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Original poster

Have I offered the right price? Leytonstone

72 replies

Maverick52 · 19/10/2023 14:06

Hello everybody,

I got my offer accepted on a property in Leytonstone (1 bed plus one loft room, 390k offer, asking price was over 375k).

I know they purchased the property in 2021 for 350k. I am now wondering if I offered too much?

The estate agent told me they accepted my offer despite receiving a 400k offer (mine is cash offer).

I wonder if I prices in the area have increased so much in the space of two years and if I am overpaying?

Any suggestions?

Best,
Mav

OP posts:
aggywaggy · 19/10/2023 20:11

The one they sold was similar to a warner flat actually, downstairs, own front door, garden split down the middle etc. I’d definitely get some more valuations! But I guess it will depend on the flat itself, length of lease, service charge etc.

stonedaisy · 19/10/2023 20:12

I used to live on that street and i enjoyed the proximity to everything. If you love it then you haven't offered too much.
Get level three survey done and if it needs any work then you can start to negotiate the price down.
At the moment you've secured it in as much as the conveyancing can start, but you're not legally locked in. All good! Well done.

jadey1991 · 19/10/2023 20:20

TheYearOfSmallThings · 19/10/2023 20:10

If you sold for that price the lease must have been extremely low?

Show quote history

No haven't sold yet as we are getting second opinion

icecreamisforwintertoo · 19/10/2023 20:27

We sold a flat round the corner from here about ten years ago for £360k! We had higher offers and got gazumped, we’d originally sold for £375k. So on that basis it seems like a fair price.

Sundaefraise · 19/10/2023 20:29

That second loft room is dodgy as anything. Would put me right off unless the flat was cheap enough for me to just consider it storage. I don’t understand why it would be more than around the £350k they paid for it in the 2021 peak?

TheYearOfSmallThings · 19/10/2023 20:37

jadey1991 · 19/10/2023 20:20

No haven't sold yet as we are getting second opinion

Show quote history

That's good! Because 2 bed ex-warners near me go for over £500k if they are in good condition with a decent lease, over £400k if they need decorating or have a short lease.

Don't rely on the Zoopla valuation for a house that hasn't been sold for decades, it won't be accurate. Just Google your grandmother's street and you will see what 2 beds have been selling for. It won't be £275k.

Dinkleberrys · 19/10/2023 20:56

Op comes for help saying their a first time buyer and inexperienced, posters slate them for being an inexperienced first time buyer. This place is astonishing.

Dinkleberrys · 19/10/2023 20:57

*they're

Mousetrapsquee · 19/10/2023 20:59

Houses are worth what people pay for them! It looks fabulous to me! And very modern, up to date and no renos to do? That's certainly a win. If you can comfortably pay that and not be worried or stretched and it's where you want to live, then it's the right price. Everybody always thinks they need to 'get a deal'. It doesn't sound like you came out of left field with a crazy high offer, you reacted to what you were told about another offer on the table and you got the house, so I wouldn't worry too much about it. Enjoy! I remember feeling similar as a first time buyer too, it's all very new!

jadey1991 · 19/10/2023 21:16

TheYearOfSmallThings · 19/10/2023 20:37

That's good! Because 2 bed ex-warners near me go for over £500k if they are in good condition with a decent lease, over £400k if they need decorating or have a short lease.

Don't rely on the Zoopla valuation for a house that hasn't been sold for decades, it won't be accurate. Just Google your grandmother's street and you will see what 2 beds have been selling for. It won't be £275k.

Show quote history

Thankyou for you advice. We will defo be looking into different estate agents. I live in a Warner flat myself and a dew of my neighbours that have moved out and sold there flats have gone for about 500k and we literally live 5 min away from walthamstow central

Heronwatcher · 19/10/2023 23:08

I don’t think the price seems completely off, but as others have said you need to look at comparable local prices.

I also have to say that I think the flat is ok but they have done a shit version on that loft conversion, the second upstairs bedroom is little better than storage and the first one looks like it has really low ceilings and unusable areas. I think the stairs need moving so they go up over the existing stairs and the rooms re-doing in an ideal world so you end up with one set of proper stairs and 2 usable rooms and maybe an en suite. So I’d be a bit 🤔at paying for the loft conversion if it will need doing again anyway. Definitely get a really good survey done and check the main room satisfies building regs (the second one 100% doesn’t!).

The lounge also seems to have a bit of an odd step in the floor which you might want to check out. I like the bathroom though.

Creamegg18 · 19/10/2023 23:34

I know the area well. I personally wouldn’t pay more than £385k and it doesn’t have a garden and is on a busy road. But you have the tube on your doorstep, and with close proximity to Francis Road and good eateries. Also rentable too being close to public transport. Find out if it has a long lease or if it’s part shared freehold

Grove Green Road is between Leyton and Leytonstone and it is viewed the more desirable part of Leytonstone is that of Upper Leytonstone.

