Have I overpaid on this flat?

snowqueen555

I think another 5-10% or more would sweeten the deal, but as it's already been discounted and I'm pretty sure the vendor won't go down. Anywhere in the 160's I'd consider.

Was originally listed for 185 (way too much anyway), then 175. Got it for 173 and tried to get 170.

As much as I'd like a better flat, getting something for 180+ pushes the limit of what a bank would lend me, and the service charges for this flat are half as much as any more flat I've seen.

NameUnavailable

snowqueen555 said:

I've had an offer accepted on a flat in Bristol, main concern is it is above shops. Let me preface this by saying this a big compromise, I have bid on several properties before this that had central heating, driveway, their own front door, garden (all the benefits I should be looking at), but each time I have been outbid.

I am aware of the risks associated with buying above properties, I'm sorta wondering if I've overpaid or made a big mistake. I do like the area, it is 30m walk into the city centre. It was reduced from £185K  and I got it for £173k.

https://imgur.com/a/mPwT2gn

EPC D - poor heating, but very good wall and roof insulation.
45sq m
£65 pm service charges, no ground rent, 999 yr lease
Electric heating.
No parking.
Shared enclosed courtyard.
Top floor 
On the high street
Good cosmetic condition, no decorating required.

Thanks

No ground rent and a 999 year lease is great, but, service charges are very variable. What exactly does that £65 a month pay for?

Who is selling the flat? As it's fully redectorated/empty I wonder if the freeholder owns it? Were other flats refurbished/sold? I'd be a little concerned about the exterior decoration of the building - they might decide to repaint it after you move in and then you'll have to pay your share of those additional costs (unlikely to be covered by the service charge).

Also, be careful with conversion flats as sound insulation can be very poor or non existent.

You do need to think about resale and being above shops with no parking and on a main road will put off a lot of potential buyers, which is probably why you have found this one an 'easy' buy.

Sarah1Mitty2

snowqueen555 said:

I think another 5-10% or more would sweeten the deal, but as it's already been discounted and I'm pretty sure the vendor won't go down. Anywhere in the 160's I'd consider.

Was originally listed for 185 (way too much anyway), then 175. Got it for 173 and tried to get 170.

As much as I'd like a better flat, getting something for 180+ pushes the limit of what a bank would lend me, and the service charges for this flat are half as much as any more flat I've seen.

Best to wait and see what the bank says, looks like you won`t be making up the difference if it is undervalued?

snowqueen555

NameUnavailable said:

snowqueen555 said:

I've had an offer accepted on a flat in Bristol, main concern is it is above shops. Let me preface this by saying this a big compromise, I have bid on several properties before this that had central heating, driveway, their own front door, garden (all the benefits I should be looking at), but each time I have been outbid.

I am aware of the risks associated with buying above properties, I'm sorta wondering if I've overpaid or made a big mistake. I do like the area, it is 30m walk into the city centre. It was reduced from £185K  and I got it for £173k.

https://imgur.com/a/mPwT2gn

EPC D - poor heating, but very good wall and roof insulation.
45sq m
£65 pm service charges, no ground rent, 999 yr lease
Electric heating.
No parking.
Shared enclosed courtyard.
Top floor 
On the high street
Good cosmetic condition, no decorating required.

Thanks

No ground rent and a 999 year lease is great, but, service charges are very variable. What exactly does that £65 a month pay for?

Who is selling the flat? As it's fully redectorated/empty I wonder if the freeholder owns it? Were other flats refurbished/sold? I'd be a little concerned about the exterior decoration of the building - they might decide to repaint it after you move in and then you'll have to pay your share of those additional costs (unlikely to be covered by the service charge).

Also, be careful with conversion flats as sound insulation can be very poor or non existent.

You do need to think about resale and being above shops with no parking and on a main road will put off a lot of potential buyers, which is probably why you have found this one an 'easy' buy.

All the other flats are rented out, this is the only one being sold, It isn't the freeholder as far as I'm aware. The charges covers buildings insurance, but the lease is still being written up.

I have been kinda put off this flat and I am surprised to see many flats have been discounted and even taken off the market in the last two weeks. Seems like things are quietened down so quickly here.

snowqueen555

Sarah1Mitty2 said:

snowqueen555 said:

I think another 5-10% or more would sweeten the deal, but as it's already been discounted and I'm pretty sure the vendor won't go down. Anywhere in the 160's I'd consider.

Was originally listed for 185 (way too much anyway), then 175. Got it for 173 and tried to get 170.

As much as I'd like a better flat, getting something for 180+ pushes the limit of what a bank would lend me, and the service charges for this flat are half as much as any more flat I've seen.

Best to wait and see what the bank says, looks like you won`t be making up the difference if it is undervalued?

No, I am most likely going to pull out, but would be interested if I got this further discounted.

Sarah1Mitty2

snowqueen555 said:

NameUnavailable said:

snowqueen555 said:

I've had an offer accepted on a flat in Bristol, main concern is it is above shops. Let me preface this by saying this a big compromise, I have bid on several properties before this that had central heating, driveway, their own front door, garden (all the benefits I should be looking at), but each time I have been outbid.

I am aware of the risks associated with buying above properties, I'm sorta wondering if I've overpaid or made a big mistake. I do like the area, it is 30m walk into the city centre. It was reduced from £185K  and I got it for £173k.

https://imgur.com/a/mPwT2gn

EPC D - poor heating, but very good wall and roof insulation.
45sq m
£65 pm service charges, no ground rent, 999 yr lease
Electric heating.
No parking.
Shared enclosed courtyard.
Top floor 
On the high street
Good cosmetic condition, no decorating required.

Thanks

No ground rent and a 999 year lease is great, but, service charges are very variable. What exactly does that £65 a month pay for?

Who is selling the flat? As it's fully redectorated/empty I wonder if the freeholder owns it? Were other flats refurbished/sold? I'd be a little concerned about the exterior decoration of the building - they might decide to repaint it after you move in and then you'll have to pay your share of those additional costs (unlikely to be covered by the service charge).

Also, be careful with conversion flats as sound insulation can be very poor or non existent.

You do need to think about resale and being above shops with no parking and on a main road will put off a lot of potential buyers, which is probably why you have found this one an 'easy' buy.

All the other flats are rented out, this is the only one being sold, It isn't the freeholder as far as I'm aware. The charges covers buildings insurance, but the lease is still being written up.

I have been kinda put off this flat and I am surprised to see many flats have been discounted and even taken off the market in the last two weeks. Seems like things are quietened down so quickly here.

That should give you even more choice, rather than feeling forced to buy something you probably won`t like in a year or so. Everything else around it being rented might also be a downside?

snowqueen555

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

ManuelG

https://imgur.com/a/mPwT2gn

As an aside, was it sold through that agent?

Sarah1Mitty2

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Minimal work needed is a bonus.

AFF8879

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…