First time buyer: one bedroom in London

redefinr

I had a good read at Martin's guide...very informativa but at times also confusing :S

A good friend of mine (which happen to buy the only one I know who bought a house) advised me to check Halifax for mortgages. Anyone had any experience with them?

Crashy_Time

jimbog wrote: »

It was me who mistakenly called it a 'loft conversion' when it wasn't. My apologies.

Do you think it is value for money?

jimbog

Crashy_Time wrote: »

Do you think it is value for money?

I don't know the market in London well enough to advise I'm afraid.

redefinr

I had a sitdown with a mortgage advisor at Barclays on Friday and it looks like they can give me the amount of money I need. They about to send me an agreement in principle today, later on I wil make my offer on that studio flat I listed.
I'm aiming to offer £295k (asking price is £325k) - hopefully it's something EA will consider.
My whole budget is £300k and I can't go over it...I thought I would leave a £5k for negotiations?

jimbog

I would offer less (£285k) as a starting point and use the uncertainty over Brexit and lowering London prices if you feel a need to justify it. You can always increase your offer if it is declined.

How does the asking price for similar studios compare?

redefinr

I think the price is fair to be honest, for £300k you can get some one bedrooms around but some are councils, some are above shops, etc.


Apex Court is a new build with no shops on the ground. Also, the position is quite key and there is a good selections between Goldhawk Rd and Shepherd Bush.

I need to find a solicitor, I'm thinking to search locally between Hammersmith and Shepherd Bush. I don't really know anyone to ask for recommendations I guess I will have to trust google a bit...

redefinr

EA called in, saying the vendor is looking for at least £315k. At the point I said 'oh that's way out of my budget then...I may look elsewhere'....and he suggested I should try and offer something in the region of 300-305k so that he can talk with the vendor.

Not going to lie, I'm not good at negotiations. Am I going to look foolish if I offer 295k?

need_an_answer

You can but try...there is no harm,but set your realistic figure and if negotiations go above that then walk away.

jimbog

No, you won’t look foolish. Wait a day or two so that you don’t look too keen. Perhaps put the offer in an email and say it’s your final offer and it will need then to come off the market. The difference in commission that the agent receives would be negligible to them.

need_an_answer

If your offer is initially rejected then advise the agent that your offer remains in place "on the table" until you find a suitable alternative property.

This tactic sometimes works as whilst the vendor initially rejects it,if there is little further interest in the property they sometimes reflect on a hasty decision and possibly will come back and accept it a few days or a week or so later.


Fingers crossed for whatever you decide