Unique Property Bulletin Feature Article
Helping You Nudge Seller Guides of: £486,500 to £399,000.
We have a technique to save you tens of thousands of pounds on this example and others.
Plus secure that elusive home you have been searching for.
Unique Property Bulletin recommends a cheeky offer of £399,000 and we will explain why this might be of interest to the seller. The first reason is that this website has a lot of unusual properties and our archives actually go back to 1987. However, as we only transferred this publication online in 2012, there is a shorted digital facility. Though for our readers a powerful one as the class of property that falls within “Back To The Future” tends to be within a five-year span behind any given date of rummaging around these archives.
Our editorial team often take a look at the properties we have featured in the past 6 to 18 months to see if they are still for sale. Most sell within that timeframe. But some stick. Here is an example from our 4th March 2019 addition…
If you spend a useful hour or so digging through past editions and additions to this website and land upon something that grabs your fancy and is still for sale maybe one or two years after first being listed. You can often see how long a property has been on the ale list by this tell-tail circled in red ink…
Our next step is to see what the current owners paid for the building and how many years ago. This sometimes gives a guide as to any flexibility in price. Though if the owner has spent a lot of money renovating, this digression has limited use. But it is still an important part of your due diligence. In the case of this Skegness Windmill, there is no “sold” information from the past 15 years. There are other information sources. For example, input the target property postcode into 192. That can help with (1) previous sale/purchase prices and (2) whether there is a registered business at Companies House. The latter can lead you to public domain accounts. From there, a balance sheet may help you with previous price. The interesting result here is the fact that there is NO previous price…
The lack of an earlier sale on the windmill is likely to mean the current sellers have owned this property for 15 or more years (not guaranteed, but a serious indication). This is relevant as if the information is verified, you will have some comfort knowing that there may be room for that “cheeky offer” we mentioned.
To double-check the veracity of whether a fairly recent transaction has occurred (and there possibly being very little equity nor margin for manoeuvre), the HM Land Registry is worth a look. Even the free online page as illustrated above shows NO value stated. That is usually an indicator that the owner has been in possession for a long time.
If this windmill, or equivalent unique property really floats your boat, maybe spend £3 for a set of plans and deeds to study the history…
England & Wales Land Registry: Click Here
Scottish Land Registry (majorly free): Click Here
Northern Ireland Land Registry: Click Here
With a reasonable amount of knowledge from fairly basic searches as advised in our back-to-the-future feature article, readers can hopefully see how this may help them understand the seller’s position with some clarity.
Basically, if the property has been sitting for a long while and has gone stale along with a there being a significant amount of equity likely to be built up in the structure, then a seller will often “take a pragmatic view” and reconsider whether their original price was a tad ahigh. Estate agents chave a bad habit of over-valuing property just to get it onto their books. The seller takes that ambitious sale figure to heart and it can be a diplomatic challenge to negotiate to what would likely be a more palatable sale/purchase figure all round.
With this in mind, perhaps you might like to look at 20 photographs of the Skegness Windmill ad perhaps consider an offer around the £399,000 mark.
One last cabeat. There may be other reasons why a property “sticks”, so please make sure you ahave checked out the neighbourhood, the structuire, the flood riskka nd all other possible problems before parting with any money.
Location of: xxx.
Map Courtesy of Google Inc.
For further details and viewing arrangements for this xxx conversion, please...
Please consider mentioning that you found this building in Unique Property Bulletin.