Vendor agreed to lease extension, what to offer now?

livalicious

Hi there,

A few weeks ago i posted about finding the ideal two bed maisonette for £195 000 but with a 52 year lease. The owner has now decided that he would extend the lease after all but would only accept full asking price offers.


I checked nethouseprices.com and it showed to two flats/maisonettes sold in that street in the last year, one in July for £181 000 and another in Feb for £165 000. The vendor is now living in spain and is leaving all the furniture behind. The property is in Bexley. I dont know what other information to add, so if you were a ftb with mortgage in place and willing to move as fast or slow as the vendor wished, what would you offer on a two bed maisonette in Bexley? I know the vendor wants full asking price, but id still like to put in a lower offer, even if it gets turned down, i would like to know at least i tried.

Thanks in advance for any advice

Doozergirl

I think your vendor is in for a heart attack when the valuation for the extension comes in

I'd really worry about them pulling out. I don't want to tell you to go high because you don't want to pay top whack but my gut says you have to go as high as you can to justify the cost of this lease extension.

I think you should agree a price and not spend a penny on the conveyancing until, at the very least, the formal offer comes back from the Freeholder. It's too precarious. If they come back and ask for more, then you consider it then.