First time buyer (of a leasehold)
Discussion
I'm currently living at home with my parents and have built up around £40,000 in savings, about £36,000 is readily accessible (savings / ISA).
I went to speak to an estate agent about one property I wanted to view, had a meeting with a Mortgage Advice Bureau person prior to the visit to go through some rough numbers and their service (I'm still confused how the entire buying process works) and can get a mortgage with no issues, but didn't get the vibe when I visited the property.
Following day I had a follow up call from the estate agent about another flat/apartment they wished to recommend, viewed it today and I really do like it. Was originally listed in June 2012 for £119,950 but today is listed for £109,950. Zoopla suggests this is now a few £k under the recommended sale price.
I'm probably going to offer the asking price (more on this later) as I feel it's worth it and meets my need perfectly (parking, location, modern fittings/layout, 2 doubles, 2 bathrooms etc) plus don't want to miss out to another buyer as they have had a few recent viewings.
I am aware of the service / ground rent which is $475 every 6 months and it is kept to a good standard and any repairs needed have been dealt with superbly having spoken to the owners partner who provided the viewing, there is also a resident who acts as liaison/coordinator so seems well organised.
The current owner lives in the property, has no upward chain and can vacate when needed, sounded like they had another property already, so I'm hoping for a fairly painless process.
As a first time buyer the entire process is new to me and after Googling trying to figure out the exact processes, who does what, what I should look to pay etc it's still very grey and confusing.
I hope some of you can help me with some questions / concerns:
- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
- Flat is leasehold built around 2007 and is occupied by the owner and his partner, I am unsure how long is left on the lease and do not know how I'd find this out?
- What protection do I have over the service / ground rent being increased to silly amounts?
- The property is listed with two estate agents, one who recommended the property to me and where I spoke to the Mortgage Advice Bureau person, the other is another estate agent which having spoken to the owners partner would be their preferred choice (lower fees for them etc). I reached a verbal agreement with the owners partner about dealing with their preferred estate agent on the understanding I could have a few pieces of furniture like the sofa / wardrobe / maybe a bed / possibly any other items they didn't want to keep which we both seemed happy with. I'd estimate these being worth around £1-2k hence why I'd offer asking price but would it be the estate agent or solicitor who'd document the contents as I don't want to progress with the purchase and then suddenly they deny a verbal agreement?
- Am I best off going with a Mortgage Advice Bureau person to handle all the mortgage lender / solicitor / estate agent stuff? I think I'd be looking at around £500 for their fees + whatever other charges the mortgage lender / solicitor would incur. Given I'd be wanting to deal with the estate agent that isn't the one where the mortgage advisor person is based at would this cause any problems?
- Am I better off trying to deal with the estate agent, mortgage lender and solicitor myself? I'd save myself a £500 fee but have a lot more leg work to do in trying to coordinate the process, sort out insurance/life cover, along with the confusion of being a first time buyer. I work in a town center with flexible hours so I'd be able to adjust my working hours to give me some time in a morning/lunch/afternoon to run around or am I really under-estimating the work and risk missing something vital?
- I'm looking at a £27,500 deposit to give me a 75% LTV with some left over for any other costs which I'm guessing would come to £1,500 - £2,000? There seems to be a lot of land registry, property survey, local authority searches, leasehold transfer etc, valuation and booking fees etc and I'm really not sure what I actually need so don't want to be taken advantage of during the process.
Thanks for reading, sorry for long post, any feedback really appreciated.
Edit - just incase it's relevant I'm in permanent full time employment with a gross salary of £20,700, I'm temporarily being paid circa £24,300 for taking on higher duties till January 2014 which may become permanent. I'd been looking initially at a 25 year mortgage (around £370 pcm) whilst I rebuild savings but would likely look at overpayment if I do stay on a higher salary.
I went to speak to an estate agent about one property I wanted to view, had a meeting with a Mortgage Advice Bureau person prior to the visit to go through some rough numbers and their service (I'm still confused how the entire buying process works) and can get a mortgage with no issues, but didn't get the vibe when I visited the property.
