This is going to be more of a vent than a proper blog post. So bear with me and make me feel better please!
We found a flat in Furzedown and it so much better than everything else online. I showed it to friends and family and just felt like it was the one (and everyone else seemed to agree). Unlike a lot of flats in frankly, fancier areas closer to the centre of London, this wasn’t ex council or above a chicken shop. It’s in a lovely big street and is a ‘proper house’, sure, I’m not getting the whole house but the rooms were big – it’s high and bright. Look at those windows! I’m in love!
So went to view it on Tuesday and we decided to put an offer on then and there. The next day the owners said they liked our position but needed it to go up slightly. So we offered slightly more – and Voila! We got it. Champagne (or Aldi fizz) all round!
It’s a beauty!
Hang on, so what you moaning about?
Right – the Estate agent told us that the lease was 99 years on the flat – fine. BUT NO. When my boyfriend emailed to confirm the lease, it was bloody only 83 years!
Which doesn’t sound bad, but it kind of is. Anything under 80 years, you can’t sell the place, so will have to pay to extend the lease, which will cost about 10-15k, which we just can’t afford. And it will cost even more if you let the lease drop to under 80 years (my friend Jenny wrote a brill piece on it at MoneySavingExpert if you want to know the nitty gritty). It’s so annoying – I don’t understand why the lease system is like this. Is it just someone who owns the actual land?! Do they own the house too? Why is it not renting if someone else owns the house?! QUESTIONS!
So obviously, we’re both gutted. We’ve asked the estate agent to go back and tell them we can’t go ahead unless they extend the lease, but we don’t have high hopes. I’ll update you when I know more.
Questions I have for estate agents
So as you can imagine, estate agents are not my favourite people right now. I don’t know if these are universal experiences, but here are a few things I’ve noticed since going on this flat hunting journey which I’d love to actually ask one to their face, but can’t – because I’m not a psycho (it would be rather rude eh!?).
- Are you lying about this property existing?
So you look on Rightmove, see the selection (mostly terrible) and think ‘Ok, this is what’s on offer, what can I deal with’ and then you see a gem. A flat that fits all your requirements and is totally affordable. You call up, and they get shifty, ‘Oh, I don’t think you can see that one, it’s been sold’. You think, oh well – next time.
Then, a few weeks later, it turns up again. So straight on the phone to ask for a viewing. More shiftiness, and then I get told it’s gone again BUT it has other properties we can view (which are rubbish compared to that one).
Is it me, or is this a bit fishy?
- Why do you keep showing me properties I can’t afford?
This one is annoying because it breaks my heart a bit. They call you up, say that they have the perfect for you (or when viewing a different one, tell you there’s another one around the corner). We find we just follow then view – and it’s amazing. It’s everything you could possibly want because it’s 60k over budget!
You then find yourself having the discussion, ‘Do you think they’d consider 60k less? It has been on the market for a year…’, ‘What if they would take 40k less, could we find 20k from somewhere?’.
But the reality is, you can’t. And I *think* they wanted you to get excited so you do find the extra cash. I don’t know… why else would they do it?
- Why are you calling me all day?
Honestly, before flat hunting, if someone called me, I’d have assumed someone had died. Who calls strangers these days? For me, it’s all about the cold comfort of an email exchange! ha! I prefer it because I’m firmer and direct on email, but also there’s a record of what’s being said. I’m talking to so many estate agents and looking at so many properties I’m finding it hard to keep track.
More importantly, I’m not really able to just chat on the phone at work. Who can though? I’m assuming the majority of people who can afford to buy somewhere are working in the day time right? So why the constant calling asking me if I’ve considered solicitors yet, or where I am in the search. Email me. Please!
- I want to trust you. I really do. Why are you making this so hard?
I’ve seen properties with five different estate agents now, and they are all so different. There are a couple I’ve seen who I really like (they seem genuine), and then there was another one that was clearly BSing us. Telling us that all the areas than ours were awful, and this was THE only place.
This happened (and it took A LOT) to keep my mouth shut. He was like, ‘ You have to understand that the property market is a lot like being at an actual market. Right now, I have 20 apples, yet there are 100 people who want to buy apples. I’m able to price the apples however I want.’ I nearly spat bile until he said he thought we were 19 – so was instantly forgiven.
I just want proper information. Honest info, like ‘This is good, in a bit of a shit area – but it really is all you’re going to get for the money’, or ‘Trust me, this is as good as it gets.’ I didn’t want to be that person who labels estate agents as untrustworthy, I went in with 100% trust, and am feeling a bit burned.
What do you think? Am I being harsh? Did you experience trustworthy ones?
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Honestly? If it’s the property for you, I’d seriously consider sucking it up and saving/budgeting to extend the lease within a year or two of moving in. It pains me to write it, but given London prices, that amount of money is a relative spit. I’ve heard too many stories amongst my friends of the London properties that got away, i.e. soared out of price range due to dilly-dallying on the buyer’s side.
I agree with you about estate agents. When we sold our house in Yorkshire and moved to Greater Manchester last year, the Yorkshire estate agents were BRILLIANT (doffing my flat cap to Joplings as I write), but I had some trouble with the estate agents on the Manchester side. My favourite example: rocking up to my dream home for a second viewing. It needed A LOT of work but had four bedrooms (swoon!), a lake view, was vacant possession (“the late owner’s grandson comes and stays here occasionally”) and the estate agent assured me that it scraped into our price range (it was POA). On the second viewing, we found a family of five living there! We also found out, from the dad there, that the actual price was some £50K over our budget. I was gutted – and wondered why the estate agent had bothered fibbing in the first place, as I’d been pretty clear on the max we could pay. And this was in the North, where the property market is relatively chilled out – I dread to think what it’s like down in London.
Good luck!
Taken your advice and trying to work it out! Thank you!
I feel your pain!
They’re a necessary evil and unfortunately you have to take everything they say with a pinch of salt. I have dealt with at least 10 in different areas and not one has proved me wrong yet.
We found a house to buy in a small chain. Paid £££ for searches, surveys etc only to find that the seller at the top of the chain did not have the legal right to sell. The whole chain collapsed, we lost upwards of £1k and had to go back to the busy (and expensive) Spring market we tried to avoid.
It is astounding that an agent would market and sell a property without checking that the seller has the legal right to!
Good luck!
My friend is going through an absolute nightmare at the moment because she wasn’t old the path outside her house isn’t council land, none of the neighbours will take responsibility as if any repair work needs doing they’ll be liable for the cost. Even worse, if someone injured themselves on a pot whole, the claim will come their way. She is understandably fuming, especially as her offer was accepted at the begining of December last year! It’s certainly made me a bit apprehensive about putting down my deposit next year! I hope you get sorted out!!