Buying A Property Advice Needed

lknights1987

Hi all,

I'm currently renting a 2-bed apartment with my partner which is about a 10-minute walk from Ipswich town centre and a 10-minute walk to the train station we were told last week that the landlord wants to sell the apartment to a buy to let buyer ( unless we are interested) so it's now advertised on Rightmove.

The advertising price is £125K so we have put a few offers in starting at 105K ( yes cheeky I know ) which was rejected. Our final offer is £112.500k which is 10% off the asking advertising price. There is also 1 apartment advertised in our area which has a simular spec to the one that we are in now and that is advertised at 120K whilst a few other apartments have been put on the market for £125k and £130k .

Do you think our final offer is still cheeky ?

There is also 87 years left on the lease and ground rent + service charges = £1200 per year.

looking on rightmove some apartments sold within the area over the past 3 years have increased and some have de creased in price.

Also once we leave the EU will it have a negative inpact on property prices ? I'm thinking if it does I'll wait until we leave the EU then start looking for a property if our final offer is rejected.

ScottishSaver14

With you being the current tenants, you know the flat better than any prospective buyer. Do you think it's worth your final offer?

It depends if you're happy there, moving/buying fees will total at least another few thousand, if you really want the flat why not put that on your offer as a final hurrah?

Regarding the EU, general consensus is that if you want to buy, just buy. The way things are going you'll be waiting a long time for any clarity on the whole thing

lknights1987

ScottishSaver14 wrote: »

With you being the current tenants, you know the flat better than any prospective buyer. Do you think it's worth your final offer?

It depends if you're happy there, moving/buying fees will total at least another few thousand, if you really want the flat why not put that on your offer as a final hurrah?

Regarding the EU, general consensus is that if you want to buy, just buy. The way things are going you'll be waiting a long time for any clarity on the whole thing

Your right about things with the EU taking a long time. We are happy here but don't see the property worth more than our final price £112,500 so we will wait and see today if we get an answer with our offer. One advantage is with the apartment that we are in is that it is on the 2nd floor out of 3 floor and has a loft access within the apartment ideal for storage. All the other apartments in the block don't have loft access.

getmore4less

is it this one?

there is a lot of choice at that price point.
have a look at what people have been buying

You are close to getting a freehold house for the money.

sgun

I'm originally from Ipswich and when they built those flats everyone commented about the fact they are on a flood plain. I think yours in in risk zone 2 (could be wrong, you can check). Ipswich planning put through loads of flats along the river that have a possibility of flooding. Yes, it hasn't happened yet but we are getting more and more extreme weather events happening and pretty much every model suggests floods will become more likely. I know the new flood barrier has just opened but I could write you a fairly long list of towns where the flood defences failed when they were needed most.

Those types of flats are two a penny in Ipswich, I would look for one further away from the river, or stretch yourselves a bit more and buy a house.

lknights1987

getmore4less wrote: »

is it this one?

there is a lot of choice at that price point.
have a look at what people have been buying

You are close to getting a freehold house for the money.

Thanks all for your response. This isn't the property, the apartment that we are in is one near to wherstead road it is just over 10 years old.

The offer 112,500k was rejected this morning so now going to look elsewhere.

sgun

lknights1987 wrote: »

Thanks all for your response. This isn't the property, the apartment that we are in is one near to wherstead road it is just over 10 years old.

Bruff Road? They are ok and actually for newer flats you get a fair bit of space for your money. I wouldn't buy in that area, I know it has changed a bit from when I was there (a long time ago!) but there are much nicer areas in Ipswich that you might be able to afford. There are so many flats like that now in Ipswich that they all compete with each other and keep the prices suppressed so it wouldn't be the best type of flat to buy if you hoped not to lose out in the future when selling.

lknights1987

sgun wrote: »

Bruff Road? They are ok and actually for newer flats you get a fair bit of space for your money. I wouldn't buy in that area, I know it has changed a bit from when I was there (a long time ago!) but there are much nicer areas in Ipswich that you might be able to afford. There are so many flats like that now in Ipswich that they all compete with each other and keep the prices suppressed so it wouldn't be the best type of flat to buy if you hoped not to lose out in the future when selling.

What areas would they be ?