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House Price Crash Forum


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Everything posted by YoungFTB

  1. Can anyone shed any light or experience of the pitfalls of buying an apartment which currently has no block management company?
  2. You'll want to make a trip to your local land and registry office, Belfasts is in Great Victoria Street - http://www.dfpni.gov.uk/lps/index/contact_details-2/land_registration_offices.htm A search for your property may bring up who was the owner and what bank the debt was with
  3. This is effecting the local economy so why shouldn't it be discussed? There are plenty of threads on the main forum about Greece & Spain's austerity measures and their protests
  4. Need some advice guys, I placed an offer a couple of weeks ago on a property that was agreed. My solicitor was hired that day but there is still no sign of a contract or documents from the sellers solicitor, turns out they did have an issue but that's supposed to have been 100% resolved 1 week ago and my solicitor was assured the documents and contract where on there way. This was one week ago, I've still heard nothing from my solicitor so can only assume the documents have still not arrived. My patience is waring thin at this point, I've been reminded a few times now I'm a cash buyer and in a strong position bla bla bla What I wanted to ask is, who do I place a lower offer with? My solicitor or the estate agent? Do I include a timeframe (i.e. 7 days or I walk etc?) I'm at the point now where I'm honestly not bothered if I walk away from this property, it was in my price range but now I'm thinking perhaps I should just wait another 6 months when I factor in other things like the violence in Belfast atm
  5. Nice! Hopefully I can make it!
  6. Why don't more people sell their house without an EA? Any house I've looked at where I've had the opportunity to speak to the owner or the person renting the property I've always found out considerably more information than I've gotten from a showing from an EA. I'm not even being particularly critical of EAs in this instance because the truth is they could not know as much info as an owner or a person renting the property. I do find it odd in this economic climate that more people are not selling their own houses, even an individual listing on PropertyPal costs £20, a for sale sign, Gumtree & PropertyNews listing and I'd say you're doing a lot of the same advertising as EAs at a fraction of the cost!
  7. Yup I can second that! I've spoke to a few who have said the same thing, repossessions & auctions are driving the market atm at the bottom end but until the middle of the market gets moving then the transaction numbers are doing to remain low and that won't change unless sellers start getting more realistic about their asking prices. I think it was NI in general but may apply more so to the more desirable areas like Belfast and North Down
  8. Aww congratulations on getting married I've read one or two of your posts on the self build stuff recently, you sound like you know your stuff. I'm in the process of buying atm and intend to super insulate the house "if" the sale goes through so I'm starting to take a keen interest in anything to do with energy saving now. What are the name of the LED bulbs you have installed? That sounds like a bit of a nightmare with your wifes house, that must be annoying with a relatively new house. You'd like to think it would be better insulated than that!
  9. Are you still waiting to buy Belfast Boy?
  10. Years ago I think I may have mentioned that I wanted to buy in the Donegall Pass area, of coarse then I came to my senses But no not the Donegall Road area, I am buying in the Lisburn Road area of Belfast. I don't want to be anymore specific than that until the keys are in my hand You'd have to be pretty mental to buy in the Donegall Road area of Belfast atm, talk about having to do your due diligence. The entire area is being regenerated over the next 5 years, I saw that programme on UTV Live about the area last week, god help those people who purchased a 2 bedroom terrace in 2006 or 2007 and had their houses vested by the council and are now in massive negative equity with no property anymore
  11. No wonder the process of moving house is so bloody stressful!
  12. Thanks Russ that was some great advice! If I don't feel I'm getting anywhere, how frequently should I be contacting my solicitor? Constant pressure from yourself on your solicitor or constant pressure from your solicitor to the sellers solicitor? I find the whole process frustrating as I've mentioned, I've been so pro active with everything that's been in my control, now I wonder do I just leave things to the solicitors and show some patience or do I need to badger them the same way I've done with the EAs, surveyors and any other due diligence I've carried out myself if I wasn't getting answers or results within a reasonable time frame.
