Real Estate nightmares

TOPIC CLOSED
TOPIC CLOSED
Author
Discussion

ClaphamGT3

11,360 posts

245 months

Friday 27th March 2020
quotequote all
Macron said:
Lifetime tenant. Taking full advantage...


Lennox Gardens, Knightsbridge, SW1X
http://www.rightmove.co.uk/s6p/75022816
taking the old "She has a flat round the back of Harrods" euphemism, that really is a tart's boudoir

anonymous-user

56 months

Friday 27th March 2020
quotequote all
irocfan said:
31 year lease eek
how does that work, when the lease runs out you own nothing?

ClaphamGT3

11,360 posts

245 months

Friday 27th March 2020
quotequote all
irocfan said:
another not sure if this is pawn or not...

https://www.rightmove.co.uk/property-for-sale/prop...
It is revolting beyond belief. The estate agent's photographer did very well to keep all the crew-cab pick-ups out of shot

Fermit and Sexy Sarah

13,156 posts

102 months

Friday 27th March 2020
quotequote all
ClaphamGT3 said:
irocfan said:
another not sure if this is pawn or not...

https://www.rightmove.co.uk/property-for-sale/prop...
It is revolting beyond belief. The estate agent's photographer did very well to keep all the crew-cab pick-ups out of shot
Yep, horrid, insipid.

Macron

10,024 posts

168 months

Friday 27th March 2020
quotequote all
Thesprucegoose said:
how does that work, when the lease runs out you own nothing?
Yes, that’s why it’s a number that counts down!

Double whammy of eff all rent I expect, and having to pay for a lease extension, but if you have loads of cash, and a very young kid, if you’re lucky by the time they’re an adult there’s a cracking bolt hole for them (or you, post refurb in both cases obvs).

jakesmith

9,461 posts

173 months

Friday 27th March 2020
quotequote all
Macron said:
Thesprucegoose said:
how does that work, when the lease runs out you own nothing?
Yes, that’s why it’s a number that counts down!

Double whammy of eff all rent I expect, and having to pay for a lease extension, but if you have loads of cash, and a very young kid, if you’re lucky by the time they’re an adult there’s a cracking bolt hole for them (or you, post refurb in both cases obvs).
Don't forget a service charge likely to be close to 5 figures a year
The lease extension gets more expensive every year too

ClaphamGT3

11,360 posts

245 months

Friday 27th March 2020
quotequote all
jakesmith said:
Macron said:
Thesprucegoose said:
how does that work, when the lease runs out you own nothing?
Yes, that’s why it’s a number that counts down!

Double whammy of eff all rent I expect, and having to pay for a lease extension, but if you have loads of cash, and a very young kid, if you’re lucky by the time they’re an adult there’s a cracking bolt hole for them (or you, post refurb in both cases obvs).
Don't forget a service charge likely to be close to 5 figures a year
The lease extension gets more expensive every year too
And, with 31 years remaining on the lease its likely to be unmortgagable

FourWheelDrift

Original Poster:

88,808 posts

286 months

Friday 27th March 2020
quotequote all
It's going to take 31 years to move all that crap out of it.

NomduJour

19,242 posts

261 months

Friday 27th March 2020
quotequote all
£400 a week over the lease term sounds like very, very good value for that.

WhiskyDisco

813 posts

76 months

Friday 27th March 2020
quotequote all
ClaphamGT3 said:
taking the old "She has a flat round the back of Harrods" euphemism, that really is a tart's boudoir
I must have gone insane because I think that is actualy a bit of a bargain. Average £20k a year to live in that part of London (in today's prices) is cheap. It's the sort of place that is hard to sell on, but would be a great family asset to hold.

WhiskyDisco

813 posts

76 months

Friday 27th March 2020
quotequote all
ClaphamGT3 said:
And, with 31 years remaining on the lease its likely to be unmortgagable
People who live around there don't have mortgages, they "have" banks (or countries). :-)

jakesmith

9,461 posts

173 months

Friday 27th March 2020
quotequote all
NomduJour said:
£400 a week over the lease term sounds like very, very good value for that.
If you could live in it then yes but it has a lifetime tennent
Say they live for 20 years as people in that situation live much longer than normal people, see R Mugabe for another example
You are paying £600k. Lease extension will be somewhere in the region of £1.5m+
Then you have to wait 20 years before you can let it out, move in, sell it etc.
On top of that probably £10k a year service charge
Plus you are a landlord having to sort out st all the time for some old duffer who is probably paying less in rent than the service charge
It's not worth a penny IMO plus it looks gash

NomduJour

19,242 posts

261 months

Friday 27th March 2020
quotequote all
That's surely suggesting you're buying a "lifetime lease", rather than it being subject to, say, a statutory tenancy.

jakesmith

9,461 posts

173 months

Friday 27th March 2020
quotequote all
[quote=S1KRR]How about some "priced to sell" "beautiful property"



£1.875M

Not a bad price for the size in the area but the house is weird

The outside space has not been modernised at all especially the crazy pave drive WTF
The inside space is dated like the parquet flooring WTF that does not match the interior / kitchen
Lounge is crap

It's a 80% finished project IMO


PositronicRay

27,164 posts

185 months

Friday 27th March 2020
quotequote all
https://www.rightmove.co.uk/property-for-sale/prop...


This one popped up in my feed.

Almost 1/2 million.

Carbon Sasquatch

4,735 posts

66 months

Friday 27th March 2020
quotequote all
PositronicRay said:
https://www.rightmove.co.uk/property-for-sale/prop...

This one popped up in my feed.

Almost 1/2 million.
I thought it must be a typo, but sold prices seem to indicate not....

Nothing hugely nightmare, but so uninspiring and the price seems nuts - I must be missing something special about the location.....

Escort3500

11,978 posts

147 months

Friday 27th March 2020
quotequote all
Carbon Sasquatch said:
PositronicRay said:
https://www.rightmove.co.uk/property-for-sale/prop...

This one popped up in my feed.

Almost 1/2 million.
I thought it must be a typo, but sold prices seem to indicate not....

Nothing hugely nightmare, but so uninspiring and the price seems nuts - I must be missing something special about the location.....
I had the the same reaction. Is Kenilworth really that desirable? (I don’t know the area at all).
The house is mundane, and there’s nothing that would make me want to view it if we were relocating to this part of Warwickshire.

Doofus

26,430 posts

175 months

Friday 27th March 2020
quotequote all
Escort3500 said:
I had the the same reaction. Is Kenilworth really that desirable? (I don’t know the area at all).
The house is mundane, and there’s nothing that would make me want to view it if we were relocating to this part of Warwickshire.
Desirable/Convenient.

You choose smile

Escort3500

11,978 posts

147 months

Friday 27th March 2020
quotequote all
Doofus said:
Escort3500 said:
I had the the same reaction. Is Kenilworth really that desirable? (I don’t know the area at all).
The house is mundane, and there’s nothing that would make me want to view it if we were relocating to this part of Warwickshire.
Desirable/Convenient.

You choose smile
I’m sure I could find something nicer and cheaper in the county (even though I don’t know it well smile)

kowalski655

14,733 posts

145 months

Friday 27th March 2020
quotequote all
NomduJour said:
That's surely suggesting you're buying a "lifetime lease", rather than it being subject to, say, a statutory tenancy.
If there were a lifetime tenant, then I'm sure something can be "arranged" smile
TOPIC CLOSED
TOPIC CLOSED