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House Price Crash Forum


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Everything posted by Mildura

  1. 2 - 7% not anywhere I've heard in the UK that's for sure! These days fees tend to be between 0.75% and 1.5%, depending on how much the EA wants your business and how much competition the EA feels they have.
  2. Thank you! Always good to be remembered! I have to head out for a while now, but will post something a bit later.
  3. Fair enough, but I wasn't alone in reading a different way to you.
  4. Well, that is a rather different claim. Your original post said that only 4000 homes had ever sold in London for more than £1m. Now you're selecting just one year.
  5. I'm pretty sure that this figure is unlikely to be accurate. Do you have any kind of source for your claim?
  6. It was on for £875k as recently as December, with Seymours. Clearly nothing a 30% price increase won't solve!
  7. Grade II* listed. You've got about as much chance of turning it into a spaceship as you have of converting it into 6 flats! Lovely building though, shame about the lack of parking and limited outside space.
  8. That house has been on and off the market for at least 10 years. The owner must derive some peculiar arousal from his home being permanently for sale.
  9. Not sure I quite follow this part. Just because a previous EA is involved, why should it make more sense for you to communicate with the vendor? Fairly normal I'd say. Most of my clients are not going to want me giving out their name and address to just anyone who asks, even if it may lead to a sale. However, if it were a vendor of mine I'd ask the vendor if they wished me to pass on their details to a prospective purchaser and go from there. Fairly simple, it hasn't sold so the vendor is bringing in a second EA in the hope of increasing their chances of finding a buyer.
  10. Virtually all of them will be working in the commercial/retail side of the business. Very, very few will be from residential estate agency.
  11. I'm not sure what litigation options the op has open to them, gazumping is not illegal, despite being an unpleasant practice. Anyway, as this relates to an event that took place over a year ago I suspect we are unlikely to ever find out.
  12. I would have said it's fairly fundamental to the situation whether the op has made an offer or not, but maybe that's just me.
  13. At no point has the op said they've made any offer on this property, so there is nothing to withdraw.
  14. But the solicitor would have seen the property sales particulars, and if they weren't provided with a copy they should have asked for one. This enables them to confirm exactly what is being sold, and that all the correct permissions are in place. It is also very likely that there would have been a report from the mortgage valuer, highlighting what is being sold, and asking the solicitor to ensure that all relevant permissions are in place. It is worth remembering that the solicitor handling the conveyancing not only acts for the purchaser, but also acts on behalf of the mortgage lender, assuming there is one in this particular case. So, there is a far better chance of success by taking action against the solicitor who acted, rather than the EA.
  15. Loft conversions do not necessarily require planning permission, but they will definitely require building regulations approval, to ensure certain standards were met. If the conversion was carried out in 1979 it is way past the point at which the council can take any enforcement action for the lack of building regulations. You may well have a case against the estate agent, under the property misdescriptions act of 1991. You also have a reason to go after the solicitor who acted on your behalf when you purchased the property, probably more than the estate agent if anything, as it was your solicitor who is there to represent you and check that the property being purchased has all the correct permissions and supporting documentation. I would suggest your purchase is recent enough for you to investigate this further, if you do not wish to incur any costs at this stage perhaps a visit to the CAB first of all.
  16. It is a very useful measure, that's for sure, but it is worth bearing in mind that it will only tell you part of the story. £/sq ft prices can vary considerably over a relatively small area, so it is important not to use the information in isolation.
  17. Well, it seems that the market, at least in very small pockets, can still be completely nuts. The sale mentioned above did go through, leaving the sellers with a gross profit of £325k in a little over 18 months. The condition of the property was virtually unchanged during their period of ownership. Confirmation of sale price
  18. "Why would you go to sealed bids?" (How I suspect things have gone) Very shortly after the property was showing as SSTC on Rightmove the OP has contacted the EA and indicated that they would be prepared to pay in excess of the £405k that has apparently been accepted. Acting in the best interests of their client (the seller) the EA has reported this conversation, and the seller has clearly thought "I can get a few extra £££ here!" So the seller instructs their EA to try and get the £405k a little higher, by approaching both the OP and the person who has had their offer accepted (who is probably feeling more than a little more than a little pissed off by now, but that's the joy of the English legal system), and asking them to submit a best and final sealed bid. This was supposed to be concluded on Monday, but as yet we have had no further news from the OP to explain what has happened. I hope this helps you understand why the other buyer is unlikely to be 'fictional' and the EA is not 'playing mind games.' Whichever way things end up the EA is likely to be left with at least one grumpy (potential)purchaser, following a number of extra phone calls and hassle for the EA, all over a house they thought they'd already sold. Let's say for sake of argument that the price ends up at £412k, £7k higher than had previously been agreed, and let's say the EA's fee is 1.5%. This would mean an extra £105 to the firm of EAs, and probably between £5-20 extra to the individual handling the sale. Believe me, sums of money that small are really not worth the aggravation caused by sealed bids etc. A fairly classic case of gazumping, triggered by the OP, but the seller could quite easily have stuck to their word and run with the offer they had already accepted, but there's no accounting for greed. Doubtless it will always be the EAs fault though!
  19. Do you really 'suspect' that the EA in this case would totally invent another offer, and go as far as marking the property as sstc on Rightmove, just as a way of enticing the op to offer further. That is one incredibly risky strategy and you'd have to try rather hard to find an EA stupid enough to try it. Just imagine what the vendor is going to think when they decide to have a look at their house on the website and see that it shows 'sstc' and they haven't accepted an offer? Not something that is likely to go down well. I'm afraid that I think your distrust and dislike of estate agents has prevented you from seeing that this is a genuine situation, and two different people really do wish to buy the same house. We're talking about London here, it's not exactly unheard of.
  20. Yes. You don't know the circumstances of the other person that offer, nor whether any conditions were attached to the offer. "You don't ask, you won't get."
  21. Welcome! Some very good points in there, in particular this part: Whilst not all local independents are wonderful, you are far more likely to get a better and more straightforward service from one, as opposed to the big national multi-office chains.
  22. I've had a quick look, but can't seem to find anything for particular areas of London. However, this may be interesting nonetheless: Surrey average prices, (April 2000 - June 2012) London average prices, (April 2000 - June 2012)
  23. In fairness, that is a shot of the basement, so I should imagine the reason the plug sockets are surface mounted is to avoid breaking through the damp-proofing. Storage heaters are rather naff though! (And it's not a £2m house, £1.25m if they're lucky!)
  24. Nope, that was already there when they bought it.
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