Any property legal types in?

Discussion in 'Finance, Property, Law' started by FatBoyGeorge, Jul 27, 2008.

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  1. Right, I'm pretty peeved off and I'll tell you why.

    Two and a half years ago my wife and I bought our first house, which we still reside in, through a shared ownership scheme. We were chuffed to bits because we were on the ladder with something we could afford. Absolute pure bliss after living with my witch of a mother-in-law for a year after de-mobbing.

    Anyhow, our end terrace is on a development of 8 properties (all 3 bed); 3 other terraces and 4 semis behind us in a small close. The terraced houses all understandably have a pretty small garden, about 25 feet long, but the semis gardens are much larger. One of them being about five times the size of ours in terms of square meterage.

    A substantially larger property but they paid the same as us. A price which was set by the housing association.

    Now I happen to think that this is pretty unfair as it's obvious that they have put some thought into the semis but just squeezed the terraces in. Is there any way that I can get something back off them? I still only own 50% so a is a reduction in the price of the second half an option or am I clutching at straws?


    Cheers in advance guys and girls.
     
  2. How do you know they paid the same price as you did?

    I can't see how you can row back from this position. The time to negotiate was at the point of purchase (the words usually used for all such purchases are caveat emptor which mean "let the buyer beware").

    You signed the contract and the seller will argue that you did so in full knowledge of all the facts. Your solicitor will argue that all he had to do was warn you and your lender of any developments in the area that might affect the value of the house in the future. Mis-pricing is not a factor, although there are many buyers of flats in places like Leeds and Manchester who might wish to argue differently!

    If I buy a telly from Currys and then find Comet is selling them at £200 less six months later, would I be able to claim the difference back from Currys? I think not!

    Litotes
     
  3. Not a lawyer, but here's my opinion.

    Litotes is right, caveat emptor, or "buyer aware". Even if those semis were the same price as the terraces, were there any available at that time or had they all been sold? Are you certain that the same prices were asked? (Easy to check the prices they paid on www.upmystreet.com or 192.com)

    I sympathise, but it is possible that those who bought the semis bought on different terms - eg. paid higher down payments, etc.

    Personally, I would just take it on the chin and stop fretting about a deal that you concluded two and a half years ago. Looks like a nice enough development
     
  4. I know that they paid the same prices as we did because they were open about it and although they hadn't been sold when we started the ball rolling on ours, they had however been spoken for.

    Just as I thought I suppose, just really peed off by the the fact we've got a garden a fraction of the size. Thanks for your replies anyway.

    FBG.
     
  5. Hey, don't feel too fed up about it. It looks like nice place, it's in a good area, you've been happy there for two and a half years and it hasn't driven you to the brink of bankruptcy.

    It's given you a foot up the ladder, as you say, and property prices don't fall in the long term, so you can replace it with something a bit more to your liking the next time. But don't let it spoil your enjoyment of your family home in the meantime
     
  6. Tend to agree with most comments made here. Would also add that the good news from your point of view (in terms of prices falling I mean) is that should you wish to purchase the remainder of the equity in the property you are doing so at the current market value of the property.

    To answer another point someone raised - the prices at which property is sold for is in the public domain within six months (approx) of the sale going through, courtesy of the land registry website.
     
  7. Be very careful of the prices quoted on such websites, even though they are sourced from the Land Registry. If Person X bought a house/flat with discounts (white goods, mortgage holiday, carpets, car, free granny etc) the price entered on the Land Registry is the headline price they paid.

    Now, if you come along three years later and, after doing your homework, offer close to that price, are you getting the bargain it seems.... when the carpets are ruined, the car has gone, and both the 'fridge and the granny are mouldy! :D

    And, reportedly, some developers have been even more, cough, enterprising with their sale prices than they should have been!

    Litotes
     
  8. Yeah you're right, it is in a good area (even though it is Norfolk) and it is a nice property for our first place and there is no chance of it ruining our family life. Plus I must be one of the few people happy to see the market slump and hoping for more falls in prices; I can borrow more on the same fixed rate mortgage for the second half of the house.

    Plus my neighbour two doors down is a good looking, recently separated 26 year old mother who sunbathes topless in her garden. And she is friendly with the wife so she comes round here quite often. Wouldn't have it any other way.
     
  9. I sympathise with you. At the time of purchase your solicitor seems to have failed to learn of info. that has only just come to light. You could sue him for but the whole thing sounds like it could be the start of a lot of worry and heartache.

    Prior to planning approval a couple of years ago when selling a building site I had issue with a site splay onto a country road. When sat with my solicitor I was horrified to hear him say, "I never said that", concerning the splay when I bought it two years earlier through him! We debated and the outcome in his view was that I could sue him. He was not threatening me, it's just a fact, they get sued all the time.

    Have you kept all the correspondence from the sale? Your solicitor should hold all original corresondence on file though he has 'the power' to doctor them to suit him during troubled times so beware!

    Personally, in light of what I have been through, I'd just enjoy your life and get on with it.
     
  10. Is she the one with the trampoline in the garden? If so, the house-high trees immediately north provide excellent cover for an O.P. with escape route, and possible dead-ground approach to the base of the hedgerow in her garden. A van where the three cars are parked will be good for getting the body away afterward, or the rohypnol, S&M and video gear quietly into her place.

    Signed on behalf of,

    The ten million stalkers who haunt the internet to the detriment of your neighbour's personal security, for which she will thank you forever.



    ( You could edit the aerial photo link out, and I could edit this post afterward)
     
  11. Or you could just get a life. The high trees are in our private road so you'll be lucky to get anywhere without being noticed and the three cars is where I park my van, in my private parking bay, so good luck.

    Did you notice that this is a relatively small countryside village; the sort where everyone knows everyone?
     
  12. knock down your house and turf it over and your garden will be a lot bigger, thats a fact.