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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

AIBU to renegotiate a property offer..

71 replies

Charliechoco · 04/04/2024 14:55

Me and my partner put an offer down on an apartment, which was incredibly fair, we came in asking price.

However, since receiving the management pack, we noticed there are 20 years less on the leasehold than what was advertised by the estate agent. This means in a few years time, we will have to pay for a leasehold extension, which we did not factor into the price… We are at the top end of our budget.

Am I being unreasonable to renegotiate our offer to reflect the cost of a leasehold extension?

We were not considering properties that immediately required an extension, so it's quit frustrating, given we have already spent hundreds of pounds on legal fees.

We were also told we would own the Garden, which according to the pack, is not the case.

OP posts:

Ghostgirl77 · 04/04/2024 15:00

If it was an error by the estate agent and you were given incorrect information then I don’t think you WBU to renegotiate. Be prepared that the seller might pull out and relist the property though, particularly if they had other interested buyers.

TheBestEverMouse · 04/04/2024 15:02

Definitely wouldn't be unreasonable for material differences like those.

But beware the sunk costs fallacy. Spending thousands on a lease Vs hundreds in legal fees. Better to lose the legal fees now than thousands later.

CatAdvice101 · 04/04/2024 15:02

How long is left on the lease? I personally would pull out, and I certainly don't think you'd be cheeky to renegotiate

ToxicChristmas · 04/04/2024 15:03

I'd pull out at 20 years less personally. After seeing the struggles a friend had renegotiating a leasehold, I wouldn't touch one. Also the garden would be a deal breaker for me.

GoingOnHol · 04/04/2024 15:03

Definitely!.It's very misleading, especially not owning the garden! I'd be very wary about what else they are concealing too...

bolwin1 · 04/04/2024 15:03

Depends - is it 980 years going to 960, or 80 years going to 60 - makes a big difference.

Not owning your own garden would be a deal-breaker for me though - assuming you even have access, you'd be limited to what you could do with it.

I'd certainly be renegotiating (or walking away) re the garden situation & probably doing the same re the lease duration, assuming it's not 100s of years.

friggingno · 04/04/2024 15:03

You were given incorrect informations that formed the basis of your initial offer. Of course you should re-negotiate.

alexisccd · 04/04/2024 15:06

That's two significant differences. Sellers have ti check the estate agent listing - honestly I'd forego the 100s and walk away

Crumpleton · 04/04/2024 15:32

These are quite big 'misses' that were left out of the information.

Not sure what the outcome would be as there's no way the 20 years or garden ownership can just be given back.
I'd go and speak to the estate agent just to see what they have to say though, you've effectively paid for a garden that you have no access to.

If it's a property you really do want and are happy with the 'misprints' try and negotiate a lower price but if you feel they're definitely to big to lose out on, walk away.

Haydenn · 04/04/2024 15:36

The post above has it right with 20 years less of what? If you were quibbling over 20 years less on a 900 year odd lease I’d think you were a twat.

The garden is an issues. If they didn’t accept the lower offer would you walk away- how much would you lose in legal fees? And are there other properties on the market at a comparable level that you can afford? Or will you lose this one but not find anything else?

Original poster

Charliechoco · 04/04/2024 16:10

Haydenn · 04/04/2024 15:36

The post above has it right with 20 years less of what? If you were quibbling over 20 years less on a 900 year odd lease I’d think you were a twat.

If will be less then 100 years

OP posts:

spottydinosaur · 04/04/2024 16:24

The garden to me is the bigger issue!

The listing should have been checked by the sellers before the agents advertised the property.

Is the garden shared or do you not have access at all?

Waitingforeverandaday · 04/04/2024 16:27

If you have your heart set on it say you'll keep the offer as is if they extend the lease - you won't be able to do it for 2 years after purchase anyway and you don't want it dropping under 80 years or the costs are extortionate. Otherwise walk.

As for the garden... Definitely walk away.

ToxicChristmas · 04/04/2024 16:29

spottydinosaur · 04/04/2024 16:24

The garden to me is the bigger issue!

The listing should have been checked by the sellers before the agents advertised the property.

Is the garden shared or do you not have access at all?

Me too.
The value of a property with a private garden compared to one with a shared or no garden is vastly different. I personally wouldn't buy somewhere without a private outside space so that's non negotiable for me. Obviously you may feel differently, but it certainly changes the value of the property.

Haydenn · 04/04/2024 16:32

I’d probably send the new offer via solicitors with your reasoning so the seller knows your problem is with us estate agents listing a tactics- rather than having the estate agent reframe your offer as you being difficult. I would ask they extend the lease- rather than you renegotiating price here. You don’t know what you’ll be in for price wise- so I’d get the seller to sort that. The garden however I’d be dropping the price based on that- look at other properties in the area for an idea of what to do there.

Chatonette · 04/04/2024 16:46

YANBU- you put the offer in under false information regarding two significant aspects. I would make it clear to the manager of the estate agent that you are now out £x due to their errors. I would personally avoid this agency going forward—very unprofessional to give false info to buyers. I’d not trust any details on any of their advertised properties!

Nanny0gg · 04/04/2024 16:48

A lease for under 100 years is a pretty big problem

Lou670 · 04/04/2024 16:52

My daughter is going through this at the moment. Amendments to a lease is not cheap and up to the seller to pay for it (although they may refuse to and try to get you to). If it is not amended/brought up to date then it could become a problem later on down the line when you come to sell the property as it would affect someone obtaining a mortgage. I would get the seller to pay for it or pull out.

meganorks · 04/04/2024 16:52

YANBU. What you were buying is not what you were sold. Renewing the lease will be a massive expense. And not owning the garden is quite a major difference! A flat with a garden is much more valuable. I'd be fuming to be honest. Were they just hoping you wouldn't notice?!

slippedonabanana · 04/04/2024 16:53

The garden is a big issue. How was ownership worded differently in the listing and the legal pack? What does each say?

siameselife · 04/04/2024 16:56

The difference between owning and not owning a garden is a massive one. I would a substantial reduction in the price before even starting to consider the difference in lease.
You really need a whole new valuation based on what you are actually being sold.

slippedonabanana · 04/04/2024 17:06

So is the garden shared instead? Do you even want to buy it in that case?

101Nutella · 04/04/2024 17:15

YANBU but personally I would walk away as when I was buying some lenders wouldn’t mortgage on less than 100 years so you’d end up not able to sell it. Or limit who could buy it so you’d lose money.

I think think we paid for surveys on 3 properties before the one we bought. We spent hundreds to save thousands as they say.

Dery · 04/04/2024 17:22

@Charliechoco - these are very significant differences so you absolutely should amend your offer. Leasehold has of less than 100 years could be a problem whatever price you offer.

CrappySack · 04/04/2024 17:27

2 very big issues there. Personally, I'd drop out as I'd want my own garden and short leases can be a nightmare!

Can you see if you can claim any costs back due to you being misled?

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