Heart or head? London property purchase wwyd

[Pootlebug]

I sold my house in London in July. Made an offer on a property at the end of June. The property needs a fair amount of work, both in fixing stuff that needs fixing, and in doing things to make it work for us (eg loft conversion).

I utterly love the house. And because of this suspect I offered a bit too much. And the market looks considerably more uncertain now than it did when I made the offer.

I am lying awake at night panicking because even though I can afford it, and plan to stay long term, I'm just paying too much. I am not an especially high earner, and can only afford this because of an inheritance, ex-husband high earnings, and my high earnings in the past before I took several years out of the workplace to look after my kids. So whilst I can afford it, I suspect if I were offering on it today I'd be offering 50k less. That is considerably above my annual gross pay.

Owner is moving to another property they own, so no chain.

Wwyd...pull out, try and negotiate on price, or just stop bloody worrying about it as I love the house? I know that contemplating the first two is very unfair on the seller and that is a key reason I don't want to do them. But it is a very significant amount of money to me.

That is too much money to pay when it needs work too and with all the uncertainty ahead..

You may love it but don't be stupid. Consider if you're willing to walk.

If you’re not happy then pull out. It is a transaction and you don’t owe the sellers anything.

You could try and renegotiate the price of you still want it.

Do you love it enough to pay £50K extra? That's the only question you need to ask yourself.

You'll need to pay £50K and the extra loft conversion costs.

What else is around in the market now for £50K less? Have you looked? If not, do so. That will give you a base line of whether you wish to negotiate or not.