Predatory sales tactics / s20 lies

F37A

GoogleMeNow said:

F37A said:

GoogleMeNow said:

I'm reading that the LPE1 said that there were no S20 notices in the pipeline and now you are nearer to completion, there suddenly is a S20 notice.  Is that what you mean?  I guess the date that the LPE1 was written was before any S20 notices were known.

Yes that's right. I have a week before have to exchange. 

Perhaps try and see it that there will always be a S20 notice (or more) at some point during your ownership.  The one that has now 'suddenly' been disclosed might have appeared in six months time when you were the current owner and settled in the property.  Still has to go through the process of being tendered out and a contractor chosen to do the work and the bill split between the current leaseholders, which would include you.

It's difficult to predict what work might crop up in six months, a year, etc.  More important is that the managing agents are looking after the communal areas and keeping up with ongoing maintenance.

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

NameUnavailable

F37A said:

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

By definition and estimate isn't 'actual' it's an estimate - check your dictionary.

If you're not comfortable with the fact that there are some upcoming works pull out and buy something else, but all properties will need works at some point.

Schwarzwald

F37A said:

eddddy said:

This sounds a bit like a Saturday Night / Sunday Morning at 3am post!

Unfortunately, being cryptic (or sarcastic) on forums sometimes doesn't work too well. Whilst you know what you mean, people who read the posts often don't.

With the exception of final sentence its pretty clear what i'm saying. I'll let them work out what i mean on final sentence.

Post and entire thread are actually pretty unclear. Also unclear is what you want out of posting it beyond the opening rant … there is no question anywhere

RHemmings

Now that I understand the thread, I'll say that to me it seems there must often be situations where owners of leasehold properties will know that it's likely that a chunky S20 is likely to arrive sometime soon, and a quick sale may be a good idea.

eddddy

F37A said:

eddddy said:

This sounds a bit like a Saturday Night / Sunday Morning at 3am post!

Unfortunately, being cryptic (or sarcastic) on forums sometimes doesn't work too well. Whilst you know what you mean, people who read the posts often don't.

You look like a seller. 

I'm not sure if that was meant to be an insult - I'm still finding your comments a bit cryptic. But maybe that's just me!


Anyway, you've since clarified a bit what you're taking about - so it's worth mentioning...

• The LPE1 is filled in by a Management Company or Freeholder. They are not the sellers. Essentially, they usually don't care whether you buy a property or not - so they usually have no incentive to "lie".

• So if the Management Company / Freeholder failed to mention an s20 consultation on the LPE1, it probably wouldn't be because they were trying to mislead you into buying.

Or do you mean the TA7?


(I guess the dynamics might be slightly different with a "shared freehold", where one of the joint freeholders fills in the LPE1. There might be an element of "helping each other out" by toning-down the LPE1.)

F37A

eddddy said:

F37A said:

eddddy said:

This sounds a bit like a Saturday Night / Sunday Morning at 3am post!

Unfortunately, being cryptic (or sarcastic) on forums sometimes doesn't work too well. Whilst you know what you mean, people who read the posts often don't.

You look like a seller. 

I'm not sure if that was meant to be an insult - I'm still finding your comments a bit cryptic. But maybe that's just me!


Anyway, you've since clarified a bit what you're taking about - so it's worth mentioning...

• The LPE1 is filled in by a Management Company or Freeholder. They are not the sellers. Essentially, they usually don't care whether you buy a property or not - so they usually have no incentive to "lie".

• So if the Management Company / Freeholder failed to mention an s20 consultation on the LPE1, it probably wouldn't be because they were trying to mislead you into buying.

Or do you mean the TA7?


(I guess the dynamics might be slightly different with a "shared freehold", where one of the joint freeholders fills in the LPE1. There might be an element of "helping each other out" by toning-down the LPE1.)

Thanks this is shared of freehold. 

Now that i have got my head around everything, it has become quite risky and alot more complex. I'll make a proposal to seller tomorrow and if see if he wants to do a deal but if not accepted then sayonara and nice try and best of luck

F37A

NameUnavailable said:

F37A said:

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

By definition and estimate isn't 'actual' it's an estimate - check your dictionary.

If you're not comfortable with the fact that there are some upcoming works pull out and buy something else, but all properties will need works at some point.

Misrepresenting facts to buyer on such material issues until a week before exchange is disgusting and despicable conduct.

MultiFuelBurner

F37A said:

NameUnavailable said:

F37A said:

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

By definition and estimate isn't 'actual' it's an estimate - check your dictionary.

If you're not comfortable with the fact that there are some upcoming works pull out and buy something else, but all properties will need works at some point.

Misrepresenting facts to buyer on such material issues until a week before exchange is disgusting and despicable conduct.

Just bad timing all round but best the S20 was issued and came to light a week before exchange than after so you have a chance to do a deal.

What is the cost to you do you think of this S20?

F37A

MultiFuelBurner said:

F37A said:

NameUnavailable said:

F37A said:

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

By definition and estimate isn't 'actual' it's an estimate - check your dictionary.

If you're not comfortable with the fact that there are some upcoming works pull out and buy something else, but all properties will need works at some point.

Misrepresenting facts to buyer on such material issues until a week before exchange is disgusting and despicable conduct.

Just bad timing all round but best the S20 was issued and came to light a week before exchange than after so you have a chance to do a deal.

What is the cost to you do you think of this S20?

There is a lack of information on details which blocks getting any credible figure on cost. The managing agent is so slow that i think we may just get timed out on the  offer. So effectively make a deal based on figures we pluck out of the sky or walk seems to be options. If costs are unknown it would be like gambling for me not ideal for FTB purchase. Perhaps if i was experienced investor with many properties then they yes.

MultiFuelBurner

F37A said:

MultiFuelBurner said:

F37A said:

NameUnavailable said:

F37A said:

Thanks - they won't even give me details on the works which is the difficult bit. But even then an estimate is an estimate it is NEVER actual. 

By definition and estimate isn't 'actual' it's an estimate - check your dictionary.

If you're not comfortable with the fact that there are some upcoming works pull out and buy something else, but all properties will need works at some point.

Misrepresenting facts to buyer on such material issues until a week before exchange is disgusting and despicable conduct.

Just bad timing all round but best the S20 was issued and came to light a week before exchange than after so you have a chance to do a deal.

What is the cost to you do you think of this S20?

There is a lack of information on details which blocks getting any credible figure on cost. The managing agent is so slow that i think we may just get timed out on the  offer. So effectively make a deal based on figures we pluck out of the sky or walk seems to be options. If costs are unknown it would be like gambling for me not ideal for FTB purchase. Perhaps if i was experienced investor with many properties then they yes.

So do you at least know the works proposed in the S20?

New.roof....walk.away or bargain hard

Paint a hallway.....depends on the number of floors and properties