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Have I Got A Good Deal

Discussion in 'General Property Investment Discussion' started by Anon Private, Jun 7, 2018.

  1. Anon Private

    Anon Private Member

    Hello,

    I need some advice regarding making an offer on a flat.

    The flat was on sale for £225,000, but was later reduced to £215,000.

    I made on offer of £198,750, which was rejected. The estate agent has indicated that an offer close to £205,000 might secure the flat.

    I don't want to be seen as a time waster, because I like the flat. Should I simply offer £205,000, or make a lower offer. If the latter, how much higher than my offer would be seen reasonable, and not make me look like a time waster.

    The lease will have included, at the time of sale, a ground rent buyout ensuring that the doubling of ground rent every ten years is replaced by an increase in line with inflation (highly adventageous). The flat was sold previously for £225,000, but the buyer withdrew because of the ground rent doubling every ten-years. I have been assured that this clause will be replaced.

    There appeaers to be no one else interested (at present).

    Let me know what you think

    Regards

    Ps UK resident
     
  2. realdeals

    realdeals Member

    You have two options:-

    Pay the reduced asking price
    Ask to split the difference between your latest offer and the reduced asking price

    It really does come down to how much you want the property because in the long term, although every pound saved is useful, would you want to lose it for just a few thousand pounds?
     
  3. nmb

    nmb Well-Known Member

    In the current economic environment it is likely that prices will soften in the short term - are you in a rush to buy?

    I am not suggesting there is not long term value but in the short term we may see prices come under more pressure.
     
  4. Anon Private

    Anon Private Member

    Thank you.

    I have made an offer and it has been accepted.

    I am now considering surveyors and solicitors.

    Regarding solicitors. I am wondering why the conveyancing process takes so long. I have asked a firm and they say each case is unique and it depends upon the length of the chain. They said that typically it takes 8-12 weeks. I have never bought a property before, but it sounds like a long time.
     
  5. Apparently it is all done to a strict code of practice issued by RICS (Royal Institute of Chartered Surveyors) so its just a case of holding on. Better to be safe than sorry although personally 8 - 12 weeks does seem a little long.
     
  6. Anon Private

    Anon Private Member

    8-12 weeks seems typical.

    I am also surprised at how much the conveyancing process costs. Solictors' fees. of course. take up most of the expense. It seems to me a lot of money for little work
     
  7. Anon Private

    Anon Private Member

    Rgarding online conveyancers.

    I have not seen the lease. The estate agent does not have a copy. But the solicitor will have a copy. In the case of online conveyancing how will I see the lease, and how can it be discussed?

    Thanks
     
  8. Anon Private

    Anon Private Member

  9. Anon Private

    Anon Private Member

    Out of interest, if I use a conventional solicitior will I be given a copy of the lease to read and then discuss with the legal advisor.
     
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