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Cash Only Estate Agents?

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24

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  • G_M
    G_M Posts: 51,977 Forumite
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    So lease of 86 years should be no problem, though obviously worth less than a freehold.

    subject to the grant of a licence by The Hawford Meadow Residents Association to occupy the current designated plot.
    So what are the Association's rules? What might make them decline a licence application? Are the properties rserved for elderly residents for example?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Is the licensee's interest registrable?

    This similar-looking property is under offer with the last asking price being £260k - does it have a similar title?
  • UKNeil
    UKNeil Posts: 20 Forumite
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    That other property I believe was not part of the residents association and was further away from ours. There are no restrictions on granting a licence as i'm aware and they are not reserved for elderly residents.
  • G_M
    G_M Posts: 51,977 Forumite
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    edited 22 October 2019 at 4:36PM
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    So the other property has no restrictions and was priced at 260K. Yours has restrictions and is priced, now, at 300K.

    I think we've identified the issue.

    Though I'd still be interested in knowing more about the Association. Certainly if I were interested in buying!

    Duckduckgo can't find them. Nor can google.
  • kazwookie
    kazwookie Posts: 13,853 Forumite
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    Leasehold
    £300K
    Basement that close to the river would worry me, unless it was tanked.


    IMO overpriced for what it is.
    What are the yearly charges?
    Terms of the lease?
    Breast Cancer Now 2022 100 miles October 100 / 100miles
    Sun, Sea

    2024 7/28 lbs to go.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    How much would it be worth if it was of normal, mortgageable tenure?
  • UKNeil
    UKNeil Posts: 20 Forumite
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    the other property was way up the track. Ours has a mooring and fishing rights. My dad was a builder and it was built around 2003. Its raised up so the basement is designed to cope with any water on raised water levels. For the property to flood then the whole of Worcester would have to be under water.
  • UKNeil
    UKNeil Posts: 20 Forumite
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    The residents association is looking at getting the licence updated so it can be rented and to remove the clause that allows the other residents to terminate the licence of a nuisance neighbour.
  • Comms69
    Comms69 Posts: 14,229 Forumite
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    Overpriced, even in a nice area and without the restrictions I can see it getting more than £250-260k
  • Skiddaw1
    Skiddaw1 Posts: 2,026 Forumite
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    It's a lovely, quirky property I think but obviously the leasehold/association thing is going to limit your audience. In view of the mooring and fishing rights is is worth trying to advertise it on an appropriate boating/angling website or FB page? Or is there any mileage in speaking to some of the other association residents to see what the general demographic is and aiming at that specific market?


    Someone might want it as a weekend retreat/holiday home if that's allowable.
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