I am not proud. I have become one of ‘those’ people. The ones who threaten to pull out of a property purchase because things aren’t moving ahead quickly enough.
BUT before you judge me, let me just explain to you what happened.
You may recall that I asked the estate agent to come back to me with details of the current tenant.
The tenant who will become my tenant if this purchase actually happens and thus it would be quite nice for me to speak to them, organise our arrangements going forwards etc.
I didn’t hear anything for two weeks, so I went back last Monday and put in the same request.
On Friday (and I will be the first to admit that I was having a bad day) I still hadn’t heard back.
I also chased my solicitor to find out where they were up to and was informed that they hadn’t heard from the vendor’s solicitor for over three weeks despite chasing.
And that’s when it happened. I sent the estate agent a snottogram of epic proportions saying that if I hadn’t heard back regarding the tenant, and the vendor’s solicitor hadn’t made contact with mine by close of business today, I was withdrawing my offer.
So today is that day, i.e. Monday and I am genuinely willing to ditch the whole thing if I don’t see any movement.
It’s also worth mentioning (more to demonstrate that people are so full of it than anything else) that when the agent got my email, all of a sudden they leapt into action and have managed to get me tenants contact details, and…..AND as luck would have it, the vendor’s solicitors confirmed that the information they have been waiting for to enable them to reply to my solicitor had just landed on their desk.
My a**e it had. The deadline for my solicitor to hear back still stands, so let’s see.
Now you may think that I am being ridiculous, as the odds of me finding another property and getting it across the line before 1st April is non-existent. And you would be right.
However, first of all, I can’t stand being messed around, and, dare I say it, lied to.
However, taking the emotional element out of this, the longer this goes on the more costs I am incurring and to be blunt, if this isn’t going to happen before the deadline then it’s not happening at all (that or the vendor would need to be willing to take a haircut on the purchase price) and I am not willing to throw more money at something which looks like it may not happen.
So that’s where we are.
I *may* have had another look at Range Rovers over the weekend, just to make myself feel better of course.
Diary of a Buy to Let Purchase
2.12.2015 Part 1 It was that or a Range Rover
7.12.2015 Part 3 The demise of Nathaniel Pig
8.12.2015 Part 4 Call off the dogs...
11.12.2015 Part 5 @***** bank account
21.12.2015 Part 7 Reality bites...
29.12.2015 Part 8 - The method behind the madness
12.01.2016 Part 9 - Join me in a buy to let fist pump?
25.01.2016 Part 10 - The silence is deafening
16.02.2016 Part 11 - Throwing toys out of prams
23.02.2016 Part 12 - Stuck with the Mini... for now
3.03.2016 Part 13 - Time is running out
14.03.2016 Part 14 - The end of my sad little tale...
30.03.2016 Part 15 - Just call me Peggy
You might also be interested in:
27.07.2015 Buy to let - from personal to limited company ownership
Prior to now, when asked by clients whether buy to let properties should be bought in their own names or whether they should use a limited company we have always said “it all depends”. Well the Summer Budget 2015 has altered everything and whilst the answer is still “it all depends”, the balance has shifted markedly in favour of limited companies.
9.12.2015 Borrowing through a newly set up Limited Company
Jeni answers one of the questions we are asked regularly at the moment – Can I borrow through a newly set up limited company?
11.11.2015 Setting up an SPV Limited Company
Buy to let lenders which offer mortgages to limited companies usually require the limited company to be an SPV (Special Purpose Vehicle). Jeni explains what one is and how to get one.
26.11.2015 George hits buy to lets with 3% stamp duty surcharge
David Whittaker, MD at Mortgages for Business looks at the effects of the 3% stamp duty surcharge on buy to let properties and the restrictions of mortgage interest relief on landlords' portfolios. In essence his advice is to act now and not to wait until the new year.