Something Doesn't Add up With Our Buyer

Wickedkitten

I don't see what is dodgy, he's obviously interested in the property.

adg1

It just sounds like he's a developer who doesn't want to get financially tied until he knows he can do what he wants to with the site hence the constant questions and visits but lack of financial commitment.

You're probably reading far too much into the situation with your neighbours property and this buyer of yours. Might be worth checking ownership on LandRegistry website for £4 for your neighbours house though.

Running_Horse

duncan303 wrote: »

What is wrong with society

Calm down dear. Not saying it's going to be a pink brothel. But it's like sellers who get offended when buyers mention they are going to redecorate. Or maybe OP is worried the buyer might make a profit. As long as you are happy with the price, what the buyer does with the house is his business.

duncan303

Running_Horse wrote: »

Calm down dear. Not saying it's going to be a pink brothel.

It's not actually the pink brothel I was alarmed at............ although in fact I think the change of use might be quite enlightening.:p

I'd rather they were safe in the warm than out is this freezing weather... ouch

..

RAS

Hi maryanne

You need to

1. get the property back on the market - give your EA a rocket or move to someone who works for you.
2. find out who owns the property next door from the Land Registry
3. Talk to your solicitor about inserting a development clause into your contract. That means if he develops the property in the next 5-10 years, you get some of the benefit.
4. Also consider whether your EA should be marketing the property as having development potential - which at least one developer has identified. That would lead to a higher price for you.

EAs are not supposed to be in cahoots with developers, but the requirements for separation are not difficult to circumvent.

To give you an idea of the sums

Two house worth approx £200K. Owners got together and agreed to develop the further half of their long gardens, one of which had roadside access. They made their own plans and obtained outline planning permission to build two houses on the plot (cost £235).

The plot sold for over £300K (half to each householder) and then the house still sold for over £200K.

Not exactly money for old rope but certainly a relatively easy way to earn £150K.

twokcc

I bought a bungalow because of its development potential it was detached and although only build 30 years ago we demolished it at obtained planning permission for 4 houses on the site,

Obviously if the bungalow/land has development potential it will be worth more than the bungalow on its own.
few things that may help you
1) Trees can normally be felled unless they have a tree preservation order on them or if they are situated in a conservation area. Do kyow know if either of these would apply to the tree you mention. Your local council will advise you on this if you don't know
2)Contact your local planning officer and ask if anyone has been enquiring about possible development of yours or your neighbours property, they are usually approachable and open.
3) Access usually have to be a minimum width again you planning officer will advise you on this, your buyer may wish to buy both bungalows to demolish both and then build apartments/townhouses/ small estate on the site. Or could just be a back garden development but this would require its own access.
Most local independent estate agents will know local developers and could be acting with your potential buyer, I'd just ask the EA if he knows the buyer and if he knows if he intends to develop the land. Remember he acts for you not for the buyer. He can lie to you but if you do this face to face you would hopefully get a feeling that he wasn't being truefull.

You do need to find out from LR who owns other bungalow and could you not approach your neighbours and advise them that you are moving and see if they have any concerns about who they may be getting as new neighbours this may enable you to discuss your concerns with them if you consider it appropriate.
At the end of the day it is your decision who you sell to, but if the site has development potential you could easily obtain a better price without a lot of effort.
Good luck with the sale
Ken

maryanne209

Thank you all again so much, its gone a bit quiet from him at the moment (wonder if he reads these type of posts) At least now, were prepared for his next move (we didn't have a clue before) and we'll know what to do.

roger196

I would want to find out more about this potential buyer. Apart from asking your ea (who may or may not give you a truthful answer), I would search companies house to see if he is a director. Then get hold of the companies accounts to see what type of business they are in. A search of the local newspaper if available online. In most small towns, everyone in the development business knows everyone else.
Essential to chat to your neighbours. If they have done equity release, try to find out if the lender owns the freehold reversion or will their beneficiaries inherit?
An uplift clause as suggested by others, sounds a very good idea.

Milliewilly

You have to remember that by putting an uplift caluse on the property you are potentially killing the golden goose.

I personally take the view with these things that if someone wants the benefit then they should do the development themselves not hanker after a slice of someone elses hard work and risk.

I won't buy anything with an uplift clause on principle.

Its not like the developer has knocked on their door wanting to buy - its on the open market.