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Charles_Darke

Scum Estate Agents

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I mentioned that I'm buying a flat for £275k. Another flat in the same block came on the market for £260k (I'm paying £250k + £25k for a parking space) and I mentioned it to a friend who was looking for a flat in the area.

Anyway, in part of the pitch, the EA was going on about how a flat in the same block recently sold for £275k and how she should be getting a great deal yadda yadda conveniently forgetting to mention that my flat included a parking space and was 170+sqft bigger.

I wish I'd seen the EA's face when she told her she knew the buyer and that it included a parking space for £25k and that therefore she would expect the price of the flat to be no more than £250k. (sale has now been agreed at £250k).

The previous flat she was buying fell through when the selling EA didn't disclose that Crossrail would be boring a tunnel under the flat for the next 12 months. She found out from her solicitors when the searches were done (and she'd sunk some expense into the whole thing).

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The previous flat she was buying fell through when the selling EA didn't disclose that Crossrail would be boring a tunnel under the flat for the next 12 months. She found out from her solicitors when the searches were done (and she'd sunk some expense into the whole thing).

Well yes, caveat emptor. It's the EA's job to sell, that's who he owes a duty of care to and it's not as if the buyer's paying him, is it ?

And why is she paying £250K when yours is presumably a lot bigger (all other things being equal) - surely that makes the selling price less than £250K ?

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And why is she paying £250K when yours is presumably a lot bigger (all other things being equal) - surely that makes the selling price less than £250K ?

Or maybe Charles is massively overpaying for his parking space? £25k???? I could buy my car 20 times over for that! :lol:

Edited by Smell the Fear

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Well yes, caveat emptor. It's the EA's job to sell, that's who he owes a duty of care to and it's not as if the buyer's paying him, is it ?

And why is she paying £250K when yours is presumably a lot bigger (all other things being equal) - surely that makes the selling price less than £250K ?

Poor negotiation skills? Maybe I'll try to reverse this trick and say that a flat in the same block recently sold for £250k... :P In fairness, both our sellers are 'distressed sellers' mine moved to the US and her's have just split up. I think we're buying for the same price they bought for so they can't/won't make a loss on it. Fine by me. The flats are off-plan and their deposits are holding it for me :) I suspect there may be a glut of distressed sellers if interest rates rise.

Or maybe Charles is massively overpaying for his parking space? £25k???? I could buy my car 20 times over for that! :lol:

Don't remind me. It's a rip off. I don't even own a car!

Edited by Charles_Darke

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Poor negotiation skills? Maybe I'll try to reverse this trick and say that a flat in the same block recently sold for £250k... :P

Don't remind me. It's a rip off. I don't even own a car!

GF's brother has recently bought a space in N1 at that money with his new flat for presumably similar reasons. He can get £200 a month clear for renting it out. Now that's a yield......

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Well yes, caveat emptor. It's the EA's job to sell, that's who he owes a duty of care to and it's not as if the buyer's paying him, is it ?

And why is she paying £250K when yours is presumably a lot bigger (all other things being equal) - surely that makes the selling price less than £250K ?

Estate agents have a duty of care to no one but themselves, which both buyers and sellers would do well to remember.

Eg, estate agent gets what, 4% of sale price? Your house is up for sale for £250,000. Someone offers you £240,000. You want to hold out for the asking price, and instruct the EA.

But wait - estate agent thinks "I'm on for £9,600 right now - why bother paying for advertising, showing clients for another couple of weeks, blah de blah, for just an extra £400?" - "I suggest you take that offer - it's a great price..."

So you lose near £10K because agents just want what they can get for themselves if it's close enough.

But yeah, caveat emptor.

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I wish I'd seen the EA's face when she told her she knew the buyer and that it included a parking space for £25k and that therefore she would expect the price of the flat to be no more than £250k. (sale has now been agreed at £250k).

Sounds like the estate agent still got the deal anyway. So why would he/she give a sh*t that your friend knows she fibbed.

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Or maybe Charles is massively overpaying for his parking space? £25k???? I could buy my car 20 times over for that! :lol:

I know someone who bought an indoor space with gates, security cameras, etc under a flat in SW1 for £10k freehold, less than 2 years ago. That's parking space inflation for you :huh:

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Eg, estate agent gets what, 4% of sale price? Your house is up for sale for £250,000. Someone offers you £240,000. You want to hold out for the asking price, and instruct the EA.

