Should I accept lower offer for my London flat?

silvercar

ReadySteadyPop said:

silvercar said:

ReadySteadyPop said:

RelievedSheff said:

ReadySteadyPop said:

RubySuzylondon said:

Hi everyone

I've got a converted studio flat for sale in N14 London, the suburbs. I bought it 20 years ago, I was the first to buy after it was converted from a warehouse. It's got a lovely white facade, it's unique. 

There's one main living/sleeping room 16 foot by 16ft, a separate large kitchen big enough for a table for 2,  modern bathroom and private balcony (no parking space).

It's got 10 ft high ceilings so the main room is really light and spacious, fully fitted kitchen, spacious modern bathroom, intercom. Double glazing and central heating.

 It's on a safe quiet cul-de-sac & and at the top of our road over the bridge is Marks and Spencer's foodhall. The whole high Street is literally 30 second walk away with leisure centres, tube station etc. Fab location near M25. It's perfect for the first time buyer, and it's very safe for a woman living on her own. 

Its still got a long lease (minus 20 years), the ground rent is about £150/year, the service charge is about £160 per month variable. So it's average bills. 

 There's 24 purpose built flats in the block, and mine being the smallest means I pay the smallest percentage for service charge out of everyone. 

 Its pretty cheap to run because it's small, it's only a studio flat, there's no separate bedroom. 

I planned to sell it. 

It had been rented out after I'd lived there for 10 years so I completely redecorated the whole place, got the professional painters in and put in new kitchen worktops, got the cupboards re-sprayed professionally. You name me, I updated everything I could. It now looks much better than it did when I bought it.

I had 5  valuations of between £200k and £265k. There's a lack of other comparable purpose-built studio flats in N14, hence the big range.  

 I put it up for sale in November last year for £265k,  took it off in December (because there's no traffic) put it back on in January 2025 so it's only been for sale for two and a half months.

I reduced it to £260k in January (£5k reduction) because I had to sell it quick. 

I'm a first -time Seller.

Just had my first offer from a first time buyer with cash, £240k. After 2 weeks of negotiation the highest she wants to lay out is £250k. (The estate agent says her max budget is £270k).  My minimum is £255k, having come down £10k. So we're still £5K away for me to feel comfortable about selling.

Also offered to chuck in the 4 white goods - fridge, separate freezer, washing machine and dishwasher for free. Hence It's move-in ready. 

She won't budge, she won't compromise anymore. I feel I've bent over backwards and if it's not appreciated I should move on.

Also, My circumstances have changed and I'm not in a rush to sell anymore. 

Ive attached my flat link on Rightmove. It's actually larger than many one-beds due to the separate large kitchen, so it's comparable size-wise and cheaper than some 1-beds. 

Do you think I should accept the £250k even though I could get more for it if I wait for another buyer? Maybe £260k. (And advertise it for £275k, IE increase it by £10k). 

The increase in stamp duty rules in April don't affect me because I'm selling below £300k. £300k being the new amount to pay tax stamp duty on (for first time buyers only). There's a lack of investors around who would pay stamp duty from £125k. 

That's why I thought I might wait for another first time buyer who wants to buy a studio flat like mine, below £300k after April. To save on the hike in stamp duty spending over £300k. 

I'm torn, so let me know your thoughts, what would you do? very appreciated. 

Thanks 👍🏼 

Take the offer before they grab something else, cash buyer is gold in a rising mortgage rate environment.

Mortgage rates are falling at the moment:

https://www.bbc.co.uk/news/articles/c0e43dqv271o

The headline grabbing deals won`t be available to most borrowers and may have big fees or deposits attached ( I have heard of 40% deposit being the norm now to snag a good rate) and as the article states...

"Across the whole market the average rate on a two-year fixed deal is 5.48%"

As bond yields are now rising most of these deals won`t last long.

As today the government announces 5% deposits for FTBs and a permanent mortgage guarantee scheme as well as reducing affordability rules. (Page 16 of The Times for those that get their news in print).

Another problem would be that people would just enter negative equity more quickly?

Are you using the phrase ‘more quickly’ to imply everyone will get there eventually? Patently not true.

People would only enter negative equity if prices fall by at least an amount that is higher  than the deposit.  Combine that with most mortgages being repayment rather than the interest only mortgages of decades ago and it’s even less likely. 

Negative equity is only a problem when people want to sell or remortgage. 

RelievedSheff

silvercar said:

ReadySteadyPop said:

silvercar said:

ReadySteadyPop said:

RelievedSheff said:

ReadySteadyPop said:

RubySuzylondon said:

Hi everyone

I've got a converted studio flat for sale in N14 London, the suburbs. I bought it 20 years ago, I was the first to buy after it was converted from a warehouse. It's got a lovely white facade, it's unique. 

There's one main living/sleeping room 16 foot by 16ft, a separate large kitchen big enough for a table for 2,  modern bathroom and private balcony (no parking space).

