Buying Reposession Help!
Discussion
Hi guys - a bit of advice needed!
I'm trying to buy a flat (repo) which was originally up at £225k (and had a sale fall through), then reduced to £215k. I made a couple of offers and finally had £210k accepted, which was the same as someone else but I'm a 100% cash buyer so they went with my offer. The solicitors have found a defect with the lease, as the flat has no right of protection or shelter benefitting the property. My solicitors have written to the freeholder to see if they'd be willing to alter the lease (for a fee im sure), but do you think it's worth now lowering my offer to the seller (bank)? Theyve already had a sale fall through and they know that mine might if we cant resolve this lease issue quickly, but I'm tempted to just lower my offer and try to sort the lease out after I've bought it. Is that stupid?!
Cheers!
Dom
I'm trying to buy a flat (repo) which was originally up at £225k (and had a sale fall through), then reduced to £215k. I made a couple of offers and finally had £210k accepted, which was the same as someone else but I'm a 100% cash buyer so they went with my offer. The solicitors have found a defect with the lease, as the flat has no right of protection or shelter benefitting the property. My solicitors have written to the freeholder to see if they'd be willing to alter the lease (for a fee im sure), but do you think it's worth now lowering my offer to the seller (bank)? Theyve already had a sale fall through and they know that mine might if we cant resolve this lease issue quickly, but I'm tempted to just lower my offer and try to sort the lease out after I've bought it. Is that stupid?!
Cheers!
Dom
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