….probably. The purchase of Jeni’s first buy to let hangs in the balance…
So for those of you who I have bored the socks off, with my little foray into the buy to let world (and thanks for bearing with me through this voyage of discovery), you will know that I put my offer in on the property at the start of December.
Which is well over three months ago.
And still, on the 14th March, we have not completed, because there are things my solicitor is waiting for from the other side. Things which were requested months ago.
My patience with this project has been wearing thin and today, prompted by an email from my lender telling me they need 10 days’ notice for funds, (i.e. I need to exchange tomorrow – I have more chance of seeing some Nathaniel pigs fly past my office window) I broke.
I have emailed the selling agent and told them that my offer is withdrawn unless the vendor drops the purchase price to the tune of what will be the increased cost in stamp duty because we aren’t, with the best will in the world, going to complete before the 31st March.
Now I am not someone who believes in pulling little stunts like this – when you agree a deal then that’s, well, the deal.
And last minute price reductions when people are over a barrel is something I really don’t agree with.
However, no-one is over a barrel in this scenario; there is no family home move linked to this deal, or some long chain where me pulling out will bugger up five other families’ lives.
If I don’t buy it, it will continue to be let and the vendor will just need to start again.
And I don’t feel great about this BUT I really do believe that the reason we didn’t complete weeks ago, which we should have done, is because of delays on the vendor’s side – not necessarily from them directly but from their end of the transaction.
So as I type, all bets are off. Although they may be back on again……. I shall keep you posted.
Now. Black or grey range rover?
Diary of a Buy to Let Purchase
Follow Jeni as she recounts her experiences of becoming a buy to let investor for the first time.
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14th March 2016