Flat I am interested in sold three times in 4 years

mmlabbd

Hi Guys,

Wonder if you can help me. I am a first time buyer and have been looking at various places. I have seen a flat I like, the price is ok and the location seems fine...good parking, good communal areas/gardens etc. Flat is quite modern and looks ok decoratively. The problem I have is this, the estate agent told me the place has been on the market for about 3 months which is ok I suppose. But I then thought I would check the http://www.nethouseprices.com website to see how much it was sold for last time.

Well the same flat was last sold in July last year for £3000 below current asking price, July 2002 for £25,000 below current asking price and in May 2001 for £57,000 below current asking price. Should I be worried that the same place has been sold 3 times in the past 4 years?

Thanks for your help.

mmlabbd

zzzLazyDaisy

Well, it certainly makes you stop and think....

I had my flat for just over a year, the previous people were there 18 months (they bought it from new). I just heard that the people who bought from me a year ago are thinkig of selling. The flat was lovely, but the neighbours were terribly noisy, and I couldn't wait to get out.

Have you checked the turnover of the adjacent flats to see if there is a pattern?

mmlabbd

zzzLazyDaisy wrote:

Well, it certainly makes you stop and think....

I had my flat for just over a year, the previous people were there 18 months (they bought it from new). I just heard that the people who bought from me a year ago are thinkig of selling. The flat was lovely, but the neighbours were terribly noisy, and I couldn't wait to get out.

Have you checked the turnover of the adjacent flats to see if there is a pattern?

Well the flat next door has been sold twice in 4 years but the flat directly above the one Im looking at hasnt been sold at all for 5 years. I think I may be coming to your conclusion. I wonder who the best person to ask would be, do you think it would be wrong to ask a neighbour?

mmlabbd

NervousYetFeisty

I don't think it would be wrong - and even if it was you're potentially about to part with a huge amount of money, quite aside from having to live in the place, so you'd be perfectly justified in doing so. I'm not sure of the quality of the feedback you'd get though.

srak

I would ask the neighbour who has never moved AND someone who has moved in recently. That way you get a balanced view.

meanmachine_2

Yeah, that's a clear worry, I'd say.

If the current owner hasn't lived there for at least three years, say, then you do wonder why people are so keen to move on.

Noisy neighbours is the only conclusion I can come to.

Ask the owners and if a problem has been reported to the council, they're obliged to tell you.

It's your money, so spend it very wisely.

mmlabbd

meanmachine wrote:

Yeah, that's a clear worry, I'd say.

If the current owner hasn't lived there for at least three years, say, then you do wonder why people are so keen to move on.

Noisy neighbours is the only conclusion I can come to.

Ask the owners and if a problem has been reported to the council, they're obliged to tell you.

It's your money, so spend it very wisely.

Hi meanmachine,

Thanks for that, I have sent this email to the Environmental Health department at the local council, I will post any reply;

I wonder if you can help me. I am looking to buy a flat in ******* and one of the flats I am looking at, after doing a bit of research, seems to have been bought and sold three times in the last four years. I have also been told that the council are obliged to let you know if there have been complaints that arise because of Noise Pollution. Obviously as a first time buyer I am nervous about spending a lot of money on a property that may have some of these issues. I would be grateful if you can lead me in the right direction on this matter if your department is not the correct one to be asking, or if I need to find this information another way.

mmlabbd

Mr_Proctalgia

I would also get myself round there in the evenings, at chucking out time from the pubs and when the schools knock off. I would find out if there is a local copper and ask him/her too. Newsagents, pubs and local shops are all good places to go to get a "feel" for an area. I'm just starting all this rigmarole myself now - Good luck.

Woby_Tide

bear in mind that it could be entirely innocent i.e procession of BTL's changing portfolio, I know our previous place has technically sold 3 times in 4 years but there was absolutely no fault with it or any issues, we bought it from private owners, then sold it 2 and a bit years later to some BTL investors, who sold it again about 12 months later, not sure to what ownership now.

Peoples circumstances change, jobs/careers/lives etc. We originally intended being there for 5 years at least and fixed according to our circumstances, then jobs change we married, thought about families and moved. I'd avocate speaking to people in the same block but, at a guess, I'd say FTB property will always turnover quicker than other 'family' style property in the long term. You may be selling yourself in 12/24 montsh time yourself.

Doozergirl

I agree with Woby_Tide's comments and would like to add a little reassurance. I was out of my first flat in 12 months, my second in 2 years. Very nice neighbours actually, but moving in together with boy and having babies dictated the moves.

Many people have cashed in on rising property prices and investment properties will almost always be bought (and sold) at the bottom of the ladder.

Also agree with Mr P. Hang around a lot to be sure!

ceegee

Making enquiries with the council is an excellent idea.
To live in a flat with noisy neighbours is abject misery.
But it might be something else, as has been suggested.
Be as cautious as you can....you are about to part with an awful lot of money!
Good luck!