Oh, how disappointing.
I hope you find a better buy very soon. And that you stuck the survey where the sun doesn't shine!
Shops and Cafes no longer here.
I have noticed that has recently become something that is happening. Vendors accept an offer on the property they are selling, but tell EAgents to keep it on the market.
I think this is totally unethical. It means that a purchaser could go ahead, and pile up thousands of pounds of costs with solicitors, and then a purchaser comes along (unbeknown to them), with a slightly higher offer, and they either enter a late bidding war or else lose the property.
Equally, people viewing the property will probably not know that an offer has already been accepted and sale going forward. So, their time is being wasted.
Surely, once an offer has been accepted by the vendors and their solicitors informed, then it should be illegal to continue to have the property advertised.
E
Oh, how disappointing.
I hope you find a better buy very soon. And that you stuck the survey where the sun doesn't shine!
Doodledog
I hope it goes well, Nansnet. It is stressful, but will be worth it when you're in your new home.
Unfortunately, it didn't go well, Doodledog! The house we were wanting to purchase had a dreadful surveyor's report! On the surface, the house looked wonderful. The vendor had completely renovated it, and we thought we'd be able to move in without having to do anything. But it seems that many things were hidden! I believe it's what is know as 'flipping'! Buyer beware, as they say!
It's been a long time since we were in the market for buying a property, but we're now getting wise to all the tricks and cons! Not happy that we've lost several hundreds of pounds, with solicitor's fees and surveyor's fees (twice! ... that's another story!), but glad that we had a good surveyor who has saved us thousands in the long run!
Funny thing is, the vendor had the cheek to ask us if we would share the findings of the survey with him! He wasn't interested in paying us for it, he wanted it for free!! You can guess what I said!
I does sound like there is needed reform there. Not half as complicated here.
Here you would make an offer with conditions; financing, surveys, sale of original house. There is a closing date for the conditions, and if they are not met by that date, then the deal falls through. There is a hefty deposit that goes along with the offer, so if you make the offer and don't get your conditions removed before the date, then the buyer will lose their deposit, The seller gets the deposit, less a fee to the agent. If the opposite happens, and say there were some deficiency in the house that was not disclosed, then the buyer would get their deposit back, plus they can sue for any costs from inspections.
The next dirty trick was, after they had accepted our offer and we had employed a surveyor and a solicitors and had sold our home their solicitors rang us to say they had accepted a higher offer.
Again fees from surveyor and solicitor and people waiting to move in a chain.
This time though we found a much better bungalow on a road we had always wanted to live and we were able to move quickly the sellers brother was the solicitor.
We've had the dirty tricks over the years
first one was, accepted our offer we had a survey which cost a lot of money weeks later after we had employed the solicitors they decided not to move.
This was a fairly local move for us and we found out from their neighbours they were in the habit of putting their house on the market just to see how much someone would pay for it.
I felt like going round with a brick and throwing it through their window after we had the invoice from the surveyor and solicitors.
Allsorts sorry if this thread has changed your mind about moving, Yes, it is a horrible process, and Yes, it can take several months and Yes, it should be all subject to new legislation, BUT....on the other hand, there is nothing quite like the wonderful feeling when it does all complete and you move into your new wonderful home. So, pleased I did persevere back in 2019 and virtually every day, think how lucky I am living in my lovely flat.
Wit regard to foreign house/flat purchasers, many of then never even living in them, but leaving properties empty purely as investments. Surely, it would be an easy piece of legislation that brought UK in line with many countries where only citizens of that country are permitted to own any property there. Yes, I do know that there are ways round this, but it would be a start.
With regard to properties being kept on the market after accepting offer, this has been the case with two of the flats in my block. However, when viewers are told that the flat is already under offer, but owner will accept a higher offer, not one has gone along this path, just saying they are not willing to enter any sort of pricing war. Good for them!!!!!
This thread has been very informative, I was getting my property ready to sell, but I really couldn't cope with all the uncertainty it’s should be more like the system in Scotland
Doodledog
Fair enough - sorry if I got that wrong. It's just seemed like it as it is such a peculiar thing to compare holiday parks with second homes, and to suggest that buying one would prevent someone from living on a Park Home, which is an entirely different thing.
I value land. Buildings, homes, holiday homes, farm land, vacant land - Land. I find arguments regarding rentals and holiday homes tedious and difficult to comprehend. I'm always interested in the opinions I read. Apologies I offended.
Fair enough - sorry if I got that wrong. It's just seemed like it as it is such a peculiar thing to compare holiday parks with second homes, and to suggest that buying one would prevent someone from living on a Park Home, which is an entirely different thing.
