How much to offer?

helpmeplzz

I love this flat. It's lovely and light, good proportions and a nice garden. There are a lot of potential issues though/ things that need repairing due to having been let out (photos show it in a VERY good light compared to what you see here)....

Work needed: 

• Plastering and repainting 

• New carpets 2x rooms (current carpet has a gap of about 2 inches between the carpet edge and wall??)

• Bathroom cupboard shabby 

• Washing machine very old and will need replacing 

• One window shutter fallen off hinge (looks rusted)

• Front door looks like it will need replacing soon (listed building so guessing this will be expensive)

Other reasons:

• EFC of E (more realistically F) - there is apparently a gas connection there but it's been capped and the meter taken away. Current landlord didn't know this as last 2 boilers (at least) have been electric. No idea if the gas connection is live or dead.

• We’re first-time buyers with no-chain

• We have agreement in principle (for ~ 33% of the flat value)

• We are currently on monthly renting - can move in whenever convenient (however there is currently a mature student tenant in the place until July - there would be no exchange of contracts until they have left)

• Judging for how the other flats above and below of it sold (being higher EPC of C) - £310k and £300k (second one was initially listed as £350k by the same estate agent)

• Looks like other flats in the building are currently being tenanted out, not live-in landlords?

• Right in front of Kwik Fit/ slightly ugly road

• Will need secondary glazing in bedroom at least for noise

htt ps://w ww .right move.co .uk/properties /144174710#/?channel=RES_BUY 

Please help me see whats decent to offer... I think it's hugely overpriced at the moment but do really like it

Slinky

https://www.rightmove.co.uk/properties/144174710#/?channel=RES_BUY

Robin9

The work you have identified is very much to be expected and IMO does not merit a reduction in cost. As  a first time buyer you want perfection but that is not what you get in real life.

Wait till you see the surveyors report - at first sight that may be damming .   That may give you some scope re what to offer.

Warning re running costs - if it is an electric boiler be prepared for arm and leg bills!

gwynlas

What you are describing as problems ae mostly cosmetic apart from the front door so woud not cost a lot to fix. I would prefer not to live in a tenanted building as the only owner as tenants are transient and absent landords might prove  less agreeable to getting involved in issues. You need to be aware of quality of sound insulation between flats in older conversions and check if double/secondary glazing allowed. Because you have the terrace and garden I think you cannot expect to  get the same price as the others but maybe start negociations at £330K

helpmeplzz

@Smalltownhypocrite I'm just here to get opinions. I'm trying to decide what to do - not trying to get 60k+ off it.
Just interested to see what other people would offer (which is not what people were offering on MN). People were mainly slamming the idea of buying a listed property which literally you have 0 choice over in bath.

This flat is within my budget with a mortgage - like i said i just think its overpriced

helpmeplzz

@gwynla@Robin9 Thank you - very helpful stuff 

helpmeplzz

But also, when do you get the surveyor involved @Robin9 ? I thought you put in an offer before getting survey done..?

Smalltownhypocrite

helpmeplzz said:

@Smalltownhypocrite I'm just here to get opinions. I'm trying to decide what to do - not trying to get 60k+ off it.
Just interested to see what other people would offer (which is not what people were offering on MN). People were mainly slamming the idea of buying a listed property which literally you have 0 choice over in bath.

This flat is within my budget with a mortgage - like i said i just think its overpriced

People are telling you its bad because you can't afford it and don't seem to believe anyone when they tell you how expensive listed building are to upkeep and run. Even if you get a mortgage to up what you can afford you still need to factor in actual costs. You cant double glaze it etc... like you planned, this place is going to be a money pit and terrible investment.

Now all listed building can have those issues yes and you live in an area with lots of them also yes but that means you doubly shouldn't be looking at houses at the maximum of what you can beg, borrow and steal to buy. If you buy a house £250k (which there are some quite similar ones available) you would have the money (and in an emergency even ability to add extra fiance without being maxed out already) to afford those costs.

You clearly have set your heart on only this one property, you are not thinking with your head and won't believe anyone when they say its a bad idea and its a recipe for disaster but you are clearly going to try anyway.

You could offer 10% off (£315k), thats a 'reasonable' under without being 'offensively low' but they might not accept it. Don't mention paint and carpets etc... as you'll look like a silly newbie.

Brie

The first red flag was the tenant - I would be offering anything with a tenant there.  I'd want empty possession, not just a promise of "oh don't worry, he's said he'll move out."

How can an owner not know if there is gas to the place?  If there is someone is paying a standing charge.  If not you'll want to get it reconnected.  

How far are you from the river.  I know those houses have been there forever (or seem like it) so maybe have never been damaged but are they easy and cheap to insure??  

Looks lovely thought.  I wouldn't worry about cosmetic stuff for a couple of years at least.  

AlexMac

It’s a beautiful flat (and is that a shared or dedicated garden?) so I understand your enthusiasm. There are no rules about offering so (ignoring others’ views on your financial position) just go in with an offer based on recent comparator sales, less £6-8k for the cosmetics, and the need to fit a new gas circuit and oersumably gas boiler and central heating? 

They can only say no, so you’ll up it a bit, then walk away if you can’t agree. Trowel on your advantages (flexible on dates? Mortgage in principle? Did you say you’re selling another property- I’ve not read the whole thread… if so, buyers with no chain..?)

I like shared ownership of the freehold and have owned flats in two listed blocks so that wouldn’t scare me, but what are the Service Charges, what condition is the freehold building in, is there a Sinking Fund and what work is pending?  External decor every 6-7 years will cost probably £2-4k per leasehold, but a new roof will be several times that?  When was it last replaced?

And what’s MN?  Is this another property blog ?  If so, do share as I’m a junkie for websites like this!

helpmeplzz

@Smalltownhypocrite thank you - this house isn't out of my budget/at the top of my budget at all - I have other savings (especially as I'm now going to take a mortgage thanks to other advice).

Maybe I am thinking with my heart - but I'm reaaally trying to think with my head - hence asking what people think about offers.

Ideally I'd buy a house. I understand it can be a nightmare sharing a building with building repairs etc but that's just not possible in Bath for me at the mo, and rent is extortionate... And obviously people do it (buy flats in bath) so I'm trying to weigh up pros and cons, and work out whether it is worth it or not. We want to live centrally hence why houses are not an option, and don't want to get a huge mortgage either. Flats we've seen at 250k are basements/ really boxy places...

Thank you for the numbers (and advice on the paint/carpet points!!) - I really appreciate it