First time buyer - baby on the way

tyllwyd

MrChips wrote: »

.... But we don't have any beds/sofas/tvs/kitchen ware etc. It will be mostly clothes, some electrical goods and nik naks (and I don't mean the nice 'n' spicy crisps!).

Umm - remember that things like beds and sofas can take a couple of months to arrive after you've ordered them. Don't get caught out!

MrChips

Thanks, we've got a lot to learn!

MrChips

Well with Halifax's news of average house prices down 3.6% in September, another argument in favour of our offer, or even a reduction to £490k!

http://www.bbc.co.uk/news/business-11491015

Smallfries

not really got anything to say but just wanted to wish you well, i am in the same boat as you trying to move with a pregnant GF.

good luck

MrChips

Had an interesting development this morning - the agent rang to say there had been another offer of £500k + £10k fixtures and fittings from a new purchaser who has just put his house on the market. Did we want to match this offer, as if we did we would be in pole position having no chain. Sounded too convenient to me and my wife and I are rather sceptical as to whether this offer really exists.

However, we said we'd go and think about it.

In the end, we decided to offer £500k + £5k fixtures and fittings as we do like the house and are prepared to meet the vendors half way. This is subject to there being £5k of stuff, and to their taking the house off the market. I relaid this to the agent and mentioned that I didn't think there was £10k worth of second hand stuff there to be able to justify matching the other offer in any case - we don't want to get in trouble with HMRC. Plus our no chain status was probably worth at least a further £5k. He said the vendors will refuse our offer which I was a bit annoyed about as surely it is not up to him to accept or refuse the offers on behalf of the vendor?!

So...a quick survey. If you were selling a house, which offer would you be more likely to accept (taking into account you really want to move before Christmas and you have another house you want to purchase). £505k from a first time buyer with no chain, or £510k from someone who has just put his house on the market and is having first viewings today (as we were told)?

Emily1975

Personally if I was in a hurry I'd go with the £505k, especially in this market. That's less than a 1% difference.

olly300

MrChips wrote: »

So...a quick survey. If you were selling a house, which offer would you be more likely to accept (taking into account you really want to move before Christmas and you have another house you want to purchase). £505k from a first time buyer with no chain, or £510k from someone who has just put his house on the market and is having first viewings today (as we were told)?

The person who can complete the quickest.

The 5k and 10k are neither here or there because one or both solicitors involved can refuse to deal with fixture and fittings of that amount because it looks like you are both trying to avoid stamp duty.

I strongly doubt they would be able to get the list of second hand goods up to 5K as goods second hand are worth a fraction of the value of new ones. Plus certain fixtures i.e. fixed carpets, bathroom cabinets would raise suspicion if added to a fixture and fittings list.

MrChips

Thanks guys - that's what I think too. I'm thinking of putting the offer in writing and making it clear that the £10k from the other buyer may well not materialise, and that my £5k is dependent on there being sufficient value in the 2nd hand goods.

How much is a carpet worth?!

westlondonbuyer

Reading this story dispassionately,I can't help think you're being played by the EA and the vendor.

As always, it comes down to how much you want the house. Also whether you're happy to pay 4% stamp duty, or brand new prices for very well-used goods, on the basis of a competition with a rival buyer who may not actually exist.

In your shoes, I'd stay where you are and start looking again when the baby is born. You can manage with a baby in a sling/sleeping in your room for a good long while, and neither of you will be suffering from baby brain when you make what will probably be the biggest financial decision of your life so far.

MrChips

Thanks - some good advice here.

We are definitely trying not to get played! Hence only going to £5k, and making it clear that we want some value for this extra money. We won't accept paying £5k for goods that are only worth £1k - £2k, both because HMRC will not be happy, and because we don't want to pay that much for a washing machine that may break down next year!

We won't go any further on price, and I'll ring the agent on Monday to ask if the vendors accepted the other offer, and if not why not (because it never happened perhaps?!).