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House Buying - Moneysaving Tips

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  • Nick85
    Nick85 Posts: 20 Forumite
    Hi, me and my girlfriend are going to view a property today. Now I have seen about offering 10% below the asking price but would that be the same with a low priced house? The house is on for 74,950. We were going to offer 70,000 but should we offer 67,000 or 68,000? Or would that be too low for a low priced property?

    Thanks.
  • JDornen
    JDornen Posts: 1 Newbie
    Do not use these lawyers for conveyancing. They are based in East Sussex. My experience was that they were slow, didn't seem to know what they were talking about, and always made excuses.
    There are plenty of conveyancing lawyers out there - try someone else.
  • JLS123
    JLS123 Posts: 1 Newbie
    Hello,
    My fianc!e and I have seen a property that we are interested in making an offer on. We are first time buyers with a MIP, currently renting on a month to month contract so we are in the position to move fast. There is a chain above though as the current owners are looking for somewhere bigger, but haven't found anything yet. The property has been on the market for two weeks and had 5 viewings!

    It is on the market at £124,950, We were considering offering £117,500 but after reading this I'm confused and think I should maybe go in lower? The average street price is £104,580 but they are mews and this an end plot on the street which used to be the show home so would be more than the other properties, also the others range from being 2 bed or 3 bed and this is 3 bed.

    Also the seller is an estate agent so is selling the property privately, how do I go about this? We don't want to be messed around! Advice needed! Thank you so much in advance
  • simo58
    simo58 Posts: 3 Newbie
    First Post
    Hi Everyone / MSE Team,

    I am new to the forum and mainly don't do these due to being dead against Facebook, etc but I need some advice and the MSE site has to be one of the best to go to.
    My wife and I are currently looking to purchase a new build property and have made an offer. The offer was declined and the original offer put forward to us has now changed to be increased to £5,000 more than originally stated. Obviously I am aware that property prices can change so no new news there.
    We are quite fortunate as we have been hard saving for a number of years and have a good deposit. Due to this I would have expected the developer to be quite forthcoming in meeting our requirements.

    I have a few questions though:

    1. Can a property developer stipulate that we must use their recommended financial broker and not seek our own method of loan via our own bank (70% mortgage) and a good deposit?

    2. Are there any legal documents / guidance which would prevent organisations doing this?

    3. Say a house is £215K, what would be seen as a reasonable offer and a good starting point for the buyer? Would £180k be too low? If so, what would be seen as the lowest amount we should be aiming for?

    I would appreciate any help anyone can give towards my questions as I am uncertain where else to seek impartial advice.

    Many thanks
    Simo58
  • Abbicathead
    Abbicathead Posts: 11 Forumite
    Nick85 wrote: »
    Hi, me and my girlfriend are going to view a property today. Now I have seen about offering 10% below the asking price but would that be the same with a low priced house? The house is on for 74,950. We were going to offer 70,000 but should we offer 67,000 or 68,000? Or would that be too low for a low priced property?

    Thanks.

    This is the same for me, house is up for offers over £118k but I don't want to pay 118 let alone offers over!

    What do people think is the best idea for how much you should offer?
    Thanks
  • ChopperST
    ChopperST Posts: 1,257 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    simo58 wrote: »
    Hi Everyone / MSE Team,

    I am new to the forum and mainly don't do these due to being dead against Facebook, etc but I need some advice and the MSE site has to be one of the best to go to.
    My wife and I are currently looking to purchase a new build property and have made an offer. The offer was declined and the original offer put forward to us has now changed to be increased to £5,000 more than originally stated. Obviously I am aware that property prices can change so no new news there.
    We are quite fortunate as we have been hard saving for a number of years and have a good deposit. Due to this I would have expected the developer to be quite forthcoming in meeting our requirements.

    I have a few questions though:

    1. Can a property developer stipulate that we must use their recommended financial broker and not seek our own method of loan via our own bank (70% mortgage) and a good deposit?

    2. Are there any legal documents / guidance which would prevent organisations doing this?

    3. Say a house is £215K, what would be seen as a reasonable offer and a good starting point for the buyer? Would £180k be too low? If so, what would be seen as the lowest amount we should be aiming for?

