Should I give up?

jmt

Amba_Gambla wrote: »

There is a repossession just up the road (current offer £85k), but with a different agent. This more expensive one would be my first choice, but I think I might have a look at the repossession. (I'm being put off by the possible pitfalls though)

I am also looking at a repossession (just posted a new thread) but I'm not sure I can take the stress of being gazumped

Amba_Gambla

jmt wrote: »

... I'm not sure I can take the stress of being gazumped

Ditto

(and possible costs)

jamesd

Are there items that are not part of the property that the vendor might wish to sell to you? Garden shed, non-fixed furnishings and other items that would not legally be part of the property purchase?

Take care with this, ensure that your own solicitor is comfortable with whatever the actual situation is, for it is an offence to fail to properly declare the actual sale price. But some things are not actually part of the property and there might be enough of those involved that splitting them out would achieve the objectives, or get close enough to make a deal. Trying to buy the paint on the walls or built in equipment isn't doable - that's clearly improper - but this doesn't apply to everything.

Are there items that the vendor might be willing not to sell as part of this transaction, selling independently of it to other possible buyers of those items?

joujou

Where are reposessions usually listed?

bylromarha

Or maybe increase your offer (if you feel its worth that extra) and ask the owner to pay the stamp duty?

Riggster

Offer them £1000 for fixtures and fittings (assuming there are carpets, light fittings, shed etc worth £1000).

Amba_Gambla

Riggster wrote: »

Offer them £1000 for fixtures and fittings (assuming there are carpets, light fittings, shed etc worth £1000).

There is enough there to be worth 1k, but don't want to go back with yet another offer, and let them think there is more in the bank (mainly because there isn't!)

jamesd

You might have missed the point. Some things are not part of the property purchase, so don't count towards the stamp duty threshold. If you are bundling in all of those things you might be paying a higher price for the property that really includes other things and could get into the stamp duty region unnecessarily.

Yorkie1

bylromarha wrote: »

Or maybe increase your offer (if you feel its worth that extra) and ask the owner to pay the stamp duty?

This will not work as it will prevent the OP then getting a mortgage - lenders do not do vendor gifted deposits in such cases.

Riggster wrote: »

Offer them £1000 for fixtures and fittings (assuming there are carpets, light fittings, shed etc worth £1000).

At the stamp duty threshold, HMRC will scrutinise such an amount very very closely. You are not looking at how much it would cost to replace the items new, but at how much you would pay for them second-hand on ebay or somewhere similar. e.g. £50 for a washing machine.

£1K in a house worth £125K is likely to attract interest.

The seller is a fool for holding out for £128K.

Guest101

My advice, go the the EA, say you are making your final offer (it could bt they are waiting because you've steadily increased until now and think there's more to be had) of 125k and that is that. Walk out, see if they ring in an hour or 2, gurantee you they will.