FTB buying with cash - advice please

jojoe90

Hi all,

I've lived in Brighton for four years and am currently paying £625 rent per month for a one-bed flat in a nice area. Owch! And that is cheap for round here, apparently...

My parents and I have decided to join financial forces - we have £180k to buy a similar flat outright, then I'll be paying a nominal 'mortgage' to them. £250 a month or thereabouts.

I was exploring buying with a mortgage last year, so have a general idea of the offers system and dealing with EAs, but are there further considerations when buying with cash?

Can I be cheekier with my offers? Where should I start, for example, with a flat on the market for £190k? Also, how best can I prove that I have the means without giving away what I can afford?

EAs always seem to ask how much you're looking to spend... What's the canny answer?

Best regards,
Jo

CLAPTON

the canny answer is to be straighforward
if you say too low they won't give details of the flats you will want
if you quote too high you won't be able to afford it

in any case they will provide details above your 'price band'

and yes a cash buyer can be a lot checkier with the price but it obviously depends upon the seller too.

jockosjungle

Try using propertybee and seeing properties that have been on the market a while, much more likely to do a discount price than a fresh on the market. If they;ve been on a while they may have had trouble with people pulling out. It puts you in a good position being a cash buyer and if you are ready to go lots of people might like it

Be wary of those that are cash buyers only though, usually means they are unmortgageable cos something is wrong with them