DrCavanMan
Registered User
- Messages
- 4
I am considering a property purchase at the moment. The property is an old warehouse in a city suburb which was originally part of a long established industrial yard. The intention would be to demolish the existing building which is in a state of serious disrepair and construct a new build, residential property. There is significant road frontage to a quiet but adequate road so access is not likely to be an issue. The original owner had gotten planning permission for a large development of which this warehouse formed part but has subsequently lost control of the property and planning has lapsed. Area is zoned residential.
All good but here is the issue.
Since this warehouse formed part of a larger property owned for a long time by the original owners and is now being sold off as a separate entity there are significant title issues and is being sold as such.
Statement from vendor's solicitor
The Title is not clean. There are numerous issues in relation to First Registration, Planning, Identity, an outstanding Leasehold Interest and numerous special condition in the contract.
Our client will only consider a sale of “warts and all” or nothing at present – to the degree that raising pre contract queries is borderline irrelevant. The sale will not be considered subject to any conditions or warranties to assist the purchaser. If a sale is agreed it will also be on the condition that contracts are signed and returned within a strict 14 days with a closing 7 days after signing - no delays will be considered
Also, although vacant, the previous owners have a long term lease over the property with approximately twenty years remaining. There is also a boundary dispute.
In truth I have never been involved in a property purchase with so many issues but if I thought the sale could be completed without exorbitant additional expense I would make an offer. No funding is required on my part for the purchase and there is no urgency in developing the site.
Would appreciate feedback on the following.
Likely issues in completing this sale if my offer was to be accepted
Likely costs involved in completing this purchase, thousands, tens of thousands???
General advice and recommendations
Thanking you in advance...
All good but here is the issue.
Since this warehouse formed part of a larger property owned for a long time by the original owners and is now being sold off as a separate entity there are significant title issues and is being sold as such.
Statement from vendor's solicitor
The Title is not clean. There are numerous issues in relation to First Registration, Planning, Identity, an outstanding Leasehold Interest and numerous special condition in the contract.
Our client will only consider a sale of “warts and all” or nothing at present – to the degree that raising pre contract queries is borderline irrelevant. The sale will not be considered subject to any conditions or warranties to assist the purchaser. If a sale is agreed it will also be on the condition that contracts are signed and returned within a strict 14 days with a closing 7 days after signing - no delays will be considered
Also, although vacant, the previous owners have a long term lease over the property with approximately twenty years remaining. There is also a boundary dispute.
In truth I have never been involved in a property purchase with so many issues but if I thought the sale could be completed without exorbitant additional expense I would make an offer. No funding is required on my part for the purchase and there is no urgency in developing the site.
Would appreciate feedback on the following.
Likely issues in completing this sale if my offer was to be accepted
Likely costs involved in completing this purchase, thousands, tens of thousands???
General advice and recommendations
Thanking you in advance...
.