Idiot vendors.
Discussion
We're looking at a listed 5 bed barn conversion that comes with a small detached cottage. It's been on for a year and has had the price drop 25% from the vastly over inflated initial figure. We know from the agent that the vendor has turned down an offer slightly above the current asking price in the past and about 10% below that more recently.
So far so good... We're looking at pitching an offer about the level of the previous low with a view to getting the house for 5% off asking.
And then I discover that the vendor has made two unsuccessful planning applications to overturn a clause in the original planning permission that ties the cottage to the barn. So, it can't be sold or rented separately and is in effect a granny annex as opposed to £200+k of independent asset.
The t
t.
I told the agent yesterday, and oddly enough he hasn't yet got back to me.
So far so good... We're looking at pitching an offer about the level of the previous low with a view to getting the house for 5% off asking.
And then I discover that the vendor has made two unsuccessful planning applications to overturn a clause in the original planning permission that ties the cottage to the barn. So, it can't be sold or rented separately and is in effect a granny annex as opposed to £200+k of independent asset.
The t
t.I told the agent yesterday, and oddly enough he hasn't yet got back to me.
lost in espace said:
I suspect the price reflected an untied cottage and barn which could be split.
Although to further confuse things I've since had a long chat with the senior bloke at the agency who was apparently aware of the tie. But he's indicated that the place has been consistently overpriced and the vendor has repeatedly ignored their advice, which doesn't bode well for the very low offer I'm putting in later today.
Bill said:
Although to further confuse things I've since had a long chat with the senior bloke at the agency who was apparently aware of the tie. But he's indicated that the place has been consistently overpriced and the vendor has repeatedly ignored their advice, which doesn't bode well for the very low offer I'm putting in later today.
Bill said:
I know, but he tried and failed to get permission when he first put it on the market. He must have known any potential buyer would find out, which thankfully I did before I started spending money on solicitors.
I suspect he would be hoping to get permission granted and/or get an appeal sorted out in time i.e. before your searches found out about his predicament.However, if the EA is aware that there is such a restriction in place then he is not permitted to sell the property as if there is none. I'd be peeved at him too!
It will be better for the vendor if he removes the property from sale until he gets planning - In all honesty if his behaviour is as you've outlined then do you really want to do business with him? What else might happen during the period of time before contracts are exchanged!?? Oh, and he won't accept your offer!!
It's interesting... I don't know if the other offers he's had have been on the basis of the separate dwelling or whether it's simply that the guy showing me round didn't know the full facts but was sent out with us as we've met him a few times. The market down there has stalled since it first went on a year ago and he's already moved out and was using it as a holiday home for a while.
So he's moved on physically, but not emotionally.
It's pretty clear he's not going to get planning.
I know. I was wrong initially with my reason for this thread (idiot agent would be more accurate...) but he's played it badly and it's likely to cost him £100k+
So he's moved on physically, but not emotionally.
Jasandjules said:
It will be better for the vendor if he removes the property from sale until he gets planning
It's pretty clear he's not going to get planning.
Jasandjules said:
In all honesty if his behaviour is as you've outlined then do you really want to do business with him?
I know. I was wrong initially with my reason for this thread (idiot agent would be more accurate...) but he's played it badly and it's likely to cost him £100k+
Jasandjules said:
What else might happen during the period of time before contracts are exchanged!??
[fingersinears]La la la Jasandjules said:
Oh, and he won't accept your offer!!
That much is certain, however I have to try.neil_bolton said:
Then I'm not sure why the EA is persisting with the sale - an EA will usually tell a vendor to sod off eventually if they're any good.
You'd be surprised how many properties, even in good years, do the rounds of different agents sitting on the market getting dusty. There are properties and vendors who will literally sit on the market for years waiting for the market to come up to their price. Often by the time the market has risen to meet them they have moved their goalposts - which are usually the only thing they move. Often they approach agents for a "valuation". They choose an agent that is prepared to go for a stupid price (presumably in the hope they'll outwit the vendor at a later stage) and sit there looking daft. Still, at least they got a For Sale board erected. At some point (often months and months later) the vendor decides to go elsewhere. He might have to use an agent in the next town, but he's happy to wiat for the right buyer [rolling eyes emoticon]. A For Sale board goes up. He'll sit there again wasting his own time and other preoples' monies. Then he'll approach the local agents again. By now there'll be a new manager in one of the offices who doesn't recognise a waste of money when he sees it, or another will be under sufficient pressure from his boss for listings that some idiot takes the bait. Another For Sale board goes up and the cycle continues.
It's embarrassing when you're one of the idiots.
Edited by scenario8 on Friday 13th May 13:19
And they weren't bad to deal with at all, I guess once they'd made a decision they went with it. Bill said:
Ultimately, yes, but short term plan is to get the cottage up and running as a holiday let.
Don't get your hopes up too high on that, planners are not keen on releasing such covenants at all, especially the listings officers.as for holiday lets make sure you are not falling foul of anything planing wise there or in relation to your mortgage.
Rude-boy said:
Don't get your hopes up too high on that, planners are not keen on releasing such covenants at all, especially the listings officers.
as for holiday lets make sure you are not falling foul of anything planing wise there or in relation to your mortgage.
as for holiday lets make sure you are not falling foul of anything planing wise there or in relation to your mortgage.
We are aware, but also don't think the previous owners have done a competent job of applying. Time will tell, but we're not dependent on rental income so it's not the end of the world.ETA Anyway, less of the negativity please, I am trying to be over the moon
And it being in an AONB is a far bigger stumbling block
Edited by Bill on Thursday 14th July 17:10
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