Help Edinburgh flat what to offer?

rabbitsmush

My partner and I have finally found a flat we like the look of. It is a complete fix up we estimate £3000 of initial repairs the at least a years worth of other repairs and was put on the market for £100,000.

It is in the center of Edinburgh in a decent area has 1 bedroom and one box room a large living room and kitchen.
The veiwing agent says they already have 30:eek: notes of intrest. We are wondering if it is worth our time bidding as a survey will be costly.
We should be able to get a mortgage for £120,000.
Any opinions appreciated.

Thanks

NEH

rabbitsmush wrote: »

My partner and I have finally found a flat we like the look of. It is a complete fix up we estimate £3000 of initial repairs the at least a years worth of other repairs and was put on the market for £100,000.

It is in the center of Edinburgh in a decent area has 1 bedroom and one box room a large living room and kitchen.
The veiwing agent says they already have 30:eek: notes of intrest. We are wondering if it is worth our time bidding as a survey will be costly.
We should be able to get a mortgage for £120,000.
Any opinions appreciated.

Thanks

Was it fixed £100,000 or offers over?

googler

It should have a Home Report. Why do you need a survey?

Also, have you hired a solicitor to note your interest, and to make an offer on your behalf (whether for this or any other property)? If you have, your solicitor should be advising you on what you should offer, and when.

rpc

rabbitsmush wrote: »

We are wondering if it is worth our time bidding as a survey will be costly.

Do you need another survey beyond the Single Survey?

We should be able to get a mortgage for £120,000.

So assuming that's the valuation, your lender will accept it and you've already ring-fenced the fix-up costs in your budget then you can bid up to £120k. If not, work out what you can afford and then decide if the flat is worth that much to you.

A lot will depend on whether the sellers intend to set a closing date or if you can make an offer then negotiate on price. If the latter, you can start low and work up. At a closing date, you'll probably need to make the best offer you can/want to.

rabbitsmush

It was offers over. This is our first buy; hence the need for help, my parents told me I would need a survey before buying! We havent got an opinion off the solicitor yet just wanted to know what mse experts thought (I have solicitor trust issues). Thanks

googler

rabbitsmush wrote: »

It was offers over. This is our first buy; hence the need for help, my parents told me I would need a survey before buying! We havent got an opinion off the solicitor yet just wanted to know what mse experts thought (I have solicitor trust issues). Thanks

You've got to find a solicitor you trust. No two ways around it. You'll need a solicitor to merely note interest, you'll need him/her to make the offer for you, and since they'll be acting on your behalf in negotiation with the selling solicitor, you need to find someone that's at least recommended to you by friends or family.

There's over 200 active property buying & selling solicitors in the city, there must be one or more that someone close to you has used in the past and would (hopefully) recommend?

Do you have a clear picture of what similar flats in the area in good condition have sold for recently? This should help determine what to offer.

Since it sounds in need of refurb, I'd suggest that a good number of the 30 notes are from property developers and builders looking to make a profit from the refurb.

If you AND YOUR LENDER are happy to accept the Home Report, that can be your survey, both for peace of mind and for mortgage purposes. You can optionally commission another if your offer is accepted (your offer would be 'subject to survey'), but if you bid against others who AREN'T subject to survey, the seller may take their offer as the easier option for them.

But again, your solicitor should cover all this with you. Do your parents have a 'family solicitor' who also handles property?

googler

With 30 notes, there's no doubt it WILL go to a closing date, it's more a case of 'when'..... so your solicitor needs to get a note in, and quick.

orangeslimes

If its closed bids you should offer a funny amount with pounds and pence i.e 120,011.66p just in case someone offers £120,000. My parents outbid someone else by about £2 once.

rabbitsmush

Thanks. I will get in touch with the solicitor my parents recommended. I spoke to someone who does property devlopment at work though and he seems to be of the opinion the house will likely go for more around 150000 with that amount of intrest. Guess we will have to start again.

googler

Maybe in 2006/2007 it might have, but I doubt it will these days.....

What's the Home Report valuation? It might go for slightly over that. How much have similar flats been selling for in the same street and those surrounding it? These figures will give you far more of a clue than 'somebody at work who does property development'.

Whereabouts in Edinburgh do you want to be? I'm currently looking at a list of a dozen or so 2-beds in various parts of the city that can be had for £80,000 or less.....

rabbitsmush

The valuation is £100.000, probably due to the need for renovation. It wasn't just my freind's opinion I was basing my evaluation on I checked the prices of the last few sales in the area and they were around £180,000 which is why it seems like a big development project. He does know a bit about notes of intrest though which is why I asked him.

We want to be in the center or slightly on the outskirts ie Bruntsfeild or leith, where did you see these flats if you dont mind me asking I have been trawling for months? We are reconsidering this flat again as my partner's dad has said he will come up and do the electrics and plumbing for us so cuts £1000 odd off the repairs only need it certified.