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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To get you to help me bid on a house that lots of others are after

26 replies

Rockfrock · 28/05/2018 08:58

Need you all to be my Kirstie & Phil.
NC for this. I am Scottish and am in England visiting friends. My DSis is with me and we" ve spotted a cottage that has literally just come up for sale. We want to put an offer in but not sure how to play things. We are unfamiliar with English system and speed is of the essence, hampered by the Public Holiday.
The cottage is marketed at £112k and being sold by an elderly chap but estate agent is closed until tomorrow. We know five sets of viewers have seen it and more are booked for Tuesday. It is delightful. Because the estate agent is shut we know we must act swiftly when it opens.
These are our questions. We have a total cash budget of £120K to include all legal fees and taxes. We have the name of a solicitor in the town and have decided to stay one more day and take a day"s holiday tomorrow. We both own a property each in Scotland. My DSis is single and I have two student children. We haven't even seen the home report but know we 'd love to buy it for our retirement. We have no other savings. Please can you suggest what steps to take?

OP posts:
thegreylady · 28/05/2018 09:02

Be at the estate agent when it opens. Offer the asking price subject to survey on condition it is taken off the market and other viewings cancelled. Say ea to put this to vendors asap. If they reject offer ask what they would accept and go up to your max. Good Luck.

divadee · 28/05/2018 09:04

Make sure you have enough left for stamp duty as you will have to pay higher as this will be your second property. It will be 3% on this purchase price.

BarbaraofSevillle · 28/05/2018 09:06

If there are several bidders it might go to 'best and final offers'.

There will be no stamp duty unless this is your second property. Legal and survey fees will be £1-2k?.

You also have to decide how much you want the cottage and whether you are willing to pay more than it might be worth.

Sadly you might have to prepare yourself for not getting it, especially if it's your second property and the stamp duty reduces your budget to not a huge amount above £112k.

Any idea if that is a realistic price or could it be worth more or less? Anything similar sold locally recently?

Original poster
Rockfrock · 28/05/2018 09:07

Is it just going to come down to the viewers whom the seller likes best if all parties offer the same?

OP posts:
BarbaraofSevillle · 28/05/2018 09:07

Stamp duty would be 3% on the amount above £50k I think?

BarbaraofSevillle · 28/05/2018 09:08

If you're a cash buyer who can complete quickly, that will be very much in your favour over someone who needs a mortgage.

numptynuts · 28/05/2018 09:17

I want to know where you can get a cottage for £112k!! Grin

hardlysurprised · 28/05/2018 09:18

Stamp will be £3600 if you offer £120 k

Singlenotsingle · 28/05/2018 09:30

It's not "first come, first served" so don't panic. It depends on who can offer the most and who is in a position to move forward the quickest. You've got enough money and nothing to sell so good luck

Cuttingthegrass · 28/05/2018 09:38

Can you put a note through the door to say you are going to offer full price. Adore it. And you have no chain and are cash buyers. Don't say it's a second property as there's a back lash currently with holiday homes making villages ghost towns and depriving locals from living where they're born.

Original poster
Rockfrock · 28/05/2018 09:55

I did the note through the door to get in to see it yesterday . Others were more brazen and just knocked the door. The chap selling said he would let us in on condition we didn't talk price as that was for the estate agent. We know from him others have said they want to offer full amount and as we left another couple approached...
So what do I say to estate agent tomorrow when I turn up in person ?

OP posts:
Buteo · 28/05/2018 09:58

And, unlike Scotland, there won’t be a home report - you would need to arrange your own survey if you offer and get accepted. If it’s an older property it would be sensible to go for a structural survey, so you’ll need to factor in that cost too.

Buteo · 28/05/2018 10:00

Emphasise that you are cash buyers, no chain and can work to the vendor’s time scale.

Original poster
Rockfrock · 28/05/2018 10:12

Ah i hadn't appreciated i would need a survey as I thought that would be with the report. The cottage was built 1924 or thereabouts and is very good order new Windows , rewired etc

OP posts:
BarbaraofSevillle · 28/05/2018 11:00

You would only need a survey for your own information. You wouldn't need a mortgage valuation survey but you might want to get a structural survey done.

numpty The price is perfectly normal in many parts of the country.

Original poster
Rockfrock · 28/05/2018 22:36

Thank you all. Heading estate agent at 9.00am. Going to emphasise we cash buyer and can offer full amount and be completely flexible with entry date. Should it go to sealed bids we'll just need to cross fingers. Sneaking suspicion it might.

OP posts:
adayatthebeach · 28/05/2018 22:43

Reading this made me excited for you! Let us know how it turns out! Grin

bonfireheart · 28/05/2018 23:05

Good luck.

SistersOfPercy · 28/05/2018 23:23

If you still the second property within three years you will get the strap duty back I believe.

Original poster
Rockfrock · 29/05/2018 10:31

So went in at 09.00 to estate agent and asked to speak to person dealing with cottage. 'oh that house is sold. Offer has been accepted.'
Took a day 's holiday for the privilege. Pretty annoyed.

OP posts:
SistersOfPercy · 29/05/2018 17:05

So disappointing @Rockfrock the English buying system really is a bit crap.

Flowers

Original poster
Rockfrock · 29/05/2018 20:05

Thank you Sisters. Another cottage in the same road with half the size of garden and quite a lot of work doing has been up for sale for 12 days.
It's on at guide price £99 k.

It has a similar but not quite as good view/ sun position. We thinks it has £15k worth of work. In the English system would a bid of £85k be considered outrageous?
The person at the Estate Agent said it had one offer which had been rejected but if there was another interested party they may go to closed bids.

Still gutted about the other one but what tactics should I adopt if I decide to take the plunge?

OP posts:
SistersOfPercy · 29/05/2018 20:11

@Rockfrock can't hurt to ask, you'll always wonder what if, if you don't!

brizzledrizzle · 29/05/2018 20:15

The estate agent has a legal requirement, I believe, to put all offers to the vendor.

BarbaraofSevillle · 29/05/2018 20:23

That is true brizzle, right up to the point of exchange. OP under the English system you are still allowed to bid on the original cottage should you wish to. However the owner may feel duty bound to continue with the first buyers or they could also set off a bidding war.