Are we over-reacting - would you buy this house?

[Aescott]

You might not be worried about the overage and expect to live in the house beyond its expiry in 2052. But you have no idea what can change with your circumstances. if you were in the position of being forced to sell sooner, you’d have a massive headache.

 

[Jameshow]

The problem is that it almost certainly can't be removed. Only the three beneficiaries of the overage agreement can agree to this, they sold it in 2017, and they are unlikely to care whether the current owners have trouble selling it. They just want the (very slight) prospect of an unearned windfall.

Can you get insurance against such an event?

Might be worth a look?

In effect this is almost a leasehold and you having to pay a onoff leasehold at some point!

Could you get an overage lawyer to look at it and see if there is a loophole you can take advantage of?

If you cannot chase the overage beneficiaries how can you pay money too them??

 

[rogerzilla]

Does this mean the people giving or withholding permission to sell might demand, say 50% of the selling price?

How is it that the current owners are able to sell to you? Or is the point that the current owners are trying to sell without such permission potentially leaving you in the shoot

I doubt they've even approached the beneficiaries yet. Heads in sand.

 

[CXRAndy]

Unless they have a couple of dogs

I except tenants with pets. There is added pet allowance/ insurance to cover damage added to rent.

 

[Psamathe]

I suspect you could buy them out, and knock the cost off the asking price? How much is it worth to them now as opposed to a potential windfall in the future.
But would the seller accept that?

Also timescales. Current owners have to go back to beneficiaries, negotiate, lawyers create contracts, Land Registry has to update deeds, etc. All likely to take a long time and without knowing if it's going to happen or not.

Ian

 

[rogerzilla]

We found another house yesterday. All spot on so offered asking price there and then.

The vendors still want to honour a viewing this Saturday

It's been on the market for 3 weeks so it's not exactly a stampede of buyers. We've asked if there is a figure for which they will take it off the market and hopefully they will do a deal. I don't like this much.

 

[Drago]

Selling and buying houses is stressful, even when it's going well.

 

[CXRAndy]

I use silica gel cat litter. Cheap from Amazon. Buy or steal the w

We found another house yesterday. All spot on so offered asking price there and then.

I've never offered the asking price on buying a house.

 

[alicat]

The vendors still want to honour a viewing this Saturday

I would tell them to foxtrot oscar. They accepted your asking price offer so they should have taken it off the market and cancelled any future viewings.

 

[Gunk]

The vendors still want to honour a viewing this Saturday

I hate it when they do that, they are either accepting your offer or not, you should have made it a condition of your offer that the viewing is cancelled.

 

[matticus]

Jeez. Thoughts and prayers RZ!

I will do my best to visit once the dust settles :P

 

[rogerzilla]

I would tell them to foxtrot oscar. They accepted your asking price offer so they should have taken it off the market and cancelled any future viewings.

They didn't actually accept it but I rather thought they would, since they've had no other offers and it's "asking price" in the listing, not "offers above" or "offers around." We also have no mortgage, our houses are both sold with no downwards chain, and it's a hard time of year to sell any house.

I don't go into a shop to.buy something with a £100 label on the shelf and expect to be stalled while the shop waits for another customer to come in and offer £110.

 

[alicat]

Perhaps offering the asking price has encouraged them to be greedy? I'd remove my offer and let them stew over the weekend. Then when they come back cap in hand, offer £10k less.

 

[Gunk]

They didn't actually accept it but I rather thought they would, since they've had no other offers and it's "asking price" in the listing, not "offers above" or "offers around." We also have no mortgage, our houses are both sold with no downwards chain, and it's a hard time of year to sell any house.

Morons

 

[Tail End Charlie]

To put the vendor's side, I can see why they want to honour a viewing.
I had the same situation selling my last house. Someone came along, cash buyer, no chain and we accepted their offer and (thinking I was doing the moral thing) told someone else who was also interested that it had gone. Turns out the cash buyer, wasn't, and needed a bit of a mortgage (so she could give some of her cash to her daughter). This delayed things somewhat when we were really interested in a property. Of course, the other buyer could have caused delays, I have no way of knowing that.

I suppose it just adds to the fact that everyone knows that buying and selling of houses is stressful. I'd just stick to your offer and don't become involved in gazumping, if that's their plan.