It's got 10 ft high ceilings so the main room is really light and spacious, fully fitted kitchen, spacious modern bathroom, intercom. Double glazing and central heating.

 It's on a safe quiet cul-de-sac & and at the top of our road over the bridge is Marks and Spencer's foodhall. The whole high Street is literally 30 second walk away with leisure centres, tube station etc. Fab location near M25. It's perfect for the first time buyer, and it's very safe for a woman living on her own. 

Its still got a long lease (minus 20 years), the ground rent is about £150/year, the service charge is about £160 per month variable. So it's average bills. 

 There's 24 purpose built flats in the block, and mine being the smallest means I pay the smallest percentage for service charge out of everyone. 

 Its pretty cheap to run because it's small, it's only a studio flat, there's no separate bedroom. 

I planned to sell it. 

It had been rented out after I'd lived there for 10 years so I completely redecorated the whole place, got the professional painters in and put in new kitchen worktops, got the cupboards re-sprayed professionally. You name me, I updated everything I could. It now looks much better than it did when I bought it.

I had 5  valuations of between £200k and £265k. There's a lack of other comparable purpose-built studio flats in N14, hence the big range.  

 I put it up for sale in November last year for £265k,  took it off in December (because there's no traffic) put it back on in January 2025 so it's only been for sale for two and a half months.

I reduced it to £260k in January (£5k reduction) because I had to sell it quick. 

I'm a first -time Seller.

Just had my first offer from a first time buyer with cash, £240k. After 2 weeks of negotiation the highest she wants to lay out is £250k. (The estate agent says her max budget is £270k).  My minimum is £255k, having come down £10k. So we're still £5K away for me to feel comfortable about selling.

Also offered to chuck in the 4 white goods - fridge, separate freezer, washing machine and dishwasher for free. Hence It's move-in ready. 

She won't budge, she won't compromise anymore. I feel I've bent over backwards and if it's not appreciated I should move on.

Also, My circumstances have changed and I'm not in a rush to sell anymore. 

Ive attached my flat link on Rightmove. It's actually larger than many one-beds due to the separate large kitchen, so it's comparable size-wise and cheaper than some 1-beds. 

Do you think I should accept the £250k even though I could get more for it if I wait for another buyer? Maybe £260k. (And advertise it for £275k, IE increase it by £10k). 

The increase in stamp duty rules in April don't affect me because I'm selling below £300k. £300k being the new amount to pay tax stamp duty on (for first time buyers only). There's a lack of investors around who would pay stamp duty from £125k. 

That's why I thought I might wait for another first time buyer who wants to buy a studio flat like mine, below £300k after April. To save on the hike in stamp duty spending over £300k. 

I'm torn, so let me know your thoughts, what would you do? very appreciated. 

Thanks 👍🏼 

Take the offer before they grab something else, cash buyer is gold in a rising mortgage rate environment.

Mortgage rates are falling at the moment:

https://www.bbc.co.uk/news/articles/c0e43dqv271o

The headline grabbing deals won`t be available to most borrowers and may have big fees or deposits attached ( I have heard of 40% deposit being the norm now to snag a good rate) and as the article states...

"Across the whole market the average rate on a two-year fixed deal is 5.48%"

As bond yields are now rising most of these deals won`t last long.

As today the government announces 5% deposits for FTBs and a permanent mortgage guarantee scheme as well as reducing affordability rules. (Page 16 of The Times for those that get their news in print).

Another problem would be that people would just enter negative equity more quickly?

Are you using the phrase ‘more quickly’ to imply everyone will get there eventually? Patently not true.

People would only enter negative equity if prices fall by at least an amount that is higher  than the deposit.  Combine that with most mortgages being repayment rather than the interest only mortgages of decades ago and it’s even less likely. 

Negative equity is only a problem when people want to sell or remortgage. 

Exactly that.

We were in negative equity for a long time with our previous property. It didn't cause us any problems and it was still far cheaper than renting a similar property to pay the mortgage every month.

Herzlos

ReadySteadyPop said:

RelievedSheff said:

Mortgage rates are falling at the moment:

https://www.bbc.co.uk/news/articles/c0e43dqv271o

The headline grabbing deals won`t be available to most borrowers and may have big fees or deposits attached ( I have heard of 40% deposit being the norm now to snag a good rate) and as the article states...

"Across the whole market the average rate on a two-year fixed deal is 5.48%"

As bond yields are now rising most of these deals won`t last long.

40% deposit for the best rates has always been the case, so I'm not sure what point you're trying to contort this time.

Mortgage rates falling across the board means that mortgages for everyone will be going down, naturally with the best rates for those with the lowest risk (highest deposit), but it's marginal. It may only be a 0.1ppt change to cross a threshold which is unlikely to have a massive impact.

For example, IIRC I boosted our last deposit to bring out mortgage under 70% LTV and it saved me £8/month. Nice to have but I'd have been able to afford it without and in hindsight I'd have rather held onto the extra £1500 to spend on renovations.

Herzlos

ReadySteadyPop said:

Another problem would be that people would just enter negative equity more quickly?

