Negotiating a lower price for house?

[heartbroken22]

What's the politest way? We've been living in a rented house for a couple of years. We want to buy it and landlord will only sell to us. I'm asking 10 grand less than what he's asking/what it's been valued at. But honestly with the cost of living...it's hard. The house also needs work, has damp and we would have to apply for an extension. What would you say? It might be easier face to face but I keep doubting myself as it's via email. Any tips and advice?

Has it been valued, not just one but a few (and you have arranged rather than his contacts!)

are you a FTB?

are you trying to do the same without any legal assistance to save fees?

bare in mind he’s saving a lot by not going through an EA

Where on earth are you that you’re buying a house for £115k?

Get a private survey done and use that to haggle.

also wondering the same as @Doingprettywellthanks

If the house needs work offer the £10k less then negotiate, interest rates are up and repairs are expensive, it’s still a good deal for him, it will cost him at least £5k in fees to sell to someone else.

You can get an exLA three bed end of terrace for that round my parts. Not everywhere is London/the South East.

When we bought from our landlady we agreed that we got 3 valuations and went for the middle one and then split what would be the agents fee between us.
It saved us money too, as we didn't have to pay moving fees, so that seemed fair.

However she wanted to sell at the point we wanted to buy. She phoned us to tell us she was needing to sell, and we'd been discussing letting her know that we would be looking to buy.

Other issues were that the estate agent who we had rented through (bearing in mind they only did the initial set up 2 years previously and weren't managing us, nor were we still on their contract) tried to claim an agents' fee from the sale of the house. They lost, but I think if they'd been managing us then it might have been a different matter.

Also you're asking for nearly 10% off. I think that's a lot-surely the valuation of the house would take into consideration the state of the house. Ours was cheaper than better maintained equivalent when we had it valued.

So all in all, I think you are being cheeky.

Have it surveyed and see what that throws up and make an offer based on that
Also, he won't have to pay estate agents fees - saving to him
Nor clear it out before completion

Email is probably going to be better as you can list your reasons and intent more clearly, eg you'll need to pay to fix the damp.

If you get on well with your landlord, and have been living there for a while, I think it's at least worth asking. You're making the whole process so much more convenient, and you would, of course have paid a chunk of the mortgage for them. Also, the house would no doubt have gone up in value since they purchased it, so they should be walking away with a healthy profit.

A £10k discount may be a big sum considering the house value, but still worth a cheeky ask. If he says no, no harm done, he may counter act you at £5-£7.5k, or you can always drop the discount down like £5k and go from there?

So your landlord is happy being a landlord and he is only selling because you asked him? But you think he should accept less than the valuation? Well, maybe. Or perhaps like so many others he is thinking about the looming expense of upgrading the house to continue letting it.

by all means make the offer, but be aware that he may start looking around for another buyer.

Agree with this. It's a big advantage to him that he'll be getting rent until the day it is sold.

He's happy to do 5 less then the asking price so we're happy too. Thanks guys.

I have a strong suspicion that this landlord has most certainly not lost out but in fact getting way above market value even with the £5k discount

Just pay the price if you really want it because inflation is going to be way above mortgage rates in the near future. If you won't pay the price, you probably don't want it that much or have better alternatives?

Lol, what gives you that suspicioun and how do you know more than both the op and the independent valuer?

What makes me suspicious

first time buyer
has got just one valuation and the one valuation said “it was worth it”
and seems to think the landlord is doing them a favour by selling

Oh and at the very very very bottom of the market. I can’t think where or the state a £115k house would be in

What a ruddy cheek.

What a shame you live such a blinkered life.

Wow…

Please tell where I’d find many £110k houses? Genuine question

Unless in a very poor state of repair

ence my concern that the LL is taking the piss

Wow!

Three bed home here

www.rightmove.co.uk/properties/127672106?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

Three bed flat
www.rightmove.co.uk/properties/127762340?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

And this was named as the best place to live in the UK recently

www.rightmove.co.uk/properties/85335099?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY