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  • Buy-to-Let

    Worried about buying off-plan in Nottingham

    Are there any other tranches due to be built? This really keeps values or a resale low and it also depends on where it is located in the development.

    I had friends who bought a new build 20 years ago on a massive development when it was in phase I, it is now about phase V and they've had building trucks go past their home for 20 years and people only want to buy the new ones and not his.

    They couldn't sell so now he rents it out but so do many others which has kept rents low in the area as they all have the same problem.

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    I know the development the OP is referring to. It's on the river. It is a lovely location and all flats have a river view.

    However the sourcing fee is £5k which is a lot and I think (although feel free to correct me) that all flats in at least one block are BTL.

    They are banking on them being premium flats and therefore a premium rental price (and premium service charges to boot no doubt).

    You will not get your sourcing fee back.

    I bought a house through them and the achievable rental value was valued lower by the surveyor however I did achieve the lower of the sourcer's estimate of rent but obviously had to put in more cash to the deal due to the perceived shortfall in rental income by the lender.

    However I know others that bought at the same time didn't achieve even the lower valuation stated.

    The perils of everyone buying at the same time and going to the rental market. As I didn't use their lettings agent I managed to get mine let whilst their agent was still thinking about marketing the other properties.

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    Hello All

    I just wanted to say thank you to all those who provided valuable comments on this thread; it has been painful but valuable.

    Cheers

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    Jack, I would see it as a learning curve personally, get your own lawyer rather than using theirs. I did something similar a while back, my lawyer was thorough and I have ended up with only a 10% deposit not 25%. Whereas using the sellers lawyer it would have been rushed through etc.

    I also saw this development, which to be fair looks good on the river, but I felt was a bit expensive and I dont know enough about the area to be comfortable with the premium for the river location.

    It sounds like you are getting cold feet rather than have anything tangible to indicate a missold action, so I would personally use your own lawyer for now. I would see if you can get an idea of how many are being sold to investors v homes to live in. That can affect the Rent achieved

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    Slowly working towards financial freedom