Property Developer and Our Flat - Update

chelskigirl123

Hi,

Thanks to those of you who answered my original advice I got some really useful information and advice.

The guy came yesterday and was very upfront and honest. He said that his client (who he named) owned three other office buildings surrounding us and this buidling would be their last acquesition. They are looking ot build a large office block.

They said they had approached the hairdresser a few times to sell his share of the building but so far with no luck. He said that basically they want the flat and would pay market value plus a premium what would we want? I explained that rather than a cash figure the ideal home we would like (3 bed with garden in nice area etc) and sked them to make an offer.

He said he would call back Friday with an offer or possibly Monday if he wasn't able to contact his client. Well the phone was on all day, fully charged and no call Friday so we have to wait until Monday now!!! It's painful!!!

I want to look at houses on the internet but don't want to get my hopes up too much.

I know someone on my previous thread said that a 30% premium is the norm but there isn't really much out there for that - not that it is to be sniffed at by any means!!

Any thoughts would be appreciated!!

Cx

alzeebub

Hi Chelskigirl123

It's good to hear it's all moving along nicely for you.

Unless you're deaparate it's probably worth hanging in there for a slong as you can.. ideally until after the hairdresser decides to sell up, that'd leave you in a particularly strong position Have you spoken to the hairdresser yet to find out what theyre going to do? That might be useful.

If it comes down to it, accepting a 30% premium is a great deal!

lynzpower

have you had your flat valued? Sorry missed the 1st thread?

id get 3 EAs round asap to get thier valuations, if you havent already- and then take the top one

Doozergirl

You are FAR better choosing your own property; this is the area where a property developer WILL take advantage as they will be looking after their own interests and looking to buy cheap. I would NOT let a stranger buy a house for me.

Two things you must do on Monday:
Ask an estate agent to come and value your property.
Start looking at other details, you have to be drawing the comparison. Ask the estate agent to bring you details of properties up to that 30% more expensive than yours.

Lastly, don't refuse to sell simply because you can't get a three bed with a garden. This is a fantastic opportunity for you get something for nothing and it doesn't happen to many people. Even if it means living in a nice two bed with a garden, it's more than you had before. I don't envy anyone living above a shop with a child.

chelskigirl123

Hi,

Thanks for these replies.

They are not finding a property for us, what I meant when I said what we wanted was that we wanted enough money for the flat to enable us to get that. You are absolutely right that we certainly wouldn't cut off our noses to spite our face, we are fully aware that this is a golden opportunity and we are very lucky.

We had the flat valued a couple of months ago when we were thinking of doing a deal with the hairdresser so we were aware of that.

The people haven't approached the hairdresser this time as they are trying a different tack of writing to ourselves and the other flat owner first presumably to use it as leaverage to buy his lot up in the end.

Although I wouldn't say we are desparated there have been tensions at home - a two bed flat isn't too spacious when there are two of you and a 5 year old, there is nowhere to escape when needed!! (A nice potting shed would be perfect!!)

This is definitely our opportunity, lets say the time is right. The hairdresser won't sell up first as he wants to buy the flats and have the whole building to sell but he doesn't have the capital.

I will admit to have trawled the internet to death for houses we would like!!!! We are somewhat restricted though as my other half doesn't drive and has to catch the Heathrow Express at 5 in the morning so we need to be near the town centre.

This has got to be the first time in my life that I wished the weekend was over and it was Monday morning!!!

Doozergirl

Well, I certainly hope you get a good result on Monday

Whatever you do, don't take their first offer. They'll buy you out for as little as they can, even if the offer seems generous.

never_enough

Do take time to think over any offer & certainly don't take any "this offer expires in 7 days" type nonsense. The longer you can leave it the better in some ways, even though you sound desperate to move. Do look at houses on the internet, the more info you can get the better... Also do get an 3 EAs round to value the flat, even though you've had it done recently. The prices may've gone up or down in your area. You need to know exactly how you stand. I don't suppose they could develop without your building? It sounds as if it would be silly, but I'm just wondering if the hairdresser will try to hold them to ransom for bizillions?? :rotfl:

chelskigirl123

Well, it's now Tuesday and still haven't heard about any offer!!! It's driving us nuts!!

There are surveyors outside the flat though with theodolites measuring stuff!!!

MascaraMinx

OMG Chelskigirl this must really be driving you mad! At least you can see they are serious though!!

ooobedoo

I think they are deliberately not contacting you, it sounds like a strategic move to me. Patience is the way ahead. If they think you have it set in your mind to sell, and have time to go on the internet and find a property etc etc.

I would get the 3 valuations done, and then forget about it for now....

Doozergirl

I'm sorry they haven't contacted you yet.

I can guarantee it's because property developers don't appreciate that this is your life, not your job like it is theirs. They still want it, they just don't think about how you might be feeling.