Low offer

1886 · 29 August 2014 at 2:08PM

I bought my house for £148,500. It was on the market at £160,000 and had been for some time hence my lower offer

Cissi · 29 August 2014 at 3:31PM

tilly4597 wrote: »

Thanks for all replies. The tenant cannot buy it due to their own circumstances. I have now agreed a sale at £500 less than the asking price, survey done and all ok and searches due back soon.

All well and good but have you given notice to your tenant yet? You do realise the buyer (and their lender, if applicable) will almost certainly only agree to exchange contracts with vacant possession - which could take months if the tenant refuses to play ball. I wouldn't count your chickens just yet...

emcap · 29 August 2014 at 3:54PM

5-10% lower is quite normal. I don't think you sold anything before.

Reality Check.

House.buyer.sarah · 29 August 2014 at 4:01PM

I took huge loss on my house just short of 10k on a 99k house so I personally think that's a good offer to be honest ! But just depends how desperate you are to sell I guess I was very hesitent to accept offer, but hated where I lived and had seen house I wanted , which I eventually I bought had I waited my house may still be in market and I wouldn't be in my new home.. Having said that if someone offered me lot less on my current house I wouldn't accept ha x

marsman802 · 29 August 2014 at 4:27PM

emcap wrote: »

5-10% lower is quite normal. I don't think you sold anything before.

Reality Check.

As I said it really depends on where you live. I see you're in London....me too and everything is going full asking or above asking at the minute near me.
There's just so much demand at the minute its crazy....although ultimately great for your property investment.

tilly4597 · 29 August 2014 at 9:22PM

dannim12345 wrote: »

Hi tilly4597, if its a house with a long lease, it shouldn't be a problem and you can probably get an indemnity policy to cover this. If the lease is getting short, it could pose a problem.

Its a 999 year lease. Solicitor has found out the freeholder and is writing to them. Apparently if you are not asked for the ground rent then you are not liable. I will owe them about £20.
My tenants are a lovely couple and I have spoken with them today and given them one months notice as we are on a month x month let. They have been looking at rentals and are going to decide which one to take (both empty) so hopefully fingers crossed things will tie in.

tilly4597 · 29 August 2014 at 9:27PM

Cassandra_W wrote: »

Then later you say you hope you can agree on £147,500 with the people who viewed it.

Here's my take on it.

I sincerely hope your tenant gives you notice. The people who viewed it go buy another house and you are stuck with a rental void.

You are treating your current tenant like dirt and don't deserve her.

WOW!! !!!!!Y OR WHAT! My tenant had first refusal and since my OP has told me there is no way she can buy it and is pleased I have now found a buyer. The sale is progressing nicely and all of us, me, tenant and purchaser are happy, so go suck eggs you miserable sad so and so!!!

Gigervamp · 29 August 2014 at 9:35PM

Um, you have to give your tenant 2 months notice even if it's on a rolling periodic tenancy.

tigsly · 29 August 2014 at 9:42PM

Guess it depends on the tenant.. a tenant who is happy to find somewhere else - and can.. will be less of an issue than one who can't!

tilly4597 · 29 August 2014 at 10:09PM

Letting agent said one months notice, as she moved in on the 10th of the month, I have to give her until the 10th of October. So in theory she is getting more than a months notice.