I am looking for a crystal ball really but considered opinions really appreciated...this is going to be
a little long winded....
We are looking for a house to live in with at least 2 acres of land to set up a hospitality business
in the Ashdown Forest area.
In October 2010, we offered £100,000 under the asking price on a house very near the forest within a pricey area.
They were asking a princely sum for the house plot plus extra 50k for land which was already on the same title.
It had previously been under offer for (allegedly) close to the full asking price (for both 'plots') but following
a survery the offer was withdrawn. The asking price was not reduced in response to this. From what
we saw without survery we felt the house needed re-wiring, reglazing, partial reroofing and other
non essential cosmetic improvements like new carpets, freshening up of the walls etc.
The house is not listed yet parts date from an 18thC coaching house with shabby weatherboard additions and
a knackered tennis court and barn. The gardens in the main house plot are simply stunning and would
take many years to create and the house is historic and quirky and beautifully situated, both imperative
for our business requirements.
The owners refused our offer and said they were going to apply for planning permission to split the
title to sell the extra land with dilapidated barn seperately from the house.
Now it's March and they have just moved agents and relisted the property as a whole for the original asking
price plus the extra hidden £50K for the barn, effectively marketing it at £50K more, we can only surmise they didn't get
planning permission to split the title and are still holding out for top wedge for the entire property, still at £100K over what we offered.
This property is one of those I can't get out of my head and can envisage living there long term and creating the business
we have been plotting for the past 4 years. We are also finding the properties trickling on to the spring market
with our strict criteria are out of our price range or the land is unsuitable for our business.
Apart from our belief that this house is overpriced, (also Zoopla estimates the property value as lower
than our offer price) - with stamp duty, the obvious repairs and whatever a structural survey reveals
we can't afford it at their asking price. It would need that 100K invested into it anyway.
Are these our only options and what do forum users think we should do;
Hold our nerve and hope that their new agent doesn't get them a sale then approach them and register
our continued interest at our original offer in another month or two.
Do we up our offer by say £20K now and see if they'll bite.
They are obviously not in a hurry to sell and can afford to wait so accept we can't afford this property and move on.
Ackowledge this property is perfect for our business requirements and keep offering until they accept
then limp along in the house until the business is established.
Our current situation - Since our original offer in October we have sold our family home and my old flat from before I married.
We have a large deposit plus HSBC will hold our fantastic tracker mortgage rate until May, we can afford a 2/3% rise in rates at a push.
In two weeks we move into flexible but expensive rental accomodation, all of our stuff is in storage and we are able to move quickly.
Many thanks for taking the time to read and for any advice!