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Flat buying - seller turning nasty

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  • !!!!!!? wrote: »
    The only risk is that you might not be able to secure a mortgage so easily once the market starts declining.

    Yes, but next year ghekko's GF will have qualified and there will be two big fat salaries applying for that mortgage, rather than just one.

    As well as a big fat chance of that flat (and probably nicer ones) being significantly cheaper.

    Oh, and banks love solicitors in a recession (likewise doctors and accountants). Much more job security than most.

    Sorry ghekko, another vote for pulling out on the kebab shop annexe.
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    We were shown a rental above a kebab shop once. It was in Stoke Newington, very nicely decorated and a decent price, which in no way made up for the nauseating reek of animal fat and chips.

    We were much younger then and would have been happy in that little flat I think, if they hadnt been frying when they showed us round...
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    Ive gone away and thought about this some more.

    I would personally completely walk away from this deal for the following reasons.

    1) flat iis overvalued at 169. I guesstimate that the "real value" of this property as it is ( with EA below) is about 150.
    2) its above a shop in not the best area - issues with selling/ neighbours. Properties above commercial, despite having some positives, are always worth less than a comparable flat NOT above commercial. I certainly wouldnt buy a flat above commercial in leyton or leytonstone, for the reasons I gave before. the only time Id consider it, was if it was at rock bottom price- and this one isnt, its OVERVALUED IMO.
    3) the vendor is lying to you moving the goalposts.
    4) there are PLENTY of other properties on the market right now that are better value. ( be it, leasehold conversions, ex local... plenty of choice, in good areas too)

    Ive looked again at the pics, I think Ive worked out where it is. Is that the carpet shop underneath? If it is, that place is on its last legs, and I would bet you a fiver that place is boarded by the end of 2008 :(

    Yes, the adds ons of the furniture etc are expensive, and shes treating you like a mug. But the flat itself is overvalued.

    To be honest, now i look at this property again, I suspect her agent has told her these guys are mugs, and the GFs the conveyancer and just see hopw far you can push it. LOTS of EAs are only just now starting to get a handle on the fact that london isnt a rising market bubble any more and FTBs ARNT or at least shouldnt ;) be buying any old pile of bricks "to get on the ladder". and plus its bairstow eves marketing it and theyve never had the best reputation have they?
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • barnaby-bear
    barnaby-bear Posts: 4,142 Forumite
    lynzpower wrote: »
    Ive gone away and thought about this some more.

    I would personally completely walk away from this deal for the following reasons.

    1) flat iis overvalued at 169. I guesstimate that the "real value" of this property as it is ( with EA below) is about 150.
    2) its above a shop in not the best area - issues with selling/ neighbours. Properties above commercial, despite having some positives, are always worth less than a comparable flat NOT above commercial. I certainly wouldnt buy a flat above commercial in leyton or leytonstone, for the reasons I gave before. the only time Id consider it, was if it was at rock bottom price- and this one isnt, its OVERVALUED IMO.
    3) the vendor is lying to you moving the goalposts.
    4) there are PLENTY of other properties on the market right now that are better value. ( be it, leasehold conversions, ex local... plenty of choice, in good areas too)

    Ive looked again at the pics, I think Ive worked out where it is. Is that the carpet shop underneath? If it is, that place is on its last legs, and I would bet you a fiver that place is boarded by the end of 2008 :(

    Yes, the adds ons of the furniture etc are expensive, and shes treating you like a mug. But the flat itself is overvalued.

    To be honest, now i look at this property again, I suspect her agent has told her these guys are mugs, and the GFs the conveyancer and just see hopw far you can push it. LOTS of EAs are only just now starting to get a handle on the fact that london isnt a rising market bubble any more and FTBs ARNT or at least shouldnt ;) be buying any old pile of bricks "to get on the ladder". and plus its bairstow eves marketing it and theyve never had the best reputation have they?

