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purchase    No Comments

Mortgage approvals for house purchase rose to 52,982 in October, the Bank of England has said.
The figure was an improvement on September’s figure of 50,415 and was the highest since January. However, it was still only about half of the monthly average of 103,000 in the decade to 2007.
We are still bumping along the bottom of the property market but things are increasingly gradually and to be honest that is best for everyone concerned.
If numbers spiked the whole industry wouldn’t know whether to recruit staff or try and ride out the storm. We are in new territory in terms of predicting how the market will behave so a gradual increase is best tor all concerned.
Matt

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searches    No Comments

All we are hearing about at the moment is floods. Not only is this affecting residentialproperties but also lots of businesses properties. Flooding can cause serious damage to your business I would always advise that if you are buying a commercial property that you consider obtaining a search that provides you with flood information.
An environmental search will tell you a lot about the property but it will also tell you if the property is located in an area that has suffered from flooding in the past. If the property has a history of flooding this could stop you from obtaining insurance for the property and it could also damage your business, clients/customers not able to attend, staff not being able to get to the property, stock and the building itself being damaged.

I therefore cannot stress enough that if you have concerns about flooding please ensure that before you buy a property that you obtain the appropriate search

If you do decide to buy a commercial property please contact me for a fixed price commercial quote, I would always be happy to act for you. My contact is 01623 448302  or climb@fidler.co.uk

 

Christie Limb

Partner

Fidler and Pepper

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Uncategorized    No Comments

In the legal profession matters that have gone to court can decide what you can and can’t do in the future.
This is called setting a precedent.
There is a significant case happening in the estate agency world.
The matter involves the sale of property where there was mine shaft near the property. The estate agent was aware of the mine shaft and a number of sales had fallen through for this reason.
A new purchaser was found and paid for searches and survey. This revealed the mine shaft and he pulled out of the transaction and then sued the estate agents for the costs of £515 arguing that they should have disclosed the existence of the mine shaft.
He used the Consumer Protection from Unfair Regulations 2008 , a new piece of legislation and was successful.
The estate agent is appealing this decision.
The estate agent will argue that he is acting in the seller’s best interests and trying to get the property sold and any buyers should carry out all searches and enquiries before proceeding (called Caveat emptor). They will argue that they don’t have a duty to any buyer.
However buyers are also consumers and can now claim protection under consumer legislation.
My view is let’s have cards on the table and if there is a problem disclose it and deal with it in the best light possible. Arguably it is not in the best interests of the seller to have a number of aborted sales either.
My views don’t count but I will looking with interest to outcome of the appeal in February.

conveyancing quote is here if you want one.

Matt Slade

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If you are planning to purchase a commercial property at an auction you will need to consider the following:-

1. the legal documents- these will be available before the auction and I suggest that you take legal advice on them so that you know the property before you commit to buying such;

2. funding – when you buy a property at an auction you will usually only have 14-28 days to complete the purchase and therefore if you are not buying with cash you need to find funding available. There are lending opportunities out there but I suggest that you make enquiries into such and to knwo that you will have the funds available for the purchase before committing to such;

3. go and view the property;

4. if you are thinking of leasing the property consider making enquiries with local letting agents to find out what the likely rental income would be;

5. if the property is already subject to a lease take legal advise on such as the tenant may have the right to remain there for a number of years and this may affect any plans that you have to occupy or develop the property.

If you have any questions in respect of a commercial property that you are planning to buy at an auction please contact me Christie Limb on 01623 448302 or climb@fidler.co.uk  I would be happy to assist you or provide you with a quote for the work if you are successful in buying the property at the auction.

Christie Limb

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