ASK 299: What's the deal with a "buyer's premium"? PLUS: Why do some people advise to buy without using mortgages?

The Property Podcast

Rob Bence & Rob Dix

News, Investing, Education, Business, Business News

4.8 • 2K Ratings

🗓️ 24 August 2021

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s that time of the week where Rob & Rob answer more listener questions, and this week we’ve got two cracking ones! Our first question is from Jeff in London. He’s looking to buy his first property in Hoggeston with a friend, but the company who’ve listed it are looking to charge a buyer's premium. Jeff was pretty surprised by this fairly large additional charge and wants to know Rob & Robs thoughts on whether this is something to be cautious of and if the buyer's interests are considered in this process? Our next question comes from Katie across the pond in the states. Katie would love to hear Rob & Rob’s opinion on the renowned American personal financial figure Dave Ramsey. Ramsey’s approach on investing in property is you should always buy in cash, but what do Rob & Rob think about this and is there ever a time where buying in cash only is the better option? Tune in to find out. Do you have a buy-to-let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So, get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hi, I'm Rob, and I'm Rob, and this is Ask Rob and Rob.
0:08.5	Welcome to Ask Rob and Rob, it's that time again, we've got more questions and more
0:13.5	answers coming up.
0:14.5	We've got a couple of really interesting ones this week, so we're not going to leave you
0:17.7	waiting until you can hear those, but it is worth, first of all, could be a quick reminder
0:21.3	of how to send in your own wonderful question.
0:23.6	Yes, you can go to our lovely Shiny website, propertyhub.net, forward slash, ask and leave
0:30.8	a message there, or you can call this very special number, which will then mean that the
0:36.8	in the office a big red phone will light up, and no one will answer, and it'll get sent
0:41.3	to a voicemail.
0:42.3	But that's all you need to do, you call 0 and 3 808, triple 0, 3, 5, and you will get
0:48.6	to that very special voicemail, and that means you'll appear on the show, just like
0:53.6	Jess is about to know.
0:55.2	Hey, Rob and Rob, it's Jeff, going from London, thanks a lot for all the content over
0:59.8	the years, keeping me motivated as me and my mate go and buy our first property together
1:05.2	in Hoxton.
1:06.2	So, it's listed on a company online called MoV blocks, if you know what I mean, I don't
1:12.7	know if I'm going to be disparaging by saying their name, but they're asking for this
1:15.9	buyer's premium, which is 8,154, including VAT.
1:20.7	It's required to purchase the property, and it was quite a surprise to me, and it's
1:25.5	in addition to the MoV.
1:26.5	So, I just really wanted to get your experience and sort of knowledge on if you've heard
	...

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