Sell price too good to be true

grubby23

Hi all,

I have just seens a two bedroom flat in a central location of Bristol for as cheap as £105.000. On the pictures the flat looks modern and nice, and I was told by the agency that this is the price for the whole flat.

My understanding would be, that the price should be closer to 200K, so I am trying to figure out what could be the catch. The only thing I could think of is the following:

No chain
Lease: 150 years from January 2007

What does this lease mean? That in 150 years the property will be taken away from me; or do I have to pay a renewal fee for the lease?

Judith_W

Bankruptcy, terrible neighbours, undisclosed structural issues/damp etc, squatters... Do you have photos of all the rooms as one might be gutted.

The lease means that someone else manages the roof, external walls and shared structures etc, and you may an annual management fee. You would only usually worry if the lease is less than 80 years. As you will have sold it long before it gets short no need to worry about that.

ILW

Ask th agent why it is so cheap.

It's not a guide price for auction by any chance?

Uk_Lover

150 year lease is good, a lot of lease properties only have 99 or 125 so that's not the reason. I'd doubt no chain would be either as that's a good selling point.
Only thing I can think if is a repo or it has major building work needed. Study the pictures of the kitchen and bathroom, are there 'do not use' stickers on the sinks etc. A usual repo give away.
Why not call the agent and ask.

jee

Sounds like a guide price for an auction property.

hazyjo

Or maybe a repo, asking for offers?

Jx

grubby23 wrote: »

What does this lease mean? That in 150 years the property will be taken away from me

PS I think you'll find you'll be dead in 150 years! As above, people generally renew around the 60-80 years remaining mark. The later they leave it (say 50 years remaining), the more expensive it can be to renew. You will always have a lease (lasting however many years) with a flat.

grubby23

I will have a look at the place in 30 minutes. I was told lots of people will be present, but that is no surprise for this "bargain". Lets see what the fuss is all about.

grubby23

Here are the pictures of the flat, there were at least 10 people interested in buying
it. I just do not get it why it is so cheap, usually there is a catch when the offer is too good to be true ...

http://www.rightmove.co.uk/property-for-sale/property-33850777.html

GAH

Dont see what your point is here OP. It looks like its priced correctly, no where near the £200k you suggest.

If its a bargain and you like it, put an offer in.

ILW

The service charges could be a bit nasty by the look of the place.

Svenena

grubby23 wrote: »

Das hier ist die Wohnung, da waren 10 Interessenten... Hat
wirklich gut ausgeschaut, bin mir nicht sicher wo der Hacken an der Wohnung liegt ....

http://www.rightmove.co.uk/property-for-sale/property-33850777.html

Is this post really in German, or is my computer being acting very bizarrely?