Flat Progress

The flat is progressing, but very slowly. The good news is that the lease problem appears to have been resolved. The housing association refused point blank to alter the wording of the lease, but have supplied a letter stating that I will only pay 1/6th of the maintenance charges, albeit with the clause that they can invoice me whatever they like on top of this. Presumably the latter part is covering themselves against me trashing the communal areas; it’s only fair to charge me personally in that circumstance, I guess, but it’s still broader than I’d like!

The current problem is that my solicitor has had to inform the Halifax (my mortgage providers) of the problem with the lease, as it could affect the resale value of the property should I default on the loan. The Halifax then contacted the original valuer, who ‘didn’t get the fax’ for a week. We’ve spoken to his assistant, and we’ll hopefully have a reply by Thursday, as they’re only in the office between 1600 and 1700.

If the valuer says that the resale value is reduced, I have a decision to make. Not all of the money is coming from the mortgage and it’s unlikely the loan figure will be reduced, but if the valuer revises his estimate, should I still pay the agreed figure? Or should I try to renegotiate the house price, and risk the seller pulling out? Ugh.

The good thing is that the valuer’s recommendation is the final item we’re waiting for. Everything else, as far as I know, is resolved. So hopefully once this is sorted I’ll be home free…