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The Knimbies who say No

Depressing Anecdote

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Friend of a friend is in process of buying a house.

Offer accepted a good while ago, place is a BTL (currently tenanted). Survey shows house needs eleccy work to bring it up to scratch (actually it's not compliant with BTL standards in its current state). Owner refuses to cover full costs, not even half(several £k), friend of a friend agrees to cough up the difference. He is just being played, pure and simple. I've gently suggested that he ought to walk away, but don't want to ruffle feathers. The view he takes is that it is better to proceed and not lose the money spent thus far. Basically, not divulging a major electrical fault has made it more likely he'll buy the place from the seller. How f*cked is that?

Thing is, the person in question doesn't even like the place that much, he is just getting 'on the ladder'. And this after introducing them to Property Bee etc etc.

The mind boggles.

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Friend of a friend is in process of buying a house.

Offer accepted a good while ago, place is a BTL (currently tenanted). Survey shows house needs eleccy work to bring it up to scratch (actually it's not compliant with BTL standards in its current state). Owner refuses to cover full costs, not even half(several £k), friend of a friend agrees to cough up the difference. He is just being played, pure and simple. I've gently suggested that he ought to walk away, but don't want to ruffle feathers. The view he takes is that it is better to proceed and not lose the money spent thus far. Basically, not divulging a major electrical fault has made it more likely he'll buy the place from the seller. How f*cked is that?

Thing is, the person in question doesn't even like the place that much, he is just getting 'on the ladder'. And this after introducing them to Property Bee etc etc.

The mind boggles.

it gets really depressing when it is a close relative and this means your family is going to be much poorer

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Friend of a friend is in process of buying a house.

Offer accepted a good while ago, place is a BTL (currently tenanted). Survey shows house needs eleccy work to bring it up to scratch (actually it's not compliant with BTL standards in its current state). Owner refuses to cover full costs, not even half(several £k), friend of a friend agrees to cough up the difference. He is just being played, pure and simple. I've gently suggested that he ought to walk away, but don't want to ruffle feathers. The view he takes is that it is better to proceed and not lose the money spent thus far. Basically, not divulging a major electrical fault has made it more likely he'll buy the place from the seller. How f*cked is that?

Thing is, the person in question doesn't even like the place that much, he is just getting 'on the ladder'. And this after introducing them to Property Bee etc etc.

The mind boggles.

If any house [or the electrics] is over five year`s old it would not comply to btl standards,it dose not mean it is unsafe

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If any house [or the electrics] is over five year`s old it would not comply to btl standards,it dose not mean it is unsafe

The survey states the system needs repaired/upgraded. I only mentioned the BTL bit as it is currently tenanted. The friend of a friend will be living in there.

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it gets really depressing when it is a close relative and this means your family is going to be much poorer

Well, indeed. At least it's not that bad. Still, seeing nice people being liberated of thousands of pounds of their hard-earned is not much fun. In the grand scheme of things it's small beer I suppose.

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Well, indeed. At least it's not that bad. Still, seeing nice people being liberated of thousands of pounds of their hard-earned is not much fun. In the grand scheme of things it's small beer I suppose.

Only fools get liberated of thousands. There isnt a sparks in the country that couldnt walk into any house (apart from a new build) and do an inspection by the book which recommends thousands worth of work to bring it up to current regs.

Nothing apart from a new build will meet current regs and would have to be highlighted on a report. That doesnt mean that it is unsafe though or that work is needed. There is also no obligation at all, none whatsoever, for the buyer/owner to spend money and bring it up to current regs.

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Friend of a friend is in process of buying a house.

Offer accepted a good while ago, place is a BTL (currently tenanted). Survey shows house needs eleccy work to bring it up to scratch (actually it's not compliant with BTL standards in its current state). Owner refuses to cover full costs, not even half(several £k), friend of a friend agrees to cough up the difference. He is just being played, pure and simple. I've gently suggested that he ought to walk away, but don't want to ruffle feathers. The view he takes is that it is better to proceed and not lose the money spent thus far. Basically, not divulging a major electrical fault has made it more likely he'll buy the place from the seller. How f*cked is that?

Thing is, the person in question doesn't even like the place that much, he is just getting 'on the ladder'. And this after introducing them to Property Bee etc etc.

The mind boggles.

Just a quick update, after much more nonsense regarding pretty much every aspect of the sale, culminating in incomplete paperwork being forwarded to my friend's solicitor on the seller-demanded day of completion, 90 minutes before close of business on a Friday, I'm glad to say the person concerned cut their losses, told the seller to shove it and the house is back on the market. Agent sounded like a proper unmentionable to boot. Was 'Sold STC' for four months. I think he now realises he dodged a bullet, and as far as I'm aware he is not looking elsewhere.

I played my part in this small act. I guess I should paint a house with a line through it on my car door or something..

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Thing is, the person in question doesn't even like the place that much, he is just getting 'on the ladder'. And this after introducing them to Property Bee etc etc.

The only person I've introduced to the Bee went out and bought six months later. Once again, the ladder.

After a year, she says she's working very hard and sleeps on Sunday afternoon to recharge the batteries. Age 25.

It may have been a good deal. I dunno.

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This has been covered numerous times. Don't try to help your friends or acquaintances. At best you'll be regarded as off.beat, at worst a quack. They'll leap off anyway and treat you as a tard for being different.

Then the crash happens, regardless of your demeanor you'll be blamed as the reason for the crash.

So the best thing to do is to play dumb. When you ae clearly better off, just blame it on inheritance or the lottery or whatever.

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Just a quick update, after much more nonsense regarding pretty much every aspect of the sale, culminating in incomplete paperwork being forwarded to my friend's solicitor on the seller-demanded day of completion, 90 minutes before close of business on a Friday, I'm glad to say the person concerned cut their losses, told the seller to shove it and the house is back on the market. Agent sounded like a proper unmentionable to boot. Was 'Sold STC' for four months. I think he now realises he dodged a bullet, and as far as I'm aware he is not looking elsewhere.

I played my part in this small act. I guess I should paint a house with a line through it on my car door or something..

Very recent? If so the news that prices are now falling again would no doubt sharpen the fianancial reflexes a bit, already in a dissatisfied buyer state your friend could then match the money already lost in costs with the potenial loss on closing and already bum looking deal.

Such small actions are things that move the market when similar decisions are made by other participants in the same position.

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Very recent? If so the news that prices are now falling again would no doubt sharpen the fianancial reflexes a bit, already in a dissatisfied buyer state your friend could then match the money already lost in costs with the potenial loss on closing and already bum looking deal.

Such small actions are things that move the market when similar decisions are made by other participants in the same position.

less than a month ago. Yup, I think this experience and my bearish stance may in fact do exactly as you propose, although it will definitely be a different property as the seller was a complete tool on this one. How you would exactly assess whether or not you recover costs already incurred on a future sale is not no obvious, but I suspect they'll be making lower offers than they might have otherwise, if that makes sense. As you say, a market is a large number of small actions so that's another tiny piece of downward pressure.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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