ASK345: Can I renegotiate this purchase? PLUS: Is it time to ditch my ISA?

The Property Podcast

Rob Bence & Rob Dix

Investing, Education, Business News, News, Business

4.8 • 2K Ratings

🗓️ 9 August 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Rob & Rob are back with more listener questions and wow, we’ve got some cracking ones for you this week.

Getting us started is Ben.

Ben is currently looking to purchase his second buy-to-let, but after completing a survey on the property, he’s been told that there’s around £11,000 worth of repairs needed on some damp and the roof.

What Ben would like to know is, does this give him the chance to renegotiate the purchase price?

The original offer was a good one and slightly over market value, but with the potential cost of work hanging over his head, he’s thinking that what started off as a good deal, will become a bad one.

Should he try and knock the costs off the purchase price?

Next up we’ve got a question from Alex.

After listening to the podcast, Alex and his wife first took the plunge to invest back in January 2020 and they’re currently completing on their fourth. Today they’re hoping Rob & Rob can help them with the sticky situation they’ve found themselves in.

We all know that inflation is on the rise, and with what Alex has been hearing on the podcast, he’s wondering if now's the time to pull out of his ISA.

He’s currently got 10K in a Lifetime ISA that has an interest rate of 0.85%, which, thanks to inflation, means he’s actually losing money.

Alex wants to know whether he should pull out his money, lose the 25% the government have topped it up with, leaving him with 7.5K or if he should just stick with it because the government contributions make it worthwhile?

Tune in to find out advice the guys have got this week.

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.

And if you’d like to find out more information about Portfolio you can do that here.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0	Hi, I'm Rob, and I'm Rob, and this is Ask Rob and Rob.
0:08.2	Welcome to Ask Rob and Rob, that reassuring me familiar past of your week, where you
0:12.1	know what you're going to get, you're going to get to your questions shortly followed
0:14.8	by two answers.
0:15.8	We've got a couple of really good questions coming up today, so we'll get to those in
0:18.8	just a sec, but first Rob, a quick reminder of how people tend in their questions.
0:22.7	Yet you can go to our website super easy and leave a message there, that's over at
0:26.8	PropertyHob.net, forward slash Ask, or you can pick up the old dog and bone, and give
0:32.2	us a call on 013808-3035, that's 013808-3035, whatever your preferred means in communication,
0:42.1	we do not mind as long as it's a good question, and Ben has very much met that criteria with
0:46.8	the first one.
0:47.8	Hi Rob, Ben here.
0:49.6	My question is around renegotiating the purchase price after a survey has been completed.
0:57.1	So I'm just about to purchase my second bottle up, which I don't know, would have only
1:01.9	really been possible through your content and books, etc, so thank you very much for
1:07.5	that.
1:08.5	So the survey was overall okay, the overall summary was that there is no specific barrier
1:17.0	for purchase here, but there were some issues that were flagged up that were advised that
1:22.3	I should seek further consultation on.
1:25.7	And a roof, where the two things that were highlighted the most, now I've gone away and
1:30.2	got external context, come in and survey that work, the quote is rather large, it's coming
1:35.8	in with around 11,000 pounds.
	...

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