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Landlord is selling - offered 1st refusal

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124

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  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Lvl_chg wrote: »
    However this advisor said they could not proceed any further as I have not had my offer on the property accepted.

    But I thought I would need to secure a mortgage before making an offer?? Not the other way round? !!!55357;!!!56870;
    There's a "decision in principle" - this is basically the lender looking at you, and saying "If this person finds a property that we have no issue with, would we lend them money?"

    Then there's the actual mortgage offer, which is them looking at the property, and saying "Are we happy with THIS house being security for that person to borrow that amount?"
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    AdrianC wrote: »
    Did Crashy really just link to a Daily Heil comments section?


    The housing market lives or dies on sentiment now (and rates) it is really that simple ;)
  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    Crashy_Time wrote: »
    The housing market lives or dies on sentiment now (and rates) it is really that simple ;)


    Yep totally agree, has nothing to do with supply and demand, all we need is one house for the entire country, its all about sentiment.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    buggy_boy wrote: »
    Yep totally agree, has nothing to do with supply and demand, all we need is one house for the entire country, its all about sentiment.


    You are seriously deluding yourself if you think there is a shortage of property, why do you think government after government talks about "mass building programs", but never actually does it :) My answer - THEY know prices are credit/interest rate driven, but they hope (or hoped) the public wouldn`t catch on :money: If there really was a shortage of places to live the country would be awash with civil disorder every night, just look how the London riots spread, and I bet 99.9% of the people taking part had a roof over their heads, what do you think would happen if there really were hundreds of thousands without the option of shelter? Lets see what happens to "Supply and demand" when bond rates start shooting up ;)
  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    Crashy_Time wrote: »
    You are seriously deluding yourself if you think there is a shortage of property, why do you think government after government talks about "mass building programs", but never actually does it :) My answer - THEY know prices are credit/interest rate driven, but they hope (or hoped) the public wouldn`t catch on :money: If there really was a shortage of places to live the country would be awash with civil disorder every night, just look how the London riots spread, and I bet 99.9% of the people taking part had a roof over their heads, what do you think would happen if there really were hundreds of thousands without the option of shelter? Lets see what happens to "Supply and demand" when bond rates start shooting up ;)


    No your right, there are plenty of properties available, its all due to interest rates and credit... Im looking for another BTL property, have been waiting for a suitable property in the right area to come up for over 6 months now. I mean its not like people are still living at home with parents because there are not enough houses or squeezing themselves into HMO's or those big houses turned into tiny flats.. No apparently thats not due to a lack of houses its ummm how does that fit into your thinking exactly? People still have shelter, if you built an extra million houses in the right areas they would not be empty because there is huge demand.

    Come on fess up Crashy, you have been on here over 4 years spouting off about a crash, how much rent have you spent in that time and how much have houses increased? You probably need what a 40% decrease in properties to break even?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    buggy_boy wrote: »
    No your right, there are plenty of properties available, its all due to interest rates and credit... Im looking for another BTL property, have been waiting for a suitable property in the right area to come up for over 6 months now. I mean its not like people are still living at home with parents because there are not enough houses or squeezing themselves into HMO's or those big houses turned into tiny flats.. No apparently thats not due to a lack of houses its ummm how does that fit into your thinking exactly? People still have shelter, if you built an extra million houses in the right areas they would not be empty because there is huge demand.

    Come on fess up Crashy, you have been on here over 4 years spouting off about a crash, how much rent have you spent in that time and how much have houses increased? You probably need what a 40% decrease in properties to break even?


    Was it around `95, or`96 you started trawling property forums you said? How many people lived at home back then beyond their teens? ...Lets think now, why are more and more people staying at home longer and longer.... (Light bulb clicks on) Maybe there are plenty of houses, but those houses cost too much! I wonder what needs to happen to house prices?? :cool:
  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    Crashy_Time wrote: »
    Was it around `95, or`96 you started trawling property forums you said? How many people lived at home back then beyond their teens? ...Lets think now, why are more and more people staying at home longer and longer.... (Light bulb clicks on) Maybe there are plenty of houses, but those houses cost too much! I wonder what needs to happen to house prices?? :cool:


    Yeah, I was "trawling property forums" at the age of 12.. I dont know how many people lived at home back then, I was 12, it was not something I thought about. Are there loads of empty houses everywhere then? I dont know about your area but in mine, there are so few houses coming on the market and so much pent up demand houses sell in days. In my town last year prices rose 13%. Yes house prices could do with a bit of correction, ill totally agree with you on that one, is an apocalyptic crash coming... I dont see it...

    So im guessing you are of the age you could have bought in 95/96, and you didnt, how much do you regret that... Wow with the rent you have paid and the amount you could have made it makes sense why you are so bitter and troll sites like this trying to make up a crash.
  • jungle_jane
    jungle_jane Posts: 635 Forumite
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    i don't understand how this flat is being sold though - has the landlord bought the freehold of the entire block? Or just his his own share of freehold? In which case there would still be a lease that needs extending - has this been done? I wouldn't buy a place with a 76 year lease - i'd ask him to get it extended as part of the sale.
  • Lvl_chg
    Lvl_chg Posts: 17 Forumite
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    I did an update on page 2 I think.

    It's a house and the landlord does have the freehold.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    buggy_boy wrote: »
    Yeah, I was "trawling property forums" at the age of 12.. I dont know how many people lived at home back then, I was 12, it was not something I thought about. Are there loads of empty houses everywhere then? I dont know about your area but in mine, there are so few houses coming on the market and so much pent up demand houses sell in days. In my town last year prices rose 13%. Yes house prices could do with a bit of correction, ill totally agree with you on that one, is an apocalyptic crash coming... I dont see it...

    So im guessing you are of the age you could have bought in 95/96, and you didnt, how much do you regret that... Wow with the rent you have paid and the amount you could have made it makes sense why you are so bitter and troll sites like this trying to make up a crash.


    Do you think that will continue? You sound a bit desperate for it to continue TBH :)
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