Buying a Flat

bouicca21

The amount you need to offer will depend on the local market. In some areas it is still strong, in others static.

AnotherJoe

anon_private wrote: »

Couple of questions.

For a cash buyer, what is the amount below the asking, in percentage terms, that I could offer for a property and still be realistic?

That depends upon how realistic the asking price is and how realistic the vendor is.(though the two will likely go together)
Some will take a very low offer as a personal insult, some as an expersssion of interest , others as a sign of a buyer who is flaky.

So there can't possibly be a generic answer but if you think the asking price is realistic then personally I'd say anything more than 5% would most likely mark you in the buyers eyes as unrealistic. E.g. My house would be about £500k. If someone offered me £450k I couldn't even be bothered to reply.

anon_private wrote: »

When is the best time to appoint a solicitor in relation to buying a flat. I assume when I have located the flat that I want to purchase. Am I correct?

... and when you've had your offer accepted.

00ec25

there is no strong link being the status of cash buyer and the selling price

your status as cash buyer theoretically means your seller does not have someone below them forming part of a chain. That may, or may not, be worth £ to them when it comes to what they are willing to sell the property to you for as they most likely will themselves be buying a property which will be in a chain so the fact the person below them can "move fast" is unlikely to filter up the chain in terms of everyone else above agreeing to accept a discount because the person at the bottom is a cash buyer.

it is not possible to say that a cash buyer should offer -15% but a non cash buyer can only offer -10%

both offers depend entirely on the "value" of the asking price in relation to the local market, not in relation to a theoretical discount. Ignore crashy, his only contribution to life is his pathological addiction to predicting all prices must be lowered, without understanding why

hazyjo

Crashy_Time wrote: »

As I said, don`t deal with delusional sellers.

I'm happy to deal with them, so long as they eventually accept their house is worth less.


My offer is more than satisfactory and I won't be upping it. I've followed the market like a hawk there for years. It has had a sale fall through. I can see why it's not sold - but the vendors don't seem to be able to. It's more of a project than the pictures show - which I'm happy to take on. It looks wonderful on paper, but the reality doesn't match up.

anon_private

Conveyancers are usually cheaper than solicitors, but the best value is usually not local.


On balance, is it better to use a local solicitor or a non-local conveyancer to attend to the legal process of buying a flat?

ThemeOne

I would use someone local. Firstly all conveyancers will need ID and it's easier to take it into somewhere nearby. Secondly I'd choose someone at least known to the estate agent, even if it's not their recommended firm - it can oil the wheels a little if problems develop as the deal goes through.

And talking of problems most conveyancers will do an OK job on a straightforward deal (though some are mighty slow), but if any issues develop (and there are so many that can) you can expect better service from a more expensive solicitor, so don't automatically go for the cheapest.

BJV

it is impossible to say as it will depend on the flat how long it has been on the market, condition, area, but TBH having just been in the top half of a very long chain I would 100% not under estimate the attractiveness of being cash. All the better if you are not in a chain.

Being in a chain is the big one for me.

Are you FTB or are you in a chain?

AnotherJoe

Crashy_Time wrote: »

As I said, don`t deal with delusional sellers.

anon_private

First time buyer

anon_private

ThemeOne wrote: »

I would use someone local. Firstly all conveyancers will need ID and it's easier to take it into somewhere nearby. Secondly I'd choose someone at least known to the estate agent, even if it's not their recommended firm - it can oil the wheels a little if problems develop as the deal goes through.

And talking of problems most conveyancers will do an OK job on a straightforward deal (though some are mighty slow), but if any issues develop (and there are so many that can) you can expect better service from a more expensive solicitor, so don't automatically go for the cheapest.

I have used the calculators to find the cost of conveyancing.

I don't know why it is so expensive, about £3500.