Cash buyers only property because its a First time buyer restriction?

Pee

£60,000 in wadebridge would be fantastic. I think though that properties at auction often have a low guide price to basically get people interested.

Check the actual wording, but it seems to say either a first time buyer or someone who meets local needs. Local needs is hard. If you had a job in Bodmin, you wouldn't be local needs in Wadebridge. (Eight-ish miles away.) First time buyer is presumably easier to fulfil as criteria.

bingibongi

& when you come to sell you are going to have similar problems arent you

nottingham13

bingibongi wrote: »

& when you come to sell you are going to have similar problems arent you

i agree with you

PasturesNew

I was wondering yesterday if this had sold/at how much, checked once but it was too early for the results to have been published.

Pee

But if you could buy for £60,000 - and I'm not saying they will actually sell for that figure - it shouldn't be too hard to sell on to a genuine local or FTB in the future. It's if it has to be local and a FTB that I foresee a problem reselling. (As local is so local.)

SouthCoast

I wonder who thought that it was worth £170k?

Lot Address Available At Sold Price

89. Severn Lodge Farm, New Passage, Pilning, Bristol, Gloucestershire £450,000
90. 15 Lambrook Street, Glastonbury, Somerset £237,000
91. Flat 3, Ventor Lodge, 28 Hallam Road, Clevedon, Somerset SOLD PRIOR
92. 6 Bellatt, Wadebridge, Cornwall £78,000
93. 30 Jim Driscoll Way, Cardiff, Caerdydd SOLD PRIOR
94. 12 Mansel Street, Neath, Castell-nedd Port Talb £40,000
95. Flat 5, Stuart House, Shrubbery Walk West, Weston-super-Mare WITHDRAWN
96. Land Adjacent To, The Royal Oak, Barrington, Illminster, Somerset WITHDRAWN
97. Wharf Cottage, 553 Semington Wharf, Semington, Trowbridge £130,000
98. Land Off Langdons Way, Tatworth, Chard, Somerset £240,000
99. 60 Woodfield Terrace, Mountain Ash, Rhondda, Cynon £25,250
100. 81 Barnfield Gardens, Gulval, Penzance, Cornwall SOLD PRIOR
101. Flat 2, 3 East Grove, Cardiff, Caerdydd £75,000
102. 111 Beach Road, Severn Beach, Bristol, Gloucestershire £140,000

102A. Rose Cottage, Steanbow, Pilton, Shepton Mallet, Somerset SOLD PRIOR

fc123

PasturesNew wrote: »

Edit: They paid £37,000 for it in 1995. All they had to do to sell it was drop the price.

Guide price at auction is £60k: http://www.countrywidepropertyauctions.co.uk/property-details.php?pcode=CHL090820&dbtype=&rps=cherpa&pamend=1248336257

I could be tempted at that price. I can easily get round the local restriction ....

I came across this thread by chance. You know what PN, the property looks sound to me and could be a good stop gap for a decade or so.

ETA...Oooops sold. But worth checking out all lists for your old stamping ground.

mewbie_2

nottingham13 wrote: »

But wadebridge in cornwall is a very popular area. There is a property just down the road which is a lot smaller going for 120K which also has a 1st time buyer restriction.

property prices in wadebridge has really exploded over the last 10 years. For 130k you would only get a 2 bed flat, if you are lucky.

LOL. What do you think might happen over the next ten years? Or is Wadebridge some magically insulated place not subject to economic rules? Get Property Bee. Wait three years.

Richard_Webster

If it is has that kind of restriction then it would seem it can either be bought by a FTB with local connections who can persuade his mortgage lender to lend on it or to cash buyer with local connections. Just because the buyer has cash doesn't mean that the Council might not come round snooping to make sure that he has the requisite local connections.

There may even be a restriction preventing registration at the Land Registry without the consent of the local Council that would only be given if they are satisfied that the condition has been complied with - so I hope the buyer could satisfy the requirements!

PasturesNew

SouthCoast wrote: »

I wonder who thought that it was worth £170k?

Well, it sold at £78k ... just had a look on RM and was surprised to see that the cheapest 2 bed in Wadebridge was priced at £145k.

10 years ago you could hardly give property away in Wadebridge. I remember in about 1997/98 you could buy really good looking houses for about £30k.... but it wasn't a fashionable place to live. Then with HPI etc the whole Rock/Padstow thing took off and with Wadebridge's proximity it soaked up all the spare cash that wanted to buy into the area but couldn't afford those coastal prices.

I am still sat here gobsmacked at what the entry point is ... I even extended my RM search by 5 miles and the only things that came in under £78k were two scrappy/dodgy looking places in Bodmin.

The world went mad ... and, research just shows, still is!