PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Reducing an offer made due to lack of extension papers

Options
2

Comments

  • Grampus8
    Grampus8 Posts: 883 Forumite
    First Anniversary
    Options
    Crashy_Time wrote: »
    You are definitely over-paying, you need to drop the price IMO, at least to last sold price for the street (IMO you will still lose out if rates rise or a price correction happens for another reason) If they took short cuts with the extension what else might not be up to scratch?

    Good lord man do you ever stop?
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
    First Post First Anniversary Combo Breaker
    Options
    There's an ignore button Grampus, best option
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Options
    glasgowdan wrote: »
    There's an ignore button Grampus, best option


    Yes, just don`t be tempted to peek ;)
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Options
    AngieAnn wrote: »
    We are currently in the process of buying a house which has a ground floor extension. The solicitors have confirmed to us that there is no planning permission or a certificate of lawfulness for the extension and that we could take an Indemnity insurance from the current seller and continue with the purchase. The seller says that there was no planning permission required in this case.

    My question is, is that a valid reason to want to drop the price

    No, it is not.

    If there's a risk of enforcement action being taken, because PP was required and the development was done in the last few years, then the offered endowment policy will cover any costs arising.

    If there's no risk of enforcement action being taken, because it fell under permitted development or the development is old enough that the window for action has closed, then the presence or absence of PP is utterly irrelevant.
    I would like to add that, the reason behind this is also the fact that houses in the area/neighbouring streets have dropped their sales prices in the last 2-3 months and the last few sales were lower than the ones from 3 months ago which indicates to us that we are currently overpaying.

    Reducing your offer because you think the market's fallen is basically one-man gazundering. Would you like it if the vendor insisted you increase it because they thought the market had risen?

    If I were the vendor, and you tried it on me, you'd be told in no uncertain terms that there was no reduction - and, if there was no chain, I'd be strongly considering remarketing on the basis that you come across as the kind of buyer who is likely to either try another daft trick or simply pull out.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Options
    AdrianC wrote: »
    No, it is not.

    If there's a risk of enforcement action being taken, because PP was required and the development was done in the last few years, then the offered endowment policy will cover any costs arising.

    If there's no risk of enforcement action being taken, because it fell under permitted development or the development is old enough that the window for action has closed, then the presence or absence of PP is utterly irrelevant.



    Reducing your offer because you think the market's fallen is basically one-man gazundering. Would you like it if the vendor insisted you increase it because they thought the market had risen?

    If I were the vendor, and you tried it on me, you'd be told in no uncertain terms that there was no reduction - and, if there was no chain, I'd be strongly considering remarketing on the basis that you come across as the kind of buyer who is likely to either try another daft trick or simply pull out.


    Yes yes, we all know that there are some people who believe that they are all powerful because they have a house to sell, blame that on years of brainwashing on TV, they probably catch on after a few months (years?) on the market though? A smart seller will take what the last house on the street sold for, or risk chasing the market down.......:(
  • parking_question_chap
    parking_question_chap Posts: 2,694 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Crashy_Time wrote: »
    You are definitely over-paying, you need to drop the price IMO, at least to last sold price for the street (IMO you will still lose out if rates rise or a price correction happens for another reason) If they took short cuts with the extension what else might not be up to scratch?

    You cannot possibly tell if somebody is overpaying without seeing photos of this house and those that have already sold recently.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Options
    parking_question_chap wrote: »
    You cannot possibly tell if somebody is overpaying without seeing photos of this house and those that have already sold recently.


    Fair point, do you have a link?
  • Slinky
    Slinky Posts: 9,988 Forumite
    Name Dropper First Anniversary First Post
    Options
    parking_question_chap wrote: »
    You cannot possibly tell if somebody is overpaying without seeing photos of this house and those that have already sold recently.

    But according to Crashy, anything and everything anybody is buying they are overpaying for.
    Make £2024 in 2024
    Prolific to 29/2/24 £184.97, Chase Interest £11.88, Chase roundup interest £0.18, Chase CB £16.96, Roadkill £1.10, Octopus referral reward £50, Octopoints £6.30 to 31/1/24, Topcashback £4.64, Shopmium £3
    Total £279.03/£2024  13.8%

    Make £2023 in 2023
    Water sewerage refund: £170.62,Topcashback: £243.47, Prolific: to 31/12/23 £975, Haggling: £45, Wombling(Roadkill): £6.04,  Chase CB £149.34, Chase roundup interest £1.35, WeBuyBooks:£8.37, Misc sales: £406.59, Delay repay £22, Amazon refund £3.41, EDF Smart Meter incentive £100, Santander Edge Cashback-Fees: £25.14, Octopus Reward £50, Bank transfer incentives £400
    Total: £2606.33/£2023  128.8%

  • bob_bank_spanker
    bob_bank_spanker Posts: 559 Forumite
    Options
    Slinky wrote: »
    But according to Crashy, anything and everything anybody is buying they are overpaying for.

    Crashy has already admitted that there is no price point at which he would enter the market, and that renting until you die but having cash in the bank provides better security. If anyone does (which I doubt) value his counsel concerning property transactions they are misguided.
  • Jack_Johnson_the_acorn
    Jack_Johnson_the_acorn Posts: 1,333 Forumite
    Options
    bob_bank_spanker wrote: »
    Crashy has already admitted that there is no price point at which he would enter the market, and that renting until you die but having cash in the bank provides better security. If anyone does (which I doubt) value his counsel concerning property transactions they are misguided.

    He has to trick himself into believing that he's doing the right thing with the whole rent forever plan, that's why he's constantly on here posting this nonsense. Imagine looking in the mirror knowing you've wasted 100's of thousands of ££££'s through pure ignorance and stupidity.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards