howlongdoes a flat purchase take? Would you now walk away?

[apismalifica]

Saw a flat in August and by the end of the month had all the finance lined up and survey done. The flat is empty, and we have nothing to sell.

Our solicitor has been quick with everything, but the sellers has not and is taking weeks to reply to correspondence and ignores phone calls from the agent, and only recently made themself available to speak on the phone to our solicitor. The owner, who inherited the flat and lives abroad, seems unable to deal with the solicitor unless the agent phones and reminds her constantly. However she says she is desperate to sell. There are some legal issues re planning consents not yet resolved and the flat management company (made up of the owners of the 5 flats) seems to be having problems answering questions as the sellers solicitor seems to be asking the wrong ones.

Meanwhile the windows and roof let in cold and damp, there is no heating on and it risks deteriorating over the winter. We had workmen lined up for january who can't keep the slot free now and it just drags on. Meanwhile, the market is dipping very slightly but as we lovethe flat and it took us 6 months to find it (long drive and in another city and dragging a very bored child round with us). Have been clear we plan to reduce our offer but not said how much as we still don't know details of what if any work is planned or what sinking fund, if any, there is.

So far almost 5 months for well financed buyers to purchase an empty flat!

How long would people wait? Any ideas on what we should do?

Meanwhile, another flat we liked has come back onto the market.The owner tried to gazzump us 25K just before exchange so we walked away from that, but the price is now reduced to about the same as they had originally accepted from us. We don't really trust them though, and the flat is not as nice.

What would savvy Mumsnetters do!!!!

if you love the flat and can wait then do so. You could suggest that as you will now having to pay extra rent whilst waiting for them you will have to revise your offer.
TBH it is taking alot longer than normal so why dont you keep looking around to see if anything else is available it is a buyers market at the moment. if theres nothing else you can hang on then do so but i would definately be keeping my options open. Wouldnt touch the other place though! if the owners were sneeky before they will be so again walk away from that one!!

this is a 'the little people can wait' situation. The owner is some princess with no idea of money who thinks you are unimportant.

issue an ultimatum with a reduced price to reflect the deterioration in the condition of the property, and that the price will keep reducing by x a month. Maybe that will concentrate her pretty little head into getting her solicitors to do some work that she is paying for.

there is always another property.

I think that's a bit harsh special. When you're dealing with flats, leasehold queries and management company checks are a very major part of it and, if the management company doesn't get back quickly or the local authority is slack replying to queries, you're stuffed. Obviously, if the owner was living here she could try to jolly things along a bit then but if she's abroad then it will just drag on.

I would tell them that you are worried about the flat, that you want to check its condition after Christmas if you haven't exchanged and you may reassess your offer. That might get things moving but ultimatums are probably pretty useless when the delays are out of your and the owner's hands. Alternatively, if you aren't that worried about the planning consents (if the work has been done a long time ago, for instance), you could see if your solicitor can arrange for an amount to be held back from the sale to cover any management company accounts and the balance is paid to the seller when those fees are received which is what we did when we were selling a flat with a useless freeholder.

Good luck, if you like it, hang on a while longer. There won't be much coming on the market this side of Christmas.

Unfortunately, flat and house completions can sometimes take a long time. I used to be a legal secretary and it's not uncommon for sellers or purchasers to give a deadline ultimatum - notmatter what the problems, most of the time this will spead things up. So I'd be tempted to say that if you haven't exchanged by mid January, you're pulling out. At that time you can have a word with your solicitor and see if he/she feels they are very close to exchanging. In the meantime, if you see anything else which may be a possibility go and have a look so at least you know what's on the market and if this flat is really your only possibility at the present time. These days, it shouldn't be a major issue if someone lives abroad, emails are very easy to respond to. They've had plenty of time to sign the contract and if your solicitor drafts a provisional transfer early which is agreed that can be sent off now for signature in anticipation.

not doing anything unless repeatedly chased is a sign of incompetence and arrogance in my book, I'm afraid. She's a grownup and should act like one. Time is money and she is wasting loads of it for the OP.

I would go and do another viewing and see if the condition has deterioated and if you still feel the same for the flat.
If you still wish to go ahead i would definately clearly state a revised price. I would also give them a deadline date, explain to them that it is costing you money to wait and that you cannot afford the extra costs.
I would start looking around again things dont come on the market much just before christmas but they will shortly afterwards. I would definately be looking around to see if theres anything else suitable around and let the agent know you are looking and let them pass on that information to the flat owner.#
Op do you need to be in by a set time or can you wait? i know you are itching to get in but try to to stress to much about it . Dont carry out any threats you are not going to carry through!

Hi and thanks for all the replies! I asked my soilicitor to write to the sellers solicitor with a very big reduction in the price on the basis that I have just had to wait too long and have incurred costs, the market has dropped and I have seen another flat which we had surveyed previously but lost, which has just come back onto the market. Seems to be some result as the owner has agreed to a slightly lower offer, not as low as we threatened though but fair to both parties. The seller is now being more assertive with her solicitor and it looks like it will move forward. We have agreed to stop looking at other property and quite happy to wait now, even though we seem to have lost the slots put aside with workmen.... Really nice flat or we would not have hung in so long. It does take ages to get answers from the management committee etc but once they arrive the solicitor needs to read them and send the answers to the questions on to our solicitor, not sit on them for 6 weeks. Hope it happens sometime in 2013 and before our mortgage offer expires! X

Update! Having waited half the year since the survey, when we initially had our offer accepted, and then renegotiated our offer, we are close to the end I think, hope in a good way.

Vendors solicitor still dragged their feet right to the end but the estate agent and my solicitor keep the pressure up (it took six weeks for the vendors solicitor to send our solicitor the initial contract, which is a bit slow in my books, particularly for an empty flat that the vendor says she is desperate to sell...).

Anyway, we have the cash lined up, mortgage reapplied for and lined up (it expired in exhaustion after the first 6 months) and finally got answers to simple questions like 'how much is the estimate for the planned remedial work on the roof and basement?' and 'is there up to date buildings insurance'. So now the vendor blames us and is threatening to put it back on the rental market as WE have been so slow ! I think its a bluff, just pent up frustration, and we hope to exchange contracts next week.

As we are not selling until after we move I'm not particularly bothered and there is always another flat if we lose this one. Glad its not tied to a job move or a chain is all I can say! We didn't pull it off by mid January Madmog, but looks like it might happen before mid February.

It did finally happen by mid February! Currently moving stuff in and having windows repaired. Really nice flat and worth all the waiting. x

great news

Wow! That was a looooong purchase. Glad it all worked out in the end.