If you saw a lovely flat on the market for £270k would you even consider offering £260kish?

[DitaVonCheese]

Could do with some views/advice. If you saw a flat being marketed for £269,950, would you even consider making an offer in that region or would you assume that the seller would accept £250k because of the bloody stamp duty? Flat is in London if that makes a difference. Cheers

Would absolutely try for 249,950k because of stamp duty.
Unless either seller offered to pay stamp duty.
What has the agent said? Or is it your flat?!
Dependant on any fixtures and fittings you could sell actual flat for 249950 plus 'fixtures' for 20k, avoiding stamp duty, but you would have to be careful!

It's my flat! It needs something expensive doing to it. It has been on the market for ages at £270k but willing to accept £250k and let the buyer do the work. Estate agent supposed to be selling on that basis. It has had 37 viewings and apparently every single person has said that we need to do the expensive thing, but then I wouldn't want to accept £250k. Bah.

Need to do some sums!

if it had the something expensive done would it be worth more? Maybe the problem is that at c£250k in London you're hitting the first time buyer market who are unlikely to have the cash to do expensive work? Therefore you may have to do it and then market at say £270k and say you'll pay the stamp duty (which would be much less than taking a £20k drop in price)? What does the agent say?

The stamp duty thresholds are a damm nuisance!

The expensive thing won't really improve it as such, just stop the extension falling off the back Though it would mean some nice shiny new patio doors and a slightly larger second bedroom.

Now thinking we could offer to pay the difference in stamp duty to up the offers, but it would mean we would need to accept something near to asking price to make it worthwhile and I'm not sure how realistic that is.

Will give the agent a call tomorrow if my co-owner is happy to do this.

I bloody hate stamp duty!

hope the agent came up with something useful but tbh sounds like a big structural problem (which is what it sounds like) is more of an issue than the stamp duty. Tbh unless the flat was absolutely amazing and/or was going to be worth a lot more once the problem was sorted and from what you've said that isn't the case then I wouldn't be buying unless it was heavily reduced in price to take into account the cost/inconvenience of the work. Sorry know that's not what you want to hear.

Well, it's on at £270k and we'd accept £250k, which would also obviously mean a reduction in stamp duty. Work will cost about £6k to do, so it is fairly heavily reduced.

We've now told the estate agent that we will do the work on exchange of contracts, so will see if that brings in some offers

If a property is on at £269,950 as a buyer & EA I'd expect this to sell for £250k - in fact I'd be amazed if it sold for more given the big jump in stamp duty! As an EA if I think property can jump over the stampy duty threshold I put it on at £275k+ and if it's worth £250k it goes on at £269,950.
The fact that it needs some structural work doing will simply put people off buying it whatever the price & IME if you reduce it to £249,950 and something structural needs doing, 99% of people still won't buy it.

Get the work done, get a sensible valuation and get it sold at that price.
LCN

Thanks, that's helpful. It was originally on at £299,950 but has been reduced a couple of times now.

Take it off the market, get the work done then get 2 or 3 fresh EA valuatons & put it on at the average price with the best agent. It might actually be worth the original £299k but you'll struggle to give it away if it needs something scary looking doing

agree - if it's only £6k get the work done and then re-market, will be MUCH more attractive and you may well get more like the original asking price as lechatnoir says

I don't think offering to do the work at exchange is much help tbh - I would still be put off (and would assume it could mean major delays)

Thing is we can't afford to get the work done. If we knew it was short term then we could get a loan but we can't commit to monthly repayments for what could be years and years. At the moment we are paying rent and mortgage, which eats up 2/3 of our income and the remaining 1/3 just covers food and bills. Guess we'd just have to take a leap of faith that it would sell if the work was done, but if it doesn't then we're well and truly buggered!

PS £299,950 was slightly unrealistic in the current climate!

I'd do the work- think a lot of people are just put off by the hassle- I know I would.

39 viewings! You must be nearing the end of your tether...

Big expensive loan we can't afford here we come!

I'd never pay £260K for a flat even if I won the EuroMillions tonight.