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    • Lost123
    • By Lost123 12th Feb 18, 11:32 AM
    • 4Posts
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    Lost123
    Valuation - how much would you offer?
    • #1
    • 12th Feb 18, 11:32 AM
    Valuation - how much would you offer? 12th Feb 18 at 11:32 AM
    Hi

    I'm looking at placing an offer on a property with an asking price of 'offers over £180,000. I don't know how much to offer though as just dumping the price by 10% may only annoy the current owner (its been his cherish family home for 37 years). The closest similar properties seem to go for wildly different prices last year from £142k to £189k for similar build and sq foot.

    It needs a new bathroom, kitchen and also some carpets replaced but otherwise seems in good condition. They had an offer on previously which fell through and its been back on the market for about 5 weeks for 'some interest'. There3's no rush for the vendor to sell as he's downsizing and doesn't have anywhere confirmed yet. I get the feeling the market in this area doesn't move very fast so don't think there's a great deal of competition.

    rightmove.co.uk/property-for-sale/property-63271753.htm

    My husband and i really love the house and location and would hate to loose out but also don't want to pay more than its worth.

    Any advice? Thanks x
Page 1
    • Surrey_EA
    • By Surrey_EA 12th Feb 18, 11:38 AM
    • 1,414 Posts
    • 1,741 Thanks
    Surrey_EA
    • #2
    • 12th Feb 18, 11:38 AM
    • #2
    • 12th Feb 18, 11:38 AM
    http://www.rightmove.co.uk/property-for-sale/property-63271753.html
    • Goath
    • By Goath 12th Feb 18, 2:18 PM
    • 31 Posts
    • 7 Thanks
    Goath
    • #3
    • 12th Feb 18, 2:18 PM
    • #3
    • 12th Feb 18, 2:18 PM
    Nice gaff!


    Picture 13..


    What is growing over the shed...I am no expert in this field, but it's not Japanese Knotweed is it?




    Work out what comparable properties are going for, and offer what YOU think it's worth. and is comparable to similar properties. (Sorry not much help to you, but that's all the advice I can give based on experience)
    Last edited by Goath; 12-02-2018 at 2:22 PM.
    • spadoosh
    • By spadoosh 12th Feb 18, 2:37 PM
    • 4,939 Posts
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    spadoosh
    • #4
    • 12th Feb 18, 2:37 PM
    • #4
    • 12th Feb 18, 2:37 PM
    I take offers over literally. As such i wouldnt offer below £180k. If i thought it wasnt worth £180k i wouldnt buy or entertain it.

    Most would say offer over means little and always worth making an offer.

    If the seller was willing to accept less, then they shouldnt state 'offers over'.

    I appreciate you wanting to update the bathroom and kitchen. However the price listed will not be for some mythical house that has had the bathroom and kitchen newly fitted. Its for that house, in its current state (theyll be aware of what the kitchen and bathroom look like). The benefit you have is being able to pick the kitchen/bathroom you like. I mean im sure the seller would be more than happy to spend £6k on a new kitchen whilst adding £6k on to the selling price to confirm the sale but if youre wanting to update it i doubt youd have matching tastes.

    Im assuming you wanted to offer less on the basis you want to fit a new kitchen etc. Its a bit unreasonable to expect the vendor to pay for that for you in terms of a reduction in offer.

    However i cant say whether its over/under valued not knowing the area nor willing to research much so it might be possible to get the exact same house yet updated cheaper. Im guessing youve spent a long time looking and have a good idea of whats on the market locally to be able to gauge if its a good buy for you or not.

