flat getting valued today..

socrates

lonestar1 wrote: »

How would it being above a cafe stop anyone mortgageing it ?

There are all sorts of implications and risks.

Firstly higher risk of fire, freeholder/lease and covenant issues/restrictions etc.

minkymankymoo

socrates wrote: »

There are all sorts of implications and risks.

Firstly higher risk of fire, freeholder/lease and covenant issues/restrictions etc.

Yup, that's what all the various EAs have said, although I personally have not looked into getting a mortgage on it. However, it is definitely possible to get one on it as I purchased it as a repossession from NatWest, as the poor lady before me had obviously got herself in some pretty major debts (I've been fending off debt collection post ever since I've been here).

socrates

minkymankymoo wrote: »

Yup, that's what all the various EAs have said, although I personally have not looked into getting a mortgage on it. However, it is definitely possible to get one on it as I purchased it as a repossession from NatWest, as the poor lady before me had obviously got herself in some pretty major debts (I've been fending off debt collection post ever since I've been here).

Are the cafe owners not interested in buying it?

If I owned the cafe I would want control of the entire building

minkymankymoo

I haven't asked them, but I doubt it, they weren't interested in buying it when it went to auction 18 months ago. Luckily for me (and the future owner) the cafe is only open Mon-Sat 9-2, and they are always shutting it for family holidays and stuff. I don't think they are massively aggressive business people intent on taking on the world, one building at a time!

googler

"I've had three round now, first said put on for 80k to get 75k, second said 82.500k to get anything from 75k up and last said 85k to get 80k.

Obviously I'm happiest with the last one!

I'm leaning towards the 3rd EA, but how do I know they are any good???"

Sounds like you're making the classic error of liking the EA who gives you the highest valuation.

You should have found out if they were any good at the valuation by asking them searching, probing questions about what they do, how successful they've been, how they're dominating the local marketplace (if they are).

There may be more behind what you've posted, but if so you haven't told us, merely the figures.

Don't pick an EA on the basis of either the valuation being the highest or the commission being the lowest. Pick your EA on the basis of him/her being the best for the job.

minkymankymoo

They all stated that their commission was 1.5% for sole agency. At that stage I didn't start trying to haggle that down with any of them as I wanted to think about it a bit more before going back to them next week. I haven't chosen any of them yet, and have yet to speak to the 4th EA with an office locally.
I asked each of the 3 how they would market the property - brochures, local newspapers, websites etc and all seemed to be the same - same papers, same sort of details... only one of the 3 didn't advertise on Rightmove, which has put me off them a bit. Interestingly, I spoke with my next door neighbour, who it seems is also selling up (boards not gone up as yet) and he has chosen to go with the first EA that valued mine (the one that doesn't advertise on Rightmove). I asked why he'd chosen them and he said because the EA came across as very competent and because their office is 4 doors down from both our properties. What do people think about us both being on with the same agent?? Good thing or bad?? His property is much larger than mine therefore not really in direct competition I'd say (although never been into the actual flat) it must be at least 2 bed over 2 floors, whereas mine is only one, and I would suspect his decor to be a lot older and tattier, having been used as a HMO for some years as opposed to mine being completely redone within the last 12 months.

socrates

minky

You are doing a good job!

When choosing agents I use two selection processes.

I either go for small privately owned agencies where the owner is involved in the sale.

Or I use the internet to see who is the selling the most similar properties to the one I am selling.

In your case it may be someone who mainly sells flats.

socrates

Minky

I just noticed we have hi-jacked someone else's thread;)

googler

minkymankymoo wrote: »

They all stated that their commission was 1.5% for sole agency. At that stage I didn't start trying to haggle that down with any of them as I wanted to think about it a bit more before going back to them next week. I haven't chosen any of them yet, and have yet to speak to the 4th EA with an office locally.
I asked each of the 3 how they would market the property - brochures, local newspapers, websites etc and all seemed to be the same - same papers, same sort of details... etc etc

Since they all seem to be much of a muchness - which one sells the most in your area? I like the idea of picking the closest - you can drop in and check on progress every day on your way home from work (!)