In the event of a price dip, yes, but (a) unless they are moving again it's not an issue and (b) improved affordability will push prices up.

Can you please stop derailing threads with your fearmongering?

ReadySteadyPop

silvercar said:

ReadySteadyPop said:

silvercar said:

ReadySteadyPop said:

RelievedSheff said:

ReadySteadyPop said:

RubySuzylondon said:

Hi everyone

I've got a converted studio flat for sale in N14 London, the suburbs. I bought it 20 years ago, I was the first to buy after it was converted from a warehouse. It's got a lovely white facade, it's unique. 

There's one main living/sleeping room 16 foot by 16ft, a separate large kitchen big enough for a table for 2,  modern bathroom and private balcony (no parking space).

It's got 10 ft high ceilings so the main room is really light and spacious, fully fitted kitchen, spacious modern bathroom, intercom. Double glazing and central heating.

 It's on a safe quiet cul-de-sac & and at the top of our road over the bridge is Marks and Spencer's foodhall. The whole high Street is literally 30 second walk away with leisure centres, tube station etc. Fab location near M25. It's perfect for the first time buyer, and it's very safe for a woman living on her own. 

Its still got a long lease (minus 20 years), the ground rent is about £150/year, the service charge is about £160 per month variable. So it's average bills. 

 There's 24 purpose built flats in the block, and mine being the smallest means I pay the smallest percentage for service charge out of everyone. 

 Its pretty cheap to run because it's small, it's only a studio flat, there's no separate bedroom. 

I planned to sell it. 

It had been rented out after I'd lived there for 10 years so I completely redecorated the whole place, got the professional painters in and put in new kitchen worktops, got the cupboards re-sprayed professionally. You name me, I updated everything I could. It now looks much better than it did when I bought it.

I had 5  valuations of between £200k and £265k. There's a lack of other comparable purpose-built studio flats in N14, hence the big range.  

 I put it up for sale in November last year for £265k,  took it off in December (because there's no traffic) put it back on in January 2025 so it's only been for sale for two and a half months.

I reduced it to £260k in January (£5k reduction) because I had to sell it quick. 

I'm a first -time Seller.

Just had my first offer from a first time buyer with cash, £240k. After 2 weeks of negotiation the highest she wants to lay out is £250k. (The estate agent says her max budget is £270k).  My minimum is £255k, having come down £10k. So we're still £5K away for me to feel comfortable about selling.

Also offered to chuck in the 4 white goods - fridge, separate freezer, washing machine and dishwasher for free. Hence It's move-in ready. 

She won't budge, she won't compromise anymore. I feel I've bent over backwards and if it's not appreciated I should move on.

Also, My circumstances have changed and I'm not in a rush to sell anymore. 

Ive attached my flat link on Rightmove. It's actually larger than many one-beds due to the separate large kitchen, so it's comparable size-wise and cheaper than some 1-beds. 

Do you think I should accept the £250k even though I could get more for it if I wait for another buyer? Maybe £260k. (And advertise it for £275k, IE increase it by £10k). 

The increase in stamp duty rules in April don't affect me because I'm selling below £300k. £300k being the new amount to pay tax stamp duty on (for first time buyers only). There's a lack of investors around who would pay stamp duty from £125k. 

That's why I thought I might wait for another first time buyer who wants to buy a studio flat like mine, below £300k after April. To save on the hike in stamp duty spending over £300k. 

I'm torn, so let me know your thoughts, what would you do? very appreciated. 

Thanks 👍🏼 

Take the offer before they grab something else, cash buyer is gold in a rising mortgage rate environment.

Mortgage rates are falling at the moment:

https://www.bbc.co.uk/news/articles/c0e43dqv271o

The headline grabbing deals won`t be available to most borrowers and may have big fees or deposits attached ( I have heard of 40% deposit being the norm now to snag a good rate) and as the article states...

"Across the whole market the average rate on a two-year fixed deal is 5.48%"

As bond yields are now rising most of these deals won`t last long.

As today the government announces 5% deposits for FTBs and a permanent mortgage guarantee scheme as well as reducing affordability rules. (Page 16 of The Times for those that get their news in print).

Another problem would be that people would just enter negative equity more quickly?

Are you using the phrase ‘more quickly’ to imply everyone will get there eventually? Patently not true.

People would only enter negative equity if prices fall by at least an amount that is higher  than the deposit.  Combine that with most mortgages being repayment rather than the interest only mortgages of decades ago and it’s even less likely. 

Negative equity is only a problem when people want to sell or remortgage. 

I would recommend spending some time reading the various boards on here, selling and re-mortgaging is a thing people often want to do and often seek advice on, for many reasons.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Another problem would be that people would just enter negative equity more quickly?

In the event of a price dip, yes, but (a) unless they are moving again it's not an issue and (b) improved affordability will push prices up.

Can you please stop derailing threads with your fearmongering?

We don`t have improved affordability though, affordability is at it`s worst point ever.