Following day I had a follow up call from the estate agent about another flat/apartment they wished to recommend, viewed it today and I really do like it. Was originally listed in June 2012 for £119,950 but today is listed for £109,950. Zoopla suggests this is now a few £k under the recommended sale price.
I'm probably going to offer the asking price (more on this later) as I feel it's worth it and meets my need perfectly (parking, location, modern fittings/layout, 2 doubles, 2 bathrooms etc) plus don't want to miss out to another buyer as they have had a few recent viewings.
I am aware of the service / ground rent which is $475 every 6 months and it is kept to a good standard and any repairs needed have been dealt with superbly having spoken to the owners partner who provided the viewing, there is also a resident who acts as liaison/coordinator so seems well organised.
The current owner lives in the property, has no upward chain and can vacate when needed, sounded like they had another property already, so I'm hoping for a fairly painless process.
As a first time buyer the entire process is new to me and after Googling trying to figure out the exact processes, who does what, what I should look to pay etc it's still very grey and confusing.
I hope some of you can help me with some questions / concerns:
- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
- Flat is leasehold built around 2007 and is occupied by the owner and his partner, I am unsure how long is left on the lease and do not know how I'd find this out?
- What protection do I have over the service / ground rent being increased to silly amounts?
- The property is listed with two estate agents, one who recommended the property to me and where I spoke to the Mortgage Advice Bureau person, the other is another estate agent which having spoken to the owners partner would be their preferred choice (lower fees for them etc). I reached a verbal agreement with the owners partner about dealing with their preferred estate agent on the understanding I could have a few pieces of furniture like the sofa / wardrobe / maybe a bed / possibly any other items they didn't want to keep which we both seemed happy with. I'd estimate these being worth around £1-2k hence why I'd offer asking price but would it be the estate agent or solicitor who'd document the contents as I don't want to progress with the purchase and then suddenly they deny a verbal agreement?
- Am I best off going with a Mortgage Advice Bureau person to handle all the mortgage lender / solicitor / estate agent stuff? I think I'd be looking at around £500 for their fees + whatever other charges the mortgage lender / solicitor would incur. Given I'd be wanting to deal with the estate agent that isn't the one where the mortgage advisor person is based at would this cause any problems?
- Am I better off trying to deal with the estate agent, mortgage lender and solicitor myself? I'd save myself a £500 fee but have a lot more leg work to do in trying to coordinate the process, sort out insurance/life cover, along with the confusion of being a first time buyer. I work in a town center with flexible hours so I'd be able to adjust my working hours to give me some time in a morning/lunch/afternoon to run around or am I really under-estimating the work and risk missing something vital?
- I'm looking at a £27,500 deposit to give me a 75% LTV with some left over for any other costs which I'm guessing would come to £1,500 - £2,000? There seems to be a lot of land registry, property survey, local authority searches, leasehold transfer etc, valuation and booking fees etc and I'm really not sure what I actually need so don't want to be taken advantage of during the process.
Thanks for reading, sorry for long post, any feedback really appreciated.
Edit - just incase it's relevant I'm in permanent full time employment with a gross salary of £20,700, I'm temporarily being paid circa £24,300 for taking on higher duties till January 2014 which may become permanent. I'd been looking initially at a 25 year mortgage (around £370 pcm) whilst I rebuild savings but would likely look at overpayment if I do stay on a higher salary.
Edited by StevoCally on Sunday 24th February 01:27
StevoCally said:
I'm currently living at home with my parents and have built up around £40,000 in savings, about £36,000 is readily accessible (savings / ISA).
Well done. 40k is not easy to save when there are so many nice cars out there to tempt us!StevoCally said:
I'm probably going to offer the asking price (more on this later) as I feel it's worth it and meets my need perfectly (parking, location, modern fittings/layout, 2 doubles, 2 bathrooms etc) plus don't want to miss out to another buyer as they have had a few recent viewings.
