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Wednesday 31 July 2013

Quick sale is a good sale for home sellers

THE longer a home stays on the market, the more heavily it is likely to be discounted, meaning a quick sale is a good sale for the vendor's wallet, research shows. 

 
A Real estate analysis firm said vendors holding out for a better price on their properties tended to end up giving greater discounts when compared with those who accepted early offers.
"One of the greatest challenges for vendors is whether to accept an initial offer on their property or whether holding out for a better price is a better strategy," said researcher Cameron Kusher.
"The trends are fairly consistent with quick sales experiencing low levels of discounting while properties that sit on the market for a longer time typically see excessive levels of discount."
Mr Kusher said that over the past five years, homes that sold in less than 30 days recorded an average vendor discount of 3.9 per cent.
Homes that sold between 30 and 60 days attracted an average discount of 5.2 per cent while homes sold after more than 120 days on the market were discounted by 10.1 per cent, he said.
"Vendors need to ask whether or not they will get a better price by keeping the property on the market, or give consideration that an initial offer may be the best one," Mr Kusher said.
"This analysis suggests that the latter is generally the better option."
Mr Kusher said a property was most likely to receive offers when newly listed for sale, making it important for vendors to set a realistic price in order to get a quick sale with a low level of discount.

Wednesday 24 July 2013

Brothers buy £450,000 house to find it filled with rubbish

A landlord who paid £450,000 for a town house found it was piled with rubbish after 40 years of hoarding.

A landlord who paid £450,000 for a town house found it was piled with rubbish after 40 years of hoarding.
The 10 rooms in the four-storey house were buried with books, children’s toys, clothes, old newspapers and discarded furniture Photo: Red Williams/Archant
Mehmet Koch, 33, bought the north London town house at an auction without viewing it.
He was confronted with 40 years worth of rubbish hoarded by an elderly couple who owned the Finsbury Park property.
Mr Koch, who bought the Islington house with his brother Abbas, said today: “I thought I was having a nightmare - I have never seen anything like this before.
“We just saw it and thought, how the hell are we going to clean this up? We were just so shocked.
“When we saw it, we just felt sorry for the people who lived here at first. I mean, how could anyone live like this in the 21st century? There was no running water, no electricity and no gas.”
The 10 rooms in the four-storey house were buried with books, children’s toys, clothes, old newspapers and discarded furniture.
The outside of the house in Fonthill Road, Finsbury Park, north London (Archant)
A reclusive couple in their 70s had lived in the house since the 1960s.
Mr Koch said: “We had come to see the property from the outside but the couple who live here would not let us in so we never saw inside.
“They had just been confined to one or two rooms and the garden was a forest. We’re very worried we’re not going to make a profit now because it needs so much work.”
The Kochs’ workers began a clean-up operation by discarding the rubbish into the front garden without arranging for a truck to collect it.
Residents’ anger provoked Islington Council to serve notice on the landlords, which could see them prosecuted if the rubbish is not quickly cleaned up.
Police also had to warn passers-by to act with more respect after several began taking items from the pile.
One neighbour said: “It’s absolutely shameless. It’s stealing from a dead body. She was a lovely old woman and those are still her things.”
Firefighters first raised the alarm with social services over the size of the pensioners’ hoarding problem a year ago.
They acted after they had to go through the property to tackle a blaze.
The woman was working at a local charity shop and was a former teaching assistant at nearby Pooles Park Primary School.
As a result of the fire service alert she is now living in sheltered accommodation in the area with her husband who had become ill, according to neighbours.
Hal Davis, who owns clothes shop Guate Goat opposite the house, today told of the couple’s daily lives.
Mr Davis said: “To get out she would have to move about 15 bags and stick them on the door, step outside and then the husband came out.
“Then the dog came out and she would put all the bags back in. Then when they came back it was the same process.
“I have been watching that almost every day for seven years but just had no idea what the inside of the house looked like.
“It’s a massive revelation to the neighbourhood. This was the first I saw of how bad it was as she never used to open the windows.”
The Koch brothers, who own about 10 premises as part of Kaya Properties, are now planning to turn the house into flats if they gain planning permission.
A council spokesman said: “Islington Council’s Environmental Health Team has served notice on the owner of 54 Fonthill Road requiring them to clear the gardens and secure the property.
“Keeping our borough clean is a priority for Islington Council so we will be closely monitoring this over the coming days and will take further action if required.”

Wednesday 17 July 2013

Consumers being misled over quick house sales, OFT warns

Consumers who want to sell their houses via so-called "quick sale" companies are in danger of being misled, according to the Office of Fair Trading (OFT).
Quick house sale providers offer to buy houses in as little as seven days, but at a discount to the full market value.
The OFT is warning that homeowners may receive much less for their property than it is worth.
"Any losses could be very high," it said.
In some cases such companies agree to buy a house, but then reduce the price at the very last minute.
"Businesses offering quick house sales may provide a useful service for homeowners who need to unlock cash in a hurry," said Cavendish Elithorn of the OFT.
"However, they are often used by consumers in vulnerable situations and therefore we are concerned about the risk of consumers being misled and losing out on large sums of money," he said.
Consumers identified as particularly at risk include those selling after a relationship breakdown, or the elderly who might need the money to pay for long-term care.

