You cannot buy it but you can extend it. The same applies, after you have own the property for two years you have the legal right to buy a statutory lease extension of 99 years.Do you know about buying the lease? My parents said they’d buy it for me, can they do that?
Thank you, that makes sense! It’s a bit rubbish as internal images help benchmark just cos the quality of property here is so poor, like it’s either a 1960s number or maybe 90s if you’re lucky, very few modernised properties available.I think someone previously in this thread said about houses selling before being online as the estate agent was sending info out to people beforehand.
Someone in my family who has died their daughter was emptying the house and someone saw her doing this. They went up to her and offered to buy the house, this was well before covid, but she hadn’t even contacted an estate agents about selling.
I’ve read you can buy it and have the right to (usually after 2years)? Anyway I’ll find out from solictor soonYou cannot buy it but you can extend it. The same applies, after you have own the property for two years you have the legal right to buy a statutory lease extension of 99 years.
It gets valued and then you can negotiate. You need to pay for the valuation. I can’t see why they can’t pay for it. Provided they don’t pass within 7 years it can be gifted to you with no tax implications.
I’ve mentioned before property only tends to become available here when someone dies tbh and the quality is therefore really poor. Their house had been modernised so is a rarity so not really surprised it went so quickly, shocked it wasn’t so much as listed online though! And frustrating as any similar property won’t have details on zoopla for us to create a range with? :/Yeah, it sounds like a private sale to me. If your house is in a sought-after neighbourhood, if you have a good network, a buyer lined up or a good agent usually houses are sold like that.
The "For sale" sign is put when there is no buyer lined up. So, the agency or the seller has to draw attention to it publicly.
Buying the freehold and extending a lease are not the same. You cannot buy a lease.I’ve read you can buy it and have the right to (usually after 2years)? Anyway I’ll find out from solictor soon
Do you mean you want to see other properties so you can value your own? Online details can be very, very misleading. The pics won’t show up damp or subsidence etc nor tell you if the seller wants a quick sale or is in a big chain so unless you’ve been in the property and spoken to the agent it’s hard to narrow it down. Obviously there’s a rough ceiling price you can work to but what something is advertised for and what it sells for can be really different and if you wait for the sold price to come onto zoopla the price market have changed - certainly at the moment.I’ve mentioned before property only tends to become available here when someone dies tbh and the quality is therefore really poor. Their house had been modernised so is a rarity so not really surprised it went so quickly, shocked it wasn’t so much as listed online though! And frustrating as any similar property won’t have details on zoopla for us to create a range with? :/
There’s another one for sale on our road now but it’ll require a good double digit percentage of its price’s worth of work doing to it as it’s a probate sale.
Oh agreed, I would only go off of price sold but it’s nice context to see the insides. If a load of sold properties are going to have updated sales prices but no corresponding images then it just makes it a tiny bit harder to understand what went on over 2020/21 tbh. It’s complicated even more so by the fact prices are grossly inflated right now, I think for the next 2/3 years it’ll be challenging to determine a reasonable price for a property and I wouldn’t want to go too high and have it sat there for weeks/months. Who fucking knows tbh.Do you mean you want to see other properties so you can value your own? Online details can be very, very misleading. The pics won’t show up damp or subsidence etc nor tell you if the seller wants a quick sale or is in a big chain so unless you’ve been in the property and spoken to the agent it’s hard to narrow it down. Obviously there’s a rough ceiling price you can work to but what something is advertised for and what it sells for can be really different and if you wait for the sold price to come onto zoopla the price market have changed - certainly at the moment.
Just get a few agents round to value. It’s no obligation and even if you do put your house on the market you always want a few agents to value so they’re more than used to valuing without it becoming a listing.
Oh it’ll be on zoopla regardless as they take land registry data, it’s just more frustrating if any nice house that sold in 2020/21 never got listed online it’ll be very hard to understand prices? Like these are obviously not house prices as that’s tacky lol but say the most commonly available probate style properties go for a tenner but decent ones go for twenty to fifty there’s no way of telling where your property sits in that range because you don’t know which ones had extensions, garden size (which varies a lot even down the same street here), really nicely done (versus the 90s or cheaply fitted out ones), etc etc as the images just aren’t there?The local agents might also know through the grapevine how much the neighbours place went for @heretoreaditall2019 ? In my experience agents are real gossips - may as well take advantage of that
We're holding off. It's a gamble but the 25% increase on asking in one year that we're seeing in our area cannot be sustainable. Sales are falling through and coming back to market 2-3 months later £20k more.Is anyone else in the process of / thinking of buying just now? I’m really worried I’ll pay a hugely inflated price and then the market will crash
Used cars are crazy prices. I used to buy cars about 8 years old for about 2 grand . Now it's about 5 grand for a 8 - 10 year old car. I changed cars recently and they gave me near 2k in part ex. When I got that car a couple of years ago they were reluctant to take my previous car in part ex cos it was only worth scrap value.Thing is if people end up in negative equity they won’t move unless they have to do that’ll mean less available housing on the market so more people staying in rented and those prices rising….it’s a mad situation right now
And used cars are absolute madness….we got offered £14k for ours a few months back. It’s now over £20k so we can potentially make £6k on what’s owed on the finance….no cars to swap it for unfortunately, can’t even test drive the one we want as they've sold all the stock of the particular model in the Uk and nothing coming in until March next year
Is anyone else in the process of / thinking of buying just now? I’m really worried I’ll pay a hugely inflated price and then the market will crash
Agree completely. Even worse is seeing people pay over the odds for dives so they’re taking out huge loans on top of the mortgageWe're holding off. It's a gamble but the 25% increase on asking in one year that we're seeing in our area cannot be sustainable. Sales are falling through and coming back to market 2-3 months later £20k more.
People will surely be in negative equity after this.
It's fine if you are keeping the house for 5+ years to wait for it to come back of course. For us it would be a stepping stone home though.
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