Owning your own home

I think it was bang on, but this was a long time ago before everyone did crazy pills and offered 80k over asking... ahhh the good ol' days. London folks bought the place next door to my parents a few years back, they went over the asking price, pretty sure that made the local papers...

80k over asking

cheese plant and aesop and 'work hard and be nice to people' poster

You lost your buyer @Howard ? That sucks

I've given up trying to sell my flat, market just seems pants. Going to become a landlord instead and fund the next place with that.

Going to become a landlord instead

Get some pro tips from @laner

You lost your buyer @Howard ? That sucks

Meh.

Personally I'd suggest not becoming a LL if you can avoid it. Sell at a discount, buy at a discount.

Cant avoid it. Dream home found. I'm sure you're right, but at least it will be an experience.

It was a thing two years ago when we bought. People were offering 50k over asking on 1 bed warners, it was mental.

That said, we went under on ours (only 10k but included extending the lease which cost the seller 30k) but ours was an utter shitpit which had been let to the council as emergency housing for god knows how long and smelt of urine.

The market seems slow at the moment so don’t go too crazy with your offers.

I think it was bang on, but this was a long time ago

We offered the asking price and were accepted. Naively assumed that by not pissing around we'd get a relatively straightforward purchase. No idea if that helped but it was nice and (relatively) painfree.

The good thing is we'll never know whether we overpaid or not so there's no point worrying about it.

So what then? Just sell the place. Or are you using a BTL re-mortgage to extract the equity you need?

If the market is so bad, can't dream home owners wait for you to get a sale?

FUUUCCCKKKK I'm off to LF, out of Aesop!

@amey I'm actually getting by bespoke plywood kitchen furniture finished off properly by a professional as I type, thats no word of a lie...

Naively assumed that by not pissing around we'd get a relatively straightforward purchase.

There's some truth in that. It kinda helps if you don't leave the seller feeling they've been put through the mill.

Obviously context is king here - if the market is hot you may have to offer all you can afford just to be considered.

if the market is flat like it is now, then going in with your final below the asking price offer would not be a tactic that would yield much.

The whole point of placing an offer is that you are offering to pay what you think it is worth and are happy to pay for it. To an extent, nothing else matters...if you want to live there and think its a fair price.

Or you are offering what you think the buyer would accept, given a few things...

how long the place has been on
how many times the asking has been reduced
the general state of the market (up or down)
the long term outlook for houseprices (good or bad)

I sold my old flat in the Connaught works 3 years ago (up the road from you) and used Jodie Ryan from Davey stone on broadway market. very much recommended and she did me a deal at 1pc plus VAT too.

That's a simplification although it does kind of apply to a one-shot system like Scotland's sealed bids.

Outside Scotland it has become a hideous game of "how can I do this to pay the minimum I can". With added games like last minute offer reductions (knowing that it could fuck the chain completely, etc).

Yep, BTL to extract equity, it's termed "Let to buy".

Market is bad for selling, but good for buying, so in my mind it makes sense to try get a good deal on a place we like, and try selling ours at a future date. Mind given the current doom and gloom house prices could drop and this all goes tits up for us. But hey ho, life's a gamble.

Dream owners are in a bind, are emigrating due to an unexpected sick relative and need to sell up to go.

Thought I'd agreed a no sale no fee deal with my estate agent, but spotted this in the contract:

"If for whatever reason the sale of the property fails to complete the fee shall be paid when the contract is rescinded"

Does that mean 'no sale there is a fee'?

Ohhh cheers for the tip. Keatons want 1.5 or something.

All 4 quotes i got recently (north Ldn) were 1% as well.

Yes.

Do we think house prices could go back to 2008 levels?

Ta. They're sneaky/incompetent.

Or both...

No chance. But maybe another 50k off in the next few years.
What to do if you end up in negative equity? Live in it...