My offer was accepted below asking. Thoughts?

warwick2001

robatwork said:

theartfullodger said:

Buying with tenants is entirely legal, OK, quite common.  But even if, after purchase, you are outside in the car with 3 screaming kids, incontinent Rottweiler and emotionally collapsing partner plus removals van tenants have every right to remain.

Lovely descriptive prose -I can almost see it.

As others have said - Snog Marry AVOID until it's vacant possession.

Oh and which one is crashy - sarah2 or warwick or both?

Errr....defo not me. I own my house!!

Sarah1Mitty2

https://forums.moneysavingexpert.com/discussion/comment/80025779#Comment_80025779

How about this one, PropertyLog is showing 85k off so far?

https://www.rightmove.co.uk/properties/118903316#/?channel=RES_BUY

I think with the OP`s budget they are going to get a bargain if they look around.

peter3hg

https://forums.moneysavingexpert.com/discussion/comment/80027117#Comment_80027117

That is a 2-bedroom flat despite what the listing says. A store cupboard less than 4 foot wide isn't a bedroom.

If the seller hadn't decided to misleadingly list it then they wouldn't have had to reduce the price so much to get towards the price of other 2-beds.

mi-key

https://forums.moneysavingexpert.com/discussion/comment/80026538#Comment_80026538

Crashy is about half the users on this site now!

mi-key

https://forums.moneysavingexpert.com/discussion/comment/80027239#Comment_80027239

Jesus, I have seen people pushing it, but trying to call the cupboard a bedroom in that flat is really pushing it ! I doubt you could even get a single bed in there and still open the door.

mi-key

https://forums.moneysavingexpert.com/discussion/comment/80027117#Comment_80027117

Why are you posting flats that are nothing like the OP is looking for? Try looking for ones around £625K which is their budget? They aren't looking for a tiny cheap flat, they can afford something much better.

jimbog

https://forums.moneysavingexpert.com/discussion/comment/80027117#Comment_80027117

Only a two bedroomed flat. As the OP is looking for a 3 bedroomed house then it would be a bit cramped

Delinja

https://www.rightmove.co.uk/properties/133780772#/?channel=RES_BUY

This is the property I am referring to.

I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.

Exodi

Delinja said:

https://www.rightmove.co.uk/properties/133780772#/?channel=RES_BUY

This is the property I am referring to.

I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.

I think this forum has a biased view on these sorts of things.

You have to appreciate, that people generally come to this forum with issues. It is, despite being statistically uncommon, relatively common on this forum to see threads where first time buyers are over half a year into buying a house, several thousand pounds lighter on solicitors and searches, and foaming at the mouth because they've just learned that the section 21 the landlord served wasn't valid as the landlord can't prove they provided an up to date version of the 'How to Rent' guide, so the process starts from the beginning. The tenants are routinely briefed by the council and various homeless charities to only leave the property by formal eviction, which can take many, many months to appear before a judge, and then can be adjourned by last minute defenses. It is not unheard of for evictions to take over a year.

However, as I said above, this forum is a bit jaded in this regard, as the 99% who have trouble-free tenants aren't posting single sentence threads of "tenant left with no issues ".

Also, I appreciate your comment of "I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.". I'd certainly agree it's probably very low risk but it depends on your appetite for risk. Even 1% is too much for some.

Delinja

Exodi said:

Delinja said:

https://www.rightmove.co.uk/properties/133780772#/?channel=RES_BUY

This is the property I am referring to.

I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.

I think this forum has a biased view on these sorts of things.

You have to appreciate, that people generally come to this forum with issues. It is, despite being statistically uncommon, relatively common on this forum to see threads where first time buyers are over half a year into buying a house, several thousand pounds lighter on solicitors and searches, and foaming at the mouth because they've just learned that the section 21 the landlord served wasn't valid as the landlord can't prove they provided an up to date version of the 'How to Rent' guide, so the process starts from the beginning. The tenants are routinely briefed by the council and various homeless charities to only leave the property by formal eviction, which can take many, many months to appear before a judge, and then can be adjourned by last minute defenses. It is not unheard of for evictions to take over a year.

However, as I said above, this forum is a bit jaded in this regard, as the 99% who have trouble-free tenants aren't posting single sentence threads of "tenant left with no issues ".

Also, I appreciate your comment of "I very much doubt the tenants are going to be causing issues. This is an expensive area, they are certainly not going to be looking for council housing after this.". I'd certainly agree it's probably very low risk but it depends on your appetite for risk. Even 1% is too much for some.

Yes, I fully appreciate your point. When I made this post I was still very much in shock, but having had a chance to think about it some more and do some more research, I think I have reached a point where I am confident in my decision. 

The main thing I have learned from this post is not to complete until tenants are fully out, which is totally valid and something I intend to do. 

Worst case scenario is I lose some money on fees and delay my search, neither of which is insurmountable for me. 

As for the actual price, well, it's clear nobody knows what the heck is gonna happen. Based on the the state of things today, it is a good value, and the bank will do a valuation anyway.