How much to offer?

Smalltownhypocrite

AlexMac said:

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!

Its just the property section of another forum called mumsnet - https://www.mumsnet.com/talk/property

helpmeplzz

Thank you all these suggestions/ comments are great

There's no standing charge there as the meters been taken away apparently !  

The river is a field away - have looked on compare the market to check insurance for the whole building and looks like its between 600-2.3k... I think I need to check if this is covered under the 120pcm service charge or not... When I look at buildings insurance I only get the option to buy insurance for the whole block of flats, not just 1 individual flat.

I'm not selling another property, I'm an FTB, and the sinking fund has ~£20k in it (as of Dec 2022 - reports for Dec 2023 havent been filled in yet but apparently it shouldn't be too different). I'll ask what work is pending but I know they just spent a lot replacing the balcony at the front not too long ago.

What do you mean @AlexMac about "what condition is the freehold building in" ? Do you mean literally the physical state of the building (if so - looks good!) or is this more of a contract-type condition you're talking about?

MN is Mumsnet - It has a property forum but it's not a huge part of the site  

helpmeplzz

Oh and it's a private garden!

Little_bit_taller

Is there a reason why you are not considering outside of Bath i.e. somewhere you can afford a house and not be dealing with sinking funds and other renters/owners?

bobster2

The flat you are looking at sold for...

£290,022 - July 2019

£275,000 - February 2018

Just based on these prices and looking at the Nationwide house price index (https://www.nationwide.co.uk/house-price-index/) an asking price of £350,000 would not seem outlandish.

None of the issues you have listed provide a strong rationale for asking for a reduction. But it's quite common for people to aim to get a place for a bit less (e.g. 5%) than the asking price.

Personally - when selling - I'd rather not be in chain with someone who is concerned about trivial issues like a shabby cupboard and the washing machine. So I'd be cautious about mentioning stuff like that.

horsewithnoname

On the whole people price houses according to the condition they are in, so unless a survey throws up something unknowable, or the property is massively overpriced compared to similar houses, you won’t get a £350,000 house for £300,000

TheJP

Everything you have listed would maybe warrant £1500-3k off the price if the seller wants a quick sale. Generally white goods (washing machine) aren't included in sale so don't reflect property value. If you really like the flat and you can afford it then make an offer and see what happens, if you make an offer of £50k under asking i think you'll not be taken seriously as a buyer. Also your FTB status has no reflection on house price either if anything people now try to avoid FTBs as they can be difficult to deal with due to unrealistic expectations on buying a house.

BobT36

TheJP said:

Also your FTB status has no reflection on house price either if anything people now try to avoid FTBs as they can be difficult to deal with due to unrealistic expectations on buying a house.

Such people can enjoy their chains then.

MobileSaver

BobT36 said:

TheJP said:

Also your FTB status has no reflection on house price either if anything people now try to avoid FTBs as they can be difficult to deal with due to unrealistic expectations on buying a house.

Such people can enjoy their chains then.

Many sellers absolutely would prefer a chain to a FTB and the OP is the perfect example of why!

Apparently potential issues includes "bathroom cupboard shabby" and "washing machine very old"... I mean, really?!?!

OP, if you do decide to make an offer then I strongly suggest that you do not mention many of the "issues" you list in your opening post - the seller may not take you seriously if you do.

TheJP

BobT36 said:

TheJP said:

Also your FTB status has no reflection on house price either if anything people now try to avoid FTBs as they can be difficult to deal with due to unrealistic expectations on buying a house.

Such people can enjoy their chains then.

100% rather a chain than over demanding and unrealistic FTBs *not all FTBS are like this but going by my experience and those on this forum.