned out to be the solicitors and the estate agents were not working for us. We then spoke directly. Us and the buyers and the sale completed very quickly. Before the act see who is causing the delay

Depends how much you like the flat imo. Have you gone off it?

Pull out. The fact that there are still loads of unanswered questions after 4 months is not a good sign. I agree with PP about the value of some indemnity policies, but in this case if it's to cover alterations in breach of the lease then I would definitely want one. They aren't expensive - I paid for one when I sold my flat and it cost me £50.

If the alterations have been done in breach of the lease I would be very careful about proceeding whether or not you get indemnity insurance. I have only ever had to once claim on indemnity insurance policy for a client and it was refused by the indemnity insurance company in the end which makes me think they are all a complete waste of money.

Yep, agree with others to walk away.

(But I really only came here to commend messolini9 on the most wonderful word I've ever heard, and therefore will now incorporate into my daily vocabulary: shilly-shallying! Messolini thank you for that word!)

Sorry for the interruption WithKumdud as you were...

I wouldn't walk away, I would run!

I would not accept an Indemnity policy in these circumstances
Generally speaking it's the Lenders who insist on the policies not the solicitors