Very concerned we are significantly overpaying for flat??

NameUnavailable

You have said there are better flats going for less money, so why on earth would you proceed now?

A 'better' flat that costs you less is surely a no brainer?

Hedgepigs

I'd also not give too much headspace to the £283k one you can't find info on. It could well have sold off market at well below market rate for any number of reasons.

As already said, go look at the other that is actually on the market now - that will be a better comparison. You may find the amount you would want to spend doing it up makes the one you have an offer on seem not so bad value after all. Or you might not, in which case you can reconsider.

FTBJo

Hedgepigs said:

I'd also not give too much headspace to the £283k one you can't find info on. It could well have sold off market at well below market rate for any number of reasons.

As already said, go look at the other that is actually on the market now - that will be a better comparison. You may find the amount you would want to spend doing it up makes the one you have an offer on seem not so bad value after all. Or you might not, in which case you can reconsider.

Thanks hedgepigs does seem strange I can’t find any trace of it. Sounds like a good plan of action, even if it puts us at ease that 350k is okay , then that’s worth it

london21

You can go and view the cheaper ones but sometimes end up in a bidding war which raises price. 

You can try to negotiate but 50k off will be hard to achieve. 

Your mortgage offer depending on lender's criteria might be able to change the property to the new one but do keep in mind the offer expiry date. 

FTBJo

london21 said:

You can go and view the cheaper ones but sometimes end up in a bidding war which raises price. 

You can try to negotiate but 50k off will be hard to achieve. 

Your mortgage offer depending on lender's criteria might be able to change the property to the new one but do keep in mind the offer expiry date. 

Thanks london21, the other flat is smaller by 7 sq metres and in need of a new bathroom and other decor which ours doesn’t so don’t thinking reducing by that amount. But ours doesnt warrant 50k more either. 

FTBJo

London21 mortgage offer valid till end of the year. Enough time but not a huge amount of time to find another place and complete, if this one falls through.

lookstraightahead

Why is it any more a risk to buy now that after you've bought? Not advocating over paying at all, but once you've bought you've got years of house prices rising and falling. You don't always make money on a property. Sometimes you lose money.
I do think the market is turning though. 

RedFraggle

Are/were the cheaper flats tenanted? That would knock the price.

SusieT

Thee could be a lot of reasons for the other flats to be more expensive, as mentioned above -first floor, tenanted or ex rental that needs work, layout, size, decor, outlook, needing kitchen/bathroom (look up the price to have those done in the area!) and possibly more than 1 of those. Ground floor are sometimes priced a bit higher as they could attract people who find stairs difficult if the lift were to break down for example. Only you can make the decision, mortgage rates are expected to go up .5% today which will add to the cost of a different property so you need to sit down and think about actual costs of other flats as that £50k may be a lot lower when all calculations are done. 
You are buying a home to live in, soo in a few years the price difference may turn out to be well worth it, only you will know that

babyblade41

When you looked at previous properties before you offered on this one , how did they compare ?