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Buying a Flat

anon_private
anon_private Posts: 171 Forumite
in House buying, renting & selling
Couple of questions.

For a cash buyer, what is the amount below the asking, in percentage terms, that I could offer for a property and still be realistic?

When is the best time to appoint a solicitor in relation to buying a flat. I assume when I have located the flat that I want to purchase. Am I correct?
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Comments

  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    England/Wales or Scotland?


    There is no set amount. I would not drop any more for a cash buyer as I would for someone in a chain. It might make you more appealing if I had more than one offer on the table. Some people will take 10% less, others none. Every seller is different. If a property is new to the market, it's highly unlikely they're going to drop a huge amount unless they're utterly desperate with zero other interest.


    By all means get quotes if you have an amount in mind, but you can't instruct until you know you're buying.
    2023 wins: *must start comping again!*
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    15% at the moment, ONLY if the property is realistically priced and they are struggling to get any interest. If the seller has any viewings they will hold out forever for what they think it is worth because it has been rammed down people`s throats for years that property "only goes up". Unrealistic kite flyers on the other hand are not going to negotiate so just ignore them.
  • anon_private
    anon_private Posts: 171 Forumite
    Crashy_Time wrote: »
    15% at the moment, ONLY if the property is realistically priced and they are struggling to get any interest. If the seller has any viewings they will hold out forever for what they think it is worth because it has been rammed down people`s throats for years that property "only goes up". Unrealistic kite flyers on the other hand are not going to negotiate so just ignore them.

    15% is what I had in mind.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    anon_private wrote: »
    15% is what I had in mind.


    Great minds and all that ;)
  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 11 July 2017 at 1:30PM
    You might want to read up on what people on here say generally about Crashy's opinions of the market before taking advice :)


    -15% is very low IMO.


    I've had a -2% offer on a house for 2 or 3 weeks which they won't accept. It's been on and off the market for 2 years, and 3 months at its current price.


    My house was up for a few months and we accepted an offer less than 1% under the asking price (no counter offers).


    It's okay to offend slightly, but you don't want them putting you down as a total timewaster.
    2023 wins: *must start comping again!*
  • anon_private
    anon_private Posts: 171 Forumite
    In the case of a leasehold flat, is it worth getting a survey done, because the structure is the responsibility of the building owner?
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    1) 7.35%

    2) 'appoint' as early as possible (ie tomorrow). 'Instruct' once purchase is agreed.
  • goodwithsaving
    goodwithsaving Posts: 1,311 Forumite
    First Anniversary Name Dropper First Post
    If you've already offered - don't gazunder. Onward purchases will be based on prices agreed at time of offer.
    Otherwise, it depends on location. Personally, I wouldn't drop any more for a cash buyer than I would a mortgaged buyer - my bank account doesn't have money rolling in to foot the shortfall.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    hazyjo wrote: »
    You might want to read up on what people on here say generally about Crashy's opinions of the market before taking advice :)


    -15% is very low IMO.


    I've had a -2% offer on a house for 2 or 3 weeks which they won't accept. It's been on and off the market for 2 years, and 3 months at its current price.


    My house was up for a few months and we accepted an offer less than 1% under the asking price (no counter offers).


    It's okay to offend slightly, but you don't want them putting you down as a total timewaster.


    As I said, don`t deal with delusional sellers.
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
    First Post First Anniversary Combo Breaker
    If you want the flat offer a sensible amount. If you don't then go for 15%...you'll still be paying off a landlord's mortgage in 20 years just like some folk above.
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