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Housing market

I am currently trying to sell my late mother's house... In June I had 16 viewings in 2 weeks and got 5 very good offers, naturally went for the highest bidders who were genuinely charming people who I'd be happy for my mum's house to go to..... 2 months later, they have just pulled out 4 days before they were due to take possession and have never signed the missives (unbreakable contract to buy in Scotland). I'm pretty sure the cost of living and difference in mortgage rates between June and now has spooked them. I think I can hear the gears grinding on the housing market but I'm not expecting to get nearly such good offers now its going back up for sale.

(and of course in the meantime I have completely emptied the house, its unfurnished - bad new for viewings, and I don't even have any tools there to tend the garden or even mow the lawn anymore!)
 
Yes I think it is slowing. My boss who is sat on a pile of cash has stopped looking because he thinks it's about to turn.

Although I wouldn't put much faith in his take, when I told him I was struggling to find somewhere to rent his response was "so just buy somewhere" :rolleyes:
 
alanbeeb said:
I am currently trying to sell my late mother's house... In June I had 16 viewings in 2 weeks and got 5 very good offers, naturally went for the highest bidders who were genuinely charming people who I'd be happy for my mum's house to go to..... 2 months later, they have just pulled out 4 days before they were due to take possession and have never signed the missives (unbreakable contract to buy in Scotland). I'm pretty sure the cost of living and difference in mortgage rates between June and now has spooked them. I think I can hear the gears grinding on the housing market but I'm not expecting to get nearly such good offers now its going back up for sale.

(and of course in the meantime I have completely emptied the house, its unfurnished - bad new for viewings, and I don't even have any tools there to tend the garden or even mow the lawn anymore!)
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that is very bad news .. as you say lots of stuff spooking people at the moment . hope you get sorted .
 
stevec67 said:
I'm not sure I agree with that. Pudsey is generally regaded as a decent area, but as I say my pals had his van done twice in a month. The scratters must be round twice a day in places like Bramley.
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I suspect it’ll get worse. When people are really skint petty crime rates go up. Had my car broken into four or five times in the early nineties. Strangely not happened since. Heard of a few people recently though who’ve had their vehicle relinquished of belongings.
 
lordsummit said:
I suspect it’ll get worse. When people are really skint petty crime rates go up. Had my car broken into four or five times in the early nineties. Strangely not happened since. Heard of a few people recently though who’ve had their vehicle relinquished of belongings.
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Agree.

My nextdoor neighbour had an attempted burglary last week.

First incident in 20 years in our cul-de-sac.

They are the only ones who put their cars in the garages unlike the rest of us, so it looks like no one's in I guess.
 
alanbeeb said:
and have never signed the missives (unbreakable contract to buy in Scotland).
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I thought the method in Scotland was sealed bids; or at least, once agreed, you were locked in. Not heard of these missives so can you enlighten?

Here in England, an property attracts 100% council tax regardless of being on the market. Of course, there's also the standing charges for energy. Is this the same in Scotland?
 
Mike Reed said:
I thought the method in Scotland was sealed bids; or at least, once agreed, you were locked in. Not heard of these missives so can you enlighten?
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https://scotland.shelter.org.uk/hou...ace_to_live/buying_a_home/finalising_the_sale

The closing of bids and the acceptance of an offer is not binding. The missives are the actual contract. Until they are signed, either party can walk away. The solicitors try to get the signing of the missives done as fast as possible but in my case.... the buyer kept asking for more time as their mortgage application was taking a long time and I was starting to get suspicious anyway. Last week I asked my solicitor what was going on - almost entry date and no missives? and she said she had no reasons to be concerned... then today the buyer pulls out.

Mike Reed said:
Here in England, an property attracts 100% council tax regardless of being on the market. Of course, there's also the standing charges for energy. Is this the same in Scotland?
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No council tax for 6 months after owner dies. Then 100% council task for rest of year if it remains unoccupied (if still furnished) - then 200% after that for an unoccupied property! but that 100% surcharge can be revoked if the property is actively being marketed for sale. Now a over a year since my mother's passing and the house sale was delayed by various legal complications.
https://www.citizensadvice.org.uk/scotland/housing/council-tax/council-tax-s/#:~:text=The exemption applies for a,Tax surcharge on the property.
 
lordsummit said:
I suspect it’ll get worse. When people are really skint petty crime rates go up. Had my car broken into four or five times in the early nineties. Strangely not happened since. Heard of a few people recently though who’ve had their vehicle relinquished of belongings.
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Sadly probably true. Crime follows poverty. It's not as simple as "only the destitute commit petty crime" , it's more a case of increased poverty increases the number of people who are inclined to take advantage of opportunities. Ooh look, that family's packing the car with lots of suitcases, that guy's shed locks look flimsy, and there's a laptop bag in the back of that car.
 