  13. I just have a question about dealing with solicitors, If you've agreed a price for a property and it's gone Sale Agreed and both sets of solicitors have been informed. How long "should" it take for the sellers solicitors to send all or even some of the documents for the house to the buyers solicitor? What's considered a reasonable amount of time to have passed before you start seriously getting on your solicitors case to crack the wipe or push for the documents? 1 week, 2 weeks or is this really just a matter of patience? I'd appreciate some advice on this matter from those who have been through this frustrating process, I'm a bit fed up if I'm honest because everyone says a property transaction roughly takes 4 - 6 weeks from start to finish, I think I'm starting to understand why it takes so long
  14. IMO your best bet for value for money is either going to be a repossession or an auction property, my preference being at auction due to not having to worry about gazumping which is a concern with repos. Like everything though due diligence is an absolute must but I feel it's probably your best bet to get a property 30, 40 or even 50% under rateable value (roughly 2005 prices) A lot of people on this forum have very specific houses they want to buy in areas where most probably buyers don't need to sell and that's why quite a few people here are frustrated because they can't buy the property they want at it's true market value because the sellers won't sell it for what it's worth currently. I've spoken to quite a few EAs recently and they've all been in agreement that repos and auctions are what is driving the market down atm, with only the bottom end & top end of the market showing any decent amounts of transactions currently.
  15. Yeah first you'll want to check to make sure you can get gas for the property, if you want to get gas installed it'll cost around £2000 - £3000 in total. This is a very rough figure though. If it's a relatively new oil central heating system I'd just keep it but if it's a oil central heating system over 10 years old then it would be worth considering the outlay to get gas installed and make sure you get the best combi boiler you can afford.
  16. Thanks Doccyboy! Thanks Yadayada for correcting my back of a napkin maths attempt
  17. If Rateable value of houses in Northern Ireland is roughly the valuation of house prices in 2005 and now in many areas of NI the price of houses is 100% lower than this 2005 figure then does anyone have any idea at what year house prices are at currently? I know it's almost impossible to establish this but even if there was a 20% increase in house prices year on year from 2002 - 2005 (60% increase) and before 2002 a 10% increase year on year for the previous 4 years then surely that puts us back in the 1999 - 1998 sort of date range for house prices currently?
  18. I figured as much Ah yes the devils in the detail! Thanks guys for all your advice, it's much appreciated! One last thing I wanted to ask when contacting local firms about solicitor fees, I've asked for a few now via email and all of them are just an estimate. This has me a little concerned as it's not set in stone the amount I have to pay, should I be concerned by this or do the estimates usually only vary by 10% - 20% depending on the situation when it comes to final payment?
  19. Any advice on that front? One or two estate agents I spoke to seemed overly keen on directing me to Solicitors they knew that didn't charge a fee if the buyer was gazumped at the last minute.
  20. I've had positive experiences with Colliers, I like their setup. Nice people! That's good to know, thanks Doccyboy! So is it a fair assumption that companies in liquidation are more likely to have their property sold by a fixed charge receiver like Colliers? If you agree a price for a property with a fixed charge receiver like Colliers and it's sale agreed, are the terms similar to a property owned by a private seller and the property is taken off the market? Unlike a repossession where a property is advertised and anyone can potentially gazump you up until the contracts are exchanged and you've got the keys in your hands?
  21. Hi guys, I'm looking at a property at the moment and apparently the Company who own the property have dissolution status and they are in the process of being liquidated. They are a company who had a property portfolio I wanted to ask if anyone could shed some light on whether the process for placing an offer on a property of a company in Liquidation has the same terms and conditions as repossessed properties that are being handled via an asset management company. i.e. Public Notice Offer for accepted offer etc I also need to establish if the Dissolution of the company has been voluntary or compulsory as this would make a difference too concerning whether (Voluntary) the company could still be in charge of their own decisions and actions Versus (Compulsory) in which case it's the creditors calling the shots and I'd assume would be much more likely to be under repo like terms and conditions concerning offers placed on the properties, just an assumption but if anyone could shed some light on the situation concerning liquidations I'd really appreciate it.
  22. Pros and cons with everything I guess That's what I've been finding over the past 3 months looking for a place, I'm not enjoying the experience that's for sure!
  23. What about looking out for a small plot of land at auction and building a new house on it? Easier said than done I guess and depends on budget, finances etc Definitely keep an eye out at the auctions, houses seem reasonably priced in the middle market but doing your due diligence is an absolute must! I nearly got caught out buying a place at auction, once I had a survey done on the place it was going to cost a fortune to update! If I had the money I'd build from scratch, might take 6 months - 1 year but it's built to specification and you don't have the headache of worrying about the list of things a surveyor reports back with to repair/replace!
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