Negotiating a private house purchase

bluedrum

We're looking to put our flat on the market early next year to then find a house in the same local area.

During a chat with a neighbour we found out that they are likely to want to move house next summer, so I mentioned that we might be interested in buying theirs.

I've asked if we could have a look inside at some point, and we'll probably do that next week. However, if we like it I'm unsure what the best way of dealing with it would be, in particular to get to an agreed price.

Would we be best to get a valuer/surveyor in before talking money, or after?

Also, is there anything we should do to formally register any agreed sale, considering the move may not happen for another 8-10 months?

Any other advice would also be welcome

botchjob

it's exactly the same process as dealing through an agent. The vendor sets the asking price, and you go from there. A purchase isn't in the bag until contracts are exchanged.

Our last purchase was a private one, and to be honest i'd have much preferred going through an agent, who acts a buffer and makes sure that everything is done in a businesslike manner, as far as possible. Dealing direct can leave the process open to all sorts of emotions and irrational acts which makes a stressful process even more fraught. Our purchase only happened because we had a great solicitor who dealt with the vendor and calmed everything down as it was about to fall apart because she was imploding with the stress of it all...

G_M

If you want to pay a surveyor for a valuation,then do so.

But why not just do some research on sold prices of silmilar local properties and combine that info with
a) what you can afford and
b) howmuch you want/like the property

then decide how much you are willing to pay.

Ask the owner how much they want to sell for (they too may do any or all of the above) and then negotiate till you agree.

If you are not going to Complete for 8-10 months you have variousoptions, each with pros/cons

1) agree informally, and hope that in 8months one/the other doesnot change their mind
2) as above, but recognise property prices might rise/fall, so you may need to re-negotiate price.
3) Exchange contracts now (thus fixing the price) but with a Completion date in 8months. Beware
a) if you have a mortgage agreed, this will expire so you'll need to re-apply
b) when you re-apply, the mortgage lender might in decline, but you'd still be legally bound to buy
c) prices might rise/fall and one of you might feel hard-done-by
d) but you have the security of knowing your house purchase is sorted