First time buyer: one bedroom in London

redefinr

I haven't answered yet and I think I will stay quiet today...I'm pretty sure the EA will call me today as he's been calling me all week already.
Fingers crossed...

lisyloo

Crashy_Time wrote: »

Do you think it is value for money?

Yes, it’s much better to buy than to rent for your home.
At the end of the mortgage the OP will own a valuable asset and will not have been at the whim of a landlord asking them to leave.
They can have a mortgage free retirement which is an important fundamental of a comfortable retirement.

Do you think your comments were of any value to this person?
How many who want to buy have changed their mind as a result of your comments?

redefinr

As predicted. EA sent me an email, he said if I offer £305K he will make sure the deal can be sealed and the property will go off the market....

Decisions decisions...

lisyloo

I’d be really interested to know if you’d decided on an absolute top line beforehand.
I think this would have been useful.

Crashy_Time

lisyloo wrote: »

Yes, it’s much better to buy than to rent for your home.
At the end of the mortgage the OP will own a valuable asset and will not have been at the whim of a landlord asking them to leave.
They can have a mortgage free retirement which is an important fundamental of a comfortable retirement.

Do you think your comments were of any value to this person?
How many who want to buy have changed their mind as a result of your comments?

To pick just one of many flaws in your reasoning - how do you know the value of an asset 25 maybe even 30 years in the future? Most people who pay on time and behave themselves can have rentals for decades if they wish, the "whim of a landlord" stuff is just mortgage sales talk I`m afraid, and it is all starting to look less convincing as we move closer to No Deal.

jimbog

Crashy_Time wrote: »

the "whim of a landlord" stuff is just mortgage sales talk I`m afraid

Strange, you commented on many such threads:
https://forums.moneysavingexpert.com/discussion/6027958/section-21-notice-after-8-years-tenancy

jimbog

redefinr wrote: »

As predicted. EA sent me an email, he said if I offer £305K he will make sure the deal can be sealed and the property will go off the market....

Decisions decisions...

By remaining firm and by doing nothing you have saved £10k already on what you were told was their ‘minimum’ price - seems to me you’re becoming quite a good negotiator! Continue to do that. Don’t get into a discussion regarding affordability or take up any suggestions of seeing their mortgage advisor. Tell the estate agent to keep you updated with any developments while you ‘look elsewhere’.

Yalpsmol

On page 4 (I think) you say 300k is your max. Try to remember why (I dont know- but Im sure there is good reason!)

Crashy_Time

jimbog wrote: »

Strange, you commented on many such threads:
https://forums.moneysavingexpert.com/discussion/6027958/section-21-notice-after-8-years-tenancy

This?
https://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-nightmare-owe-56k-zombie-banks-repossessed-property/#comments

Not sure what your point is?

redefinr

Yeah £300K is my max, I'm jumping through hoops to even get to that so definitely I'm not going to raise over that.

EA called me again in the late afternoon - still trying to push for this £305k. I got to the conclusion that my final offer was £295K and that's really my final thing on that house. I told him I won't touch £300K for a studio...if the vendor still think is not enough, I think I will put my effort into the 1 bed linked by jimbog:

https://www.rightmove.co.uk/property-for-sale/property-72679198.html

I went and have a look at the outsides yesterday and it's actually not that bad. It doesn't have the comfort or bus/tube in close proximity but the building seems in really good shape and the area is nice and quiet.