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Original poster

Help me buy a house

73 replies

PaintingOwls · 07/10/2018 16:14

FTB here. My property experience starts and ends at watching Location Location Location.

DP and I have been looking for a house for months. Everything has been wrong. Yesterday we went to see a bit of a wildcard which is £50 under budget and I love it so much I think I'm going to throw up.

It's the smallest property we've seen but the location is wonderful (close to where we rent, which is an area we love). All the other places we've seen have been bigger but in soulless estates miles from here. It's a 2 bed house but I reckon we could re-jig downstairs to fit a bedroom should we need an extra one.

I don't know what to do from here.

Make an offer? Under the asking price? Bang on the asking price to secure it? Shall I demand it be taken off the market? Shall I play it cool and ask for a second/third viewing???????

Just to clarify, I spoke to the bank last week and my mortgage advisor said he's happy to put us forward to a mortgage subject to a credit check, valuation, etc.

So the financial side is fine, I just don't know how to proceed from here. Hoping for a bit of direction from people who have been there and done that.

OP posts:
Original poster
PaintingOwls · 07/10/2018 16:52

Hopeful bump

OP posts:
Knittedfairies · 07/10/2018 16:55

Have a look at this Good luck!

B00dyM4ry · 07/10/2018 17:06

Do you have a solicitor? If not start phoning all your friends/ work colleagues to get recommendations and get on the phone first thing Monday to one. In Scotland all your questions are ones you should be asking them. They know the market and can find out about the sellers position so can advise you what to do.

I'm not sure if it is same in England but someone will be along to confirm / or otherwise I'm sure!

AJPTaylor · 07/10/2018 17:17

How long has it been on the market?

Inferiorbeing · 07/10/2018 18:09

It all depends on how long it has been on the market! Personally I would always suggest a second viewing

Original poster
PaintingOwls · 07/10/2018 18:44

AJPTaylor

Two months.

I'm just so nervous. I don't want to lose it, nor be taken for a mug.

OP posts:
Inferiorbeing · 07/10/2018 18:53

I would offer low, i was always told be embarrassed by your first offer and make it very clear that any offer involves the property being removed from the market. Then if its rejected move up towards the max price you would want to pay.

You have to be willing to walk away unfortunately but as its under budget i think you'll be fine!

RangerLady · 07/10/2018 20:25

If it's been for sale for 2 months they might be more interested in offers than if it was only listed 2 weeks ago. So we would (and have) offer 10% below asking price, or 15% as it's been for sale a while. YOU have to decide what you are happy to pay. You know the area and hopefully what stuff goes for. Then they reject that, then you offer a bit more until either they accept or you think "I'm not paying that for it"
It's a silly game really.

Do a 2nd viewing where you are having a really critical look too. And if they accept an offer it must be taken off the market, don't accept them still marketing it as for sale!

sbplanet · 07/10/2018 20:49

Speak to the estate agent and ask if there has been any offers. If there have been what happened to them. If not ask how much interest there's been. Ask why the sellers are moving, have they anywhere to go. How quickly are they looking to move.

Have a look on Rightmove for selling prices in the area, just as a guide, as nothing will make a seller sell to you if they don't want to.

Don't mess the seller about, that could just as easily lose you the purchase. When you've decided on your offer, based on what the estate agent tells you, don't forget that if it's accepted you can still modify it down the line if 'problems' are bought to light in the survey.

I don't know the sellers but I always try to remember that it's their 'home' you're buying and behave accordingly - well at least at the start.

In one house sale I turned down potential buyers because they've taken the pee with their offers, even though I wanted to move. When they came back with a third (sensible) offer before I had to decide to eat humble pie and accept it another couple made an offer and I accepted that instead. The first couple were very upset as they were really keen, but...

Good luck.

daphine2004 · 07/10/2018 22:35

Place marking as some good advice on here!

Original poster
PaintingOwls · 08/10/2018 08:19

Houses on the street go for £20-30k more, but are in better condition. Definitely out of our budget, which is why I'm so excited over this house!

I met the seller, he was in the house when we viewed. Lovely bloke, which makes this more difficult!

Good tip re: being embarrassed by a first offer. We are in the London suburbs, should that still be the case?

