[Misc] What is going on with this flat?

[Badger]

Is there a high monthly maintenance fee? After 10 years they might be doing some major maintenance jobs.

 

[trueblue]

Maintenance fee/cladding etc all valid points but worth checking out the neighbours. We used to live in a block in town where flats hardly ever went up for sale. Couldn’t understand why the posher ones over the back frequently came on to the market. Then realised there was a halfway house place right next door with street drinkers hanging about outside and the police turning up on a regular basis.

 

[deletebeepbeepbeep]

Maybe high leasehold costs?

We went to view a flat near the seafront and the agent told us that the management fee was £700pm because the leaseholder wanted to reinforce the roof in order to put an additional floor of flats on them!

 

[Westdene Seagull]

So about nine months ago I enquired about buying quite a smart flat in a new-ish development (about ten years old). I was told it was no longer available but a few months later it appeared on the agent's listings again. This time I went to see it. I was told the sellers wanted a quick sale. I wasn't sure so didn't proceed but have since thought it was probably at least worth a second look.

It is now appearing in the agent's listings AGAIN (I viewed it in March). It was first listed almost 18 months ago, and has been reduced in price by 20%. It has a long lease. I'm tempted to go back, but surely there must be something wrong with it What aren't they telling me?

The price is very reasonable for the location.View attachment 164622

Two reasons :

a. Property prices are dropping - I have a number of properties on the market and every single one has been reduced in price. Yet, strangely I'm being investigated by HMRC for 'under valuing' said properties. They clearly don't understand a property is only worth what someone is prepared to PAY for it NOT what the district valuer says is the value.


b. Everyone, but especially BTL landlords, is being hit with stupid interest rate increases ( don't even get me started on what a bunch of idiotic c**ts the BoE are ) so landlords just want shot of the property.

 

[Acker79]

Is the belief that when you were interested before someone else bought it, and they are now selling, if so, is it possible it wasn't bought, but someone didn't want to sell to you (I don't know anything about you to suggest why that might be)?

 

[Tom Hark Preston Park]

Is the belief that when you were interested before someone else bought it, and they are now selling, if so, is it possible it wasn't bought, but someone didn't want to sell to you (I don't know anything about you to suggest why that might be)?

Is there anybody much cleverer than me able to unravel any of the above?

 

[kevo]

Maybe high leasehold costs?

We went to view a flat near the seafront and the agent told us that the management fee was £700pm because the leaseholder wanted to reinforce the roof in order to put an additional floor of flats on them!

I'm thinking sonething similar. Although it's only a two storey block there is a lift. Maybe it needs replacing (I know a leaseholder who had to contrulibute 10k towards a new lift - and he lived on the ground floor!).

 

[The Clamp]

Dodgy neighbour?

A real possibility. Check with the council if any complaints have been lodged.

 

[Acker79]

Is there anybody much cleverer than me able to unravel any of the above?

Sorry, posting during the work day.

The first post notes that when Kevo was interested before, they were told the flat is unavailable. The OP seems to have taken this as 'it was sold'. The house is now on the market again, meaning whoever bought it is now selling, suggesting something wrong with the house

I was asking if it was possible this is an inaccurate assumption. That when the OP expressed an interest before, the owners decided they didn't want to sell it to him (not that I know why they wouldn't, I've no idea if racism, homophobia, classism etc might apply)

 

[Tom Hark Preston Park]

A real possibility. Check with the council if any complaints have been lodged.

Maybe worth running a simple Google Search on the property

 

[kevo]

Sorry, posting during the work day.

The first post notes that when Kevo was interested before, they were told the flat is unavailable. The OP seems to have taken this as 'it was sold'. The house is now on the market again, meaning whoever bought it is now selling, suggesting something wrong with the house

I was asking if it was possible this is an inaccurate assumption. That when the OP expressed an interest before, the owners decided they didn't want to sell it to him (not that I know why they wouldn't, I've no idea if racism, homophobia, classism etc might apply)

No, the agents just said it was off the market when I first inquired - ie it was no longer for sale.

 

[pearl]

I'm thinking sonething similar. Although it's only a two storey block there is a lift. Maybe it needs replacing (I know a leaseholder who had to contrulibute 10k towards a new lift - and he lived on the ground floor!).

Long time ago a friend had a leasehold in a block. The maintenance costs included all the blocks owned by the freehold company and renters didn't have to pay anything. Crazy .... they had trouble getting shot of the place.

 

[The Antikythera Mechanism]

So about nine months ago I enquired about buying quite a smart flat in a new-ish development (about ten years old). I was told it was no longer available but a few months later it appeared on the agent's listings again. This time I went to see it. I was told the sellers wanted a quick sale. I wasn't sure so didn't proceed but have since thought it was probably at least worth a second look.

It is now appearing in the agent's listings AGAIN (I viewed it in March). It was first listed almost 18 months ago, and has been reduced in price by 20%. It has a long lease. I'm tempted to go back, but surely there must be something wrong with it What aren't they telling me?

The price is very reasonable for the location.View attachment 164622

I should imagine that this is a result of a buyer drop out in the first instance and a chain collapse in the second. Add to that an owner who is desperate to sell as they are part of a chain and that could explain the price reductions.

 

[pearl]

Is it a top floor flat? If not, the flat above may well have 'contemporary' bare floorboards. So you'll hear every footstep from above, not to mention any devices they haven't taken steps to soundproof. Flat above mine is currently rented by a creepy dude who wanders his bare floorboards at all hours. His job? Running a 3D-printer from home 24x7. It was completely non-soundproofed until I threatened to have him slung out on his ear. At which point he miraculously discovered 'Stealth Mode' on his shitty printer. Which is the equivalent of me suddenly discovering 'Volume Control' on my telly remote. Sake!
And... RELAX!

Are they running a business from the flat?!

 

[Tom Hark Preston Park]

Are they running a business from the flat?!

Well it's his only apparent source of income. I'd have him kicked out in an instant if he didn't have a little kid that he appears to be entrusted with

 

[FatSuperman]

Does it overlook Selhurst Park?

The price tells you it doesn't. It's £299,999 too much

 

[Brok]

A real possibility. Check with the council if any complaints have been lodged.

Great advice, I should have.
Instead, I bought the house with the neighbour from hell next door.
Sold the house as soon as I could, with a big loss, financially.

I guess the obvious thing is to do the homework first...

 

[Live by the sea]

Why has the price gone down so much from last year . Certainly in Brighton or Hove that would be odd .

 

[Live by the sea]

Two reasons :

a. Property prices are dropping - I have a number of properties on the market and every single one has been reduced in price. Yet, strangely I'm being investigated by HMRC for 'under valuing' said properties. They clearly don't understand a property is only worth what someone is prepared to PAY for it NOT what the district valuer says is the value.


b. Everyone, but especially BTL landlords, is being hit with stupid interest rate increases ( don't even get me started on what a bunch of idiotic c**ts the BoE are ) so landlords just want shot of the property.

Depends where you properties are . In central areas of Brighton and especially Hove , prices seem to be holding up well . Maybe not in the sticks so much .

 

[pearl]

Well it's his only apparent source of income. I'd have him kicked out in an instant if he didn't have a little kid that he appears to be entrusted with

Yeah it's tough these days.