We are ready to proceed with the Liverpool Purchase. The mortgage funds are in place. The Legal Work has been done. We have the deposit so we can exchange

But I am not feeling right about the transaction. We had a chance to look at all the flats when the Surveyor went round and now we have seen them all realise that a lot are very small and not well proportioned.

As an aside it is a useful tip to know that you can go round a property with the Bank Valuer and often this is your best chance to get access to all areas because Sellers do understand they have to give access if you are going to get finance. When you want to go round (especially if it is a block of flats ) they will come up with all sorts of reasons not to give full access. But tell them the valuer wants access and they will work with you to provide that.

Our main reason for buying is capital growth and as things have got more and more uncertain I am less sure about that certainly in the short term. I tell my solicitor we want to put a hold on this for 2 weeks (we are just about to exchange) I call the Seller and explain why we are doing this. He is not phased although he must be disappointed. But he plays his cards close to his chest and it is clear the is not going to reduce his price to incentivise us to proceed. I do not mind because that is not my objective in putting a hold on the deal.

This is a difficult moment that every serious investor will face at some point.  We have spent time and effort to put the deal together. We are committed to about £5,000 in various legal and survey fees. The deal is ready to go with an offer and funds. Does it make sense to stop this purchase now? Many aspects of the deal do work so why not take a chance and go ahead?

But, but, but we are not happy. This is a big transaction for us and if we get it wrong it will not be a major problem but it will not be insignificant ( unlike say buying a £50,000 2 bed terrace) These are the concerns that run round my head for the next few days as I weigh up this deal.

Ultimately I decide not to proceed. They do say when in doubt leave it out and I decide on this occasion to follow that maxim.

And the moment I make that decision I feel a great sense of relief so I know it is the right decision for me and I phone my Solicitor to cancel the deal.

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