False valuations
During an investigation last year, the BBC spoke to two people who were angry at the way they had been treated by quick sale companies.
Malcolm Haywood, from Lincolnshire, wanted to sell his house quickly, and agreed to a sale price of £120,000.
But just before the deal was signed, the company involved, Gateway Homes UK, dropped the price to £80,000.
Pat Hardy, from Teesside, signed a similar deal with Tom Craven Property.
She had agreed a purchase price of £75,000, but the day before the removal men were due to arrive, they lowered the offer to £40,000.
Both companies insisted that the number of complaints amounted to less than 1% of their customers.
The OFT said practices which cause concern include unclear fee structures, reducing the price at the last minute, and wrongly claiming to be a cash buyer.
It also warned about companies making false property valuations, and tying customers into contracts which prevent them selling to other people, should alternative, and more generous offers emerge.
The OFT would now like to hear from anyone who has used a quick sale provider, whether their experience is good or bad.

OFT concerns

• unclear fee structures
• reducing the price at the last minute
• making misleading claims about a property's value
• falsely claiming to be a cash buyer
• exclusive contracts, preventing sales to other buyers

Wednesday 10 July 2013

UK’s cheapest homes to sell for just £1

THESE are Britain’s cheapest homes – set to go on sale for just a POUND.

 

The Victorian terraced houses were originally bought for as much as £70,000 EACH – but are now being offered at the rock-bottom price to DIY enthusiasts.
Each buyer will have to prove they can bring the house up to scratch using “construction skills” before they can own the property.
Homes in the Granby Triangle area in Kensington, Liverpool were part of former Deputy Prime Minister John Prescott’s plan to destroy thousands of homes across the country.
Homes on sale for a pound in Liverpool
UK's cheapest ... homes for a pound
Mercury Press & Media
Under his regeneration Pathfinder scheme, around £2.2bn was blown on buying and demolishing homes – but not enough new homes were built for the displaced occupants.
Residents in the Granby area fought to save the properties and now the city council has agreed to sell them to locals who will be able to revamp them.
As part of the initial pilot scheme, 20 houses will be offered for sale to residents for £1.
Homes in Liverpool on sale for one pound
Derelict ... the homes are being sold to DIY enthusiasts to be revamped
Mercury Press & Media
Liverpool’s Deputy Mayor and Finance Chief Cllr Paul Brant said: “This allows people who may be excluded from mortgages but have construction skills to play a part in the regeneration of their communities.
“We’ve seen that the private sector model has not succeeded so far and, through this way of doing things, if there is any profit it will stay with local people.”
Jonathan Brown, spokesman for the Merseyside Civic Society, said: “We fought against Prescott’s scheme and it’s great to have won all these years later.
“Local people have been let down over and over again for decades.
“I hope this now rolls out to other areas of the city in desperate need of regeneration.”

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Wednesday 3 July 2013

Family devastated after house sale falls through at last minute and £20,000 is wiped off value... because Japanese knotweed is growing on council land behind their garden

A homeowner has had £20,000 wiped off the value of his family home - after a surveyor said it was under threat by Triffid-like weeds growing behind his back garden.
Father-of-one Ben Metcalfe, 35, had put his two-bedroom mid-terrace property on the market at £100,000 and after two years thought he had got a buyer.
But the sale fell through at the last minute after a surveyor who carried out a report on behalf of the prospective purchaser said it was only worth £80,000 because of a cluster of aggressive Japanese knotweed growing on council land in an alleyway.
Ben Metcalfe stands next to Japanese knotweed in the alleyway at the rear of his property in Edgeley, Stockport in Greater Manchester
Ben Metcalfe stands next to Japanese knotweed in the alleyway at the rear of his property in Edgeley, Stockport in Greater Manchester. A large clump of the weed can be seen directly behind him

The sale of Mr Metcalfe's house fell through at the last minute
The sale of Mr Metcalfe's house fell through at the last minute after a surveyor who carried out a report for a prospective purchaser said it was only worth £80,000 - not £100,000 - because the aggressive weed was growing on council land in an alleyway. The bamboo-like weed looms menacingly over the wall to the right