    This is about the one person qualified to make a judgement on this - I'd be very worried about instant £15k negative equity....
  • Well, if you compare it to the flats I posted links to as well, I do not see any reason why it;s worth more than they are. Yes, it's nicely decorated and that's about it. But nicely decorated isn't £10/15ks worth of price. All the statements about shops as well, that's something to consider.

    Unless this vendor is willing to drop at least £20k imo I wouldnt even bother. I'm really glad you posted the link of the property but then at the end of the day, it's your call and your choice with how much you love this property.

    And with the furniture, I'd be so tempted to turn round and tell her to keep it as for the money she's asking for it you could go round Ikea yourself and still have enough money left over for a holiday. £2.5k, oh, I still laugh at that... hehe.

    Lynzpower is spot on imo. Fingers crossed for whatever you do.
  • Curv
    Curv Posts: 2,572 Forumite
    Hands up who wants to hop on a train and go and give ghekko and his gf a good talking to?

    :wave:

    The more I hear about the flat the more I want to scream 'RUUUUUUUNNNNNN'
    I'm sure it's not healthy to be THIS involved in in a thread...
    Things I wouldn't say to your face

    Not my real name
  • ghekkomaniac, just to help me catch up, could you tell me what the current "deal" is in regards to the seller? What I mean is, what does s/he think they're getting for the flat and the furniture at the moment? And, if everything were to fall into place tomorow, would you still drop your offer? I'm just a bit lost, so I thought I'd ask for an update. :)
    I'm getting a bit lost myself ...!

    At the moment she wants £169,500 for the flat, and responded to my revised offer of £500 for the furniture by saying no less than £2500, or she will need to postpone completion by 14 days or more to sort out getting rid of the furniture for us. She knows we have handed in our notice so I'm guessing this is a bluff, but who knows.

    I wrote a letter to the EA saying I was now only prepared to pay £167,500 for the flat, but I don't know if this has been passed on to the seller as she won't speak to the EA!

    My GF emailed me just now - they have received the enclosures today and the seller is in £3000 arrears with her service charge payments. No other offers have been made to the seller as we now need to sort this issue out, but obviously completing next Monday is out!
  • sooz
    sooz Posts: 4,560 Forumite
    She's trying to sell, and is £3000 in arrears with service charge payments???:confused:
    That, along with the fact that she thinks she can sell second hand IKEA furniture for more than it's new cost leads me to think only one thing....




    The woman is totally and utterly mad.

    God knows what she's hiding under the floorboards....:eek:

    Run....Run as fast as you can away from the bunny boiler. :EasterBun
  • Curv wrote: »
    I'm sure it's not healthy to be THIS involved in in a thread...
    I'm sure it's not healthy to be this involved in a SALE!

    I looked at a place to rent last night with this old gentleman and his Thai bride in Neasden and suddenly got very depressed about this whole thing! I could be getting an ulcer (joke - I think). Obviously I know we won't be moving in next week, and reading the advice from lynzpower and everyone saying "pull out" is making me think this is a no-win situation.

    My GF is drafting me a letter re: the service charge arrears now. I'd rather wait until the seller thinks we are buying and offer say, £150k for a laugh than pull out now we've come this far.

    Just want to say thank you again for everyone who's felt compelled to offer advice here - it REALLY has helped me, even if I'm not quite ready to pull out of the sale just yet.
  • I wrote a letter to the EA saying I was now only prepared to pay £167,500 for the flat, but I don't know if this has been passed on to the seller as she won't speak to the EA!

    Why to the EA? Letters should be addressed to your Vendor's solicitor, isn't your GF in touch with him/her?

    Sorry, but I agree with everyone else that you should walk away. Your Vendor is a joke and the flat is overpriced and too much of a risk being above a shop in an area where businesses shut down all the time.
    The flat is in good condition and ready to move in and I can see why you like it, but it is not a good investment. Sometimes you have to think with your head, not just with your heart. There are plenty more flats around in better locations. Good luck!
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