4%!!!!!!!! When was the last time you sold a house??!!

Any EA would do well to get more than 1.5% these days.......

I mentioned that I'm buying a flat for £275k. Another flat in the same block came on the market for £260k (I'm paying £250k + £25k for a parking space) and I mentioned it to a friend who was looking for a flat in the area.

is the parking space on a separate title? If not you could get in a wee bit of bother when it comes to stamp duty...

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4%!!!!!!!! When was the last time you sold a house??!!

Even worse then - why do the leg work to earn your client 10k when you'll only get £150 out of it.

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I mentioned that I'm buying a flat for £275k. Another flat in the same block came on the market for £260k (I'm paying £250k + £25k for a parking space) and I mentioned it to a friend who was looking for a flat in the area.

Anyway, in part of the pitch, the EA was going on about how a flat in the same block recently sold for £275k and how she should be getting a great deal yadda yadda conveniently forgetting to mention that my flat included a parking space and was 170+sqft bigger.

I wish I'd seen the EA's face when she told her she knew the buyer and that it included a parking space for £25k and that therefore she would expect the price of the flat to be no more than £250k. (sale has now been agreed at £250k).

The previous flat she was buying fell through when the selling EA didn't disclose that Crossrail would be boring a tunnel under the flat for the next 12 months. She found out from her solicitors when the searches were done (and she'd sunk some expense into the whole thing).

DONT LET THEM SEE YOU KIDS!!! THEY WILL SELL THEM ON YOU!!!

Estate Agent = Knows f*ck all about property but can BS for england!*

* well 90% of them anyway - there are 1 or good ones

TB

Edited by teddyboy

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is the parking space on a separate title? If not you could get in a wee bit of bother when it comes to stamp duty...

Even if it's on separate title, it's still a connected transfer for SDLT (usually).

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is the parking space on a separate title? If not you could get in a wee bit of bother when it comes to stamp duty... [Mildura]

If bought from the same vendor it's likely to be considered as a linked transaction. Measures introduced in the Finance Act 2004 have enabled HM Revenue and Customs to apply the existing rules more strictly.

See 'SDLTM30100 -- Application: Linked transactions FA03/S108':

http://www.hmrc.gov.uk/manuals/sdltmanual/SDLTM30100.htm

Linked transaction are those which form part of a single scheme, arrangement or series of transactions between the same vendor and purchaser or, in either case, persons connected with them. ICTA88/S839 defines when parties are connected.

and 'STAMP DUTY LAND TAX: STAMP DUTY REFORMS':

http://www.lgold.co.uk/index.php/mnu/7

Linked transactions

Linked transactions are those that form part of a single scheme, arrangement or series of transactions between the same vendor and purchaser or any person connected to the purchaser. The rate of SDLT payable in these circumstances will be determined by the sum of consideration paid for both transactions.

[...snip...]

The transactions do not have to take place on the same day to be linked, they could even be years apart, but if they are part of an arrangement, scheme or series of transactions they will still be linked.

Also see 'General (main property discussion here) -- Stamp Duty -- Linked Transactions':

http://www.landlordtrader.co.uk/thread_357...ansactions.html

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Estate agents have a duty of care to no one but themselves, which both buyers and sellers would do well to remember.

Eg, estate agent gets what, 4% of sale price? Your house is up for sale for £250,000. Someone offers you £240,000. You want to hold out for the asking price, and instruct the EA.

But wait - estate agent thinks "I'm on for £9,600 right now - why bother paying for advertising, showing clients for another couple of weeks, blah de blah, for just an extra £400?" - "I suggest you take that offer - it's a great price..."

So you lose near £10K because agents just want what they can get for themselves if it's close enough.

But yeah, caveat emptor.

Yeah but 4% ?? No one I know has paid more than 2%

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is this in that new galliard homes block? that's surely the only new build in se1 at the prices you mention.

Yes.

Even if it's on separate title, it's still a connected transfer for SDLT (usually).

Well, I've budgeted for stamp duty at 3%, but I'll see what the options are for tax structuring.

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  • 301 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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