What can we do to make vendor move?
Q How long can we reasonably expect a seller to get back to us? After some negotiation we put a final bid of €370,000 on a house in late April. It has been on the market for over a year starting at €415,000 and then dropping to €390,000. All the agent can say is that the seller is still considering it and that they really want to move (two small children, house too small). The agent is, I think, being honest with us and is frustrated by his clients. Is there any strategy you can advise to get these people to make a move? We really do want this house.
AYours is not an unusual situation. We talked to one agent with good bids on three different properties but in each case the vendor is holding out for more, despite all advice and current market conditions. Obviously you can't make anyone accept your bid but you can get some control of the situation by putting a short time limit, say a week, on your offer. The vendors may want to sell but their circumstances could have changed and they may not be playing it straight with the agent. They could, for example, have had their own mortgage offer on their next property withdrawn or lowered – but that's ultimately no concern of yours. It's time to call a halt on the messing. Put your offer (some would at this point lower it) in writing saying it will be withdrawn by Friday at 5pm. And be prepared to walk away. It's not as though your bid is far off the asking price. Where would-be buyers put in a really low offer the vendors sometimes ignore it but yours is not that. What's the point in letting these people have such control of your life when there are any number of houses for sale and there are more coming on the market all the time and increasingly with very realistic sellers. You should also contact your mortgage provider as most mortgage offers have a time limit (usually six months) and yours could be running out. You will also be aware that some lenders have raised their interest rates since you bid in April so you might want to sit back and redo your sums. As a buyer with access to money you are in a strong position, you should flex your muscles.
How can we make house freehold?
Q We have a leasehold property. No one can find the leaseholder so no ground rent is paid. How can we get the house made freehold?
AAssuming that yours is a house (or "dwelling house") and not an apartment or local authority house, you should contact the Property Registration Authority, Ground Rents Section, Chancery Street, Dublin 7, www.landregistry.ie. Ground rents can be bought out under either the Consent Procedure (if you can contact the landlord) or by Arbitration Procedure (if, as in your case, you don't know the leaseholder). There is a €105 application fee if you reside at the premises or €195 otherwise. Yours is a slightly more complex procedure; however, the process is usually fairly straightforward with clear instructions from landregistry.ie.
Your questions
Send your queries to Property questions, The Irish Times, The Irish Times Building, 24-28 Tara Street, Dublin 2 or e-mail propertyquestions@irishtimes.com. This column is a readers’ service and is not intended to replace professional advice.