    The intention of the house also makes a difference. If youre planning on being out of there in 5 years, youre more likely to see smaller, if any, returns. Where as if youre planning on being in there till you die, it really doesnt matter what you pay for it, as long as its affordsable to you.
    Last edited by spadoosh; 12-02-2018 at 2:42 PM.
    Don't be angry!
    • Cakeguts
    • By Cakeguts 12th Feb 18, 2:58 PM
    • 3,760 Posts
    • 5,197 Thanks
    Cakeguts
    • #5
    • 12th Feb 18, 2:58 PM
    • #5
    • 12th Feb 18, 2:58 PM
    I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.
    • JoJo1978
    • By JoJo1978 12th Feb 18, 3:22 PM
    • 313 Posts
    • 380 Thanks
    JoJo1978
    • #6
    • 12th Feb 18, 3:22 PM
    • #6
    • 12th Feb 18, 3:22 PM
    Bags of potential and I think it's fairly priced. Although I'd basically want to cosmetically 'start again' because nothing is to my taste, it's clearly been lovingly well-maintained. It's also well-proportioned.

    ...but I wouldn't buy a leasehold house though.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • glentoran99
    • By glentoran99 12th Feb 18, 3:26 PM
    • 5,065 Posts
    • 4,175 Thanks
    glentoran99
    • #7
    • 12th Feb 18, 3:26 PM
    • #7
    • 12th Feb 18, 3:26 PM
    I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.
    Originally posted by Cakeguts


    Why? Could be peppercorn rent for 900 years etc, think all these new build leasehold scare stories are making people lose sight of reality
    • Cakeguts
    • By Cakeguts 12th Feb 18, 3:29 PM
    • 3,760 Posts
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    Cakeguts
    • #8
    • 12th Feb 18, 3:29 PM
    • #8
    • 12th Feb 18, 3:29 PM
    Why? Could be peppercorn rent for 900 years etc, think all these new build leasehold scare stories are making people lose sight of reality
    Originally posted by glentoran99
    One of the reasons for buying it is that there is room for an extension on the side but if it is leasehold you might not be able to do this. They have also altered the interior and added a conservatory but did they ask the freeholder first if they could make these alterations?
    • NaughtiusMaximus
    • By NaughtiusMaximus 12th Feb 18, 3:31 PM
    • 587 Posts
    • 1,417 Thanks
    NaughtiusMaximus
    • #9
    • 12th Feb 18, 3:31 PM
    • #9
    • 12th Feb 18, 3:31 PM
    I thought it was a really nice house and I would have paid £180k for it until I realised it was leasehold. That put me off.
    Originally posted by Cakeguts
    ...but I wouldn't buy a leasehold house though.
    Originally posted by JoJo1978
    Depends on the terms of the lease, the real rip offs tend to be on new build leaseholds.

    If this is an ex council house with the council being the freeholder, the annual lease and covenants may not be too onerous, they definitely weren't on the ex council house we sold last year.
    • glentoran99
    • By glentoran99 12th Feb 18, 3:34 PM
    • 5,065 Posts
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    glentoran99
    One of the reasons for buying it is that there is room for an extension on the side but if it is leasehold you might not be able to do this. They have also altered the interior and added a conservatory but did they ask the freeholder first if they could make these alterations?
    Originally posted by Cakeguts


    Its possible, but its also possible none of these problems exist, just to rule out leasehold seems a bit extreme, up to the person though
    • davidmcn
    • By davidmcn 12th Feb 18, 3:37 PM
    • 6,792 Posts
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    davidmcn
    Its possible, but its also possible none of these problems exist
    Originally posted by glentoran99
    And it's also possible for freehold properties to be subject to covenants which make such alterations problematic. If you've got some specific change in mind then best to look at the titles rather than just assume things based on the type of tenure.
    • spadoosh
    • By spadoosh 12th Feb 18, 3:50 PM
    • 4,939 Posts
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    spadoosh
    And it's also possible for freehold properties to be subject to covenants which make such alterations problematic. If you've got some specific change in mind then best to look at the titles rather than just assume things based on the type of tenure.
    Originally posted by davidmcn
    My ex council house told me i couldnt build a shed or extensions. Its freehold. Im assuming the same covenant would apply to all the properties locally (same estate same houses) sold by the council yet theres only the current council houses and a few others that remain unaltered.

