What does the lease prohibits or restricts alienation mean?

AdrianC

usefulmale wrote: »

Bloody hell, are you serious?

Honestly, stop. Right now. Leave auctions well alone. The mistakes you will make will blight your life till the day you die.

This. With bells on.

You are entering a sharkpit - with nice raw steaks strung around your neck on barbed wire. People do not just sell houses cheaply at auction if they are all rosy and lovely...

mjdh1957

'Homes Under the Hammer' has a lot to answer for, with its cheery message that all you have to do is pop down to your local auction house and bag a bargain....

Land_Registry

Whilst largely agreeing with everyone's thoughts around buying without legal advice and bearing in mind the original post only

What does the lease prohibits or restricts alienation mean? - in the case of leasehold land, it means the tenant’s power of alienation is often restricted by the terms of the lease.

It is also known as an 'alienation clause' the most common of which is that you cannot sub-let or sell part of the flat/house for example.

Wording such as “ …… not to assign, transfer, underlet or charge any part or parts (as opposed to the whole) of the Demised Premises …. ” would refer

onix22

That's right, Mjdh, I watched Homes under the hammer and I thought we can buy a house at a really good price without much hassle...

Thank you all for your valuable advice!

It's very frustrating that we can't secure a house. We have a large deposit, MIP, we usually offer over asking price, and still can't buy anything!! It's so annoying!

AdrianC

onix22 wrote: »

It's very frustrating that we can't secure a house. We have a large deposit, MIP, we usually offer over asking price, and still can't buy anything!! It's so annoying!

Why on earth not? What's happening with your offers? Are they not high enough, despite being over asking price?

eddddy

onix22 wrote: »

That's right, Mjdh, I watched Homes under the hammer and I thought we can buy a house at a really good price without much hassle...

Thank you all for your valuable advice!

It's very frustrating that we can't secure a house. We have a large deposit, MIP, we usually offer over asking price, and still can't buy anything!! It's so annoying!

Just by way of consolation... if the flat's in an auction, it almost certainly means it has serious problems which makes it unmortgageable.

Also, quite a few people who buy at auction make losses. You don't see those people on 'Homes under the Hammer', because they refuse to appear, because they don't want to be humiliated on national TV.

Obviously, the few who have made megabucks (by luck or good judgement) are the ones that happily give consent to appear.

G_M

And have you noticed the simplistic maths used when showing what a great investment the buyer has made?

* Auction purchase price
* cost of renovation
* new valuation by 2 estate agents

What happened to
* tax?
* estate agents selling fees?
* solicitor's fees?
* the buyer's time (yes, 3 months of hard work has a value.....)
etc

Somehow these never seem to be deducted from the 'profit' the buyer has made.

onix22

We went for houses with potential to add value to. The EAs always will tell it was a higher offer than ours. Could they liase with investors and rule us out from the start??

I was even considering to hire an agent to negotiate in our make but it is not cheap at all

AdrianC

onix22 wrote: »

The EAs always will tell it was a higher offer than ours.

So up your offer...?

Could they liase with investors and rule us out from the start??

The agent doesn't make the decision as to who buys the place. They are legally bound to put all offers to the vendor, and the vendor decides which to accept. They can do that on whatever grounds they want...

onix22

We found a house with a sale price OIEO 400 K. We offered 406K, and immediately EA emailed back saying they have another offer which is higher and he asked if it is the final offer? We went up to 415, and the next morning he called us telling we lost the house to the other bidder who offered more! I think at this point that's nothing else to do..