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Flippant Attitude Of House-buyer

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I overhead someone in my office who is in the process of buying a flat talking to their Estate Agent today (they have a very loud voice, so it is difficult not to listen) and I was shocked at how lightly they seemed to be taking the whole process.

Firstly they said that they weren't having a full survey done, just the basic one because they are trying to cut costs and if the roof is about to fall in, they would rather not know about it. They then said, "if the bank is willing to lend me the money to buy it, that is good enough for me."

They then asked if the Estate Agent could remember who long was left on the lease and if they could see the property again as they had only seen it once.

I haven't bought a property myself, so don't really know, so perhaps I'm over-cautious, but considering the amount of money involved, this seems rather flippant.

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Sounds very head in sand.

I'm not sure if that's representative though - I had an offer agreed on a flat a couple of months ago and was so freaked out about taking on the huge debt that I didn't want any surprises. The questions I was asking were pretty basic - i.e. 'exactly what is the lease length, service charge, fee for communal works etc.' but the agent was annoyed that I was bothering him with such questions which were 'really for my solicitor to check out'. Glad it fell through, that agent was really annoying me - my 'little' £310K purchase was probably taking way too much time compared with the other properties on his books.

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I doubt anyone truly investigates a potential property purchase fully enough.

It's a bit of an old truism but many probably investigate a s/h car purchase more thoroughly.

Even a full structural survey doesn't necessarily uncover everything.

You want to do it properly and it's expensive.

Believe me, I know about houses and the services therein and I've had to spend on things I hadn't foreseen.

These days I look at many houses and think what a pile of !!!!

Plenty of reports saying the housing stock needs lots of repair and maintenance.

Heyho who cares, it's an investment that can only go up, up, up.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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