Advice on valuation/renegotiating price

Jox

Find a flat in a better area and not in this estate I would advise.

AM1234

If the vendor is in rush to sell they will hold out for the price they want. You should go in low. If someone else comes along and offers more than you then they are ignoring all the flaws you have picked up on and they will be wasting their money. If not, you will have a property at the right price. How fast do properties move in that area. Is their a high demand. Are prices running away meaning that investors will be attracted. If the market is steady then a lower offer is always a good idea.

PresentTense

Jox wrote: »

Find a flat in a better area and not in this estate I would advise.

Why? (genuine question)


I really like the area and it's highly convenient, the 'estate' is quiet and about 60% private owned and I can't really afford anything that isn't ex-local.

lincroft1710

London Borough Councils are notorious for deciding to upgrade their blocks of flats and as a private owner you will pick up a percentage of the bill. We are talking thousands of pounds

Jox

PresentTense wrote: »

Why? (genuine question)


I really like the area and it's highly convenient, the 'estate' is quiet and about 60% private owned and I can't really afford anything that isn't ex-local.

If you can't get your flat there for cheaper and other flats in the estate have sold so much cheaper than just a few streets away it suggests the estate isn't desirable.

But it is your choice of course! I purchased a one bed flat 12 years ago and felt I had overpaid but now I have sold it for over 100k more.

In that time my mortgage has cost about £65k so it's better than renting and coming away with nothing, although there is no guarantee of making a profit in the future of course.

AM1234

If the vendor is in rush to sell they will hold out for the price they want. You should go in low. If someone else comes along and offers more than you then they are ignoring all the flaws you have picked up on and they will be wasting their money. If not, you will have a property at the right price. How fast do properties move in that area. Is their a high demand. Are prices running away meaning that investors will be attracted. If the market is steady then a lower offer is always a good idea.

Cakeguts

You need to research what will happen if you buy a council flat and the estate gets redeveloped. You may lose the flat and the amount paid in compensation may not be enough for you to buy another home. Also although the service charge is low some council flats need a lot of upgrading and you will be billed for the costs for this. These costs are not included in the service charge and can be £1000s.

It is better to avoid ex council flats if you can because there are often problems with owning them. Also if prices drop in London the least popular properties will become much more difficult to sell. So don't buy this flat if you might want to move on fairly soon as it may become impossible for you to sell it at any price.

PresentTense

Cakeguts wrote: »

You need to research what will happen if you buy a council flat and the estate gets redeveloped. You may lose the flat and the amount paid in compensation may not be enough for you to buy another home. Also although the service charge is low some council flats need a lot of upgrading and you will be billed for the costs for this. These costs are not included in the service charge and can be £1000s.

It is better to avoid ex council flats if you can because there are often problems with owning them. Also if prices drop in London the least popular properties will become much more difficult to sell. So don't buy this flat if you might want to move on fairly soon as it may become impossible for you to sell it at any price.

In what circumstance would it get redeveloped and how would I lose the flat?


Just to be clear, it's not a tower block with lifts or anything - the flat is on the first floor with the ground floor flats below it and a shared walkway connecting to the second floor which is opposite though not directly above the flat I'm buying (if that makes sense).

PresentTense

AM1234 wrote: »

If the vendor is in rush to sell they will hold out for the price they want. You should go in low. If someone else comes along and offers more than you then they are ignoring all the flaws you have picked up on and they will be wasting their money. If not, you will have a property at the right price. How fast do properties move in that area. Is their a high demand. Are prices running away meaning that investors will be attracted. If the market is steady then a lower offer is always a good idea.

I'm confused, my understanding was that if the vendor is in a rush to sell (which I think this one is) there is more room for manoeuvre and if he/she isn't then they are more likely to hold out?


The property has been off the market since I made my offer 6 weeks ago.


I don't have a proper grasp on the market to be honest, but it's London so I assume there's always a demand.

System

ognum wrote: »

You actually have no idea what the flat sold for, you know the asking price and that's all. It could be more than you have paid, it could be less.

I am currently selling a flat, I had six offers, I didn't take the highest for various reasons but if you came to me I would not lower the price I would simply tell you to walk and move on.

Your choice!

Exactly what I was going to say. Sold prices aren't available for a few months after selling, so if these other flats were advertised just a few weeks ago then you must be going off the market price, not the sold price. For all you know, those flats actually had big offers over. It's a very shaky basis for a valuation, in my opinion.