My offer was accepted below asking. Thoughts?

Delinja

gwynlas said:

As you are living in the development already are you aware of the tenants circumstances ie when they moved in and when their current tenancy ends? Yes do not exchange without vacant possession but I let a couple of flats in London for a number of years and never had any problems with overstayers. Your offer was only £25k below asking and you were probably very aware of what similar properties had sold for so whilst you achieved a reduction I would not worry that there was anything ominous in this. Enjoy owning your own property rather than paying out rent but you will now need to start paying your own service charges.

I'm not aware of their specific circumstances, no. 

I did speak to the estate agent this morning. 

He has confirmed that they will take the property off the market and not accept any offers once I instruct the solicitors. 

He has also advised that they will serve the tenants 2 months notice as soon as the official mortgage offer is sent over, which should happen in the next 1-2 weeks. 

This all seems perfectly sensible to me? 

Sarah1Mitty2

Delinja said:

Not sure why my last comment is not showing so replying again.

I understand that I should not exchange contracts before the tenants have completely moved out.

Other than that, are potential delays the only risk? I'm fine if it drags on a little bit, earliest I can leave my current property is end of August anyway. 

You probably should have offered lower if it is tenanted, are you allowed to post a link to the development?

Delinja

Sarah1Mitty2 said:

Delinja said:

Not sure why my last comment is not showing so replying again.

I understand that I should not exchange contracts before the tenants have completely moved out.

Other than that, are potential delays the only risk? I'm fine if it drags on a little bit, earliest I can leave my current property is end of August anyway. 

You probably should have offered lower if it is tenanted, are you allowed to post a link to the development?

I did offer 610 as I said in my original post but was rejected. 

I'm not able to share links yet unfortunately. 

Sarah1Mitty2

Delinja said:

Sarah1Mitty2 said:

Delinja said:

Not sure why my last comment is not showing so replying again.

I understand that I should not exchange contracts before the tenants have completely moved out.

Other than that, are potential delays the only risk? I'm fine if it drags on a little bit, earliest I can leave my current property is end of August anyway. 

You probably should have offered lower if it is tenanted, are you allowed to post a link to the development?

I did offer 610 as I said in my original post but was rejected. 

I'm not able to share links yet unfortunately. 

Someone else could maybe pop the link up from a description. A tenanted  "investment" property at this stage in the market could have a long way to fall depending on what rates do, so maybe you should hold off for a while?

Burtbot

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

Sarah1Mitty2

Burtbot said:

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

This one has been reduced by 50k, is there anything wrong with it?

https://www.rightmove.co.uk/properties/111503810#/?channel=RES_BUY

Burtbot

Sarah1Mitty2 said:

Burtbot said:

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

This one has been reduced by 50k, is there anything wrong with it?

No idea? Lease maybe... But it's under offer anyway. And only a 1 bed, and the OP wants a 3 bed. But I know that area and that road is nice. 

Brie

I thought that the general advice was to not spend a penny on buying a place until you knew for certain that the tenants were already out.  The current owner can serve the notice, the tenants agree and then change their minds at any point and dig their heels in.  

MFWannabe

Burtbot said:

Sarah1Mitty2 said:

Burtbot said:

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

This one has been reduced by 50k, is there anything wrong with it?

No idea? Lease maybe... But it's under offer anyway. And only a 1 bed, and the OP wants a 3 bed. But I know that area and that road is nice. 

And it’s absolutely tiny! Have you seen the room measurements?!

mi-key

MFWannabe said:

Burtbot said:

Sarah1Mitty2 said:

Burtbot said:

I live in Stratford! You can totally buy 3 bed houses for your budget. I can't post links for some reason, but I live by West Ham Park, and you can buy nice houses round here for that budget. One nice one for sale on East Road at the. moment

This one has been reduced by 50k, is there anything wrong with it?

No idea? Lease maybe... But it's under offer anyway. And only a 1 bed, and the OP wants a 3 bed. But I know that area and that road is nice. 

And it’s absolutely tiny! Have you seen the room measurements?!

My living room is nearly bigger than that whole flat. I know open plan is trendy, but not having to have your fridge next to the TV !