FTB - Flat, Multiple flats sold on same day...

bigboeing

Hi, I'm a FTB, offer accepted on a flat in a small well kept block of 24.

Searches etc have come back and a few things are setting alarm bells off.

1. Land register shows my flat having been sold in 2010 for 73k.
This is in the south east where a lock up garage would cost more than that. All other flats in block have sold between 135k and 240k.
What could account for such a low price?

2. The previous sold prices on Mouseprice, show 6 flats being sold on the same date in 2006. Is this not a bit strange?

3. The original lease from 2000, shows a Housing Association as the Lessee. I assume in subsequent sales they have nothing to do with building now? Small development built in 2000 and full of nice cars so doesn't appear to be shared ownership etc.

4. Peruval flooding, search shows significant risk. It is in quite a built up area but building itself is raised, and my flat would be 3rd floor. As far as I can tell only the garages may flood in extreme weather.

Any advice appreciated. Thanks

kwmlondon

1. could have been sold after repossession.
2. If several flats were bought as an investment they could have been sold at the same time by a hedge fund or someone.

Kynthia

Did a housing authority sell the flats as shared ownership? That could explain a number of sales on the same day as that is when they were initially available to buyers. It also could explain the greatly reduced price compared to the value of the property as some people may only pay 30%.

Sally22_2

I would guess they were sold under SO, so they paid 73k for a certain percent and have now staircased up to full price