Anyone looking at buying any more property this year ?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    I think "flipping" used to mean entering a contract to buy a property and entering to sell the property to another buyer for completion on the same day.

    Probably it was the Law Society which stopped this practice by requiring the solicitor ( for 1st buyer ) to disclose the existance of a second contract.

    Comment


      #17
      I am current buying a property near Manchester for my company. The lenders solicitors seem determined to delay it as much as possible.

      Comment


        #18
        P Jackson , why do you think that is ?.Where in Manchester are you buying ? And do you live in Manchester ?

        Comment


          #19
          I don't know why the solicitors are slow, but it has happened three times out of three with 2 different solicitors.
          I am buying in Tameside, where I live.

          Comment


            #20
            Could be an issue with the local authority and searches.
            We had an issue with one council that was taking 6-8 weeks to respond - while a neighbouring LA was taking 2 weeks.

            Just gummed everything up, because the box wasn't tickable.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

            Comment


              #21
              Originally posted by jpkeates View Post
              Could be an issue with the local authority and searches.
              We had an issue with one council that was taking 6-8 weeks to respond - while a neighbouring LA was taking 2 weeks.

              Just gummed everything up, because the box wasn't tickable.
              The searches have been done by my solicitor. They did require an extra one, then indemity insurance because of envuronmental issues just under 25m away, The road the house is one is residenial on one side and industrial on the other, but that is reflected in the price. Of course most of the "industry" is now things like storage units and dance studios, though the only working cotton mill in the country is just up the road.

              The main delays seem to be because they have some semi-skilled worker filling in the tick boxes. For example, they insisted on seeing an insurance policy (before I had a completion date) so I added it to the company's portgolio policy. They then complained that the policy had the wrong lender listed. That lender was for the first property in the portfolio, not the one in question.

              Comment


                #22
                Ah - Know that feeling.
                We sold a rental property and the same question about replacement window guarantee kept coming up (and we kept saying they were there when we bought the place and we don't have anything).
                Finally, it delayed completion and we had to threaten to pull out to force it through.

                The conveyancer couldn't be bothered to read the previous exchanges when they noticed the box wasn't ticked.
                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                Comment


                  #23
                  just put an offer in on one of the 17 we looked at over the last three days (mostly to get a feel for a couple of new areas than to actually look to buy most of those properties). Should get us a 6% yield if our figures are right which they usually are. Most important thing is that it needs nothing doing to it. After three refurbs, that feels good!

                  Comment

                  Latest Activity

                  Collapse

                  • New tax rule question
                    craig2222
                    I am just about to buy another property however I will be on the limit to go in to the higher tax bracket.By 2020 the higher tax will be 50000.By about 2021 I will be on 33000 with my job and income from property will be around 18000 to 19000. So that will bring to about 52000.Do you take allowable...
                    10-09-2018, 16:09 PM
                  • Reply to New tax rule question
                    Gordon999
                    Hi Loanarranger,

                    What does your UFML handbook say about UFML policy on offering mortgage loans for flat having leases below 70 years ?

                    and for leases with ground rent doubling up every 10 years ?
                    24-09-2018, 12:47 PM
                  • Reply to New tax rule question
                    loanarranger
                    A late Good evening Boletus
                    The CML no longer exists and has been branded including the handbook “UK Finance Mortgage Lenders' Handbook” Nothing however has changed in its contents apart from removing the previous name.
                    Have a great week.
                    23-09-2018, 21:54 PM
                  • Nobody is accepting my offers
                    platforminc
                    Hi All.


                    I am trying to be a newbie property developer, I operate mainly locally and what i am finding now is that despite the fact that i am offering the highest for properties, as soon as the dendors hear that i am a developer or simply put it this way (i am not interested in living...
                    20-09-2018, 09:55 AM
                  • Reply to Nobody is accepting my offers
                    boletus
                    Then you are wrong.

                    (Even though I think you are confusing this with repo sales.)

                    On that basis, any joker could put in worthless offers, chip on the survey, have a free punt on the market and waste everyone's time.

                    Question again to the OP-

                    Have you...
                    23-09-2018, 17:26 PM
                  • Reply to Nobody is accepting my offers
                    Gordon999
                    I am sure if there executor is not selling the asset for highest offer, he/she may be committing an offence under the Fraud Act 2006 .

                    If the property is really good, OP should up his offer to motivate the seller and tell the estate agent to do their job..
                    23-09-2018, 13:23 PM
                  • Reply to Nobody is accepting my offers
                    jpkeates
                    If it's a probate sale, they should definitely go for the highest bid (unless the time frame is enough to make that nonsensical).

                    The executor is acting for the estate, not what they think the deceased or potential beneficieries prefer, and an estate is unlikely to have a preference for...
                    23-09-2018, 10:02 AM
                  • Reply to Nobody is accepting my offers
                    boletus
                    I don't buy that. I've bought to live, let, flip or develop for years without it making any difference.

                    The latest one from the OP is a probate sale, IME they nearly always go for highest/quickest (serious) bid.
                    23-09-2018, 09:10 AM
                  • Reply to Nobody is accepting my offers
                    jpkeates
                    I suspect that the difference is that you're a landlord and proposing to let the property instead of developing it.
                    Lots of people would worry about the effect on their neighbours/friends when someone is planning to "develop" the property they plan to buy.

                    And some people...
                    23-09-2018, 08:55 AM
                  • Reply to Nobody is accepting my offers
                    tatemono
                    I was thinking the same thing from our experience.

                    In the last three years, we've bought four properties and viewed many many more in the area where we have our portfolio. We've never once had an offer rejected where there wasn't a counter offer. In every case, we arrived at an offer that...
                    23-09-2018, 03:33 AM
                  Working...
                  X