Had an offer....what is this a joke?!!

puddy

candyflossing wrote: »

3 years ago you paid £180K, and currently owe a £210K mortgage?

- £40K on refurbishment

- £20K extending the lease

OP if I was in your position I would be happy to sell at £220K, you'll then have 10K left to rent/live off for a while so you can sort your life out without having to worry about falling house prices and paying back the mortgage.

The property has only been on the market for a few weeks, so perhaps keep the buyer on the hook by offering a counteroffer while you wait to see if a better offer comes along. Also, if your current agent agrees, consider using another estate agent too. It'll create more competition between them to find you a buyer.

plus estate agents costs of about 5k and sols costs of about 1k, so she would walk away with about 4k

QTPie

candyflossing wrote: »

3 years ago you paid £180K, and currently owe a £210K mortgage?

- £40K on refurbishment

- £20K extending the lease

OP if I was in your position I would be happy to sell at £220K, you'll then have 10K left to rent/live off for a while so you can sort your life out without having to worry about falling house prices and paying back the mortgage.

The property has only been on the market for a few weeks, so perhaps keep the buyer on the hook by offering a counteroffer while you wait to see if a better offer comes along. Also, if your current agent agrees, consider using another estate agent too. It'll create more competition between them to find you a buyer.

OP, do you know what the rental market is like in your area? Do you know what you could afford to rent?

It is just a thought, but if you could only afford to rent something considerably less attractive than your lovely flat, then it may be a bad move... You obviously have a lovely flat there (that is very unlikely to recoup what you spent on it), could be hideous moving to somewhere worse. Might be an argument for sticking it out where you are (and at least enjoying the money and effort that you have put into your flat) for a time...

QT

PasturesNew

suckers2008 wrote: »

my mortgage is £210K so I wont make any money if I accept £210K!!

Houses are homes, not investments.
It's not an automatic right to make money from property just for spending £X on it or holding onto it for £Y years.

puddy

why doesnt the op put the bedroom back then it will feel more spacious now that the baby is coming. then she could feel that she could stay there until the child is 3 or something,, selling much later. by then she will be back in work presumably and be able to afford to have more options

System

This has really put me off getting a mortgage. _pale_ How can the mortgage go up 10K a year... that's ridiculous ... crazy ... I'd rather rent and save up to buy a property.

OP you have no savings to fall back on? Also do you have any other debt?

suckers2008

Hmm I was thinking about this - I do have £6K in savings which were meant to be going towards converting the loft into another massive double bedroom and bathroom OR ripping the kitchen out and re-doing it in order to gain the second bedroom - if only a small second bedroom but I would rather keep my savings under my belt at the moment just in case something does happen with other halfs job then I can pay the mortgage for a few months

suckers2008

FOr less that we pay on the mortgae on a one bed flat where we are we are looking at 3-4 bed houses down in South East London/ Kent way!!

QTPie

candyflossing wrote: »

This has really put me off getting a mortgage. _pale_ How can the mortgage go up 10K a year... that's ridiculous ... crazy ... I'd rather rent and save up to buy a property.

OP you have no savings to fall back on? Also do you have any other debt?

It can't have done. They must have remortgaged...

QT

shoe-gal_4

so is the general consensus that offering 82% of asking price fair?

QTPie

OP, I think that you should have a good, long, hard think about what you want to do... not just right now, but longer term. It is a big decision: sounds like you are considering quite a lifestyle change (1 bedroom owned flat in North London to a 3/4 bedroom rental house in South East London/Kent). Obviously, with a baby coming along, that would probably dictate quite a lifestyle change...

Think about how much you want this lifestyle change and whether you are willing to compromise for a quick sale... (I suggested a counter offer above - might help you see whether their is any room to negotiate with the current buyer)

QT