i follow several areas on FB groups and watch quite a few film footages of attempted burglaries and stealing of cars . Strangely one fairly well off area seems one of the worst or maybe they just have more ring doorbells :)
 
ooh thats much more reasonable

  • EPC of D at change of tenancy from 1 April 2022 (giving landlords a year to comply from the date the regulations come into force)
  • All rental properties must have an EPC rating of D by 31 March 2025
The regulations will provide for some exemptions, including where:

  • It is not technically feasible to carry out improvements
  • Where other owners in a block of flats refuse consent to do work to common parts of the building
  • Where tenants refuse consent for work
  • Where permission to carry out work to a property which is listed or in a conservation area can’t be obtained
  • Where the cost of improvements needed exceeds £10000
 
If 2x rent < £10K - i.e. it’ll take more than two years to recover the investment, I would think twice about doing it. I mean, it would depend on whether the 10K involved improvements resulting in a capital gain like double glazing, but if most of it was for things like wall and floor insulation, I would think twice and maybe sell the house instead.

So my prediction is that there is likely to be a shortage of low rent properties in the North, including Scotland, if the Scottish framework for landlord support is extended to England. More single people on benefits will not be able to find anywhere to live, including elderly singles. Single people will have to pay more for a flat. The keyworker accommodation problem everywhere will get worse.

The problem may be exacerbated by the proposed end of no fault evictions, unless the government really do introduce a very rapid and easy eviction process for small arrears. No one sensible will let to people whose income is not a very large multiple of rent.

What this legislation is effectively doing is pushing more people into purpose built private sector rental accommodation - shared ownership deals etc. But even there people need a significant deposit . . .
 
totally furious today after 3 months of trying to buy a flat for MIL we have had NO information from sellers at all and finally today find out its a limited title guarantee which makes it worth a lot less and so we have pulled out . absolutely annoying

Full Title Guarantee

a full and limited title guarantee contains certain covenants on the side of the sellers. Basically it assures, or promises, that the seller has the right to sell the property. In legal terms the following usually applies:



  1. The seller has the right to sell the property
  2. The seller will do their very best, and at their own costs, to ensure that the buyer has good access to the assets.
  3. If the property is leasehold it must be stated that the lease is still in existence and that the seller has done their best to maintain the lease.
  4. That the property is sold free from any encumbrances and any third party charges.


Limited Title Guarantee

This type of guarantee is most often used when a property is being sold by an executor of an estate – or when the seller might otherwise have no personal knowledge of the property.

This means that the seller cannot guarantee that no other persons have rights on the property or that there are no charges from third parties.



Conclusion


As far as the buyer is concerned it is much more beneficial to have a full title guarantee in place as it assures the buyer that nobody else can claim a right to the property. It may also make it difficult to sell the property in the future if full title guarantee cannot be offered.

https://www.kaisersolicitors.co.uk/full-and-limited-title-guarantee/
 
When my wife sold her deceased mother’s house as executor it had no effect on the price received, nor me when I sold my parents’ home.
 
yes now i am quite perplexed what to do . if i buy a flat with limited title guarantee , can i ask the owner for indeminty insuarance against unpaid bills ?? can i then resell it in the future with full title guarantee . I am a bit desparate here because ones MIL is pretty ancient and time is moving on. if i pull the plug on it i am going to have to wait another 3 months . also its a ground floor flat and they are not easy to find

And after a bit of a family conflab we are going to continue buying this place . seems quite common when executors or poa sell places
 
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mandryka said:
If 2x rent < £10K - i.e. it’ll take more than two years to recover the investment, I would think twice about doing it. I mean, it would depend on whether the 10K involved improvements resulting in a capital gain like double glazing, but if most of it was for things like wall and floor insulation, I would think twice and maybe sell the house instead.

So my prediction is that there is likely to be a shortage of low rent properties in the North, including Scotland, if the Scottish framework for landlord support is extended to England. More single people on benefits will not be able to find anywhere to live, including elderly singles. Single people will have to pay more for a flat. The keyworker accommodation problem everywhere will get worse.

The problem may be exacerbated by the proposed end of no fault evictions, unless the government really do introduce a very rapid and easy eviction process for small arrears. No one sensible will let to people whose income is not a very large multiple of rent.

What this legislation is effectively doing is pushing more people into purpose built private sector rental accommodation - shared ownership deals etc. But even there people need a significant deposit . . .
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just one point there . putting double glazing in is not a capital gain. its counted as a repair for tax purposes even if original windows were single glazed .
 
hifinutt said:
just one point there . putting double glazing in is not a capital gain. its counted as a repair for tax purposes even if original windows were single glazed .
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Ah yes, special concession for environmental reasons. It results in asset value increasing is what I meant, of course.
 
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