Making an offer (clueless FTBer)

dan_m2k

Hiya all

I realise there's been lots of similar threads on this and apologise but I'm in need of some alternate perspectives on our situation.

We live in a flat (rented, cheap at £350/mo) which we're eager to get out of as it's been the subject of several safety issues (our gas is currently off until further notice due to a builder cutting corners - apparently).

So we've found a house to buy. It's a grade 2 listed conversion flat, 2bed on three floors, sold after it was converted for £230k. It's been repossessed by the bank and on sale for £150k (the estate agent reduced it from £160k last week).

We've offered £125, £130k and had both rejected. He "reckons" it would probably go for £140k but I'm so concerned about loosing money on the flat (city centre property is quite unstable at the moment and has suffered the 'Crunch' worse than others I guess?) so I've held off for now.

The bottom line is we love the place, but because it's a repo, it needs about a grand spending on it doing tiling, painting etc etc.

Any words of advice, greatly appreciated.

Dan

_Andy_

Hi Dan

What's the absolute most you'd be prepared to buy it for?

Also how much deposit have you got?

Cheers

dan_m2k

I reckon £150k would be a good price for what it is but there is some emotion attached to that thinking!

I could afford £145k and have very little left after the 10% deposit.

Thanks

andrewmp

dan_m2k wrote: »

I reckon £150k would be a good price for what it is but there is some emotion attached to that thinking!

I could afford £145k and have very little left after the 10% deposit.

Thanks

When was it sold for £230k? Is this data from the land registry?

poppysarah

And what money is needed for the communal repairs coming up in 12 months?

dan_m2k

The service charge is an unknown at the moment (details are sketchy as its a repo) but the ground rent is £125/yr

formulaonefan

In this current climate 130K is a good offer. Tell the agent it is the final offer and start to look at other properties. He will come down from 140K to 135K or 130K eventually if he is desperate to sell. Otherwise there is always loads of properties about. At times it is good to walk away from the deal and never look back.

dan_m2k

andrewmp wrote: »

When was it sold for £230k? Is this data from the land registry?

Yes it's from the land registry, it was sold a few years back when it was first converted.

andrewmp

dan_m2k wrote: »

Yes it's from the land registry, it was sold a few years back when it was first converted.

How many years ago? 2004? 2003?

dan_m2k

andrewmp wrote: »

How many years ago? 2004? 2003?

2003 from memory

dan_m2k

So the consensus is don't move above £130k?