Sounds like a bit of a nightmare. I’d avoid that situation at all costs. You are setting yourself up to be ripped off further down the line.
Quite often when we are asked an opinion and we give it , if it is the opposite of what a person is looking for , we never hear again from them as to what they decide to do. This has happened quite a lot
I have noticed that also. I wonder what is the point of asking for opinions if can’t be bothered to take any notice!
Thank you for your patience everyone! It’s been a manic week.
Ultimately we decided not to proceed and got our 5k res fee back.
However, we’ve had lots of fruitful discussions this week and feel like we have some great ideas on strategies and locations.
So although we’re going back to the drawing board, we’re in a much better position compared to even a couple of weeks ago and we’re feeling hopeful that we can achieve our goals.
It’s definitely given us the kick we needed to be more proactive.
Cheers and best of luck for each of your own endeavours.
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thank you for letting us know That is appreciated. So many do not let us know of a result. > keep searching . I have had some great bargains even up to 3 years ago . A place can just pop up unexpected
It’s probably for the best you ditched this deal.
Although on the surface it appears very good statistically, excepting the high premium purchase price, with hands off management, Housing Associations are charities not government housing departments, therefore your 25-year rent guarantee is not necessarily enforceable if the charity decides to wind up.
Then you’re stuck with a property at twice its market value with some less than desirable neighbours, who would buy it? If you were stuck having to rent and manage it yourselves, you would then seriously regret it in that environment, and your rent would likely be nowhere near that currently available.
In fact, the whole deal stinks, since government Housing Departments generally offer below market rents for such hands off / guaranteed rental deals for their own tenants, and I can’t believe a flat of that caliber in Bradford is worth anything like £13,000 / an. I own flat blocks in Huddersfield and the average rent for a decent 1-bed flat with respectable tenants is around about half of that figure.
I would suggest the whole scenario is designed simply to profit from the over inflated sales price.
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