I would start at 95% of asking price or less and work up from there. How long has the flat been on the market? The vendor might be willing to accept a lower offer if they are ready to move and are paying two mortgages. However, it is your money...StevoCally said:
I am aware of the service / ground rent which is $475 every 6 months and it is kept to a good standard and any repairs needed have been dealt with superbly having spoken to the owners partner who provided the viewing, there is also a resident who acts as liaison/coordinator so seems well organised.
The owner is trying to sell you the flat so they will be bias. Have a look at the annual reports for the last few years.StevoCally said:
I hope some of you can help me with some questions / concerns:
- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
Yes, but have your mortgage offer in principle and deposit paper work ready so they know you're serious. Don't show them more money than needed as they will know you can pay more!- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
StevoCally said:
- Flat is leasehold built around 2007 and is occupied by the owner and his partner, I am unsure how long is left on the lease and do not know how I'd find this out?
Ask the estate agent or the owner, they will have the paper work from their solicitor regarding this when they brought the flat.StevoCally said:
- What protection do I have over the service / ground rent being increased to silly amounts?
There is a leasehold valuation tribunal to deal with such dispute. Google it for more detailsStevoCally said:
- Am I better off trying to deal with the estate agent, mortgage lender and solicitor myself? I'd save myself a £500 fee but have a lot more leg work to do in trying to coordinate the process, sort out insurance/life cover, along with the confusion of being a first time buyer. I work in a town center with flexible hours so I'd be able to adjust my working hours to give me some time in a morning/lunch/afternoon to run around or am I really under-estimating the work and risk missing something vital?
Do it yourself and save the 500quids. Can your parents or a relative guide you through the process if you have problem? If not, there's always PH! I wouldn't bother with life insurance unless I have dependants
Hi Steve, from reading the post you seam to be pretty savvy already, but if it was myself I would offer 10% under the asking price, and work up from there. The rule with negotiating is always make sure you get a no first, to ensure you've not sold yourself short.
As for the mortgage fees, solicitor fees etc. I would shop around, you will find a good broker willing to do the mortgage for £250. Good solicitors are hard to come by, so make sure you feel confident with their ability.
Hope that helps.
Dale
As for the mortgage fees, solicitor fees etc. I would shop around, you will find a good broker willing to do the mortgage for £250. Good solicitors are hard to come by, so make sure you feel confident with their ability.
Hope that helps.
Dale
Thanks for the support guys.
Having slept on it 95% is probably a good starting point as it has been on the market for a while.
I'll cut out the mortgage adviser and go directly to the estate agent the seller wished to use with a mortgage agreed in principle along with paperwork showing I have a deposit ready, hopefully that'll show good faith on my behalf and with their being no chain it may be a fairly smooth process with support from family.
Having slept on it 95% is probably a good starting point as it has been on the market for a while.
I'll cut out the mortgage adviser and go directly to the estate agent the seller wished to use with a mortgage agreed in principle along with paperwork showing I have a deposit ready, hopefully that'll show good faith on my behalf and with their being no chain it may be a fairly smooth process with support from family.
StevoCally said:
I'm currently living at home with my parents and have built up around £40,000 in savings, about £36,000 is readily accessible (savings / ISA).
I went to speak to an estate agent about one property I wanted to view, had a meeting with a Mortgage Advice Bureau person prior to the visit to go through some rough numbers and their service (I'm still confused how the entire buying process works) and can get a mortgage with no issues, but didn't get the vibe when I visited the property.
Following day I had a follow up call from the estate agent about another flat/apartment they wished to recommend, viewed it today and I really do like it. Was originally listed in June 2012 for £119,950 but today is listed for £109,950. Zoopla suggests this is now a few £k under the recommended sale price.
I'm probably going to offer the asking price (more on this later) as I feel it's worth it and meets my need perfectly (parking, location, modern fittings/layout, 2 doubles, 2 bathrooms etc) plus don't want to miss out to another buyer as they have had a few recent viewings.
I am aware of the service / ground rent which is $475 every 6 months and it is kept to a good standard and any repairs needed have been dealt with superbly having spoken to the owners partner who provided the viewing, there is also a resident who acts as liaison/coordinator so seems well organised.
