how to value the basement flat when making a private approach to buy it

[Idontbuythejellybaby]

I'd appreciate some advice and guidance. To be clear, we don't wish to move.

We're living in what is a maisonette with a basement flat underneath. The owner used to live there but moved out a while back and it's been tenanted every since. We don't want to move.

We made an approach with a view to buying it about 10 years ago and the owner popped round (he's local - a decent guy - but a shrewd bargain maker) and wanted £200k. At the time that was way out of our budget and we let the conversation drop.

I contacted a couple of estate agents over the years to offer to pay to get valuation over the years but no-one was interested - I guess it just isn't their main business model.

I'm about to make a new approach. My initial thought is to say that we'll ask for a 95% mortgage which will lead to a survey which will lead to a report saying whether or not the property could be offered for 95% of the selling price. Does that make sense? If the owner makes a good price - say £5 or £10k more than what he'd get on the open market, we'll live with that. But we don't want to grossly overpay.

I'd greatly appreciate any help you can give as to how to value or suggest a mechanism for valuation when I make the approach. Thanks.

Look on Rightmove including SSTC for Comparables. Look under the house prices tab at the top of Rightmove, to see other properties on the road and what they sold for. There is also zoopla and the land registry. Ask a local agent what the percentage increase has been in your area since the last sale.

You can pay for a RICS private valuation, if you're still unsure.

Thank you Nestlyn, off to take a look now.

should add that unfortunately he bought it before the land registry started to publish prices so there is no comparable.

Thanks for your help Nest.

There's a comparable studio property for £110. His has two beds in addition - though one leads on to the other.

It's very dark.

I'm thinking offering £165. I expect the £200k was wildly inflated at the time (ten years ago).

Well you sound like you have a gut feeling about the value already, make your offer and see what he comes back with. Good luck.

Thanks Nestlyn,
You are right, we’ve got a feel. Also feel for the difference it would make to us and our lives.
I’ve made the offer subject to contract and the independent valuation which we’ll definitely get.
Thanks for your help.