How much to offer?

Leanneclarke83 · 6 May 2018 at 10:45AM

Hi, first time poster here!
We are looking to buy our first house together and have seen two we like. Both are 7 years old on the same estate. One is a terrace priced OiRo £189k and other is a semi priced £198k. Having looked at sale prices in the area I think both are optimisticly prices (a semi with garage and drive to the side sold for £177k in feb this year). I don’t feel the house prices in the areas have increased much the past two years. The semi was bought for £189k in 2016, nothing has been done to it since then by the looks of things. The semi is also a leasehold. The seller has already said they would negotiate on price to take into account we need to buy the freehold. The seller is also pregnant and wants to move to be settled before baby.

How much would your initial offer be and the most you would pay for these?

My ceiling price for the terrace is £180k
Semi £189 preferably £185k

My partner thinks we don’t stand a chance in hell for either.

Thanks for your help!

M2808 · 6 May 2018 at 10:52AM

I would avoid a leasehold at all costs. You have to wait at least 2 years after moving, then you've got to get it all going through, unless they apply before you exchange.

I'd be cheeky and offer somewhere between 170-175 for the terraced and see what they say, with a look to meet in the middle at your preferred price. You don't know if you don't try - and you don't lose anything by putting an offer in.

How long have they been on the market?

Leanneclarke83 · 6 May 2018 at 10:56AM

The leasehold/semi has been on the market for a month.
The end terrace since January.
I wanted to post the links but I can’t as a new user.

Bass_9 · 6 May 2018 at 12:34PM

Leasehold properties are not always horrendous. In some areas they're very common (almost unavoidable) and older ones can often have very long leases (999 years) with a very cheap ground rent. That said, please be wary about new build leasehold properties. People have had a lot of issues with them recently so you would have be on the ball and ensure you went over the terms of lease with your solicitor with a fine tooth comb.