The current owner lives in the property, has no upward chain and can vacate when needed, sounded like they had another property already, so I'm hoping for a fairly painless process.
As a first time buyer the entire process is new to me and after Googling trying to figure out the exact processes, who does what, what I should look to pay etc it's still very grey and confusing.
I hope some of you can help me with some questions / concerns:
- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
- Flat is leasehold built around 2007 and is occupied by the owner and his partner, I am unsure how long is left on the lease and do not know how I'd find this out?
- What protection do I have over the service / ground rent being increased to silly amounts?
- The property is listed with two estate agents, one who recommended the property to me and where I spoke to the Mortgage Advice Bureau person, the other is another estate agent which having spoken to the owners partner would be their preferred choice (lower fees for them etc). I reached a verbal agreement with the owners partner about dealing with their preferred estate agent on the understanding I could have a few pieces of furniture like the sofa / wardrobe / maybe a bed / possibly any other items they didn't want to keep which we both seemed happy with. I'd estimate these being worth around £1-2k hence why I'd offer asking price but would it be the estate agent or solicitor who'd document the contents as I don't want to progress with the purchase and then suddenly they deny a verbal agreement?
- Am I best off going with a Mortgage Advice Bureau person to handle all the mortgage lender / solicitor / estate agent stuff? I think I'd be looking at around £500 for their fees + whatever other charges the mortgage lender / solicitor would incur. Given I'd be wanting to deal with the estate agent that isn't the one where the mortgage advisor person is based at would this cause any problems?
- Am I better off trying to deal with the estate agent, mortgage lender and solicitor myself? I'd save myself a £500 fee but have a lot more leg work to do in trying to coordinate the process, sort out insurance/life cover, along with the confusion of being a first time buyer. I work in a town center with flexible hours so I'd be able to adjust my working hours to give me some time in a morning/lunch/afternoon to run around or am I really under-estimating the work and risk missing something vital?
- I'm looking at a £27,500 deposit to give me a 75% LTV with some left over for any other costs which I'm guessing would come to £1,500 - £2,000? There seems to be a lot of land registry, property survey, local authority searches, leasehold transfer etc, valuation and booking fees etc and I'm really not sure what I actually need so don't want to be taken advantage of during the process.
Thanks for reading, sorry for long post, any feedback really appreciated.
Edit - just incase it's relevant I'm in permanent full time employment with a gross salary of £20,700, I'm temporarily being paid circa £24,300 for taking on higher duties till January 2014 which may become permanent. I'd been looking initially at a 25 year mortgage (around £370 pcm) whilst I rebuild savings but would likely look at overpayment if I do stay on a higher salary.
Steve,I went to speak to an estate agent about one property I wanted to view, had a meeting with a Mortgage Advice Bureau person prior to the visit to go through some rough numbers and their service (I'm still confused how the entire buying process works) and can get a mortgage with no issues, but didn't get the vibe when I visited the property.
Following day I had a follow up call from the estate agent about another flat/apartment they wished to recommend, viewed it today and I really do like it. Was originally listed in June 2012 for £119,950 but today is listed for £109,950. Zoopla suggests this is now a few £k under the recommended sale price.
I'm probably going to offer the asking price (more on this later) as I feel it's worth it and meets my need perfectly (parking, location, modern fittings/layout, 2 doubles, 2 bathrooms etc) plus don't want to miss out to another buyer as they have had a few recent viewings.
I am aware of the service / ground rent which is $475 every 6 months and it is kept to a good standard and any repairs needed have been dealt with superbly having spoken to the owners partner who provided the viewing, there is also a resident who acts as liaison/coordinator so seems well organised.
The current owner lives in the property, has no upward chain and can vacate when needed, sounded like they had another property already, so I'm hoping for a fairly painless process.
As a first time buyer the entire process is new to me and after Googling trying to figure out the exact processes, who does what, what I should look to pay etc it's still very grey and confusing.
