Seller lied on property questionaire - Electrical fire

debojyoti_das

Hello,

I am planning to invest in a property in Portsmouth, Queens Road, PO2 7LT.

Is it a good place for rental income. Kindly can anybody advice me how much a two badroom flat generates rent in this street. I am looking for an investment buy to let property. Is this place good to invest for rental income and equity for the future.

moneyistooshorttomention

sean1989 wrote: »

the next issue we face and could potentially explore (but more than likely will not) is:
The seller is burdened with debt
3 charging orders on the property
we was billed in error for their last gas bill of £2k
constant nuisance calls from debt collectors ( i have worked in debt management and when companies leave their names - well aware of who they are)
Was put on prepayment electric in 2007 ( love how companies break data protection to allow us to know this)


It became apparent today(The neighbor told me) that they had moved out very quickly but returned every day to obtain post. They vacated the premises months before completion - we was never informed of this.

Well - quite apart from all the lies/bodging re the electrics that these vendors have gone in for.....

They've shown themselves up generally as totally irresponsible type people all round.

All that debt.....in fact it sounds like they have debt coming out of their ears. Put like that = I cant say I rate your chances very highly of getting the money they owe you out of them (even if a Court decreed they must hand it over). You could be put through an enormous "wild goose chase" by them and they will just do another runner.

Yep....by the sound of it they've "done a runner" once already to your knowledge. It sounds very odd for them to have been coming back for their post every day (rather than leave a forwarding address with the Post Office). It sounds even odder (WAY odder) for them to move out "very quickly" and "months before completion" added together. I am wondering exactly who they are fleeing from. Hopefully its just these debt collectors! It just sounds plain illogical to me for someone who is heavily in debt anyway to put themselves through paying for 2 lots of accommodation at once (ie your house until Completion and wherever else they were living in the interval).

You do need to safeguard yourself as, one way and another, it sounds like they were anticipating "heavies" turning up on the doorstep (and its now YOUR doorstep...and maybe not all the potential "heavies" are aware its now yours). Personally - I'd be putting up all possible outside signals on the house of "Its got a new owner now" to give any remaining possible unwanted visitors a bit of pause for thought that the house must have new owners now.

That's perfectly possible - and without spending the Blimmin' Fortune that I've clearly spent on work outside my house that makes it blindingly obvious at first casual glance of "Under New Ownership Now". Things like wildly different style curtains/style of garden/etc for instance don't cost that much and I'd be out in the garden ripping out all existing plants straight off - as that costs nothing.

Davesnave

debojyoti_das wrote: »

Hello,
Kindly can anybody advice me how much a two badroom flat generates,,,,,,, .

At last, an honest landlord! :A

Or Slip of the Week?

Thanks anyway, gave me a laugh. :rotfl:

I'd try starting your own thread, not hi-jacking this knackered one.

sean1989_2

moneyistooshorttomention wrote: »

Well - quite apart from all the lies/bodging re the electrics that these vendors have gone in for.....

They've shown themselves up generally as totally irresponsible type people all round.

All that debt.....in fact it sounds like they have debt coming out of their ears. Put like that = I cant say I rate your chances very highly of getting the money they owe you out of them (even if a Court decreed they must hand it over). You could be put through an enormous "wild goose chase" by them and they will just do another runner.

Yep....by the sound of it they've "done a runner" once already to your knowledge. It sounds very odd for them to have been coming back for their post every day (rather than leave a forwarding address with the Post Office). It sounds even odder (WAY odder) for them to move out "very quickly" and "months before completion" added together. I am wondering exactly who they are fleeing from. Hopefully its just these debt collectors! It just sounds plain illogical to me for someone who is heavily in debt anyway to put themselves through paying for 2 lots of accommodation at once (ie your house until Completion and wherever else they were living in the interval).

You do need to safeguard yourself as, one way and another, it sounds like they were anticipating "heavies" turning up on the doorstep (and its now YOUR doorstep...and maybe not all the potential "heavies" are aware its now yours). Personally - I'd be putting up all possible outside signals on the house of "Its got a new owner now" to give any remaining possible unwanted visitors a bit of pause for thought that the house must have new owners now.

