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Buying a house that is a COP/LA sale

Discussion in 'Legal and financial issues' started by turbo, Jul 1, 2015.

  1. turbo

    turbo Registered User

    Aug 1, 2007
    3,851
    Our son is a first time buyer and has put in an offer on a house. The house is a COP/LA sale. He really likes the house but we don't know how the process of buying works.
    Does anyone know if a lower offer be accepted or does he need to offer the full asking price.? He lives with us so there is no pressure time wise. The estate agent is unhelpful.
     
  2. nitram

    nitram Registered User

    Apr 6, 2011
    19,264
    Male
    North Manchester
    #2 nitram, Jul 1, 2015
    Last edited: Jul 1, 2015
    Just treat it as a normal purchase, they may accept a offer, he can always increase it if rejected.

    Even if he 'really likes' the property does he like it enough to offer asking price?
     
  3. canary

    canary Registered User

    Feb 25, 2014
    10,783
    Female
    South coast
    The actual sale is just the same. Its just that they may not be able to accept an offer if its too low. If its a CoP sale then the deputy (seller) may not be willing to accept a lower offer as they will probably have to go back to the CoP to check whether its OK to accept it, which may take time and the answer may be no.
     
  4. Saffie

    Saffie Registered User

    Mar 26, 2011
    22,499
    Female
    Near Southampton
    I sold our hoiday chalet as a Deputy and, apart from having to apply to the CoP for permissions to sell my husband's half which meant appointing a Trustee to act for him, it was no different to any other sale. The CoP were not even aware of the price I asked nor what I accepted. I already had accepted an offer before obtaining Deputyship.
     
  5. turbo

    turbo Registered User

    Aug 1, 2007
    3,851
    Hello nitram, he's been looking for a year now. This is only the second house he has seen that he really likes. It has no central heating and needs new kitchen, bathroom etc. The garden is big and immaculate plus there is a big garage for the MG Midget he co owns with my husband.
    He is able to offer the full asking price.
    Thanks canary. He put in the offer about 10 days ago and we've heard nothing back yet.
    Thank you Saffie. I think we will suggest that he leaves his offer as it is for the time being.
     

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