I hope some of you can help me with some questions / concerns:
- How do I actually make an offer? Do I just walk into the estate agent and say I want this property and I'll off £Xk for it?
- Flat is leasehold built around 2007 and is occupied by the owner and his partner, I am unsure how long is left on the lease and do not know how I'd find this out?
- What protection do I have over the service / ground rent being increased to silly amounts?
- The property is listed with two estate agents, one who recommended the property to me and where I spoke to the Mortgage Advice Bureau person, the other is another estate agent which having spoken to the owners partner would be their preferred choice (lower fees for them etc). I reached a verbal agreement with the owners partner about dealing with their preferred estate agent on the understanding I could have a few pieces of furniture like the sofa / wardrobe / maybe a bed / possibly any other items they didn't want to keep which we both seemed happy with. I'd estimate these being worth around £1-2k hence why I'd offer asking price but would it be the estate agent or solicitor who'd document the contents as I don't want to progress with the purchase and then suddenly they deny a verbal agreement?
- Am I best off going with a Mortgage Advice Bureau person to handle all the mortgage lender / solicitor / estate agent stuff? I think I'd be looking at around £500 for their fees + whatever other charges the mortgage lender / solicitor would incur. Given I'd be wanting to deal with the estate agent that isn't the one where the mortgage advisor person is based at would this cause any problems?
- Am I better off trying to deal with the estate agent, mortgage lender and solicitor myself? I'd save myself a £500 fee but have a lot more leg work to do in trying to coordinate the process, sort out insurance/life cover, along with the confusion of being a first time buyer. I work in a town center with flexible hours so I'd be able to adjust my working hours to give me some time in a morning/lunch/afternoon to run around or am I really under-estimating the work and risk missing something vital?
- I'm looking at a £27,500 deposit to give me a 75% LTV with some left over for any other costs which I'm guessing would come to £1,500 - £2,000? There seems to be a lot of land registry, property survey, local authority searches, leasehold transfer etc, valuation and booking fees etc and I'm really not sure what I actually need so don't want to be taken advantage of during the process.
Thanks for reading, sorry for long post, any feedback really appreciated.
Edit - just incase it's relevant I'm in permanent full time employment with a gross salary of £20,700, I'm temporarily being paid circa £24,300 for taking on higher duties till January 2014 which may become permanent. I'd been looking initially at a 25 year mortgage (around £370 pcm) whilst I rebuild savings but would likely look at overpayment if I do stay on a higher salary.
Edited by StevoCally on Sunday 24th February 01:27
I'm a Mortgage Broker and would be happy to help you plot your way through this from start to finish. I've done dozens of PH'ers mortgages over the last year or so, most of them FTB's and a few found time to post here: http://www.pistonheads.com/gassing/topic.asp?h=0&a...
I wouldn't bother with the Estate Agent guy who is charging you £500, I won't charge you at all
I can help you source the mortgage and can get you an AIP this afternoon if needed. I can also help with finding a solicitor and any associated insurances you may require.With regards to making an offer it's actually as simple as you say. You can phone the Estate Agent or even email them to make your offer. It's hard for anyone else to advise you on what to actually offer as they haven't seen the property or know the area etc. Most people will tell you to bid low to get yourself as much of a bargain as you can, but conversely if you really want the property then sometimes quiblling over a grand or two here and there can go against you if someone lese comes in and offers the asking price straight off.
With regards to the lease if it's only 6 years old the lease should be lengthy, the Estate Agent will be able to tell you how long is left.
Drop me a PM/email if you would like some help
Thanks Sarnie, I'll keep that in mind.
Is there any legality over which estate agent I have to deal with?
A friend has since suggested that I'm now legally bound to deal with the estate agent who arranged the viewing / suggested the property as I'm their client. The viewing was done by the owners partner not this agent who solely set a mutual date/time for me to go round.
The seller has a preferred estate agent which would benefit them but not the one who arranged the above viewing. I'm sure if I went with their preference and made an offer they'd be more inclined to accept and be more negotiable on the details than if I went with the estate agent who arranged the viewing that would charge the seller higher fees.