    I would appreciate any help anyone can give towards my questions as I am uncertain where else to seek impartial advice.

    Many thanks
    Simo58

    We have just bought a new build and I am guessing you have been put through to the "new mortgage helpline" its a sales tactic that clearly has referral fees for the builders in the form of commission. I think you have to speak to them to show affordibility but thats as far as we went. Politely decline any offer to arrange a mortgage, do your own research and arrange your own if you are confident or alternatively if you'd rather seek professional help, get a whole of the market mortage advisor recommended by friends / family.

    As regards the price you pay, thats between you and the builder and as market forces dictate. I'd never offer the full amount on a first meet. We got £31k knocked off our new house with a bit of haggling. (Circa 10%).

    GL
  • amazinga wrote: »
    Hi I'm not sure if this is the best place to ask my question but I am in deadlock over a property I am trying to buy and would value any advice:

    We have found a property we love which is on the market for £425,000. It has been on the market for 4 months with no serious offers. There are three estate agents marketing the property. The property needs a huge amount of work - costing around £40,000 and even after that, it will probably only sell for around £430,000 max. That is what the estate agent has told me.

    We've fallen in love with the house, and have made 2 offers, with a final offer of £385,000 submitted earlier this week. This was rejected - the vendor said he was holding out for at least £400,000. I think (and I suspect the estate agent agrees) that this is unrealistic. We told the estate agent we couldn't increase our offer and would focus on another house.

    The vendor wants to move quickly - we have a sale agreed on our own property to first time buyers - and can move asap. We have told the estate agent this, who has passed it on to the vendor.

    Realistically the most we can possibly afford is £390,000. I am willing to make one last offer but would appreciate advice on the timing of the offer and what I can possibly do to persuade the vendor to accept. I am pretty sure the estate agent is on side - he wants to secure the deal for his agency - and he has explained our position.

    Any advice/tips appreciated.

    Many thanks

    If multiple agents are marketing it and it has been on the market for 4 months with no other serious offers, I would recommend not getting too caught up in the thought of the "possibility" of this house, as it is likely to end up costing more than you think. If you get along with the EA, and if they are good, they should be able to give you an indication of what the vendor's thinking is- perhaps he is delusional and will never budge etc. You might need to use threat of walking away to give him a scare.
  • My boyfriend and I are viewing a house tomorrow that we are a little in love with. It's a house close to where I grew up so I have a lot of emotional history linked in with it - that said I want to make a financially savvy decision. We are meeting with mortgage people next week but for the time being we're thinking through affordability.

    The house is 3 bedroom detached period house on a very busy main road on the edge of a pretty notorious area, with a ground floor annex adjacent. It's set in 1/3 acre of land which is pretty absurd given its location in a busy non-rural suburb. The gardens are established and landscaped. It went up originally in Feb 2012 for £395,000 and has sat on the market since then going to various agents. It's now on for £283,000 reduced most recently in September from £300,000. I know the seller is retiring and looking to sell as part of that. The condition of the house isn't great (from initial internet inspections) - it's dated and needs updating, especially bathroom, with potential rewiring as current owner has been there 20+ yrs.

    I have done my research and the next door house which is a stunning just-developed period semi detached house (identical proportions but smaller garden and no annex) and it sold in March for £209,000. No other houses on the street (or in the postcode area) have sold for much more, and definitely no sold prices over £250,000.

    We are keen to get this for £250,000 or less for SDLT reasons - is this reasonable given the property's history? What kind of offers would you look to make? We are first time buyers and (subject to getting mortgage sorted asap) could move quickly if we were inclined.

    Any help or advice much appreciated!
  • Would this also apply to new builds as well? I am interested in a flat in a converted mill, they aren't ready till summer though. The price of the flat is £96K do they expect the full asking price, or should I offer £87-90K :confused:


    You have to bargain with them and ask them you have only maximum £90K. But final decission will take the owner of the hours. How much they will accept the price
  • Just looking at applying online for an AIP however it only lasts for 30 days. Assuming I don't find a house within the next month do I then reapply or will that initial AIP suffice for EAs?
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