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  • FIRST POST
    • anon_private
    • By anon_private 11th Jul 17, 11:54 AM
    • 123Posts
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    anon_private
    Buying a Flat
    • #1
    • 11th Jul 17, 11:54 AM
    Buying a Flat 11th Jul 17 at 11:54 AM
    Couple of questions.

    For a cash buyer, what is the amount below the asking, in percentage terms, that I could offer for a property and still be realistic?

    When is the best time to appoint a solicitor in relation to buying a flat. I assume when I have located the flat that I want to purchase. Am I correct?
Page 1
    • hazyjo
    • By hazyjo 11th Jul 17, 12:08 PM
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    hazyjo
    • #2
    • 11th Jul 17, 12:08 PM
    • #2
    • 11th Jul 17, 12:08 PM
    England/Wales or Scotland?


    There is no set amount. I would not drop any more for a cash buyer as I would for someone in a chain. It might make you more appealing if I had more than one offer on the table. Some people will take 10% less, others none. Every seller is different. If a property is new to the market, it's highly unlikely they're going to drop a huge amount unless they're utterly desperate with zero other interest.


    By all means get quotes if you have an amount in mind, but you can't instruct until you know you're buying.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Crashy Time
    • By Crashy Time 11th Jul 17, 12:27 PM
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    Crashy Time
    • #3
    • 11th Jul 17, 12:27 PM
    • #3
    • 11th Jul 17, 12:27 PM
    15% at the moment, ONLY if the property is realistically priced and they are struggling to get any interest. If the seller has any viewings they will hold out forever for what they think it is worth because it has been rammed down people`s throats for years that property "only goes up". Unrealistic kite flyers on the other hand are not going to negotiate so just ignore them.
    • anon_private
    • By anon_private 11th Jul 17, 12:36 PM
    • 123 Posts
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    anon_private
    • #4
    • 11th Jul 17, 12:36 PM
    • #4
    • 11th Jul 17, 12:36 PM
    15% at the moment, ONLY if the property is realistically priced and they are struggling to get any interest. If the seller has any viewings they will hold out forever for what they think it is worth because it has been rammed down people`s throats for years that property "only goes up". Unrealistic kite flyers on the other hand are not going to negotiate so just ignore them.
    Originally posted by Crashy Time
    15% is what I had in mind.
    • Crashy Time
    • By Crashy Time 11th Jul 17, 12:38 PM
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    Crashy Time
    • #5
    • 11th Jul 17, 12:38 PM
    • #5
    • 11th Jul 17, 12:38 PM
    15% is what I had in mind.
    Originally posted by anon_private

    Great minds and all that
    • hazyjo
    • By hazyjo 11th Jul 17, 1:28 PM
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    hazyjo
    • #6
    • 11th Jul 17, 1:28 PM
    • #6
    • 11th Jul 17, 1:28 PM
    You might want to read up on what people on here say generally about Crashy's opinions of the market before taking advice


    -15% is very low IMO.


    I've had a -2% offer on a house for 2 or 3 weeks which they won't accept. It's been on and off the market for 2 years, and 3 months at its current price.


    My house was up for a few months and we accepted an offer less than 1% under the asking price (no counter offers).


    It's okay to offend slightly, but you don't want them putting you down as a total timewaster.
    Last edited by hazyjo; 11-07-2017 at 1:30 PM.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • anon_private
    • By anon_private 11th Jul 17, 5:56 PM
    • 123 Posts
    • 6 Thanks
    anon_private
    • #7
    • 11th Jul 17, 5:56 PM
    • #7
    • 11th Jul 17, 5:56 PM
    In the case of a leasehold flat, is it worth getting a survey done, because the structure is the responsibility of the building owner?
    • G_M
    • By G_M 11th Jul 17, 6:08 PM
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    G_M
    • #8
    • 11th Jul 17, 6:08 PM
    • #8
    • 11th Jul 17, 6:08 PM
    1) 7.35%

    2) 'appoint' as early as possible (ie tomorrow). 'Instruct' once purchase is agreed.
    • goodwithsaving
    • By goodwithsaving 11th Jul 17, 9:33 PM
    • 713 Posts
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    goodwithsaving
    • #9
    • 11th Jul 17, 9:33 PM
    • #9
    • 11th Jul 17, 9:33 PM
    If you've already offered - don't gazunder. Onward purchases will be based on prices agreed at time of offer.
    Otherwise, it depends on location. Personally, I wouldn't drop any more for a cash buyer than I would a mortgaged buyer - my bank account doesn't have money rolling in to foot the shortfall.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • Crashy Time
    • By Crashy Time 11th Jul 17, 9:37 PM
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    Crashy Time
    You might want to read up on what people on here say generally about Crashy's opinions of the market before taking advice


    -15% is very low IMO.


    I've had a -2% offer on a house for 2 or 3 weeks which they won't accept. It's been on and off the market for 2 years, and 3 months at its current price.


