Is this offer on a £600,000 flat rude?

[ScillyGirls]

I want to go in at £550,000. I've read that knocking 10% off asking price is acceptable, I just don't want to appear insulting at the first offer and it has been on the market for 2 months. Has anyone had success with something similar?

It's a 1st floor studio flat in a desirable area of Zone 2 London, tiny (350 sq ft) with main room, a small kitchen and a bathroom. So it's a small, period terrace flat above a cute shop in immaculate condition, very high ceilings, but the clincher and why I'm going for location over size and space is the terrace/balcony overlooking one of the most beautiful streets in London, with a royal park 30 secs in one direction and a village-feel street of shops, delis, cafes, pastel houses and al fresco dining all around.

This flat hasn't been on the market for a couple of decades, so the asking price can't compared to any recent sale, but the length of the lease is generous and not a problem. What would you offer?

OP, not sure if you are talking about that flat in PH. I lived in a one-bed flat one of these mansion blocks in Chalk Farm not far from that street. I absolutely loved living there, the block itself but also being so close to PH, Regents Park and Camden. We moved away for space after having a baby. My DH and I still talk about moving back and living in the thick of it when we retire (a long way off).

Quite! It's not much more than a posh student bed-sit!

My only concern would be whether the shop changes from being something nice with sociable hours to a chicken shop or betting shop. Change of designation is much easier in London these days.
The offer reduction itself is fine!

She has said it isn't the flat linked but south of the river.

She said it isn't that one

"hope to sell for a modest profit in a few years".

But luxury flats are generally what attract the most ne in a falling market. So investing in one basically means you are taking a gamble the market will continue to go up. Buyers of luxury flats at the top of the market typically get rinsed.

Well, it can't be too dissimilar......

As there is shop under the flat, you gave to apply through commercial mortgages as it wont fall under residential mortgages category

The OP is not looking in South London. Thr only Royal Parks in South London are Greenwich, Bushey Park and Richmond and if you pay £600k for a studio in either of those places you are being done up like a kipper.

But what do I know? £600k would get you a 2/3 bed house in my area of zone 3 London.

@cantwait4orsummer that isn't true.
You would get a residential mortgage as the flat and the commercial premises are separate and app is only purchasing the flat.
However both the studio flat element and it being above commercial premises will affect mortgagability and saleability despite the desirable location.
Not all lenders will consider lending against these types of properties

It’s Primrose Hill. You go out.

She didn't say flat was south
Said that side of town
Could be chelsea

My friends are mainly south of the river I so want to remain that side of town.

I know nothing about London but it sounds like an amazing spot and I’ve always wanted a balcony. Sounds like you’d get a lot of joy from it. Worth a go on the offer- get as much info as you can from the estate agent about the vendor.

I think your problem would be selling it for more than you paid for it. No one evidently wants it at £600k and it’s not going to grow a bedroom over time. Personally I would look around a bit more but that’s me.

Of course it could be better than the one posted on here, which I wouldn’t buy for that amount.

How long is the lease? Whenever ive come accross flats tgat are bargains its either short lease or just about to need major works...

I think it's rude to ask for 600K for a studio. Location my arse. I live in London and there are lovely places you can buy a house for that.

100% agree that homes are not all about the resale value. Show us the link then of your flat?

I agree the OP should do what she thinks it right, however, I hope she considers what happens if she needs to resale. It harder to sell property above a commercial property. It might great for renting out.

Crack on but be prepared to be outbid. Only nickel and dime if you're willing to lose the bidding.

I once refused to spend £60k on a 2 bed flat in Blackheath as I thought it was too much 🤨

@ScillyGirls what happened?