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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:
Frasers · 20/10/2023 10:41

This is why ftb have such a bad rep. Offering, agreeing a sale then panicking.

id assume you’re on the money, pull out if you’re not sure. But next time do not offer to buy if you’re not serious.

Original poster
Maverick52 · 20/10/2023 10:42

What makes you say the staircase and the room have not been done properly? I get that the ceilings are low but I don't get what's wrong with the staircase

OP posts:
Original poster
Maverick52 · 20/10/2023 10:43

I see your point but buying on paper without seeing any docs is also the problem. I asked the estate agent to see the lease and other docs before to check if the loft is legit.

OP posts:
Original poster
Maverick52 · 20/10/2023 10:45

Would you get a mortgage if you consider the flat as as a one bed without the loft room? Definately I am not considering the second loft with the ladder. That to me is only a storage space. My issue is with the bigger loft room.

OP posts:
KievLoverTwo · 20/10/2023 11:12

@Maverick52 please note I am far from any kind of authority. Re staircases (which I have not studied on your ad), I believe regulations these days state that they need to be able to be fully shut off with a fire door (I know that to absolutely be the incoming regulations for holiday rentals, anyway). So, it’s a safety thing. This may not necessarily apply to older conversions, I really don’t know. Is it an open staircase? That could be an issue.

Whether the bigger room is considered a bedroom for mortgage purposes. I was told that if the only place you can stand up is the centre of the room, it’s not a conversion, and the lender will downgrade the number of rooms on their valuation. I see a lot of these ‘conversions’ advertised. They are quite often described as hobby room, office, storage space. Many things besides bedrooms.

Maybe you should put in a call to the local council before you start spending money on it.

Oh, and that lease is quite short. It’s on the borderline (but probably just inside a ‘yes’) of what a lender would consider acceptable. Take 20-30 years off that and they would refuse a mortgage unless the lease was extended prior to purchase. Have you got info on how much it would cost to extend? Because I think you are going to have to when you come to re-sell.

aggywaggy · 20/10/2023 13:11

I think walk away and let the vendor get on with it. You clearly have anxiety about the property and that’s not going to go away, as you’re clearly worried about negative equity and resale. There are loads of properties within your price range. Find one that you’re sure about!

Heronwatcher · 20/10/2023 16:51

On the staircase, decent conversions these days have them over the existing stairs and then a mansard type roof at the back. This means that the room is much better and also that in the event of a fire you can get straight out of the house. The conversions I’ve seen with stairs like the one in the flat you linked to
mean that you have to exit via a room- if there is a fire in that room you’re buggered. I bet that door with the corner off into the bigger loft room isn’t a fire door. Plus that odd change of levels on the lounge floor. All makes me think that the conversion was either done a long time ago and/ or badly so it will likely have other issues too (insulation/ heating/ windows/ electrics).

Also a 104 yr lease is not great- chances are if you stay for a few years you might find it difficult to sell without extending (I think under 100 years some mortgage lenders won’t lend), so you should check that with your solicitor. If you need to extend it can often be 10k plus unless you’ve also got a share of the freehold.

LindaDawn · 20/10/2023 16:55

We sold a leasehold flat December 21 with 94 years remaining. It wasn’t a problem but we did sell it at a price in consideration of this.

Housebuyingfamily · 20/10/2023 20:51

You’re on the A12. Absolutely not!

MyAnacondaMight · 20/10/2023 21:07

Seems a reasonable price for the area.

Ringpeace · 21/10/2023 00:06

Despite what Stow brothers claim, this is in Leyton, not Leytonstone. This flat is much nearer Leyton station. The two areas are adjacent but quite different. E10 just isn't as pleasant as E11 - although Leyton is improving (Wesley and Francis Roads for example). Leyton station is also getting a refurb.

E11Mummy · 21/10/2023 06:28

I’m fairly certain that all of Grove Green Road is in E11.

Dontsparethehorses · 21/10/2023 06:32

If you love the property, intend to be there for the long term and have £390 in budget then don’t over think it. If you’d be sad to lose it is someone else was willing to pay £390 then don’t walk away. We had a mystery high offer on the property we are in 10 years ago but we are still here, the value has risen and the small amount we may have over paid is insignificant now. Ultimately the property was worth that price to us and that’s what matters

TheYearOfSmallThings · 21/10/2023 07:14

I agree that although the postcode is E11, the area is really Leyton (and also handy for Stratford). Presumably the OP knows the area and is fine with that.

Ringpeace · 21/10/2023 08:13

@E11Mummy it looks to me that the pin drop on the map is in the wrong place, so the EA description and vendor's statement start to make sense.

E11Mummy · 21/10/2023 08:18

Ringpeace · 21/10/2023 08:13

@E11Mummy it looks to me that the pin drop on the map is in the wrong place, so the EA description and vendor's statement start to make sense.

It’s between both Leyton and Leytonstone stations- but with a shorter walk to the latter, and right by both the Heathcote and Filly Brook. Definitely Leytonstone!

TheYearOfSmallThings · 21/10/2023 09:57

Ah I see - it's a very long road and the pin has been placed at the far end (right near Leyton station, which would actually be handy) whereas the house is way up near the other end, so it is properly Leytonstone.

Original poster
Maverick52 · 21/10/2023 09:59

That's correct

OP posts:
liven · 25/10/2023 14:50

I second this! I live in the area and that price sounds about right. Remember, if you plan to do surveys, etc. (recommended) you can always reduce your offer as you feel comfortable and then it would just be up to the seller's to decide.

Original poster
Maverick52 · 25/10/2023 22:45

Thanks for your feedback, that's good to hear it is not totally off

OP posts:
KittenKaboodle · 26/10/2023 16:57

Hi OP. I sold my house in Leytonstone through Stow Brothers a few years ago. They use the ‘offers over’ thing as a way of driving demand from prospective buyers (encouraging best and final offers). The properties they sell are priced a bit lower than other agents as a way of getting people through the door and competing with other buyers. Our house sold for a similar % over the listed price. I can’t comment on whether you’d be overpaying, per se, but I wouldn’t worry about you having offered over the asking price.

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