How to negotiate the cost of a flat without putting off the seller

adamjs

Hi All,

I'm currently looking to get onto the property ladder and buy a flat however I have no idea on how to negotiate, especially on knowing what value to place on somewhere I like.
The first hurdle I've come across is that I've found a flat for £110k however it only has a 70 year lease. I've been informed that the vendor will renew this to 118years but would want the full 125k asking price. Being extremely new to all this I googled around on cost of extending the lease and this extra 15k seems incredibly high for just a small one bedroom. I want to remain interested and would want the lease extended by the vendor but not at this price.

If anyone could advise how to approach this it would be much appreciated.

thanks,

alchemist.1

Look at sold prices for similar places like yours sold over the last few months/year.
Look at property and how long it is taking to sell including the price.

Offer what you believe the property is worth/prepared to pay for it.