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The Property Podcast
ASK451: Can I reclaim these costs? PLUS: Are we biting off too much?
Oct 22, 2024
A listener faced an unexpected hiccup when potential asbestos derailed his property deal, leading to questions about reclaiming costs. The hosts delve into the intricacies of negotiating abortive transaction expenses and advise on avoiding similar pitfalls. Another topic centers on entering the property market through HMO conversions, with insights on the challenges of financing for new investors lacking experience. Should one start small with buy-to-let properties or dive into complex HMOs? Tune in for some valuable strategies and guidance!
08:45
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Quick takeaways
- An unexpected seller withdrawal after an accepted offer highlights the rarity of such occurrences in property transactions, emphasizing the need for resilience in investments.
- New investors considering HMO conversions face financing challenges due to lack of experience, but understanding readiness and support can lead to successful decisions.
Deep dives
Navigating Unusual Property Transactions
A property investor experienced an unusual situation when a seller abruptly decided not to proceed with the sale after the offer was accepted, claiming he would move into the property instead. This unexpected turn occurred despite the investor already incurring significant costs for searches and mortgage arrangements, raising concerns about potential financial loss. The response highlighted that such peculiar and sudden changes in a transaction are incredibly rare in property dealings, emphasizing that most deals fall through for more conventional reasons. Although the investor was frustrated about not being able to reclaim costs, the advice was to treat this as an odd experience and to not let it deter future investment attempts.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode