First time buyer: one bedroom in London

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-71398483.html
60k knocked off this one so far, but still looking like a negative equity trap?

redefinr

jimbog said:

redefinr said:

EA came back to me telling me the vendor preferred another offer based on the fact the 2nd buyer 'had a house to sell' instead of getting a mortgage. 

Sounds bizarre that someone who had something to sell was seen as more attractive. Do you have a Mortgage in Principle already prepared? 
I would have offered the asking price. The difference between your offered and what they were looking for is only around 0.8% 

Yeah I do have a mortgage in principle prepared - the only thing missing was my solicitor (i dont see the point to get one before offers being accepted). 
I may try to reach out to them next week - I just want to leave them for a bit... the 0.8% difference would be a minimal loss for the vendor too.
@jimbog I know you are from the area, what's your thought on Uxbridge Road? Few properties over there at more affordable price...quite frankly it's a 10min walk difference.

jimbog

redefinr said:

jimbog said:

redefinr said:

EA came back to me telling me the vendor preferred another offer based on the fact the 2nd buyer 'had a house to sell' instead of getting a mortgage. 

Sounds bizarre that someone who had something to sell was seen as more attractive. Do you have a Mortgage in Principle already prepared? 
I would have offered the asking price. The difference between your offered and what they were looking for is only around 0.8% 

@jimbog I know you are from the area, what's your thought on Uxbridge Road? Few properties over there at more affordable price...quite frankly it's a 10min walk difference.

Uxbridge Road is tattier than Hammersmith Grove and noiser (even late at night where people like to congregate and meet up on the street) - it gets quieter as you head towards Askew Road and you get more for your money. It might be worth looking around the Godhawk Road and in the triangle bordering Askew Road - all within walking distance of the tube. And buses are every few minutes e.g.
 https://www.rightmove.co.uk/property-for-sale/property-88896788.html

Crashy_Time

Lots of asking price drops turning up now in those London postcodes on the dafter prices on 1 beds, some of the ex-council places trying to get over 300k is pretty laughable really anyway. Probably not laughable if you recently bought one though?

Crashy_Time

redefinr said:

It's a pretty tough game to play with EA in generals. I'm looking for a negotiator which could play on my side, I've seen a bunch of companies offering this service and I'm wondering if it's worth it?
I got really annoyed with the last property, after 2 days the listing it's still online without even the 'Under Offer'
https://www.rightmove.co.uk/property-for-sale/property-78971227.html
even though the EA told me the vendor accepted an offer... 
Don't you all agree £347K was a fair offer for the property?

Wait and see if they cut the price some more, it isn`t exactly a unique property is it?

redefinr

Uxbridge Road is tattier than Hammersmith Grove and noiser (even late at night where people like to congregate and meet up on the street) - it gets quieter as you head towards Askew Road and you get more for your money. It might be worth looking around the Godhawk Road and in the triangle bordering Askew Road - all within walking distance of the tube. And buses are every few minutes e.g.

 https://www.rightmove.co.uk/property-for-sale/property-88896788.html

Yeah I can see on daytime is quite lively. There are quite a lot of properties though not located on the main road, the one you listed is a nice one too.

I'm actually having a mortgage problem now. I had an agreement in principle with HSBC for £200K...that one is now expired and I was trying to see if I could get £220K instead. With the current situation all branches moved their service over the phone and right now basically HSBC is saying can only lend me £150K  which won't allow me to do anything right now.
I don't know what happened, my financial situation is still the same... and is just frustrating over the phone.
Should I find a broker?

hazyjo

Lenders are looking for bigger deposits. Basically they are lending much less than the property's total value in case there's a huge drop in price due to recession, etc. (Lowering their risk of it being worth less, and your risk of negative equity.)

redefinr

I do have a good deposit, I think the problem is I'm self employed...

Crashy_Time

redefinr said:

Uxbridge Road is tattier than Hammersmith Grove and noiser (even late at night where people like to congregate and meet up on the street) - it gets quieter as you head towards Askew Road and you get more for your money. It might be worth looking around the Godhawk Road and in the triangle bordering Askew Road - all within walking distance of the tube. And buses are every few minutes e.g.

 https://www.rightmove.co.uk/property-for-sale/property-88896788.html

Yeah I can see on daytime is quite lively. There are quite a lot of properties though not located on the main road, the one you listed is a nice one too.

I'm actually having a mortgage problem now. I had an agreement in principle with HSBC for £200K...that one is now expired and I was trying to see if I could get £220K instead. With the current situation all branches moved their service over the phone and right now basically HSBC is saying can only lend me £150K  which won't allow me to do anything right now.
I don't know what happened, my financial situation is still the same... and is just frustrating over the phone.
Should I find a broker?

The biggest financial crisis in living memory happened.

hazyjo

redefinr said:

I do have a good deposit, I think the problem is I'm self employed...

Ah yes that may well be it.

May have to take a break for a while then...