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Flat 1, 3 Creffield Road W5

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  • Flat 1, 3 Creffield Road W5

    Flat 1, 3 Creffield Road W5 We had an offer accepted on the above property back in February this year, and the vendor (Foulad) requested we lodge a £2.5k deposit to have the property removed from the market, which we did reluctantly!

    Since then we have had a home buyers survey done, which identified some structural problems and have therefore had a structural survey done on the problem areas. We have also recently discovered that the property (share of freehold) only has a 63 year lease, and lenders require a minimum 70/80 year term.

    The vendor is refusuing to pay to have it extended, and has not even instructed his solicitors to issue contract papers on the property, despite our offer being accepted almost 3 months ago.

    We have demanded the deposit back, but the vendor has now put the property back on the market, even though we have made it clear that we still want to complete the purchase if the lease is extended.

    Apparently the vendor (an investor) also has recievership problems and the land registry shows two companies (a mortgage lender and a legal firm) with a stake in the property.

    Any advise on how to progress with this would be welcomed, especially:

    - why the vendor is delaying issuing contract papers - could it be that he is using the sale of memorandum as a way to show receivers that he has a buyer, but is then delaying the sale for whatever reason?
    - if the property is allowed to be remarketed even though we are technically still buying
    - what can be done to make the vendor issue contract papers
    - the estate agent is arranging with the other freeholders to have the lease extended, but presumably the vendor will have to pay his part of the legal fees
    - what can be done to warn other victims that we are still buying, and of the issues that have been encountered with the property.

    Sorry for the long email. This purchase has been so frustrating and we have already invested £1500 on solicitor, mortgage and survey fees!!

  • #2
    Re: Flat 1, 3 Creffield Road W5

    the vendor (Foulad) requested we lodge a £2.5k deposit to have the property removed from the market
    Did your solicitor agree the terms under which this money was lodged, and if so, what were they?
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Flat 1, 3 Creffield Road W5

      Richard

      The deposit was laid pre-solicitor engagement, so no terms were agreed, but we now have had the deposit returned.

      Just found out today that the property was put back on the market, and is now under offer - a cash buyer. This is despite the fact that we are still in the process (memorandum of sale issued).

      Doesn't seem ethical that the just because we have had our deposit returned that is can be put back on the market and is now under offer with a second buyer.

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      • #4
        Re: Flat 1, 3 Creffield Road W5

        I'm sure this is not what you really want to hear, KSta - especially as you are already £1500 down - but from a layman's point of view, I think you've had a lucky escape. A vendor who has receivership problems? Demands a deposit upfront pre-solicitor engagement and then breaks his word? The receivership problems? The structural problems? The short lease? There are so many warning bells attached to this property and to this vendor that your best bet would be to chalk it up to experience and walk away. Even if the cash buyer pulls out, could you really trust this vendor again? I am sorry to hear of your experience and can only hope that you find another property you like and that the next transaction goes through smoothly with a vendor who keeps his or her word.

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