Giles Peacock

Registered with Property118.com
Wednesday 25th February 2015


Latest Comments

Total Number of Property118 Comments: 5

Giles Peacock

16:28 PM, 21st August 2015, About 7 years ago

Off Plan new build concerns?

Reply to the comment left by "Konstantin Matveev" at "21/08/2015 - 14:56":

Many thanks all for your help and advise.

Kind regards,
Giles... Read More

Giles Peacock

14:13 PM, 21st August 2015, About 7 years ago

Off Plan new build concerns?

Reply to the comment left by "Tony Atkins" at "21/08/2015 - 12:53":

Hi Tony,
Many thanks for your comments.

Please could you elaborate on paragraph 1.

"Off Plan: your off-plan contract cannot oblige you to complete, so you always have a get-out option"

If I proceed with this purchase the builder will require
1. Reservation fee (minimal) to hold the property
2. After 28 days a 10% deposit is required (exchange of contracts)
3. Balance required after completion

I was also told that If I decided to with draw after 28 days then I would forfeit that deposit.

Is insurance likely to be more expensive being over commercial outlets. As I understand it A1,A2 and A3 will allowed there.

Many thanks... Read More

Giles Peacock

9:40 AM, 21st August 2015, About 7 years ago

Off Plan new build concerns?

Reply to the comment left by "Mark Alexander" at "20/08/2015 - 23:08":

Hi Mark,
I have been trying to find a property for some time. My plan was to flip, however with the way the market is particularly in the South East with almost everything, even in very bad condition being sold for a premium and offering very little or no equity.

I suppose I have got to the point where frustration has set in and this new build seems like a reasonable idea mainly due to being able purchase at this years prices, yet start paying for it next year. Of course I realise this is not a bargain and this purchase would be based on the assumption the market continues it upward trend well into next year particularly in the popular locations. On completion I would decide on selling or BTL. Rented property is huge demand around there and returns are good for the South East

The cost per M2 /yields in new condition/renovated are comparable to most in the area

If I could find a "reasonably" priced freehold house that ticked most of the boxes I would take it instead without any hesitation.

Thanks again... Read More

Giles Peacock

22:52 PM, 20th August 2015, About 7 years ago

Off Plan new build concerns?

Reply to the comment left by "Mark Alexander" at "20/08/2015 - 19:04":

Hi Mark,

Thanks for comments and no it not a downer. I appreciate your input to come to the right decision here.

In response to your comments. I agree with your observation on new builds and apartments in particular. I am constantly being bombarded with emails for huge off plan blocks of flats in Manchester of which I am extremely weary.

Where this one is hopefully different - Not sure if this will make any difference to your observation but here goes.

1. These particular builders have been building houses on this site for the last five years and as I understand they are going be there for another five years at least. My guess is they need to be quite careful about supplying inferior quality buildings. All assuming the market remains buoyant of course.

2. There are hundreds of free hold owner occupier houses on that site already

3. The block of apartments I am interested in has sixteen first and second floor flats only. Eight privately owned

4. The surroundings and immediate square will consist of shops, gyms, retirement complex, owner occupied houses, school etc

5. There are two well known builders and possibly others on the site

6. Other then the deposit I would only really start paying for the property in nine months time on completion. Paying this years prices.

7. My mortgage in principle has already been accepted

8. Demand for housing in the area is huge.

Many thanks,
Giles... Read More

Giles Peacock

18:53 PM, 20th August 2015, About 7 years ago

Off Plan new build concerns?

Reply to the comment left by "Neil Patterson" at "20/08/2015 - 16:49":

Hi Neil,

Yes, I have made inquires with a broker and will probably go for a BTL mortgage, but as you say not until March/April next year because of the six month bit.

I will check on the 10% protection. Thanks, that is a very good point.

If I may ask. What are your thoughts on the apartments being above a row of shops?
I don't think there will be any takeaways allowed. As I understand it lenders don't always like it. This part of Biggleswade is extremely popular and it seems and anything half decent is sold within days.

Many thanks,
Giles... Read More