Why would you lose all that money when you could keep it?!Yes we’d lose 20% of the market value, quite a scary amount but we think the house we’re hoping to buy would appreciate beyond that amount once tarted up a bit
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Estate agents fees would be £8k
Legal fees another £2k
Selling to a company doesn’t come with fees or gazumping risks.
We’d need to be on the market for a while to try and gain the pricing we want in current conditions, and there’s a high chance we’d be bartered down instead as things are slow. The property we’re interested in is underpriced as it needs work and they want a quick sale, it’s also at a really appealing price that in my local area doesn’t happen often, so we’re happy to move fast in order to secure it, and that means making a compromise on pricing, but I’m confident we can make it back on the next one
I disagree, personally. We're not really back into gazumping times in the market, it's not strong enough yet. Plus also it really depends on your agent. Some are shite and will just let it sit there and others are really on it. I used a local I dependent with the best reputation and my house sold within 3 weeks in a week market for asking price. Other similar properties sat there for months.
Obviously it's up to you and there are pros and cons to both but personally I'd rather have that 20% in my pocket and have a smaller mortgage or money for renovating.
You've obviously crunched the numbers but I'd still be tempted to market if for atleast a few days. Have an open house and see what happens with the house buying company in reserve.
As someone who works in conveyancing, I've had clients who have had awful experiences with these "We buy any houses" companies. They offer one price then right before exchange drop it completely. They hold things up unnecessarily, one of my clients almost lost her purchase because the company buying her property were so slow despite their website claiming they can have it done in a matter of days (this particular sale took over 4 months!!). Some will also have a clause in the contract that £xxx will be retained on completion by their solicitors in case there's any issue with the house when they inspect it following completion (you can bet your bottom dollar they'll do their best to find something's wrong too!)
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If you're willing to accept a lower price then I'd market it on that basis. If the market is slow you are less likely to get lots of viewers anyway. Can you negotiate on the estate agent fees? £8k seems like a lot but IDK what kind of asking price you're thinking as its usually a % of that. Would you not still need a solicitor if selling to a company? It's a big transaction so I'd want some kind of legal oversight. You'd be surprised at how quick it can move if you price it competitively. We dropped the price on ours and within three weeks we had sold STC, and 10 days of that was a delay before a second viewing as the buyers were on holiday. We'd have probably completed within 12 weeks of that if it hadn't been Christmas - that pushed everything back a couple of weeks.
Appreciate the feedback, we didn’t have time to market our current property, between the house we wanted being listed and the deadline for bids there was just 10 days, and their terms explicitly didn’t want a traditional sale as a buyer, they wanted no chain. We could afford the second mortgage and swap our current to a buy-to-let, but we’re not liquid so the deposit was the drawback, we’ve withdrawn from the race as I hadn’t realised sealed bids couldn’t be insured, a total dealbreaker for me to take on yet more debt and risk. A huge shame as the house was perfect for us, and in such a rural area we don’t get listings often enough to know another will be available again. I’ll check in with the agent in a couple of days, they claimed to have another bid but it could have been a bluff, and perhaps they’ll consider traditional sale given we offered over asking in a slow market
I can’t find the answer online
can anyone help me please
let’s say if you had your eye on a property that was out of your budget but you offered approx £50k less than the asking price, is there a maximum amount they can knock off and sell for? Would that be too much for them to drop it to? I know it depends on their situation and buying a new house but I swear there’s a maximum. Thanks!
can anyone help me please let’s say if you had your eye on a property that was out of your budget but you offered approx £50k less than the asking price, is there a maximum amount they can knock off and sell for? Would that be too much for them to drop it to? I know it depends on their situation and buying a new house but I swear there’s a maximum. Thanks!They'll have had their property valued before adding it to the market, so the asking price will be based on that and the seller would likely just decline if they weren't happy with the offer you made. Id' say unless a property has been on the market without selling for a substantial period of time then £50k is a lot for them to drop off the asking price.I can’t find the answer online
I don't think there's a "maximum" they can knock off, it's entirely up to the seller what they accept. Obviously they'll want as close to whatever the property has been valued for.
Maybe I’m thinking the maximum thing is to do with buying from family and having discount. Thank you!!
You can offer whatever you like. They probably won't accept the offer initially but if they need to sell and don't get other offers they may come back to you. A house near me went on the market at 600k, was then reduced to 550k and sold, came back on the market, sold again, came back on the market at 500k now sold again but not sure what the last offer wasI can’t find the answer online
I suppose its all relative too. Like £50k off a £200k house would be a 25% reduction so they'd probably be unlikely to accept that. But conversely on a £1m house that would be a 5% reduction which is probably not unreasonable.
If they've already dropped the price then they might be less willing to accept such an offer, but if they have dropped the price and still not sold for several months then they might just be desperate to sell so would accept it. It's a negotiation at the end of the day so if you don't ask you don't know.
The estate agents might also be able to assist - for example when we offered on our house they straight away told me that an offer of x had already been rejected so said it would be worth going a couple of grand more than that as they might have just accepted that. In the end we paid a figure in the middle of our starting offer and the asking price.
If they've already dropped the price then they might be less willing to accept such an offer, but if they have dropped the price and still not sold for several months then they might just be desperate to sell so would accept it. It's a negotiation at the end of the day so if you don't ask you don't know.
The estate agents might also be able to assist - for example when we offered on our house they straight away told me that an offer of x had already been rejected so said it would be worth going a couple of grand more than that as they might have just accepted that. In the end we paid a figure in the middle of our starting offer and the asking price.
I moved in November but the land registry still hasn't updated... is that normal??
Yes! I'm a conveyancer and the Land Registry are taking months to process applications at the moment (well, their excuse is since covid!!). If the property was unregistered when you bought it, you could be looking at a delay of well over 18 months. If the property was already Land Registry registered at the time of your purchase then I'd say you can expect your conveyancer to be in touch to confirm the application has concluded any time now really.
Thank you!! The house was previously registered so fingers crossed!
It's weird cos my friend moved down the road in January and hers is all done!!We’re two years down the line and ours still hasn’t updated, but the neighbour has, starting to think our solicitor messed up
Thank you!! The house was previously registered so fingers crossed!
It's very odd, the Land Registry don't seem to be working in any logical order (ie: in order of applications received). I've had some purchases I've sent off and the certificate has been back within a matter of weeks, others I'm waiting months and months for! Whenever I've chased them up I get the same response which just says they're facing delays.We’re two years down the line and ours still hasn’t updated, but the neighbour has, starting to think our solicitor messed up
Your solicitor can expedite an application but there needs to be good reason (ie: you're needing to sell the property so the application needs to complete so you can do so).
I would contact your solicitor and ask them to have a look on the portal - the portal will tell them an estimated completion date for your application
We've had confirmation that our Land Registry has already been updated from completion at the end of January so it does seem very random!