Cheeky offer on Clapham flat?

MandyMcG

Hello

I am currently living in the South East, but looking to move into London for a new job and I think London prices are due a strong pick up in line with the rest of the UK as a lot of people are now returning to the office.

This garden flat overlooking Clapham Common has caught my eye:

3 bed flat for sale in Windmill Drive, Clapham SW4 - Zoopla 

3 beds, close to the tube station, and overlooking the common, but the issue is the price. It is a divorcing couple, and was put on at £1.65m in July, and just reduced to £1.45m but I still think its massively overpriced.

I have a budget of £1.2m --- do you think I should open at £1m, or will that just annoy them? I hear the divorce is particularly acrimonious, so would this be a pro or a con for my offer strategy?

MaryNB

Be careful with buying from a divorcing couple. Could be a messy process. My colleague was buying from a divorcing couple and if fell through just before exchange because the husband changed his mind and decided to buy the wife's share. Vaguely recall a poster here having difficulty because one half of the couple didnt really want to sell the property.

What do similar properties go for in the area? 

Offer what you think is reasonable. Don't worry about insulting them. If they would be willing sell at £1.2m they'd be very petty to reject it just because you offered £1m first. 

eddddy

I think the estate agent will know the sellers' mindset better than anyone here. They'll also know if other offers have been made and rejected - e.g. at £1.3m.  Have a chat with them.

If £1.2m (or whatever) is the best and/or only offer, they will push the sellers to accept it.

For example, it would be foolish of the EA to say no offer less than £1.3m would be accepted, if it wasn't true. Because you'd probably walk away - and they'd end up with £0 in commission, instead of commission on a £1.2m sale.

hazyjo

If you are happy spending that sort of dosh on leasehold, I'd go in very near to the top of your budget. That in itself is some way off asking price. If I had a million declined (which you will), I certainty wouldn't be increasing my next two offers by £100k each time. It just looks like you have millions in the bank.

Go in with a figure you can go up in increments of no more than around £50k each increase.

980233

For that location you have zero chance at your proposed offer. 

user1977

MandyMcG said:

I have a budget of £1.2m --- do you think I should open at £1m

How have you arrived at the figure of £1m?

AFF8879

I don’t think it would be a massively offensive offer given comparables on the market.

However… unless it’s a job with massively unsocial hours / no possibility of working from home 1-2 days a week, I wouldn’t be looking to sink over £1mm into London flats right now - notwithstanding all the cladding / fire safety issues and the fact you could buy a lovely freehold house in an easily commutable area to Clapham (Surrey, Berkshire etc) - whilst people are returning to the office, hardly anyone is back 5 days a week and it’s incredibly unlikely they ever will. 

And even more important than the financial investment is the quality of life aspect - a big house + garden in the suburbs/countryside vs inner city flat - though totally appreciate many people would genuinely prefer the latter, but from your post sounds like you’re only moving for your job.

MandyMcG

Thanks all for your comments so far. I love the greenery and the buzz of Clapham - it has the best of both worlds and its a fast train from Clapham Junction out to Surrey to see my family here.

I think a fair value for the flat is somewhere close to £1.2m, but I honestly believe it will be worth a lot more than that in 3 or 4 years time as people move from the outer suburbs back into London,

thegreenone

I can't help on what you ask but wow to the flat.   It's bigger than my 3-bed detached (Surrey) bungalow. 

Love the kitchen tiles.

steampowered

Personally, I would not want to live in Clapham, unless my job was in SW London. 

The area and the parks are nice, but it just isn't that well connected. It takes a long time to get into proper central London.

Especially if you need to get the Northern Line during rush hour. It can be literally impossible to get onto a Northern Line train at Clapham Common during rush hour as the train is already full. 

seven-day-weekend

Don't know London at all, so can't offer advice on price....but what a lovely flat, twice as big as my bungalow!