Foxtons lock in period ?

London28UK

I signed up with Foxtons two weeks ago and have not had any viewings despite dropping the asking price from their initial suggested price to a new one £100 lower. I am trying to work out if I wanted to go with another estate agent if I would face any penalty ? I can see it says in the contracts small print that I agree to give them exclusivity for 4 weeks. So after 4 weeks am I free to try another agent ?

Any advice much appreciated.

Doozergirl

I think with Foxtons you get decent pics, floorplans etc so it's the place itself that has to do the talking.

Did you really drop it by just £100 or are you missing 00s?

Talk to them. You know they're notorious for overpricing so are you really at the right price?

PasturesNew

Two weeks is no time at all. Dropping £100 is .... either a typo or bizarre.

Are you happy with the details? Are they on Rightmove? If you have a link we can tell you if we think they've done a good job of making it look/sound attractive.

Edit: Just had a thought ... £100 .... 4 weeks tie in .... I am now thinking this is for a rental, not for selling a house. Am I right? Are you putting your place up to rent via Foxtons?

Peterxxxx

Foxtons are notorious for over-valuing to get customers and then getting vendors to lower after a few weeks. Or so I am told. I would be inclined to switch asap on the grounds that they either clearly didn't understand the local market if they over-valued so much or alternatively were conning you. Also, I know that lots of London buyers loathe Foxtons and will have nothing to do with them and so you could be limiting your market.

I notice you are talking about rentals - they are even more notorious for that.

PasturesNew

OK, postcode N5 2LN
On Zoopla in N5 there are only four 3-bed houses to rent, yours is the most expensive: http://www.zoopla.co.uk/to-rent/houses/3-bedrooms/london/N5/highbury/?property_type=houses&q=N5&radius=0&results_sort=highest_price

LHA rate for a 3 bed house in that area is: £440/week.

On RM you're the only 3-bed or more house "in this area", but moving out by 1/2 a mile and limiting it to just 3 beds brings up 11 and you're the most expensive.

If I look at any property (houses and flats) within 1/4 of a mile there are 20 to choose from... and yours is the most expensive

So, I have absolutely no idea to be honest ... but if I were looking for something in that area and were budget constrained, I'd be looking at the others first.

Is your location/house that much better than the others to justify the higher price?

PasturesNew

I also looked up LHA for 2 years ago and it was £495. LHA is the average market rent for an area, so in your area the average market rent has gone down by 11% in the past two years. This would indicate that people are expecting, haggling for, and getting a lower rent.

London28UK

I have looked at Zoopla, for property values also. The house next to mine 3 Cobble Mews is valued on Zoopla at £553K, but it sold two months ago for £650K. It actually went on the market in March 2010 and they have three offers on the opening day and accepted one at the asking price. I think my house is better than a lot in Highbury, as it has a double height lounge, mezzanine and a three bathrooms, so would be good for renters as each bedroom has its own bathroom/shower. I suppose the market will determine what it rents for, lets see what happens in the next week or two.

PasturesNew

London28UK wrote: »

I have looked at Zoopla, for property values also. The house next to mine 3 Cobble Mews is valued on Zoopla at £553K, but it sold two months ago for £650K. It actually went on the market in March 2010 and they have three offers on the opening day and accepted one at the asking price. I think my house is better than a lot in Highbury, as it has a double height lounge, mezzanine and a three bathrooms, so would be good for renters as each bedroom has its own bathroom/shower. I suppose the market will determine what it rents for, lets see what happens in the next week or two.

3 renters might break the HMO rules though, which changed earlier this year. So that might not be possible.

PasturesNew

e.g.

Houses in Multiple Occupancy (HMOs) are houses that are occupied by more than one household. For example, an entire house let to three or more tenants who form two or more households and who share a kitchen, bathroom or toilet....


Since April 2006, HMOs must be licensed (under the Housing Act, 2004) by the local authority. The local authority needs to be satisfied that the licence holder and any manager of the property is 'fit and proper' and is the most appropriate person to hold the licence; that the property is suitable for occupation by the number of tenants allowed with minimum prescribed standards of amenities and facilities such as shared bathrooms, toilets and cooking facilities; and that proper management standards are being applied at the property, including: fire safety, gas and electrical safety, maintenance of common parts fixtures, living accommodation and furniture safety.

http://www.camden.gov.uk/ccm/content/press/2006/november-2006/landlord-guilty-of-providing-poor-living-conditions.en (ignore the story, the bit I quoted is at the bottom)

But you'd need to find out the particular rules for your actual area. There were new (tighter) rules from April 2010.

UPDATE: Here's the relevant link on the proper website http://www.camden.gov.uk/ccm/content/business/business-regulations/licensing-and-permits/licences/other-licences/house-in-multiple-occupation-hmo-licence.en

London28UK

I was worried I might need a HMO, !!!!!! another thing to sort out, maybe I will just sell the house.

TrickyDicky101

Selling would be a lot easier than trying to comply with HMO rules. I guess it all depends on whether you need the money/want the investment and don't mind some hassle thrown into the bargain.