I am viewing a house tomorrow. Would like some opinions. Pretty please?

[QuintessentialyHollow]

here

What do you think? The estate agents own marketing materials has the priced dropped to 599k. It is a good price for the area. Good schools, good transport links. It has tenants in (2100 yield pcm) on a long term contract, 3 y with 18 mts break clause. Tenants only been in for 6 months. Why sell? What is the catch?
What should I think about asking, and especially look out for?

I dont mind that it is tenanted. It fits in quite neatly with our plans, in a weird sort of way.

Nice house, but why do you want tenants in it? Presumably you are living elsewhere? Seems odd to sell a tenanted house and I would definitely talk to a solicitor before proceeding. I know a v g one if you need one - am selling atm

Wow you don't get a lot for your money do you?

I guess the owners are selling because they need to release some funds.

I would want to know about the current tennants, also is their contract still valid if the ownership of the property changes? (sorry, you might know this but I have no idea). Is there a letting agent involved (and if so what are their fees) if not the current owners must deal directly with the tennants - how do you feel about that?

I didn't know where the house was on the initial map but after zooming out a few times I can see that it's in a lovely location (as much as a South Walian who has only visited London about a dozen times can say about the location really!) but I'm gobsmacked that you only get a terraced house with a loft conversion for over half a million pounds!! Good job I've no plans to move to London - think I'd be lucky to get a shoebox!

Presumably you'd hear railway announcements in the garden? At least you are close to the station.

Very nice loft conversion, nice kitchen, though possibly not as big as it looks on the picture. Generally a nice light house and I bet the circulation space is pleasant. Horrible garden - is there a window overlooking it in that house? Afraid the garden would put me off. I can see why it's tenanted. Maybe the garden is the reason it's 'cheap' for the area (really??)

Think it looks strangely cramped - the sitting room looks like half a room.

I'd like to know the legal status of the tenants. the pictures look like they were taken on a phone - possibly by the owners, before the tenants moved in? maybe the wear and tear is substantial?

I would guess it's being sold because the owners' circs have changed but would want to know why.

That doesn't sound a great yield to me- I'd be looking at a minimum of 5% so if the rental price is correct then the sale price should be more like £500k.

Nice area. You mention good schools, so does that mean you have dcs? Personally, with kids, I'd want a proper garden. That would be a deal breaker for me.

I think I remember that house To Let while I was looking for rental properties back in spring. The pictures were as bad quality then as now, so I agree the pictures could be old.

It is not particularly small for the neighbourhood. There is no through traffic, the road is closed up on the Upper Richmond Road end.

We do have children, and that garden is not ideal. However, it is a step up from the house we own already, which is also tenanted. THIS Milton road house is in the area we want to live in. We are renting a stones throw away. Larger house, better garden, better location, for the same money. If anything, it is overpriced for the area. The estate agents have told me a little bit about the tenants, which is not off-putting. But I guess it is a question of vetting the tenants as much as the house.

Some very good points to ask, about legality, binding tenancy contract, if there is a letting agent involved, etc. I would not want the letting agent involved at all, and will need to find out if this is the case, if the contract the agent has follows the house or the owners, if so, can I chuck them.

Our current tenancy is fixed term till September. Their break clause comes into effect in September. However, they are keen to stay.

We have to move into our own house in September, and live there a few months, while it is on the market. It suits us to NOT have to move into that house until 2013. But, in the event we should decide to sell the Milton road house, will the house prices have gone down even further the next year?

Nice house. Change the toilet seat.

Nice house. Shit garden.

oh yes, horrible toilet seat!

The garden I can work with. Am quite good at turning shit gardens into havens.

Have you checked recent house sale prices on nethouseprices.com? That one is terraced so recent sales have been between 485k and 585k. Check out how the other houses compare in size decor etc!

50 Milton Road, Mortlake, London, Greater London, SW14 8JR
Detached, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£602,000
History 30-Sep-2011
Map (SW14 8JR)

77 Milton Road, Mortlake, London, Greater London, SW14 8JP
Terraced, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£538,000
History 09-Sep-2011
Map (SW14 8JP)

22 Milton Road, Mortlake, London, Greater London, SW14 8JR
Terraced, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£485,000
History 26-Aug-2011
Map (SW14 8JR)

23 Milton Road, Mortlake, London, Greater London, SW14 8JP
Terraced, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£495,000
History 08-Aug-2011
Map (SW14 8JP)

25 Milton Road, Mortlake, London, Greater London, SW14 8JP
Terraced, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£585,000
History 14-Jul-2011
Map (SW14 8JP)

83 Milton Road, Mortlake, London, Greater London, SW14 8JP
Terraced, Freehold, Not New Build
Thinking of selling? Get a free valuation.
£499,950
History 21-Mar-2011

hmm interesting.... sold in 2207 for 547...

And the house 3 doors down sold for 538 last September ie 4 months ago. Presumably that came with vacant possession and the one you are viewing won't which makes it less valuable.

So unless the property is bigger or in a superior condition you should not be paying anywhere near 599 for it.

Make sure you tell the estate agent you know about the sale last September

I'm not sure about the 'washroom' area in the attic bedroom

is it just me or is that set up a little odd -why would you not put a stud wall up to make is a proper en-suite?

unless the photos are just really bad and I'm looking at it wrongly??

Will do! I imagine that the current owners are struggling with a mortgage for a 547 property, and are making losses every month on the £2100 rent - who knows what mortgage deal they have, and will be keen to sell. Even if this means a hit on the original purchase price. If I am still keen after having seen it, I might make a cheeky offer of 535 to match the September price, and down a little, seeing as the housing market has not improved much. They can only say "no"! (and I am not desperate right now)

I am also keen to let the tenants stay, which in their opinion might count for something.

workshy, I think you are right.

I also see that there is not actual loo up there.

(That is something I will want to change - familiar with macerating toilets, ahem.)

OK it's time to think like a businesswoman. You might be keen for the tenants to stay but you don't need to reveal that to them! The more they think that the property is perfect for you, the more they cash they will try to squeeze out of you! And the agent is a professional at this remember!

View with your poker face on. Point out ALL the failings that an average buyer might notice even if it's something you like. ie if you hate gardening, still say that the garden is a little small!

And remember, if your first offer on a place doesn't embarrass you then it's too high!!!!

OP - are you very familiar with the area? We used to rent very nearby and had to leave because of the unrelentless air traffic noise. Jumbo Jets flying overhead every 4 minutes are not fun. I suspect that is why the price is "low" for that area.

The street you are looking at is directly under the arrival path for Heathrow.

The living room is less than 10ft wide! Just over a yard longer than my husband. Would it not be a bit prison-celly?

Just read the entire thread. Why do people think their house should sell at more than 2007 prices?? That was the top of the market. Chancers.

Well, it is in London CopyWrite - 2007 was not the top of the market for most property in London, prices continued to rise (and still are rising).

How can anyone go with an EA whose camera can't even focus!!

Not really a 3 bed though - 2 bed with (albeit nicely) converted loft.

Garden looks pants.