Predatory sales tactics / s20 lies

TBG01

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.

Let me guess, serving the S20 after completion would also be "despicable conduct", same for serving it 3 months after completion. 6 months after completion and so on and so on.

Based on your other threads, look for a freehold property because leasehold clearly isn't for you.

F37A

MultiFuelBurner said:

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

Yeah its roof. The problem is my surveyor might cost it as x and the MA's surveyor may cost as y. if y>x then i'm out of pocket

F37A

TBG01 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.

Let me guess, serving the S20 after completion would also be "despicable conduct", same for serving it 3 months after completion. 6 months after completion and so on and so on.

Based on your other threads, look for a freehold property because leasehold clearly isn't for you.

Yes any situation where the information is knowingly hidden and FTB has to pay up / works take place within first two years when FTB starting out is a bad situation really and yes despicable conduct. All lies are despicable especially on material issues that should be flagged on the advert.

MultiFuelBurner

Ah yes the roof

https://forums.moneysavingexpert.com/discussion/6477051/roof-replacement-cost-for-block-of-flats-if-they-blocking-survey/p1

Did you see the latest reply on your other post about this. £45k per tenant for a roof replacement was mentioned.

As much as it's annoying best to find out now and either move on if there is no detail and cost or pick a number for the discount you want to proceed.

lookstraightahead

I'd just walk away op and find a freehold. Although there will always be something with whatever you buy, the costs when you buy freehold (not shared freehold) are at least in your hands.

Schwarzwald

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.

It really depends when rhe 20 is dated.
if dated month ago and the seller only discloses now, that’s not good conduct.
if the seller only received it very recently, whom are you angry at?
the freeholder/mgmt company does not really have a duty to sync their communications with your exchange timeline

Schwarzwald

F37A said:

MultiFuelBurner said:

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

Yeah its roof. The problem is my surveyor might cost it as x and the MA's surveyor may cost as y. if y>x then i'm out of pocket

Did you do a roof survey before you offered?
if yes, your surveyor shld have picked it up that the roof needs replacing.

if not, you took short cuts which now come hunting you as you exposed yourself to the riak.

ps: v same happened to me last year, FTB in 2021,S20 for roof replacement got served 6 months AFTER completion …. Not much i cld do, bad timing

TBG01

F37A said:

TBG01 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.

Let me guess, serving the S20 after completion would also be "despicable conduct", same for serving it 3 months after completion. 6 months after completion and so on and so on.

Based on your other threads, look for a freehold property because leasehold clearly isn't for you.

Yes any situation where the information is knowingly hidden and FTB has to pay up / works take place within first two years when FTB starting out is a bad situation really and yes despicable conduct. All lies are despicable especially on material issues that should be flagged on the advert.

And what evidence do you have that it was knowingly hidden, and if it was so obvious, why wasn't it revealed when doing YOUR due diligence earlier? 

You're (no doubt) conveniently leaving out that this transaction is now at the 7 month mark. You're also skirting around when S20 was served.

If the notice was served 7 months ago and hidden until now, you have a case.

If it was served last week,then tell me what this week's Lottery Numbers are and we'll take it from there.

F37A

lookstraightahead said:

I'd just walk away op and find a freehold. Although there will always be something with whatever you buy, the costs when you buy freehold (not shared freehold) are at least in your hands.

Yeah but the only freeholds that are affordable are miles away from work to the point i paying 6k per year on trains. Plus social life is rubbish if i get a freehold which is not good for a single guy.

eddddy

F37A said:

Yeah but the only freeholds that are affordable are miles away from work to the point i paying 6k per year on trains. Plus social life is rubbish if i get a freehold which is not good for a single guy.

Just for perspective - a freehold house might need a new roof as well.

And with a freehold house, you don't have a management company who inspect the building and issue s20 notices to warn you about building repair costs. So as a buyer, you'd probably have to pay a surveyor to take a look and give you their opinion.

So in that scenario with a freehold house purchase, you might have to spend even more money before you find out there's a problem with the roof - so you lose even more money, if you then walk away.