Property Purchase: At what point am I committed and cannot pull out?

In UK property purchase, the key point is when contracts are exchanged – right up until that point any party in the chain can withdraw with no penalty. This can lead to financial lost, tears, anger and lots of frustration.

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Once contracts are exchanged everyone is bound by the terms of the contract – if anyone wants to pull out after that point it will cost them many thousands of pounds, as a starting point it is usually 10 per cent of the purchase price and then any damages that flow from their actions. Because of this, generally the best advice is to buy the property and put it on the market as soon as you can. Depending on the market at that time you may lose a little money, but potentially considerably less than if you’d withdrawn from the sale.

 

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

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Property Purchase: What exactly is gazumping

The term gazumping is often use by the media but generally don’t paint a full picture of what actually happens and as such many often find it surprising and confusing to understand.

Gazumping is where a property sale has been agreed but contract not yet exchanged and a third party comes along and offers more – where a third party ‘gazumps’ the original buyer. Gazumping is a nightmare for the original buyer as they’ve no comeback against (even if a survey has been done) either of the other two parties. In other for it to happen the seller must have to accept the higher offer, although they don’t have to.

I have worked for  clients on cases where a seller received higher offers but stuck to the original because they felt it was the honourable thing to do or preferred the original buyer. Also I have worked on cases where gazumping saved the chain – the original buyer was not taking it seriously or experiencing delays in securing mortgage and the chain was about to fall through – the new buyer moved ahead quickly and the whole chain completed. Gazumping normally occurs more often in a rising housing market, but probably not as much as the media would have you believe.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

£1.3m UK house for Sale with multiple plug sockets trending on twitter

post  on Twitter from Toby Davis, which has since had more than 6,000 likes and 2,000 retweets, first picked up on the excessive socket placement.

He wrote: “Thinking about buying this house, but I’m not sure it has enough plug sockets,” and later added “or downlighters”.

Photos of the inside of a £1.3 million house on Rightmove have left people on Twitter feeling unwell and wondering what the property was used for by the previous owners.

The five-bedroom detached home in Middlesex promises a family-friendly location, bright spaces and a conservatory leading to a patio area and spacious garden behind.

Almost every single room seems to be inexplicably covered with plug sockets.

Sockets stacked on top of each other plaster the walls and line the windows – and some of them don’t even line up.

The previous owner must have been operating a call centre or media company from his home. What do you think?

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Green number plate proposed for UK electric cars

Drivers of electric cars across the UK may soon be using special green number plates under new plans.

The aim is to make it possible for local authorities to allow zero-emission vehicles to benefit from incentives such as cheaper parking.

The government hopes it will boost electric car sales, helping it achieve its 2050 target of net zero emissions.

But Friends of the Earth said without better financial incentives and more charging points, little would change.

The government is asking industry and the public for their views on how to implement the scheme.

“As the UK moves at pace towards net zero emissions, the initiative aims to raise awareness of the increasing number of zero tailpipe emission vehicles on UK roads,” said the Department for Transport (DfT).

“Through the introduction of green number plates, local authorities would have a useful visual identifier should they wish to introduce incentives to promote the use of zero-emission vehicles, such as allowing these drivers to use bus lanes and to pay less for parking.”

The government said a similar licence plate scheme introduced on a trial basis in the Canadian province of Ontario had led to an increase in electric vehicle registrations.

However, RAC head of roads policy Nicholas Lyes said: “While the sentiment seems right, there are question marks as to whether drivers would see this as a badge of honour or alternatively it could foster resentment among existing drivers of petrol and diesel vehicles.

“On the face of it, drivers we’ve questioned don’t seem too impressed – only a fifth think it’s a good idea and the majority said the number plates wouldn’t have the effect of making them any more likely to switch to an electric vehicle.”

Friends of the Earth campaigner Jenny Bates urged the introduction of a national scrappage scheme, saying it would “help fund a switch to a cleaner vehicle or greener transport alternative”.

Source: BBC News

Fewest UK homes being put on sale since 2016 as Brexit nears – RICS

Britons are holding off from trying to sell their homes due to uncertainty about when and how Britain will leave the European Union, according to a survey published by RICS which adds to signs of a slowdown in the housing market.

PIPA property photo

The Royal Institution of Chartered Surveyors (RICS) said new sales instructions fell last month (Sep. 2019) at the fastest pace since June 2016, when Britain voted to leave the EU in a referendum.

(Source from UK Reuters News)