Anyone looking at buying any more property this year ?

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    #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.

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

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

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          #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.

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            #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).

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              #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.

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                #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).

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                  #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!

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