Question from buyers solicitor regarding sale price?

eddddy

chelseablue wrote: »

It is a leasehold flat, about 18 months ago the building had a new roof.


Apart from that the only 'work' I've done is new carpet throughout and redecorating throughout.


The increase is mainly due to my town being on the crossrail route

So just say that.

But you should then expect follow up questions about the roof. The main one being "have you paid your share of the cost?"

- because if you haven't the buyer could end up having to pay for it.


(This illustrates why a good solicitor asks these types of question - although this type of info should surface through other documents as well.)

pmlindyloo

"Your buyers have noticed that you brought the property for £156,500 back in 2010 and are now selling it for £235,000.
Could you please confirm if any works have been done in order to increase the value of the property?"

Hope that's a typo, otherwise I would be questioning how 'good' this solicitor is!!!!!

G_M

pmlindyloo wrote: »

"Your buyers have noticed that you brought the property for £156,500 back in 2010 and are now selling it for £235,000.

The solicitor is clearly worried the property may have been brought from a less expensive ares where it was bought cheaply, and is now being sold on at a price related to its current, more desirable, area.

chelseablue

pmlindyloo wrote: »

"Your buyers have noticed that you brought the property for £156,500 back in 2010 and are now selling it for £235,000.
Could you please confirm if any works have been done in order to increase the value of the property?"

Hope that's a typo, otherwise I would be questioning how 'good' this solicitor is!!!!!

Not a type on my part, I just copied from the letter they sent me.


God help us all if a solicitor cant get grammar correct

chelseablue

Should I mention about the Crossrail??


Just because they are only asking about work done on the property

davidmcn

chelseablue wrote: »

Should I mention about the Crossrail??

Just because they are only asking about work done on the property

May as well. They're really just looking for an explanation for what seems a steep increase in value, in case the valuer has got it wrong. Though I wouldn't normally expect the solicitor to be concerned when the period of ownership is so long - it's more understandable where the property was last sold, say, a year ago.

DaftyDuck

On the whole, the less said the better, so long as questions asked are answered. I was slightly flippant in my "Scrooge, Drivel and Grump" suggestion...

Yes, the solicitor is probably trying to find out what work has been done, so he can chase PP, BR, guarantees, NICEIC certification. Yes, he may be aiding his client's attempts to bump the price down later... but less likely (solicitors tend... tend to keep their chins clean from the grubby dealings of negotiating a lower price. They may send forward the later lower offer but, in my experience, they don't do the dirty work for a buyer...).

So, I'd state a new roof has been fitted (and fully paid for), carpeting and redecoration has been carried out, but the main increase has been from Crossrail-driven market forces, as evidenced by the Buyer's own survey valuation.

Despite my flippancy, there is seldom a reason to inflame either solicitor or an estate agent during the transaction.

When the ink is dry, when the ink is dry...

DRP

I'd just be mentioning the market forces line, and that it may be appropriate to contact the valuer.

I wouldn't get into any long-winded explanations (or any, in fact).

chelseablue

Thank you all


New windows have been installed too, but that was before I purchased the property

lincroft1710

chelseablue wrote: »

New windows have been installed too, but that was before I purchased the property

So you don't need to mention this