Happy New Year, we just wish it was under happier circumstances than from within the depths of our third national lockdown!
You know how the saying goes, if it looks too good to be true, it usually is. We’ve become aware of many buyers falling victim to false advertising for land sales, and want to help you and your clients avoid suffering the same disappointment and wasted investment.
Running for the hills
The rotation of restrictions, lockdowns, homeschooling, home working and a craving for outside space, combined with the changes to stamp duty led many buyers to the property market in 2020. Whether ditching the city, the suburbs or a home that just didn’t feel fit for purpose anymore, buyers were keen to change things up and bag themselves a slice of the countryside.
Many of those buyers were and still are looking for a more rural outlook, and have been seduced by tantalising offers of land with development potential. It’s easy to see why. What a wonderful idea, swap the flat in Streatham and embark on your own seemingly affordable Grand Design. Unfortunately, some landowners seeing the demand for rural locations and the urgency to escape the cities wasted no time in taking advantage of the situation.
Per the Solicitors Regulation Authority, a law firm’s status encompasses more than just the cost in choosing a conveyancer, with the largest-ever behavioral trial on price and decision-making in legal services.
The trial exposed that 6% of customers choose the cheapest solicitor, and 1% because for value for money.
Just under 75% of the public chose a conveyancer based on the suggestions of associates. Having said this, it is maintained by the SRA that the findings “underpin its transparency agenda”, highlighting data that consumers make better decisions when a firm’s website quotes their prices.
It has been suggested in data gathered through Freedom of Information (FOI), that out of the 32 London councils, 24 own 53,640 lock-up garages in the capital, and 41% of these are either empty on disrepair
Below are the percentages of their garages lying empty: