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First time buying
littleone50
Posts: 2 Newbie
Hello everyone,
I have found so many of your posts so interesting and would really appreciate your advice.
I am interested in buying a second floor flat on the market for 850,000 just came down in August from 925,000. It has been on the market since March 2012. There are two agents involved.
The flat in the opposite building (same size, first floor) was sold in March this year for 770,000...they renovated it and it is back on the market for 950,000 just marked down from 995,000. They are both leasehold with 41 years remaining and it will cost 150,000 for another 90 years.
The vendor bought the flat I am interested in for 185,000 17 years ago and the flat below it was sold for 599,950 at the beginning of 2011.
Zoopla states it is worth around 706,000 (between 603,000-810,000).
Nationwide states 770,000
The estate agent (from a boutique) who showed me the property tells me they have had an offer for 800,000 since they lowered it to 850,000 and it was rejected. I rang the other estate agent (just doing some research) and he said that they have had several offers at above the asking price but the owner is still deciding on whether to sell (It is one of those big agencies and I don't really believe him)
Question 1) Should I offer around 90% of the asking price 770,000? This is also closer to the market value estimates of Zoopla and Nationwide!
Question 2) I am a first time buyer and don't need a mortgage, does this put me in a strong position? Especially as the lease is so short only 41 years? Wondering if it is really worth it for such a short lease??
Questions 3) Estate agents can sometimes push vendors to overvalue properties. Is there any way that I can put my offer forward directly to the vendor?
With lots and lots of thanks in advance.
I have found so many of your posts so interesting and would really appreciate your advice.
I am interested in buying a second floor flat on the market for 850,000 just came down in August from 925,000. It has been on the market since March 2012. There are two agents involved.
The flat in the opposite building (same size, first floor) was sold in March this year for 770,000...they renovated it and it is back on the market for 950,000 just marked down from 995,000. They are both leasehold with 41 years remaining and it will cost 150,000 for another 90 years.
The vendor bought the flat I am interested in for 185,000 17 years ago and the flat below it was sold for 599,950 at the beginning of 2011.
Zoopla states it is worth around 706,000 (between 603,000-810,000).
Nationwide states 770,000
The estate agent (from a boutique) who showed me the property tells me they have had an offer for 800,000 since they lowered it to 850,000 and it was rejected. I rang the other estate agent (just doing some research) and he said that they have had several offers at above the asking price but the owner is still deciding on whether to sell (It is one of those big agencies and I don't really believe him)
Question 1) Should I offer around 90% of the asking price 770,000? This is also closer to the market value estimates of Zoopla and Nationwide!
Question 2) I am a first time buyer and don't need a mortgage, does this put me in a strong position? Especially as the lease is so short only 41 years? Wondering if it is really worth it for such a short lease??
Questions 3) Estate agents can sometimes push vendors to overvalue properties. Is there any way that I can put my offer forward directly to the vendor?
With lots and lots of thanks in advance.
0
Comments
-
You are a first time buyer who does not need a mortgage to buy a property priced at £7-800,000 ??
Either a troll or you do not need help with money!0 -
Some first time buyer able to afford this kind of price!
These prices with only 41 yaers on the lease suggest Mayfair or somewhere similar. Are there any flats in Sandbanks?
Contact a surveyor who knows about this kind of property for professional advice. There's too much money at stake for you to rely on advice given on a forum like this.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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