Be so much easier if houses were sold like eBay. :P
Is there any legality over which estate agent I have to deal with?
A friend has since suggested that I'm now legally bound to deal with the estate agent who arranged the viewing / suggested the property as I'm their client. The viewing was done by the owners partner not this agent who solely set a mutual date/time for me to go round.
The seller has a preferred estate agent which would benefit them but not the one who arranged the above viewing. I'm sure if I went with their preference and made an offer they'd be more inclined to accept and be more negotiable on the details than if I went with the estate agent who arranged the viewing that would charge the seller higher fees.
Be so much easier if houses were sold like eBay. :P
You can try and proceed with the preferred Estate Agent but expect the Estate Agent who organised the viewing to invoice the vendors for their full fee. They marketed the property, they found them a potential buyer (you) and they organised the viewing. They have done their job and they will expect paying for it. Expect it to get get a bit ugly if you try and stiff them.
StevoCally said:
A friend has since suggested that I'm now legally bound to deal with the estate agent who arranged the viewing / suggested the property as I'm their client.
This is not correct. You have no contract with the estate agent. The seller is the estate agent client and the estate agent works for the seller (not you). The seller has to pay the estate agent's fee according to the contract agreed between them when the property is sold, not you.You are free to make the offer to the other estate agent if you prefer to deal with them.
The estate agent who arranged viewing contacted me this morning and asked for my opinion on the property, made a lowish bid (102.5k) which was refused soon after, went back with a revised bid (106.25k) plus a few clauses and after a some hours was accepted. This was the figure I had in my head this morning after I'd slept on it a few times as with all the fees, costs and house items I'll need to buy it'll bring me close to the initial asking price.
Got the deposit paperwork done and the mortgage agreement in principle already.
As it was late in the day the 'sold' sign will go up and the listings removed tomorrow.
Just got to identify the solicitors and lender now, the estate agent recons it'll be around 8-10 weeks before completion which means I'll have a few more pay-days to bulk up bank balance to reduce how much I'll need to move from ISA so I can budget a car change if required.
Has 119 years left on lease so nothing to worry about for a long time.
Edit - the other estate agent to be honest has my details on file, they know I'm after a place which wasn't far off the description of the one I've gone for yet have never bothered to re-contact me after suggesting some stupid places way out of my range or criteria.
Got the deposit paperwork done and the mortgage agreement in principle already.
As it was late in the day the 'sold' sign will go up and the listings removed tomorrow.
Just got to identify the solicitors and lender now, the estate agent recons it'll be around 8-10 weeks before completion which means I'll have a few more pay-days to bulk up bank balance to reduce how much I'll need to move from ISA so I can budget a car change if required.
Has 119 years left on lease so nothing to worry about for a long time.
Edit - the other estate agent to be honest has my details on file, they know I'm after a place which wasn't far off the description of the one I've gone for yet have never bothered to re-contact me after suggesting some stupid places way out of my range or criteria.
Edited by StevoCally on Monday 25th February 20:57
StevoCally said:
The estate agent who arranged viewing contacted me this morning and asked for my opinion on the property, made a lowish bid (102.5k) which was refused soon after, went back with a revised bid (106.25k) plus a few clauses and after a some hours was accepted. This was the figure I had in my head this morning after I'd slept on it a few times as with all the fees, costs and house items I'll need to buy it'll bring me close to the initial asking price.
Got the deposit paperwork done and the mortgage agreement in principle already.
As it was late in the day the 'sold' sign will go up and the listings removed tomorrow.
Just got to identify the solicitors and lender now, the estate agent recons it'll be around 8-10 weeks before completion which means I'll have a few more pay-days to bulk up bank balance to reduce how much I'll need to move from ISA so I can budget a car change if required.
Has 119 years left on lease so nothing to worry about for a long time.
Edit - the other estate agent to be honest has my details on file, they know I'm after a place which wasn't far off the description of the one I've gone for yet have never bothered to re-contact me after suggesting some stupid places way out of my range or criteria.
