FTB & listed building

jamesrcmd

youth_leader said:

I also wanted to go to a second estate agent to broaden the marketing, it is not unusual - and I think you said it has already been on the market for some time?

Yes, the property has been on the market for a year. I have just viewed it and put in an offer for £200k, which is the asking price. The agent said the owners are keen to sell.

I have two decisions in principle from the EA’s broker and one from Tembo (which is independent). Unsure which one to go for, if the offer is accepted.

What are your thoughts on using the EA’s brokers as opposed to an independent?

Albermarle

jamesrcmd said:

youth_leader said:

I also wanted to go to a second estate agent to broaden the marketing, it is not unusual - and I think you said it has already been on the market for some time?

Yes, the property has been on the market for a year. I have just viewed it and put in an offer for £200k, which is the asking price. The agent said the owners are keen to sell.

I have two decisions in principle from the EA’s broker and one from Tembo (which is independent). Unsure which one to go for, if the offer is accepted.

What are your thoughts on using the EA’s brokers as opposed to an independent?

I would have thought they would both come up with similar mortgage offers and have similar charges.
The question is more whether to use a mortgage broker at all.
Personally I do not like paying for things I can do myself. However recently a family member went to a mortgage broker as they knew someone who worked there. My impression was that they got things moving quicker, than you can do yourself dealing direct with a big mortgage provider, although the mortgage they obtained was only the same deal as listed on MSE. So it appeared the £500 cost just got the paperwork moving quicker, as the broker could monitor progress more and chase things up. 

The usual advice though is not to use the EA's suggested conveyancers, and find your own.

jamesrcmd

Albermarle said:

jamesrcmd said:

youth_leader said:

I also wanted to go to a second estate agent to broaden the marketing, it is not unusual - and I think you said it has already been on the market for some time?

Yes, the property has been on the market for a year. I have just viewed it and put in an offer for £200k, which is the asking price. The agent said the owners are keen to sell.

I have two decisions in principle from the EA’s broker and one from Tembo (which is independent). Unsure which one to go for, if the offer is accepted.

What are your thoughts on using the EA’s brokers as opposed to an independent?

The usual advice though is not to use the EA's suggested conveyancers, and find your own.

Why should I not use the EA's conveyancers? Only curious.

Tabieth

jamesrcmd said:

Why should I not use the EA's conveyancers? Only curious.

Because of the potential conflict of interest. You want a solicitor that is acting in your best interest, no-one else’s. 

Albermarle

jamesrcmd said:

Albermarle said:

jamesrcmd said:

youth_leader said:

I also wanted to go to a second estate agent to broaden the marketing, it is not unusual - and I think you said it has already been on the market for some time?

Yes, the property has been on the market for a year. I have just viewed it and put in an offer for £200k, which is the asking price. The agent said the owners are keen to sell.

I have two decisions in principle from the EA’s broker and one from Tembo (which is independent). Unsure which one to go for, if the offer is accepted.

What are your thoughts on using the EA’s brokers as opposed to an independent?

The usual advice though is not to use the EA's suggested conveyancers, and find your own.

Why should I not use the EA's conveyancers? Only curious.

One reason is that there is a good chance they will be remote low cost conveyor belt conveyancers using inexperienced staff.

jamesrcmd

Thank you for your answers. I have checked a couple of the solicitors' firms the EA's broker uses and they all have bad reviews on TrustPilot. I think I might go for a local solicitor, based on the reviews I see online.

jamesrcmd

Was it a good idea to offer the asking price? I read online you should offer 5 or 10% less than the asking price but I really want this property. The agent said there are more offers and that they are showing the property to more people on Monday. I reckon they would say to get me to offer more, wouldn't they?

I'm worried I'm going to get into a bidding war Buying a house is definitely not for the faint-hearted...

youth_leader

The property was originally marketed last year for £245K, so the owner will already be feeling the loss of that 'imaginary'  £20K of money. 

As you have offered £200K against the asking price of £225K, the 'imaginary' loss is £25K.  Everyone will tell you a house is only worth what a buyer will pay for it.

The EA will be trying to get the vendor an offer nearer to the £225K, you could be outbid.  As you are a FTB without a chain the seller might 'choose' you, rather than other people who might have a chain.  They may give you a counter offer.

I would hope another nice two bed, without a graded listing, comes up for you. When my husband died my young adult children and I agreed that none of us would ever buy another listed building, it was a very very expensive mistake.


 

jamesrcmd

youth_leader said:

The property was originally marketed last year for £245K, so the owner will already be feeling the loss of that 'imaginary'  £20K of money. 

As you have offered £200K against the asking price of £225K, the 'imaginary' loss is £25K.  Everyone will tell you a house is only worth what a buyer will pay for it.

The EA will be trying to get the vendor an offer nearer to the £225K, you could be outbid.  As you are a FTB without a chain the seller might 'choose' you, rather than other people who might have a chain.  They may give you a counter offer.

I would hope another nice two bed, without a graded listing, comes up for you. When my husband died my young adult children and I agreed that none of us would ever buy another listed building, it was a very very expensive mistake.


 

According to the agent listed building consent would only be needed for major renovation work. Changing the carpets and the front door shouldn’t be a problem. Are they being truthful? The deeds only say the roof, the windows and the brickwork are listed.

jamesrcmd

If it was a regular 2-bed terraced house, how much should I budget for maintenance and repairs every year?