That's perfectly possible - and without spending the Blimmin' Fortune that I've clearly spent on work outside my house that makes it blindingly obvious at first casual glance of "Under New Ownership Now". Things like wildly different style curtains/style of garden/etc for instance don't cost that much and I'd be out in the garden ripping out all existing plants straight off - as that costs nothing.

To be honest we reported an incident the first week of moving in - i had long since forgot about that.

some guy in a blue car had pulled up and tried to enter the house ( fortunately we always lock the door)

he tried the handle many times - it was only when i opened the window and shouted that he jumped in the car and sped off.

I put this down to - someone may have known people were moving and it could have been the friendly neighbourhood thief thinking the house wasn't occupied and was after some things.......

Maybe the wool has been pulled well and truly over my eyes on this property - might go digging in the back garden

Regardless of assumptions though - im still more annoyed at their botched up jobs.

If home insurance don't pay out then were really in for some rough times !

moneyistooshorttomention

For right now - in your position I'd also be having a few casual conversations with neighbours (both the one they were having a dispute with and others) and see what information you can garner generally. Some of it will, doubtless, need taking with a pinch of salt - but you might be able to pick up a bit more info. on what these vendors were like.

I've been watching a few episodes of that "neighbours from hell" tv programme recently and it struck me clearly that there are plenty of variants on "whose fault it is" there. There is usually one of the neighbours that is clearly the one at fault (and it isn't necessarily the only one that is being featured on the programme - thinking of a recent lout-ess that was talking about the neighbour). However - it was quite clear that it was the lout-ess that was the problem and the neighbour that was normal. In others it looks 50/50 - ie they are both at fault. Other times - the neighbour doing the talking is clearly the one "in the right" and is under attack by their neighbour.

So - you get all 3 variants:
- innocent
- guilty
- 50/50

You don't know which category your next door neighbour falls into there and the chances are about even stevens that they are "innocent" on the one hand or it was "50/50" on the other hand. I'd take a chance that they were "innocent" and probably just on the receiving end of a load of noise and maybe some drug-taking thrown in - but I guess its worth finding out a bit more if you can.

Always wise to be as clear as possible on what sort of situation you are in - in order to be best able to work out how to proceed (or otherwise).

sean1989_2

moneyistooshorttomention wrote: »

For right now - in your position I'd also be having a few casual conversations with neighbours (both the one they were having a dispute with and others) and see what information you can garner generally. Some of it will, doubtless, need taking with a pinch of salt - but you might be able to pick up a bit more info. on what these vendors were like.

Will certainly do this tonight - "malcolm" as he is named that mentioned the disputes has never made any noise nor caused any hassle in the time we have been here, in fact he wrote us a card when we moved in - asked if we needed to borrow anything and said to give him a shout should we need anything.

He always lets on in the morning/night but generally keeps himself to himself.

I think having a chat around the neighbours may tell me what i have let myself in for here.

Checked the insolvency register this morning out of curiosity.... :wall: when their names popped up from the year 2000...

I sense hard times ahead!

Sunshine62

sean1989 wrote: »

this was the guy who offered us a variety of insurances totaling like £130.00

Home insurance i remember was like £30!

Variety of insurances ? what were they ?

silvercar

We bought our current home from people who had financial difficulties.

This only became apparent after we moved in. Debt collectors, red letters etc Sure enough they turned up on the insolvency register a few months later.

We had a full structural survey that basically said that maintenance issues had been overlooked by current owners. On electrics it said the fuse box looks around 10 years old, no evidence of anything incorrect but rely on an electricians report. We wrongly assumed that the house would be safe as the current owners hadn't fried and wouldn't have put their own family at risk. We needed to attend to certain things straight away, starting with updating the main fuse box. I'm not sure the (registered) guy that did the change for us identified all problems. He convinced us that fuses in the main box would now blow if there was a problem anywhere else. When we have had ad-hoc bits done, other electricians have commented that some of the set up isn't ideal.

sean1989_2

Sunshine62 wrote: »

Variety of insurances ? what were they ?

It was

Buildings and contents
Critical illness
life insurance
Health Insurance
Cover if job is lost *2
even a broken bone insurance!

There was others but I forget

moneyistooshorttomention

Don't know what you mean by "always lets on morning and night"?? <puzzled 'r us>

Guess that's a regional saying I'm not familiar with....so I don't know whether its positive/negative/neutral.

But the other stuff you say about this neighbour sounds positive - so time for a spot of casual brains-picking.