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  • FIRST POST
    • rizla01
    • By rizla01 15th Jul 17, 12:02 PM
    • 6,749Posts
    • 7,431Thanks
    rizla01
    Ultimate GREED by top estate agent? Or perks of the job?
    • #1
    • 15th Jul 17, 12:02 PM
    Ultimate GREED by top estate agent? Or perks of the job? 15th Jul 17 at 12:02 PM
    Wow!.

    I am amazed by a discovery that I have made.

    The Winners of the 'Best Estate Agency in the UK' Award, 2017, checks the development potential of properties that they are asked to market.

    They then put in an application for said development and when they have obtained approval, they purchase it from the seller, sell off the original property minus the land that is to be developed, complete the build and then sell that on for their own profit.

    Perks of the Job perhaps?

    Is this Ethical? Or just Plain Greed?

    Your thoughts?
    "Unhappiness is not knowing what we want, and killing ourselves to get it."
    Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))
    Women and cats will do as they please, and men and dogs should relax and get used to the idea.

Page 2
    • buglawton
    • By buglawton 16th Jul 17, 7:56 AM
    • 6,883 Posts
    • 3,125 Thanks
    buglawton
    Those that have capital can increase their wealth, welcome to modern laissez-fare capitalism. It's up to the government via the voters to decide how to tax such businesses so they give back. So I'm only wondering if they'll pay proper CGT on their transaction, rather than finding some suitable tax dodge.
    • getmore4less
    • By getmore4less 16th Jul 17, 8:12 AM
    • 29,750 Posts
    • 17,791 Thanks
    getmore4less
    Not showing as sold recently?


    PLanning app went in late last year refused in Feb 17

    Application No : 16/01229/FUL Decision : Refuse Planning
    Permission
    Location : Land Rear Of 40 Mount Crescent Mount Avenue Hockley
    Proposal : Sub-divide plot and construct two bedroomed bungalow
    with access off Mount Avenue
    Applicant : **************
    Reason(s) for Refusal
    1 The proposed development by reason of the limited plot size and depth would
    result in an unsatisfactory relationship with the adjacent properties and would
    give rise to a cramped form of development detrimental to the character of the
    prevailing pattern of development in the local area and to the outlook and
    amenities enjoyed by neighbouring occupiers contrary to policies CP1 of the
    Core Strategy 2011 and DM1 of the Development Management Plan 2014
    and the National Planning Policy Framework.
    • Davesnave
    • By Davesnave 16th Jul 17, 8:39 AM
    • 23,099 Posts
    • 88,412 Thanks
    Davesnave
    Reason why people might care = acting as a steward of the land (ie to safeguard it - for other species/future generations/etc).
    Originally posted by moneyistooshorttomention
    People who want to do this can simply put a clause in the title documents forbidding further development on the plot.

    There's some acres of land near us which has such a restriction. As a result, houses which back onto it fetch premium prices, but the land itself has a much diminished value compared with the price it would fetch without the legal bar on development.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • buglawton
    • By buglawton 16th Jul 17, 8:45 AM
    • 6,883 Posts
    • 3,125 Thanks
    buglawton
    Not showing as sold recently?

    PLanning app went in late last year refused in Feb 17
    Originally posted by getmore4less
    They've probably registered an appeal.
    • buglawton
    • By buglawton 16th Jul 17, 8:50 AM
    • 6,883 Posts
    • 3,125 Thanks
    buglawton
    People who want to do this can simply put a clause in the title documents forbidding further development on the plot.

    There's some acres of land near us which has such a restriction. As a result, houses which back onto it fetch premium prices, but the land itself has a much diminished value compared with the price it would fetch without the legal bar on development.
    Originally posted by Davesnave
    Reminds me of the story about the Hampstead Heath underground station that was built but never opened. Apparently the wealthy locals clubbed together and bought a chunk of the Heath, making property development there impossible thus making the station unviable.
    • eddddy
    • By eddddy 16th Jul 17, 9:52 AM
    • 5,122 Posts
    • 4,774 Thanks
    eddddy
    In the first post, the OP is suggesting that an EA has tricked or defrauded a property seller.

    But the OP has offered no evidence of this, and Rightmove data, Land Registry data and planning data suggests that the OP is wrong.


    (The real story seems to be that 2 people own a bungalow, and they applied for planning consent to build another bungalow in the garden.

    Unless the OP wants to come back with more info.)




    Edit to add...

    My guess is that the OP has had some kind of dispute with this EA, and so is trying to discredit them
    Last edited by eddddy; 16-07-2017 at 12:04 PM.
    • Davesnave
    • By Davesnave 16th Jul 17, 10:19 AM
    • 23,099 Posts
    • 88,412 Thanks
    Davesnave


    Edit to add...

    My guess is that the OP has had some kind of dispute with this EA, and so is trying to discredit them
    Originally posted by eddddy
    OP had a house with no similar development potential on the market in the same area with the same agent in 2014.

    Most people here thought it not well presented and over-priced.

    It was withdrawn from the market.

    http://www.rightmove.co.uk/property-for-sale/property-32892258.html
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • snickpan
    • By snickpan 16th Jul 17, 1:26 PM
    • 53 Posts
    • 8 Thanks
    snickpan
    rizla...the seller doesn't lose any money does he? If a building company researched the development potential, then bought the property and developed it, would that be greedier than the EA?
    Perks of the job: wouldn't it be a perk to anyone who developed and makes a bit of money?

    Not sure who is the bad guy here.

    (I gave away some things on a free site, then saw that they were up for sale later on, on Gumtree. Felt a bit odd, but I suppose I could've put it all on Gumtree)
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