What's a fair offer?

[SeLHopeful2024]

First time buyer here looking in SE London.
We are good (I think) buyers in that we are chain free (currently renting), having a mortgage in principle in place, have a reasonable deposit to hand (over 16%) and flexible to move as quickly or slowly as the seller wishes.

The property I've really taken a shine to is £420k and has been on the market around 2 months.

Issues- we are in a fully furnished rental so we need to be very careful not to over commit on monthly payments as we have to buy everything.
Property needs new carpets throughout and may need other decorative work.
Structurally I'm not sure, obviously if we offer we'd have a survey done.

How do you start negotiating without paying more than it's worth, but also not alienating the seller?

I've read online that offering 10% less is normal, but is this true?

I've not put an offer in on any property before, so any advice on how to approach it would be welcome.

Oh dear sounds awful. Never mind, onwards and upwards there will be a much better house for you.

@Twiglets1 I was very silly to think we could get lucky with the first place we saw, but just have to hope the right one will present itself soon.

Honestly, IME you’ll see 10+ before you find one you like. The early ones will all be rubbish too as when you start looking you see everything that’s been on the market for months because no one else wanted it.

You will do.

When my daughter was a FTB a couple of years ago we honestly saw so much shit before she finally found her nice flat.

I said to her it’s all useful research and helps you spot the right property when you finally see it.

Due to our limitations with having a troublesome toddler in tow, I think I've learnt that we need to do a first visit with either me or my partner, then if its a viable contender we go to a second viewing together.

It was a nightmare trying to contain him and look at things seriously.