|Buying a wooden Lodge.|
|We live oversea's mostly, but need a UK base near our family to visit. We have found a good, small site at Benson Waterfront, south of Oxford. |
The lodge has an 18yr term/licence still on the site, and is only 2yrs old in perfect condition selling for £100k.
Before I part with the money, is there a form of words(contract) that we could use for the purchase? We've been advised that it is normally quite 'informal' when you purchase privately?
Any advice gratefully received; Thanks Bob.
|Hi Bob, |
You have mentioned that the seller has a licence with 18 years left on it. You will need to have a copy of that and get the licence assigned to you by the Owner of the park. This will also give you the opportunity to ask the park owner the length of his open season, the annual rent and any other outgoings the seller may not have told you about.
There is certainly nothing 'informal' about buying a property for around £100,000 privately or otherwise. This is a lot of money and you need to be formally protected.
Benson Waterfront are members of the British Holiday and Homes Park Association and must abide by their Code of Practice. They are also registered as a park that offers the Gold Shield 10 year Warranty. I would assume that the lodge you are looking to buy was given warranty under this scheme, which is free to park owners. You will be able to have the benefits of this warranty transferred over to you. If the park owner doesn't hold a form in his office, you can obtain one from the National Park Homes Council Tel: 01252 318251.
Hope this helps.
|A posting machine|
|How much is your £100,000 investment going to be worth in 18 years time with perhaps no site to keep it on? |
Unless the existing site owner (or the person or company owning the site at that time) is prepared to offer you a new term when the existing one expires, I would suggest nothing.
I cannot see another site being prepared to take what will then be a twenty year old unit.
Or am I missing something, perhaps you are prepared to take a £5000+ a year loss.
If you do buy, make sure you fully understand how. why and by how much, the service charges can be increased and also how the utility charges are calculated.
The special one
Location: E Yorks, 2015 Globecar FamilyScout L Ducato Maxi
|If this is anything like buying a mobile home/static caravan you also need to check how much commission the site gets if you want to sell it in the future, even if you sell it privately they will still want their 'cut' - some of them can be extortionate.|