We recently started looking for our first place to buy and have seen a good variety of places around Thornton Heath/South Norwood but while we'd seen some nicely finished houses (and some absolute shockers folk wanted stupid money for), it was reaching the point where we thought we'd have to start over in a different area rather than settle.

Then on our third and final viewing last night we found an awesome three bed end of terrace. It was on a nice quiet street we'd been to before and as soon as we walked in you could tell it was different from the sheer amount of space. It's in great condition with plenty of original features from the 1930s, though obviously some fittings and décor is dated.

There's a little bit of work to do but nothing that needs immediate attention. We came close to making an offer the same night but held off and going back for a second viewing on Saturday with the in-laws. Barring any newly discovered issues, I'm confident we'll want to make an offer which is where I'm hoping for some advice from the hive mind.

It's been advertised with a guide price which is a £25k window, say £300-325k as an example. We saw a property on the same road on at £300k which was only a 2 bed and overall had smaller proportions but with a more modern finish throughout. It had recently been reduced from £325k.
The most recent property to have sold on the road is quite similar to the one we want, though internal condition doesn't appear as good, and went for £310k in Dec 2016. The market in London has dipped since then and we've seen a number of places that have been reduced.

I guess I'm trying to get an idea of an opening offer. We're first time buyers on a rolling rental contract so can move very quickly. The house is currently unoccupied since the vendor's father died a few months back. There are also at least two other viewings booked this weekend and they've previously turned down offers from BTL purchasers, though not sure at what level.

Top of the guide price is out of our budget but we could go to £310k probably. So, would it be too much of a gamble to make an offer below the minimum guide price? Thinking of offering at the minimum and then we've still got some room to negotiate?

So many eventualities running through my head! Sorry for the epic post but hopefully house owners out there appreciate the predicament, just needed to vent a bit.

Yeah, one of the plus points is we're dealing directly with the vendors so maybe a frank chat about our position and expectations would be a good choice.

Given other places we've seen, I certainly think it's worth the lower end of their guide price and would happily pay it but wary of getting drawn into a bidding war if there's other interested parties.

Man, I hope it doesn't come to that but yeah, we've set a very definitive limit.

I am assuming you are getting a survey done. Older houses usually require a rewiring. 

* Look out for surface mounted light switches and power sockets which might be a sign of quick and dirty wiring installations.
* Have a look at the fuse box/ consumer unit to make sure it isn't like something from Frankenstein's Lab. A survey may well suggest getting an electrician to check it out. I'd do it anyhow  - same with plumbing.
* If viewing was by appointment - check if windows were left open to disguise the smell of damp (though damp will of course be picked up by a survey , as will woodworm - don't skimp on these). The house may smell a bit musty because it is empty but damp will result in quite a strong smell.
* Lead pipes in older houses are also a possibility - they may be used as part of the main supply.
* Check water pressure  - run a few taps upstairs and the shower if there is one. If the pressure is poor it might be a sign of an older main supply which might mean lead.
*Gas heating? Check age of boiler - not cheap to replace. Also check if radiators are  in all rooms.
* Windows - double glazing etc. General condition of frames - esp. if timber.
* Kitchen - is it modern? How many appliances are there or there is plumbing/wiring for? You would be surprised how many of these you need. A relatively primitive kitchen may be an indicator of older wiring.
* Go up into the roof space during daylight to check for holes & gaps. Also check to see if there is insulation between the rafters.

All of these items can be used to lower the price. But they are only indicators - best to get electrician & plumber in and pay for an hour or two of their time

signed, the voice of bitter experience.

Cheers, Davy. We did check a couple of those things at the first viewing (there's a new fuse box for instance) but did notice at least one very old looking switch labelled boiler in an odd place. Might be defunct but will ask.

Checking water pressure is a good one, always forget that and will see if we can get a peek into the attic this time. Most of the other bits on your list were fine and a full survey may highlight some other issues like you say.

I have accepted a job in London and now need to move the family over to that side of the country. We are looking at Essex probably as balance between commute (I'll be going in to Liverpool Street), house prices, schools and actually being able to use London (no point being an hour away).

Plan is to rent for a bit and for me to go first with the family following once they've finished the school year. I'll have a 4-bed man cave for 4 months!

They're covering my rent for a period (up to 6m), and paying for removals. That was the final bit I was negotiating.

It was that or wait for me and risk me going elsewhere. They just gotta have me!

I'd been hoping to keep progress a bit more up to date in here but things have been pretty manic lately. Anyway, we missed out on that first property we were interested in thanks to our broker making a complete hash of advising us on our financial position. By the time we realised how shit they were and went elsewhere, the place had gone.

On the plus side, and after a LOT more viewings, we found another place not too far away and had an offer accepted last week. It's been a busy few days of going through final details with our new broker to formally apply for our mortgage, then finding and instructing a solicitor but looks like the ball is officially rolling now!

That does mean money is now being paid out and it really brings home just how much it costs to buy a house (outside of the obvious) and how many people are involved in the process. The vendors are pushing for completion by Christmas, which is understandable as they have kids, but I think we'd prefer early new year. Trivial matters really so just keeping fingers crossed that everything proceeds smoothly from here. Also, planning my new games room obvs.

Just keep focusing on that games room, it'll be worth it in the end.

Paul the sparky wrote:

Just keep focusing on that games room, it'll be worth it in the end.

Aye, if a nice new 4K TV pops up in the black Friday deals this year that'd be lovely.

Good luck man.

Offer +130 and haggle down.

Perhaps somewhere like Lochwinnoch? I know a handful of people who’ve moved out there recently and it seems like the loveliest wee place. Great transport links to Glasgow, a nice community and plenty of local woodlands for fun wandering with the kids.

Never too early mate.
Depending on the mortgage provider and the product(mortgage deal) they can keep offers for 3-6 months. Even then things are unlikely to change dramatically so you will have a good idea on what you can afford.
They will give you a list of things to bring along but normally it will be ID (passport), 12 months bank statements and they will ask you to fill out an affordability thing, basically just run through your bills and monthly expenditure e.g approx £100 on clothes, £200 food etc.

It is worth noting that moving can take a long time. Between starting to look and collecting keys took me 7 months and that was with no chain at all.

I think the only thing they didnt like on mine was that I had lots of little transactions on my bank statement.
Especially the long runs of trips to the bar at the pub using my contactless, so maybe start getting cash out for nights out.