I wasn’t trying to needle you.
The land, either in a holiday park or "under" a holiday home, is the valuable bit, the part that holds value, doesn't depreciate - rather appreciates.
Sorry, I missed this, but yes, exactly. That's my point. It is why I struggle to understand why anyone would see the two things as the same, and why I assumed you and GSM were trying to needle me. You say you can't speak about good buys, but the point you raise is exactly why buying a lodge or caravan is absolutely not a good buy if you (generic) are concerned about a return on investment rather than the ethics of ownership.
What they (owning a house and a lodge/caravan) have in common is the ability to go away to somewhere you can leave your things. After that they are entirely different for the reasons I've already outlined.
Doodledog
Nope. Park home sites are not the same as holiday parks. They operate under very different sets of rules. Also, residential park homes are not like trailer parks in the US - many of the homes cost hundreds of thousands, and the residents are part of the local communities, working there, using facilities and keeping communities alive.
Poke at me as much as you like - it's water off a duck's back. All I said was that I would like to see the acquisition of second homes being discouraged in a housing crisis. I stand by that, whether those acquiring them are 'foreign' or not.
I'm certainly not poking you. I merely disagree.
Doodledog
*I really see no difference between holiday homes and park homes, apart from I'd rather not have park home restrictions/ rules/ prices - nobody seems to object to 2nd home park holiday homes.*
😂
There are so many differences that I can't believe you mean that. For one thing, holiday parks are not second homes - the land belongs to the park owners. They are not taking anything from communities - in fact they add to the economy of towns and villages by bringing in people who shop locally. Even if everyone brings their own food with them when they visit, when they go home they are not leaving part of a community empty and reducing the chances that a school or community centre, a knitting group or Rotary Club will fold for lack of people to keep it going.
I have often posted about the fact that we have such a place - a lodge on a holiday park - and said that we bought it at least in part because we don't believe in leaving second homes empty for most of the year. I will take this opportunity to repeat my advice that they (lodges/caravans on holiday parks) are not a good buy, but they are not remotely the same as houses in what used to be communities.
Actually, I did mean what I said.
The land, either in a holiday park or "under" a holiday home, is the valuable bit, the part that holds value, doesn't depreciate - rather appreciates.
I can assume people are split on taking food to holiday parks /lodges or bringing from home - I've no idea. I cook at home and haul food with us, but I also shop in the little village.
I can't speak to good buys, our holiday home (3 actually we've sold 2 and redone others) has cost quite a sum over 40 years. Sunk funds.
Nope. Park home sites are not the same as holiday parks. They operate under very different sets of rules. Also, residential park homes are not like trailer parks in the US - many of the homes cost hundreds of thousands, and the residents are part of the local communities, working there, using facilities and keeping communities alive.
Poke at me as much as you like - it's water off a duck's back. All I said was that I would like to see the acquisition of second homes being discouraged in a housing crisis. I stand by that, whether those acquiring them are 'foreign' or not.
Many park homes can be occupied all year round. Buying one such as a holiday home would prevent some from buying it as their permanent home. They are usually very cheap to buy, so would suit many who are not well off.
I really see no difference between holiday homes and park homes, apart from I'd rather not have park home restrictions/ rules/ prices - nobody seems to object to 2nd home park holiday homes.
😂
There are so many differences that I can't believe you mean that. For one thing, holiday parks are not second homes - the land belongs to the park owners. They are not taking anything from communities - in fact they add to the economy of towns and villages by bringing in people who shop locally. Even if everyone brings their own food with them when they visit, when they go home they are not leaving part of a community empty and reducing the chances that a school or community centre, a knitting group or Rotary Club will fold for lack of people to keep it going.
I have often posted about the fact that we have such a place - a lodge on a holiday park - and said that we bought it at least in part because we don't believe in leaving second homes empty for most of the year. I will take this opportunity to repeat my advice that they (lodges/caravans on holiday parks) are not a good buy, but they are not remotely the same as houses in what used to be communities.
That’s true.
People like me retiring to popular holiday areas push prices up - we are usually downsizing, mortgage free and can afford to pay more. North Norfolk is very popular with retired people, as are many other areas. At least we live here all the time and contribute to the local economy, but it’s certainly the case that house prices have increased as a result. The house we live in is a rebuild of a small 60s bungalow in a village with a large garden which would probably have suited many local people if they could cope with the lack of facilities and transport - but an architect bought it and totally rebuilt it, knowing it would sell easily. Great for us, but not for the locals.