Mr Metcalfe, an NHS support worker, has been left devastated after the collapse of the sale. Pictured above with his family
Mr Metcalfe, an NHS support worker, has been left devastated after the collapse of the sale. Pictured above with his family
The expert said the weed was a threat to foundations of neighbouring properties, in Stockport, Greater Manchester, and recommended a 'migration plan' to establish where the roots were, how fast it grows and the most likely direction it would grow in.
The bamboo-like plant can grow up to 12ft tall, push through concrete and damage buildings and it costs £100 per square foot to eradicate with pesticides.
An embankment behind an alleyway next to the homes of Mr Metcalfe and neighbours is riddled with the weed, some of which has grown to around 10ft already.
Mr Metcalfe, an NHS support worker, has been left devastated after the collapse of his house sale.
An embankment behind an alleyway next to the homes of Mr Metcalfe and neighbours is riddled with the weed, some of which has grown to around 10ft already
An embankment behind an alleyway next to the homes of Mr Metcalfe and neighbours is riddled with the weed, some of which has grown to around 10ft already
An embankment behind an alleyway next to the homes of Mr Metcalfe and neighbours is riddled with the weed, some of which has grown to around 10ft already. He is unable to cut back the weed himself for fear he could be prosecuted for damaging property

He and other locals have long complained about the potential danger the weed poses to the foundations of nearby homes on his street, in the town of Edgeley.
He is unable to cut back the weed himself for fear he could be prosecuted for damaging property.
Mr Metcalfe said: 'We had fallen in love with a house and put an offer in but our sale fell through and we were left stranded.
'Japanese knotweed isn’t something people know a lot about but it can cause a lot of problems.
'We had been planning to move for two or three years so to have it fall through was frustrating.
'It is clearly a real problem when someone can’t get a mortgage because of weeds. I was told that if it didn’t get sorted out then I would have to sell at auction, or find a cash buyer, because it would be impossible to get a mortgage.

'When the survey came back, not only did it show up the knotweed as a problem, it also said that for the sale to proceed there would have to be a full "migration plan" put together to chart where the plant was and how it was travelling.
'Of course, the buyer got cold feet because it sound like such a complex problem.
'As soon as you start reading a few articles about knotweed, you realise that there are a lot of mortgage lenders that simply won’t offer a mortgage on a home that has knotweed nearby.
'We feel like we were left completely stuck in this position while we wait for the knotweed to be treated.
The cAfter contacting the local council property management company, NPS, it has agreed to treat the knotweed - for the first time in two yearsurse of Japanese knotweed
After contacting the local council property management company, NPS, it has agreed to treat the knotweed - for the first time in two years - and will give Mr Metcalfe a certificate guaranteeing it will be kept in check for five years
'The council are now working to sort the problem out and we just have to hope that we can find a buyer that is open minded.
'In a way, we were lucky that it was on council land because the situation is now getting resolved. If it was private land, I would be in a much more serious situation.'
After contacting the local council property management company, NPS, it has agreed to treat the knotweed - for the first time in two years - and will give Mr Metcalfe a certificate guaranteeing it will be kept in check for five years.
Local Labour councillor Philip Harding, who raised Mr Metcalfe’s case with Stockport Council, said: 'It has been a problem there for 10 years so I don’t know why it has taken so long to deal with properly.
'I am pleased this is going to be sorted out but it should have been done much sooner.'
Japanese knotweed, native to eastern Asia, grows rapidly and is strong enough to damage concrete.
Liberal Democrat councillor Mark Weldon, executive member for Stockport community services, said: 'We are committed to tackling this issue and have a comprehensive policy to address Japanese knotweed.
'We are aware of the residents’ concerns and contact has been made with them.
'This site was treated for Japanese knotweed a couple of years ago when it was brought to our attention.
'There has recently been some re-growth which will be revisited to treat.'

THE DEADLY INVADER... AND HOW TO TACKLE IT

The curse of Japanese knotweed
The curse of Japanese knotweed
Japanese knotweed – which has the scientific name fallopia japonica – was introduced into Britain by the Victorians in 1840.

Incredibly invasive, it can grow 4in a day from April to October and a tiny root can establish itself as a plant in  just ten days.

Apparently solid structures such as tarmac and flooring in houses are no barrier to its growth and the weed also creates a risk of flooding if leaves clog waterways.
About £1.6billion is spent a year in an attempt to remove it.
Knotweed is recognised by its shovel-shaped leaves, bamboo-like stem and white flowers produced in autumn.

If you discover the plant on your property, these are some of the steps you should take to prevent further problems:
  • Immediately create a 21ft exclusion zone around the suspect plant.
  • Do an initial spray with phosphorylate-based weed killer.
  • Do not excavate or move soil from the exclusion zone without instruction from the local authority.
  • Cutting should be done with sharp secateurs or pull it out by hand to avoid dispersal of fragments.
  • Wash feet and clean shoes when leaving the contaminated area.
  • If you cut down knot weed, you can burn it on site or bury it – 16ft deep, covered with a root-barrier membrane and with inert topsoil – with permission from the Environment Agency. Material taken from the site must be disposed of at a licensed facility.
Sell property quickly | Sell Your Home Guaranteed | Quick House Sale | Quick Home Sale
Sell your home quickly for cash.Quick sale guarantee to make an offer to purchase any property in the UK contact us today for a stress free Quick sale.
http://fast-sell-home.co.uk/