KievLoverTwo · 20/10/2023 01:16

It's a nice flat but I am not sure a mortgage lender would consider either of those bedrooms to actually be bedrooms. I thought you had to increase the height down the centre or at least put a dormer window in for it to be considered a bedroom. It might depend on when it was converted. Lenders are also strict on fire doors and staircases.

I know you are mortgage free, but don't take on a resale liability. You need to tick the valuation box and thus pay extra for your survey and you need to specifically ask the surveyor about building regs (versus conversion dates) and what it may or may not pass.

It might not change your decision but at least you will be aware of its true value and bedroom status when you want to sell.

That second space is clearly a crawl space or a small home for Borrowers. What an utter piss take.

You made a newb mistake asking for proof of the offer. I also don't believe a word EAs say and I started a thread about it on here a while ago. The overwhelming responses were: a) they can't do it because of data protection and b) they could just fake an offer email anyway.

E11Mummy · 20/10/2023 05:36

That estate agent sometimes overinflates prices!

Youhaveyourhandsfull · 20/10/2023 05:50

You really can't offer under now. Flats nice enough but it's on Grove Green Road which is a bit of a negative and it's very much the arse end of Leytonstone. Francis road and the shops etc there may be contributing to the price being higher and it's very close to Leyton station (5 ish mins walk Id guess).

DrySherry · 20/10/2023 06:27

OK the easy way to deal with this is to commission a full survey including valuation. Something that you should do anyway.
Once you have the report showing both the realistic value and any condition issues, you use it to renegotiate the price to what you feel comfortable with. Don't be flakey now, wait until you have the proper information to back up your position. I suggest not rushing this part. The longer you leave the vendor believing they have a sale at X price the better. They will be making plans to have the property sold and become more vulnerable to your re negotiation.
Edited to add - by not being flakey now and appearing to be happy to continue the process as agreed - the other bidder you mentioned (assuming they are real) will move on with their search and probably won't be interested if it's offered back to them at a later date.

Original poster
Maverick52 · 20/10/2023 09:20

Thanks, it makes sense. I think the value of the flat will depend a lot on the loft room (if can be considered in the sq mt, if is safe etc)

OP posts:
usertaken · 20/10/2023 09:46

Do you have any specific reason to live there? Are you from the area?

I grew up nearby; as others said I think it's sort of mixed and caught between two different vibes without being neither. In one way Francis Road has more of the 'villagely' feel, in the other way Leytonstone High Road hasn't really improved over the years, not really a destination for anything.

I suppose much depends on personal taste but to me if you have flexibiity one of the stops up the Central Line would be better. You could prob get a comparable 2-bed flat in South Woodford for similar.

If you're wanting more future proofing going a little higher (ie £400k-450k) could prob buy you a starter type house with garden. I suspect this flat was for sale because it's just unsuitable for a family, and they would be better served by one of those types of houses.

As for price is seems in the range of acceptability and £15k is only a small variation. However I do think it quite likely that you were only bidding against yourself. The flat was on since July at £400k with no takers for 3 months before they reduced the price.

AX35 · 20/10/2023 10:07

We are renting from Stow Brothers in the area right now and you definitely got tricked by them on that one.

As an investment I would say you will probably need 7-10 years to get back to an average ROI.

If you intend to live there long term then that's fine.

TheYearOfSmallThings · 20/10/2023 10:17

Maverick52 · 20/10/2023 09:20

Thanks, it makes sense. I think the value of the flat will depend a lot on the loft room (if can be considered in the sq mt, if is safe etc)

Also the length of the lease - apologies if I have missed it, but I didn't see that information and it hugely affects the value.

Eyesopenwideawake · 20/10/2023 10:23

Have a survey/home buyers report done and ask the survey to value it (even though you're not getting a mortgage). They will look at the comparables in the area and the trending prices.

You can reduce your offer at any time up to exchange of contracts. Equally the vendors can reject your new offer.

KievLoverTwo · 20/10/2023 10:25

OP, also please note you need a level 3 survey on properties with extensions or conversions (especially one as questionable as that). Unfortunately, that is the most expensive sort.

Original poster
Maverick52 · 20/10/2023 10:28

104 years, no service charges, just 100 ground rent

OP posts:
Original poster
Maverick52 · 20/10/2023 10:31

I put an offer already in July and then it was sold as a 2 bed. The sale then fell through (I think because the previous buyer did all the checks and realised it could not be bought as a 2-bed). It was then put back on the market as a one bed.

OP posts:
mylittleprince · 20/10/2023 10:38

I'm not sure you'd get a mortgage with those loft rooms as bedrooms. I can't see the ladder would be allowed with building regs. Plus I guarantee it will be difficult to control the temperature in those loft rooms.