Owning your own home

Wouldn't the risk here be that someone buys the flats and the freehold from the administrator of the bankrupt freehold company?

Wouldn't the risk here be that someone buys the flats and the freehold from the administrator of the bankrupt freehold company?

Sounds like it. Presumably an administrator would be appointed who would then sell off the assets of the freehold company in the most 'appropriate' way - this might be bulk lot of freehold and leases at auction but I couldn't see that realising anything near the actual value of the place if the leases were sold on the open market.

But that takes time and is a massive administration headache.

Thanks, I'll see what the solicitor says and go from there. I've emailed the Leaseholder I know and suggested he also seeks advice and thinks about potentially trying to get the Freehold.

Once I know a bit more I might tap you up for a pint to talk about potential pit falls if you have time, I get the feeling this process is going to have an even higher density of dickheads trying to fuck me at every opportunity than dealing with estate agent and buying the place was.

125k? That can't be right/the full story?

Sounds like an awful situation... sorry to hear about it. Sounds like it could be time to fire bomb their offices.

Not sure I will make it by Wednesday, challenging logistics without a car; anyone else interested feel free to take it

Estate agents, what value do they add when you're selling a property? The most important thing seems to be getting it on Rightmove/Zoopla which you can do for £100 or so.

Paying £6.5k or so for photos, descriptions, viewings seems a lot of money. However, if they manage to get a price higher than that then it's obviously worth it. Is there anything to show that going with an estate agent will get you more money?

Also, for those who've used estate agents, what kind of fees have you negotiated. 1% plus VAT is what's being offered at the moment but I'd like to push that down a bit.

In a good market estate agents are motivated to flip as many places as quickly as possible (as the incremental increase in their income for increasing the value of your home doesn't AT ALL compare to acquiring the base percentage of an entirely different property). It might be that their motivation is to sell your home quickly at a discount.

In a bad market estate agents are motivated to flip your home for as much as possible as there's no guarantee where their next property/sale will come from.

Note that niche/expert estate agents usually work to different economics (extremely high value sales where you HAVE to have access to a database of potential buyers for example).

Estate agents, what value do they add when you're selling a property?

Value is contextual :)

Paying £6.5k or so for photos, descriptions, viewings seems a lot of money

Depends how you value your time I guess.

A lot of London people are so fucking rich they are happy to pay that to get the job off their to-do list.

Also, for those who've used estate agents, what kind of fees have you negotiated

You could try negotiating a tiered agreement. If they get over a certain price then you'd pay them a bit more. The trick is to have the bottom rung less than 1% + VAT, but they never agree to this, and will always peg the mostly likely sale price to 1% + VAT. Or more, if you are not careful.

Think we were on 1.25% + VAT, I almost went with Purple bricks and sell managed but glad I didnt in the end as there was more to selling a flat than I expected (admin and management wise). They also act a filter (although they may also encourage unsuitable viewings) for viewers so you hopefully get less tyre kickers.

Who knows - maybe I made the wrong choice, but I don't regret it.

Also, for those who've used estate agents, what kind of fees have you negotiated. 1% plus VAT is what's being offered at the moment but I'd like to push that down a bit.

Our sale through Yopa effectively worked out at 0.7% (inc. VAT)

Not right, it was less than I remembered: https://www.zoopla.co.uk/property/flat-27/bridge-court/lea-bridge-road/london/e10-7js/7794215

Fortunately we've now got our right to manage so we've kicked those guys out. But the scars from these years will stay with me.

Thank god they existed though because I could never have afforded my two bed without them running the property values down to the ground.

Once I know a bit more I might tap you up for a pint to talk about potential pit falls if you have time, I get the feeling this process is going to have an even higher density of dickheads trying to fuck me at every opportunity than dealing with estate agent and buying the place was.

I'd be very glad to chat it through but honestly I'm only an expert in my tiny sliver of the specific situation I was in, and even then I have huge gaps. But sometimes just talking it through can help, so feel free to shout, just make sure you check my working. :)

How on earth?!?! Would have thought it would be 3 times that min?
Sounds like a real stinker, glad it worked out for you though...

If you look back through this thread there's a post where I say 'what's wrong with Bridge Court in E10' and a load of people saying 'there's just somethign wrong with that block, I'd stay away if you can'. They were right. On the way up now though.

Must have missed all that, still, strikes me as super cheap... prob can't face a search though.

Cheers all. I've already got decent floor plans and have enough camera equipment for the pictures so it's mainly about whether the estate agents' "selling skills" and contacts are going to drive a higher price.

I'm planning on a tiered structure but I'd want part of that to be that underneath their predicted price they are going to have to suck up something under 1% rather than it being all upside for them.

Apparently the Freeholder going in to administration isn't something my solicitor can help with. They've forwarded the details of another company who could help but if anyone else has recommendations of someone they've used before please let me know/PM me.

I'd want part of that to be that underneath their predicted price they are going to have to suck up something under 1% rather than it being all upside for them.

Yeah they won’t agree to that

standard middle class shout out for a shit hot wallpapererer / decorator who can get it right the first time because this wallpaper lark is fucking expensive etc.

hmu

And so it begins ... https://www.rightmove.co.uk/property-for­-sale/property-83950187.html
...
Pondering moving from house to flat
...
Put in an offer ... wasn't the only person so have the fun of best and finals

Murmurs of an incoming offer on my place today. Also should find out about the offer I've made.
So I could potentially have a sale or a purchase in progress.
Or both.
Or neither.

Edit... balls. They went with the other offer on the flat. Oh well

Just applied for Smart Meter, response:

Sorry, we can't install a Smart meter at your home at the moment We're
still working on getting your type of meter ready for Smart. We'll be
in touch as soon as we can install a Smart meter at your property.

NPower.

I'm happy to switch away and arguably should have done ages ago.

Anyone here know if any of the green suppliers are offering smart meters?

nested!

Anyone here know if any of the green suppliers are offering smart meters?

Bulb your shit up

http://www.bulb.me/howards3684

nested!

Yep. I think I over explained the cash advance they offer to the sellers of the place I was interested in. I think I made the highest offer but Nested's thing is new enough that it sounded a bit off the wall
Should have just said "I have bridging finance in place" and left it at that. Oh well.

how's nested's valuation? how far off from estate agents in your area?