    So even when theres covenants or restrictions on leaseholds sometimes the precedent supersedes them.

    I think its all just a way for solicitors to keep the customers ticking over.
    Don't be angry!
    • glasgowdan
    • By glasgowdan 12th Feb 18, 4:40 PM
    • 2,773 Posts
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    glasgowdan
    I wouldn't entertain leasehold at all. If I'm buying a house it's going to be mine, wholly independent of anyone else. I won't accept going to ask permission from someone to do things to my house, whether or not the rent figure is buttons.

    There seem to be numerous detached homes in the area within your budget... I'd never look at a semi if I could afford a detach!
    • Crashy Time
    • By Crashy Time 12th Feb 18, 6:05 PM
    • 5,511 Posts
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    Crashy Time
    Ex-council house, people used to live in these for next to nothing, so as the market gets wobbly they will do well to get 150k IMO.
    • glentoran99
    • By glentoran99 12th Feb 18, 6:10 PM
    • 5,065 Posts
    • 4,175 Thanks
    glentoran99
    I wouldn't entertain leasehold at all. If I'm buying a house it's going to be mine, wholly independent of anyone else. I won't accept going to ask permission from someone to do things to my house, whether or not the rent figure is buttons.

    There seem to be numerous detached homes in the area within your budget... I'd never look at a semi if I could afford a detach!
    Originally posted by glasgowdan
    but that's not always the case, My last house was leasehold and had no restrictions at all
    • glasgowdan
    • By glasgowdan 12th Feb 18, 10:46 PM
    • 2,773 Posts
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    glasgowdan
    What terms were in the lease?
    • Davesnave
    • By Davesnave 13th Feb 18, 4:03 AM
    • 24,253 Posts
    • 90,856 Thanks
    Davesnave
    My last house was leasehold and had no restrictions at all
    Originally posted by glentoran99
    That was also the case with our first house. No one collected the puny ground rent or interfered with our choices for alterations.

    It was a fantstic buy as regards capital appreciation, and we sold it without an agent because demand was so strong in that road. If people had been put off that wouldn't have been the case.

    As with everything, DYOR.

    Imagine if people were still not buying Skodas because of their reputation decades ago!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Davesnave
    • By Davesnave 13th Feb 18, 4:08 AM
    • 24,253 Posts
    • 90,856 Thanks
    Davesnave
    What is growing over the shed...I am no expert in this field, but it's not Japanese Knotweed is it?
    Originally posted by Goath
    It's as much Japanese knotweed as that's a shed!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Gwendo40
    • By Gwendo40 13th Feb 18, 5:22 AM
    • 40 Posts
    • 28 Thanks
    Gwendo40
    Given that no.27 sold for £189,950 only 6 months ago... fully modernised, nicer more private garden AND with 4 bedrooms, I'd say this one is worth no where near £180k.

    It would cost at least £20k to bring this one up to the same modernised standard of finish.

    I hate the phrase ''lovingly well maintained''... it generally means everything is terribly dated and 30-40 years old but has been well looked after.

    The cost, mess and hassle of removing all the fake beams, pine cladding and horrible built in wardrobes would be enough to put me off, never mind all the other modernisation work required.
    I couldn't even live with the mock Tudor leaded upvc windows.
    • AnotherJoe
    • By AnotherJoe 13th Feb 18, 9:18 AM
    • 8,227 Posts
    • 8,954 Thanks
    AnotherJoe
    The cost, mess and hassle of removing all the fake beams, pine cladding and horrible built in wardrobes would be enough to put me off, never mind all the other modernisation work required.
    I couldn't even live with the mock Tudor leaded upvc windows.
    Originally posted by Gwendo40
    ^^^^^^^ all this.

    Looks like a lot of space but I'd need to gut it.
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