Tinsdills Solicitors Urges Investors to Think Local to Avoid Being Caught Out

Feb. 20, 2012 - PRLog -- According to recent figures Stoke-on-Trent is in the top five cheapest places to buy a house in England and Wales. The latest data from the Land Registry shows the average property price dropped by 4.4 per cent during the last year and now stands at £70,457. Only houses in Blaenau Gwent, Hull and Merthyr Tydfil were cheaper.

Although prices have fallen in recent years, the volume of sales is on increasing. A growing number of buyers from outside the area are purchasing investment property in Stoke-on-Trent because the returns are often attractive compared to other areas of the country. The rental market is strong and some buy to let investors are seeing double digit yields, far ahead of the national average.

However, investors from outside the area should be warned says Andrew Burrows, Partner at Tinsdills Solicitors, who has dealt with many investors from outside the area over the last few years.

“Very often they have chosen to instruct solicitors local to them or have been lured in by cheap deals offered by national estate agents to cash buyers. Increasingly we are finding that investors have been let down when instructing non local firms who simply don’t understand the local property market and are coming to us when things go wrong or when making subsequent purchases. On a number of occasions I have come across cases where firms have not undertaken coal mining searches which means that buyers may not be informed about potential old workings near their property. Knowing the local area, I would always recommend a comprehensive set of searches, even for cash buyers to ascertain the location of potential problem areas”
Stoke-on-Trent’s industrial heritage continues to cause potential problems despite the last coal mine closing in 1996. Subsidence can occur due to ground or water levels changing over time which can cost many thousands of pounds to put right. In some cases properties may be not be directly affected but could be considered so close to old workings that they may not be mortgageable, an important factor if the investor looks to sell on in the future.

Andrew continues, “We would urge outside investors who are looking to purchase property in Stoke-on-Trent to ensure they choose a local firm to the area, like Tinsdills who understands the local market and can ensure that they don’t end up being caught out”.

Tinsdills Solicitors provides a comprehensive residential property service which covers the whole of Stoke on Trent. Their knowledgeable team can advise on a wide range of matters including conveyancing and landlord and tenancy agreements.
Prospective purchasers can find out more about Tinsdills residential property services at http://www.tinsdills.co.uk

Press Contact:
Mark Gibson
Tinsdills Solicitors
01782 652 365
mark.gibson@tinsdills.co.uk

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Tinsdills Solicitors are one of the largest and longest established firms in the whole of North Staffordshire and South Cheshire.

Our specialised departments offer an expert and friendly legal advice service for personal and business clients including residential property, family law, company and commercial, wills trusts and probate, professional negligence and personal injury.

For more information call 01782 262031 or visit http://www.tinsdills.co.uk