Germanshepherdsmum
Actually I simply wondered what effect (without specifying on what) raising the stamp duty surcharge paid by foreign buyers from 2% to 4% might have. I don’t think it will make the slightest difference to the availability or price of houses. It will just put money in the coffers. I wouldn’t be in favour of people from one area facing restrictions on buying a second home in another. I don’t like to see choice removed. I’m sure if you have to live in London for work it would be lovely to have a place in the countryside to escape to.
I agree. We should all have choices.
Stamp duty surcharge would perhaps be a good idea, no difference to foreigners (or holiday home buyers come to that).
I really see no difference between holiday homes and park homes, apart from I'd rather not have park home restrictions/ rules/ prices - nobody seems to object to 2nd home park holiday homes.
Actually I simply wondered what effect (without specifying on what) raising the stamp duty surcharge paid by foreign buyers from 2% to 4% might have. I don’t think it will make the slightest difference to the availability or price of houses. It will just put money in the coffers. I wouldn’t be in favour of people from one area facing restrictions on buying a second home in another. I don’t like to see choice removed. I’m sure if you have to live in London for work it would be lovely to have a place in the countryside to escape to.
Germanshepherdsmum
I think you will find that foreign buyers mainly want to be in London. The people who own second homes in villages come from this country. I have such a neighbour on one side.
I believe buying next to you in East Anglia - by the sea or elsewhere, is just based on who wants to live there? If not, each house on the market would stay empty rather than selling.
Germanshepherdsmum
I think you will find that foreign buyers mainly want to be in London. The people who own second homes in villages come from this country. I have such a neighbour on one side.
I'm sure you're right, but I'm not sure how that contradicts what I am saying. Someone mentioned 'foreign' buyers paying more, you asked how increasing that would help housing stock. I said that I would like to see a deterrent to people from outside an area (be they 'foreign' or just 'incomers'
) who don't live there but use the houses a few weeks of the year, and gave reasons why.
icanhandthemback
There are countries which allow mortgages for the whole of your life and then your children can take them over. I think there are other ways if there was a will.
As for foreign buyer and Air BnB's, I think it depends on location as to whether it makes a difference; London and holiday resorts will have be impacted. According to the Royal Society of Economics, Foreign buyers don't put up the prices of the higher priced properties but has a trickle down effect at the lower end of the market...just the type of people who would struggle more.
It is quite likely I'm incorrect. Perhaps it would be easier for some people to purchase if they expected a lesser home. Our own grown children, who were raised by exceedingly frugal parents, purchased first homes far surpassing anything we'd own. Our grandchildren? Moreso.
I think you will find that foreign buyers mainly want to be in London. The people who own second homes in villages come from this country. I have such a neighbour on one side.
There are countries which allow mortgages for the whole of your life and then your children can take them over. I think there are other ways if there was a will.
As for foreign buyer and Air BnB's, I think it depends on location as to whether it makes a difference; London and holiday resorts will have be impacted. According to the Royal Society of Economics, Foreign buyers don't put up the prices of the higher priced properties but has a trickle down effect at the lower end of the market...just the type of people who would struggle more.
icanhandthemback
Germanshepherdsmum
If you’re following on from the comments on foreign purchasers, there’s nothing to stop local people buying the properties they buy if they want to and can afford to. Foreign buyers don’t push up prices. The problem with holiday homes and Air Bnbs is caused by British people. Some local authorities are taking steps to stipulate that new homes must be owner-occupied and to clamp down on Air Bnbs.
I am not an "economics" wizard by a long shot but surely the housing stock being brought by anyone, foreign, Air BNB's or not, will put up the prices on the basis of supply and demand. The more demand the higher the price. So, property is demanded by international buyers and Air BnB Buyers it puts the prices up and local people may find that they don't have the income to get the mortgages to buy, especially as incomes have fallen and mortgage qualification has got tougher. I think we probably need to overhaul the way we do mortgages as well as other measures to allow youngsters to get on the ladder. It now takes a typical Londoner 30 years to save a deposit and get the income to qualify for a mortgage!
I'm not an economics wizard either, however I see no advantage to a home remaining unsold to foreigners, or as AirB&B, holiday home, or rental. I can't work out why vacant is better?
Our holiday home was in poor condition, it's now lovely. Nobody was buying it, it was empty. We saw the future beauty hidden in it, accomplished the work and we or our children use it quite regularly.
Same as my rentals. Empty and derelict, now lovely family homes. I'm supplying a service to people who haven't purchased.
I've not put up prices -- nobody else was purchasing!
I'm not talking to mortgages, it's complicated, I'm no Banker.
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