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Villanellesproudmum · 08/10/2018 08:22

Can you put a link to it so we can help more effectively?

ToBeClear · 08/10/2018 08:23

Get the mortgage approved in principle so you can share that with the vendor. I believe most vendors price at least 10% over what they'll accept so bear that in mind. Never be afraid to negotiate. Good luck!

Original poster
PaintingOwls · 08/10/2018 08:29

Ok this is the house www.rightmove.co.uk/s6p/67154857

And this is a done up one on the same street www.rightmove.co.uk/s6p/66669100

OP posts:
Singlenotsingle · 08/10/2018 08:37

And you're FTB so no chain, which is very attractive to a vendor.

MrsPatmore · 08/10/2018 08:51

My advice would be to offer close to the asking price if you like it that much. In the grand scheme of things, it would be silly to miss out for the sake of 5-10K. Have you budgeted for all the works though - looks like damp in the bathroom ceiling (flat roof problem?).

Villanellesproudmum · 08/10/2018 09:13

You must, must must have a full survey as it looks like a flat roof, hate them! Ask when it was last repaired and make sure the gutters are in great condition. Flat roof installations and repairs usually come with a certified guarantee so ask for a copy, they tend to last to 25 years on the outside but need regular maintenance.

I’d offer £295 as an opener and not go above £305k (unless you’re really in love with it) as it needs a lot of work but you should still make a profit when you sell even if you spend £20k

Is the bathroom showing signs of damp?

I like the sold ones with the additional floor added something to consider as funds allow?

Villanellesproudmum · 08/10/2018 09:17

I’ve just looked on street view and the rendering is in poor condition. And the guttering looks ropey. Street looks lovely.

Original poster
PaintingOwls · 08/10/2018 10:18

Villanellesproudmum

Yeah I think the man who lives there is unwell in some way, he said he wanted to do the rendering etc but couldn't. The whole house is a bit shabby and neglected but that's really the main reason it's within budget.

OP posts:
Original poster
PaintingOwls · 08/10/2018 10:20

And yes, I'd like to add a roof/third floor in the future. It's very much a Potential house, there's a lot we COULD do with it.

No damp as far as I could see, but to be honest I'm not sure what I'm looking for.

I suppose I should go back with a builder?

OP posts:
SlowDown76mph · 08/10/2018 10:23

If it's close to clearing out all of your available funds for renovations, then be careful. Is that a flat roof? Worth having a full survey done.

sunglasses123 · 08/10/2018 10:31

Painting - the fact that you have compared the street to see where this house sits price wise is very good. Keep going like this and you will be an expert. However this house does need a lot of work. Can you stay where you are whilst the repairs are being done?

Obviously his stuff will be removed if you go ahead but I am thinking its being unloved for a number of years. New bathroom, complete decorating, carpets etc. I guess it wont go for the asking price but once the survey comes back its likely to read like a horror movie and you might choose to review the price. How do you think this chap would react if you say offered £295k and then lower again once the survey is published i.e you eventually pay £275k.

He brought it for £89k in 1999. I suspect little has been done since then.

Villanellesproudmum · 08/10/2018 10:32

With damp you can usually see discolouration, if it’s painted walls there might be a little cracking, if it’s bad you can usually smell it unless there are attempts to disguise it, if it’s really bad you can see black marks/mould. If a bed is pushed against an external wall don’t be afraid to ask if you can look behind it. Same with sofas etc. The reason asked with regards to the bathroom it looks like some tiles have come away, another potential sign of damp.

If you know a builder who could attend with you that’s perfect.

Its always best to buy the worst house in the best street especially as a FTB.

Original poster
PaintingOwls · 08/10/2018 10:38

sunglasses123

Can you stay where you are whilst the repairs are being done?

We have another 9 months left on our tenancy, so yes in theory although we might be haemorrhaging money.

OP posts:
longtompot · 08/10/2018 10:44

There only seems to be a pair of houses in the street who have done the roof extension. I would look into that first. There doesn't appear to be the space downstairs to squeeze in a bedroom there.
Then if you want to go ahead, make sure you have a Mortgage in Principal (MIP) and then put in a low offer. It needs a lot of work and the flat roof I find scary.
The thing is, when you see your perfect house, then you know it.

Is this the first house you've looked at OP?

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