I think you jumped too far between your first bid and your second (accepted) offer.Got the deposit paperwork done and the mortgage agreement in principle already.
As it was late in the day the 'sold' sign will go up and the listings removed tomorrow.
Just got to identify the solicitors and lender now, the estate agent recons it'll be around 8-10 weeks before completion which means I'll have a few more pay-days to bulk up bank balance to reduce how much I'll need to move from ISA so I can budget a car change if required.
Has 119 years left on lease so nothing to worry about for a long time.
Edit - the other estate agent to be honest has my details on file, they know I'm after a place which wasn't far off the description of the one I've gone for yet have never bothered to re-contact me after suggesting some stupid places way out of my range or criteria.
Edited by StevoCally on Monday 25th February 20:57
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
oyster said:
I think you jumped too far between your first bid and your second (accepted) offer.
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
That sounds more than a little unpalatable to me, he's happy as he got it for less than he originally wanted to pay, the buyer has accepted and agreed to take it off the market, to then try and worm out of it like that stinks to me, but I'm a man of principles.The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
Bang on. Going back with a lower bid after it was accepted I honestly couldn't do, it's within my budget and the agreement has been made.
Both seller and buyer are happy, could have gone in with a lower 2nd bid and drawn it out over days, I'd much rather get it sorted in a timely manner which it was. Both parties pleased so I hope the next steps will be smoother. Knew within 30 seconds of viewing it was for me so got the outcome I wanted.
Again different people have different mindsets and manage situations in their own way, it's what makes life more interesting.
Both seller and buyer are happy, could have gone in with a lower 2nd bid and drawn it out over days, I'd much rather get it sorted in a timely manner which it was. Both parties pleased so I hope the next steps will be smoother. Knew within 30 seconds of viewing it was for me so got the outcome I wanted.
Again different people have different mindsets and manage situations in their own way, it's what makes life more interesting.
Steve Evil said:
oyster said:
I think you jumped too far between your first bid and your second (accepted) offer.
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
That sounds more than a little unpalatable to me, he's happy as he got it for less than he originally wanted to pay, the buyer has accepted and agreed to take it off the market, to then try and worm out of it like that stinks to me, but I'm a man of principles.The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
But within a day or so of acceptance is still ok to negotiate.
oyster said:
Steve Evil said:
oyster said:
I think you jumped too far between your first bid and your second (accepted) offer.
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
That sounds more than a little unpalatable to me, he's happy as he got it for less than he originally wanted to pay, the buyer has accepted and agreed to take it off the market, to then try and worm out of it like that stinks to me, but I'm a man of principles.The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
But within a day or so of acceptance is still ok to negotiate.
I would suggest that before committing yourself, you first do a search on the Land Registry for details of the lease, covenants and details of the communal area. I would also check to see who are the property management agents, their charges, the service charges and obtain copies of the dormant accounts for the past two years. Have you also spoken to any other leaseholders/occupants of any of the other flats, particularly above and either side of the flat you intend to purchase.
Many leasehold flats today are not owner occupied, many are used for social housing and rented out by private landlords.
oyster said:
Steve Evil said:
oyster said:
I think you jumped too far between your first bid and your second (accepted) offer.
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
That sounds more than a little unpalatable to me, he's happy as he got it for less than he originally wanted to pay, the buyer has accepted and agreed to take it off the market, to then try and worm out of it like that stinks to me, but I'm a man of principles.The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
But within a day or so of acceptance is still ok to negotiate.
Bluequay said:
oyster said:
Steve Evil said:
oyster said:
I think you jumped too far between your first bid and your second (accepted) offer.
The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
That sounds more than a little unpalatable to me, he's happy as he got it for less than he originally wanted to pay, the buyer has accepted and agreed to take it off the market, to then try and worm out of it like that stinks to me, but I'm a man of principles.The fact that they said yes rightaway to your 2nd offer backs this up.
I'd go back to them and say you will be stretching too much at £106,250 and can only realistically go as far as £104k. Then let them sit on it for a few days.
But within a day or so of acceptance is still ok to negotiate.
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