Can't see a way forward

bobthedambuilder

pinkteapot wrote: »

I can understand your feeling about the freeholder.

First thing to do is check local sold prices (you can do this on Rightmove). If £129k is a reasonable offer, drop your asking price to say £135k and you might get an offer of £129k from someone nicer.

And then you can go back to the freeholder and tell him you sold at his offer price to somebody else ...:D.

pinkteapot

Make it £128,500, just to make that conversation even more fun.

wilsonrp

Ok done the research. Very difficult to get an accurate price as the roads in and around are mainly all big houses.

Prices range from 125-130k for a 1 bedroom flats in a large block
To around 165-175k for a 2 bed flats similar to ours (converted house) BUT with parking

pararct

wilsonrp wrote: »

Ok done the research. Very difficult to get an accurate price as the roads in and around are mainly all big houses.

Prices range from 125-130k for a 1 bedroom flats in a large block
To around 165-175k for a 2 bed flats similar to ours (converted house) BUT with parking

Where are you? First part of postcode, is there no access to public transport where you are?

If property very similar to yours (but with parking) is selling at the figures you have quoted it should be possible to tease a little more than 129.

If the property is currently for sale (and on rightmove) you will get oodles of good advice re marketing it if you post the link.

cr1mson

Remember that the lease will be ticking away and at some point it will be unmortgageable if the lease gets too short.

Agree it would be good to not have to sell to the Freeholder. However a moral victory like that cannot be used to buy a new house or flat. So would have a serious think about their offer. Maybe make a counter offer of £130k?

C

pinkteapot

cr1mson wrote: »

Remember that the lease will be ticking away and at some point it will be unmortgageable if the lease gets too short.

This would be my main concern. Especially as it doesn't sound like the freeholder will make it easy for the next owner to extend the lease.

hazyjo

I'd agree that the 70 year lease is a problem. Most people buying would want you to sort out a lease extension first/during sale.

Jx

dotchas

wilsonrp wrote: »

129k puts us in a position financially where we would be hard pushed to find something else suitable locally.

Also ..... and I accept I'm letting some emotion get the better of me here. It's a bitter pill to swallow for me and more especially the wife (as she's been there much longer) to sell to these FHs who have been very unfair IMO. The no-letting rule is nuts when you think we could sell the flat to a family of 14 if we wanted to and although the property would be totally unsuitable. The FH would have 0 control over it.

The FH will convert the building back into a house. Houses in this road go for around 400k. (and yes I did offer to buy the FH out).

You could say he has us by the preverbials and it's not a good feeling.

I will do the research on similar sales in area and post again.

Thanks....

If you know the FH wants to convert it back to a house then you have him by the proverbials too............he needs your flat so try negotiating hard for a better offer. If it succeeds, you can walk away smug, knowing he paid top price!:T

Salz

If negotiating fails and you have to sell to them, some well placed prawns in hidden spots when you move out is always a good fallback

yanda

Salz wrote: »

If negotiating fails and you have to sell to them, some well placed prawns in hidden spots when you move out is always a good fallback

I know this post was probably half in jest , but some people really do get too emotionally attached to house buying/selling and this idea of 'getting back' (prawns/parties etc) at the FH just seems childish.

The fact of the matter is that the flat's been on the market for 2 years, has a dwindling lease and no parking - based on that 10% below asking really isn' that bad. Take the hit and move on - who knows you may be able to get a 10% reduction off your next place - just check for prawns left by miffed vendors.