    My house was up for a few months and we accepted an offer less than 1% under the asking price (no counter offers).


    It's okay to offend slightly, but you don't want them putting you down as a total timewaster.
    Originally posted by hazyjo

    As I said, don`t deal with delusional sellers.
    • glasgowdan
    • By glasgowdan 11th Jul 17, 10:08 PM
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    glasgowdan
    If you want the flat offer a sensible amount. If you don't then go for 15%...you'll still be paying off a landlord's mortgage in 20 years just like some folk above.
    • bouicca21
    • By bouicca21 12th Jul 17, 8:19 AM
    • 3,298 Posts
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    bouicca21
    The amount you need to offer will depend on the local market. In some areas it is still strong, in others static.
    • AnotherJoe
    • By AnotherJoe 12th Jul 17, 8:35 AM
    • 7,679 Posts
    • 8,291 Thanks
    AnotherJoe
    Couple of questions.

    For a cash buyer, what is the amount below the asking, in percentage terms, that I could offer for a property and still be realistic?
    Originally posted by anon_private
    That depends upon how realistic the asking price is and how realistic the vendor is.(though the two will likely go together)
    Some will take a very low offer as a personal insult, some as an expersssion of interest , others as a sign of a buyer who is flaky.

    So there can't possibly be a generic answer but if you think the asking price is realistic then personally I'd say anything more than 5% would most likely mark you in the buyers eyes as unrealistic. E.g. My house would be about £500k. If someone offered me £450k I couldn't even be bothered to reply.

    When is the best time to appoint a solicitor in relation to buying a flat. I assume when I have located the flat that I want to purchase. Am I correct?
    Originally posted by anon_private
    ... and when you've had your offer accepted.
    • 00ec25
    • By 00ec25 12th Jul 17, 10:34 AM
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    00ec25
    there is no strong link being the status of cash buyer and the selling price

    your status as cash buyer theoretically means your seller does not have someone below them forming part of a chain. That may, or may not, be worth £ to them when it comes to what they are willing to sell the property to you for as they most likely will themselves be buying a property which will be in a chain so the fact the person below them can "move fast" is unlikely to filter up the chain in terms of everyone else above agreeing to accept a discount because the person at the bottom is a cash buyer.

    it is not possible to say that a cash buyer should offer -15% but a non cash buyer can only offer -10%

    both offers depend entirely on the "value" of the asking price in relation to the local market, not in relation to a theoretical discount. Ignore crashy, his only contribution to life is his pathological addiction to predicting all prices must be lowered, without understanding why
    • hazyjo
    • By hazyjo 12th Jul 17, 10:37 AM
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    hazyjo
    As I said, don`t deal with delusional sellers.
    Originally posted by Crashy Time
    I'm happy to deal with them, so long as they eventually accept their house is worth less.


    My offer is more than satisfactory and I won't be upping it. I've followed the market like a hawk there for years. It has had a sale fall through. I can see why it's not sold - but the vendors don't seem to be able to. It's more of a project than the pictures show - which I'm happy to take on. It looks wonderful on paper, but the reality doesn't match up.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • anon_private
    • By anon_private 12th Jul 17, 11:57 AM
    • 123 Posts
    • 6 Thanks
    anon_private
    Conveyancers are usually cheaper than solicitors, but the best value is usually not local.


    On balance, is it better to use a local solicitor or a non-local conveyancer to attend to the legal process of buying a flat?
    • ThemeOne
    • By ThemeOne 12th Jul 17, 12:08 PM
    • 1,135 Posts
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    ThemeOne
    I would use someone local. Firstly all conveyancers will need ID and it's easier to take it into somewhere nearby. Secondly I'd choose someone at least known to the estate agent, even if it's not their recommended firm - it can oil the wheels a little if problems develop as the deal goes through.

    And talking of problems most conveyancers will do an OK job on a straightforward deal (though some are mighty slow), but if any issues develop (and there are so many that can) you can expect better service from a more expensive solicitor, so don't automatically go for the cheapest.
    • BJV
    • By BJV 12th Jul 17, 12:13 PM
    • 2,250 Posts
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    BJV
    it is impossible to say as it will depend on the flat how long it has been on the market, condition, area, but TBH having just been in the top half of a very long chain I would 100% not under estimate the attractiveness of being cash. All the better if you are not in a chain.

    Being in a chain is the big one for me.

    Are you FTB or are you in a chain?
    Happiness, Health and Wealth in that order please!
    • AnotherJoe
    • By AnotherJoe 12th Jul 17, 12:25 PM
    • 7,679 Posts
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    AnotherJoe
    As I said, don`t deal with delusional sellers.
    Originally posted by Crashy Time
    • anon_private
    • By anon_private 12th Jul 17, 12:33 PM
    • 123 Posts
    • 6 Thanks
    anon_private
    First time buyer
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