Hi Bryan and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
I appreciate your frustration at the delay. Sadly, as with all Sales/Purchases of property, either party can withdraw from the transaction at any time before Contracts are exchanged without paying any compensation to the other party.
So, if one party delays, there is absolutely nothing the other party can do, other than to threaten to pull out of the transaction.
Although you will have made your offer to purchase, to the Agents, they are merely acting on behalf of the Seller, and it does appear to me that it is the Managing Agents at fault in them incorrectly drafting the Lease document.Sadly, when dealing with Leasehold properties and Managing Agents, it can take them an extortionate amount of time to deal with any enquiries/paperwork.
I am guessing that the Agents have therefore only offered you this compensation, in order to "save the Sale" in the knowledge that they will get their clients commission upon completion of the Sale to you.
I hope this assists, but please let me know if you require any further clarification.
Many thanks for your sound advice which was borne out almost exactly
by someone else. Good news in the last few minutes the managing agents have come up with a new 99 year lease.
Great to hear!
Good luck Bryan, and if you are happy
with my Answer, I would be grateful if you could leave positive feedback.
Can I assist you any further?