Purchase of freehold

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David Snowdon

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Feb 23, 2010, 9:52:29 AM2/23/10
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Hi Everyone,
 
I read about the meeting last Saturday which I'm sorry I couldn't make.
 
I'd appreciate a quick note on any conclusions which were reached.
 
Many thanks,
 
David Snowdon (flat 3 22 Wheler st)
 
PS Since I shall be away from tomorrow until March 14th I'll email the vendor's solicitor to notify him of my interest in purchasing a share of the freehold.
 
PPS Does anyone have any idea of whether the sum requested (£88,800) is reasonable? 

Collingwood, Andrew

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Feb 23, 2010, 11:52:32 AM2/23/10
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Hello David,

 

I think we’re still in data gathering phase; Nick and I knocked on doors, those that were answered were interested – but several “Not at Home” which will be followed up; together with the telephone numbers of some landlords that we were able to obtain.

 

Please bear with us…..

 

Andrew

 

Andrew Collingwood

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David Snowdon

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Feb 23, 2010, 2:06:18 PM2/23/10
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Many thanks, Andrew.
 
Best wishes,
 
David
 

From: Andrew.Co...@CWIG.COM
To: whel...@googlegroups.com
Date: Tue, 23 Feb 2010 16:52:32 +0000
Subject: RE: Purchase of freehold
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Piers Kotting

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Feb 24, 2010, 5:02:05 AM2/24/10
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Our solicitor (we're selling) seems to think £88 800 is about right.

Nick Brett

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Feb 24, 2010, 5:03:13 AM2/24/10
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Got a few letting agents calling back today with info on owners - will update all the info as soon as I here from them!

Nick

M: 07932 722 068

Sam Faulkner

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Feb 24, 2010, 7:59:55 AM2/24/10
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£88,800 isn't a bad price, based on a quick calculation of the return.
There are 24 flats paying £200 each per annum in ground rent (only ground rent is relevant, not service charge).
So the annual income is £4800 which is a 5.4% return on the investment. Not too bad when you compare it to what you are getting from the banks at the moment. It is also low risk. 

Piers Kotting

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Feb 24, 2010, 10:44:19 AM2/24/10
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I don't suppose anyone has bought their flat in the last 5 years and has proper accounts from Sean et al? Our buyer's solicitors seem to think it is all done a bit on the back of a fag packet and don't show how much the accout is in credit etc etc. Did anyone have this problem when buying?
Thanks,
Antonia

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Collingwood, Andrew

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Feb 24, 2010, 10:52:34 AM2/24/10
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Hi,

 

I pulled audited accounts from Company House last year; I will dig these out and distribute; it’s not clear whether Starchain has other properties in these accounts; certainly a fairly large fee was drawn by by Startchain!

 

Andrew

 

Andrew Collingwood

Training Academy Manager

CWI Group

 

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Mobile:    +44 (0) 7717 836292

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Nick Brett

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Feb 24, 2010, 10:52:43 AM2/24/10
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I bought around 3 years ago - let me have a dig through my paperwork tonight.

Nick (Flat 7, 22)

M: 07932 722 068
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Piers Kotting

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Feb 24, 2010, 11:03:11 AM2/24/10
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That would be extremely useful - thank you!
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