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  • FIRST POST
    • Adolnik13
    • By Adolnik13 19th Mar 17, 2:43 PM
    • 2Posts
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    Adolnik13
    Advice on making an offer - FTB
    • #1
    • 19th Mar 17, 2:43 PM
    Advice on making an offer - FTB 19th Mar 17 at 2:43 PM
    Hi All

    Looking for some advice as my husband and I buy our first home. What is good etiquette when negotiating price? We are looking at a 3 bed flat in Anerley (bordering crystal palace) in a purpose build block. Seller is asking £420k. Would it be insulting to offer £400k as a starting point? Mind you it was originally listed at £450k.

    Our reasoning for £400 is that there is only 93 years remaining on the leasehold and if wish to sell inthe future it may put others off paying a fair price if they are thinking of the cost to extend the lease. Also - due to or budget £420k is the top of our range. Also - Not sure about return on investment. Zoople values the place between £385-395k and I know that isn't totally reliable but makes me a bit nervous of overpaying.

    Unfortunately this forum won't let me include the link.
Page 1
    • Penitent
    • By Penitent 19th Mar 17, 3:13 PM
    • 1,106 Posts
    • 3,002 Thanks
    Penitent
    • #2
    • 19th Mar 17, 3:13 PM
    • #2
    • 19th Mar 17, 3:13 PM
    This?
    http://www.zoopla.co.uk/for-sale/details/43013385
    http://www.zoopla.co.uk/for-sale/details/43006727

    I wouldn't consider a 93 year lease short enough to demand a reduction (you have 13 years to arrange an extension before it starts getting dear to do so).

    However, as it's been reduced twice in a month and is listed with two agents, it sounds like they're desperate to sell, so I don't see the harm in trying a loweer offer.
    Last edited by Penitent; 19-03-2017 at 3:23 PM. Reason: fixing links.
    • Adolnik13
    • By Adolnik13 19th Mar 17, 3:58 PM
    • 2 Posts
    • 0 Thanks
    Adolnik13
    • #3
    • 19th Mar 17, 3:58 PM
    • #3
    • 19th Mar 17, 3:58 PM
    Yes, that's the one.

    That's kind of where I was at with it being listed with more than one agent. Just saw it for the second time and noticed some deterioration in the parapet as well and it's the top floor flat.
    • Mrs36
    • By Mrs36 19th Mar 17, 5:43 PM
    • 125 Posts
    • 203 Thanks
    Mrs36
    • #4
    • 19th Mar 17, 5:43 PM
    • #4
    • 19th Mar 17, 5:43 PM
    Zoopla values are worthless, just an algorithm that doesn't see inside the house!

    Big reductions in a month though screams that they are keen to sell. I think 400 is on the top side of what I would offer to be honest.
    • Cakeguts
    • By Cakeguts 19th Mar 17, 7:39 PM
    • 2,515 Posts
    • 3,361 Thanks
    Cakeguts
    • #5
    • 19th Mar 17, 7:39 PM
    • #5
    • 19th Mar 17, 7:39 PM
    You need to do some research to find out what other flats sell for in this area. You may not be able to find another 3 bed but you could always scale up from a 2 bed. The parking is worth something if it is allocated but the lack of a lift is a discount.
    • copperjar
    • By copperjar 19th Mar 17, 9:07 PM
    • 872 Posts
    • 1,981 Thanks
    copperjar
    • #6
    • 19th Mar 17, 9:07 PM
    • #6
    • 19th Mar 17, 9:07 PM
    I'd be inclined to start even lower. I know people often say start 10% under - I offered 7% lower on the three I put offers in for, felt a bit embarrassed a couple of tines but finally got the one we're now in for 6% under. I would definitely start at under £400k for the one you like - can move up from there
    Total debt 1.11.10 £23,446
    Save £6k in 2015 #129 £6121.66/£6000
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    • glasgowdan
    • By glasgowdan 19th Mar 17, 9:26 PM
    • 2,194 Posts
    • 2,440 Thanks
    glasgowdan
    • #7
    • 19th Mar 17, 9:26 PM
    • #7
    • 19th Mar 17, 9:26 PM
    Also to add it's very risky putting this information on a forum with the link to the property as there's a chance the sellers will find this and know exactly what financial position you are in!
    • norm_
    • By norm_ 19th Mar 17, 10:41 PM
    • 148 Posts
    • 95 Thanks
    norm_
    • #8
    • 19th Mar 17, 10:41 PM
    • #8
    • 19th Mar 17, 10:41 PM
    400k for a 3 bed ex-council flat. To say the housing bubble is built on debt is an understatement.
    • juniordoc
    • By juniordoc 20th Mar 17, 12:15 AM
    • 105 Posts
    • 63 Thanks
    juniordoc
    • #9
    • 20th Mar 17, 12:15 AM
    • #9
    • 20th Mar 17, 12:15 AM
    Start at 394/395! Brexit triggering round the corner will work in your favour, and with interest rates set to risk next year, you've got to be careful with avoiding negative equity.
    I hope you have got more than a measly 5% deposit that would really put you in hot water when rates rise!
    • Crashy Time
    • By Crashy Time 20th Mar 17, 10:51 AM
    • 4,256 Posts
    • 1,988 Thanks
    Crashy Time
    Also to add it's very risky putting this information on a forum with the link to the property as there's a chance the sellers will find this and know exactly what financial position you are in!
    Originally posted by glasgowdan

    And also find out their own financial position at the same time.....unless there are loads of potential buyers of course.
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