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House Price Crash Forum


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About nuki

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  1. Hi all, what do you think about this - price and location? A single friend of mine is looking for a 1-br in Surbiton. http://www.rightmove.co.uk/new-homes-for-sale/property-34915108.html Thanks much.
  2. At the beginning of April I offered 2% less than asking and got the offer accepted in the first week on the market. Since January I 'lost' several properties due to competitive bidding and/or people offering asking prices literally next day after first viewings. I bought a leasehold flat in Richmond-upon-Thames. I'm happy with my purchase but only time will tell if it was a good deal or not.
  3. There's a good market time to buy and then there's your own good time to buy... no one can really advise you on this. But being a cash buyer, why rent long term and possibly lose money (easy to do the math there, cost of renting over 5 years in London can easily be more than 50K... compare that with the cost of buying/selling and any assumed price drops) Check the long-term stats by area. London graph might look very different than let's say Acton or Richmond charts. It's hard to find a recession-proof area but for sure you can find an area that's likely to get less affected in a recession. Buy in an established residential area with good schools and transport links and where prices have been fluctuating less than in others. And buy freehold if you can. If you are a cash buyer, chain free, and can wait, you are in a good position to negotiate a good deal. One thing that I want to mention though since you seem new to the UK: the process of buying here is awful, as compared to many other countries. There are many risks involved and no guarantees whatsoever. For instance, there's no legally binding written agreement of sale before contract exchange, therefore anyone can pull out of the sale at any time and screw the other party royally Sellers can and will list the property with multiple estate agents, very rarely there is an exclusivity contract (and there is an extra risk associated with that). And estate agents should be generally speaking regarded as your enemy, regardless of whether you are buying or selling. And there is a form of property called 'leasehold' that should have been abolished long time ago like everywhere else in the world... but it isn't, and with that comes a whole host of potential issues. Disclaimer: I'm a recent first time buyer in London, and I bought leasehold, so take my comments with a grain of salt PS. I thought it was a buyers market too, but I ended up being involved in competitive bidding for 2 properties last month. And I lost a couple other properties to people who offered asking price in less than one week on the market (literally next day after first viewings). I believe it all depends on the area and also to some extent the price tag you're looking at. I ended up buying under asking but not by much.
  4. multiple listing, to the best of my knowledge, is supposed to happen with all EAs knowing about eachother and there are different fees and certain agreements taking place. when the offer is accepted under the condition 'take it off the market', all EAs should stop viewings. in my case the seller accepted my offer with agency 1 and continued to show the property with agency 2 hoping to get a better offer. it was only for several days but still.. anyways, it's all history now... hopefully I'll get to the contract exchange phase sooner rather than later. thanks all!
  5. [quote name=Oh Well ' timestamp='1333545937' post='909006688] Get in quick before the big rise in prices predicted in the spring. thank you for the irony but we have our own life schedule we go by :-)
  6. We just did that this morning. The 2nd agent agreed to a viewing for next week and told my friend that there was an offer on the table for £xxxK and they'll take any higher offers. The first agent told us yesterday that the seller said they won't release the keys to the 2nd agent. All of them are probably lying. Beautiful. ps. first agent took the listing off the website. 2nd agent didn't, and it's on their website and findaproperty site.
  7. The agents were completely unaware of each other, I told them myself this morning. I thought multi-listing had to be transparent and agents would know about eachother?! Also just got my offer accepted and apparently the seller says will take it off the market and also says they won't release the keys to the 2nd agent, but how do I ensure that viewings won't happen with them?
  8. My luck and patience are running out. After losing the first offer I made in a 6-bids war, here I am with making the 2nd offer, different flat obviously. It ticks all my boxes, location, long lease, service charges, affordability etc. Flat was just listed on the market last Friday and I made the offer yesterday evening, very close to asking price, to make sure I get it (desirable area, good price etc). Agent said fantatstic, we'll get back to you tomorrow (this morning). They didn't have any other offers on the table, just some interested people. This morning I check my email and surprise, the greedy owner just listed with another agent as well, although the flat is very sellable at his asking. Now, I don't really care about this, but I want the flat and although I would prefer not to, I'm willing to go and offer the asking price. However, I'm now concerned with the scenario where my offer gets accepted and I start the paperwork, then somebody else offers more through the other agency and I lose it. What should I do?
  9. Thank you very much all! I'll speak with the solicitor as well. Now hopefully my offer gets accepted, that's a whole other story :-)
  10. Thanks, but - if they don't agree to the 3 weeks AST - from what a poster says above I understand that, if I stay for only one week after June 8, I'm in fact liable to pay two extra months rent because I can't give them 1-month notice until June 9 and that is already too late? So it looks like the best course of action is to try hard to convince them to sign a very short AST and if they don't, try to get the solicitors and the lender to complete on time (well, IF my offer gets accepted).
  11. Thanks so if understand correctly it can't be two weeks, it has to be a full month extra, and I can give them 1-month notice? Am I correct here?
  12. Thanks all. The deposit is protected and the date the tenancy ends is June 8 actually, just checked the AST contract. My problem is that I intend to make an offer on a flat tomorrow (trying to buy). If it gets accepted, I believe there is sufficient time til June 9 to complete and move in. Owner of the flat I want to buy is willing to move out asap, he said 'as soon as you're ready to move in, and I mentioned June 1 already, and he said fine. However, if for whatever reason I can't get the keys on time, obviously I want to have the option of extending by a couple of weeks. I am willing to give them as much notice as I can with the exact date, but I don't know if I can give them two months notice (I will aim for 1 full month notice). I'm a single mom with a child, it would be extremely difficult for me to rent short term, put furniture in storage, etc. (If this offer doesn't get accepted, then I will move in a rental in a different area anyway, I don't want to remain here where I am, rent is too high and schools are of bad quality. Already started looking for rentals as well, so June 9 is completely doable in this scenario, no worries there). They gave me until May 8 to return the signed renewal (it says section 21 notice will be revoked if I return the signed renewal). After this date, if I don't renew they will commence viewings. ps. We are exemplary tenants, property is spotless clean (I'm a clean freak), nothing broken, walls and carpets are spotless, I intend to leave it all clean. Paid on time every single month. Is it THAT difficult to get them agree for two extra weeks with a 1-month notice?
  13. Hi all, just got a letter from the firm managing the flat I'm renting from a private landlord. It includes this section 21 notice for June 8 and a renewal agreement at 3% increased rent (and £60 admin renewal fee ). The letter says this is a 'precaution against tenancies rolling onto periodic or tenants leaving without serving notice' and that I should call their office to discuss. They're giving me until May to sign the renewal OR sign the section 21 notice if intending to leave. Tenancy agreement ends on June 9, my intention is to leave in June but not sure I can do exactly June 9, I might need to stay for 1-2 weeks extra, not more than that. How should I go about this? Do I have to sign the section 21 notice? Do you believe it's a good idea to call them to explain that I am not renewing the agreement and want to leave, but I can't give them an exact date in June and might need to stay one or two extra weeks. And that I will do my best to tell them early May the exact date of the move. And how much notice am I required to give them now that they send me this section 21 notice? Do I have to give any notice at all (by law?) Many thanks!
  14. 6 bidders seems a lot to me too, and they all seemed to appear after the 2nd weekend on the market. The only rational explanation I could find -- the flat was undervalued. It's an estate sale, owner died, flat inherited by nieces. This is the flat btw. Still doesn't have internal pics and it still says 'for sale'. http://www.rightmove.co.uk/property-for-sale/property-22097547.html
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