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Sensible Pricing In Edinburgh


Muswell Hillbilly
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He should have listened to people like yourself. I've many friends in similar situations. One lives MILES from work and now wants to buy close to work. There's a great place up as well... but he can't as he has a 35-year mortgage on a £155k flat with single £30k income coming in. And the price has dropped somewhat...

The longer this plays out, the better for me as I need to accumulate more savings, to be honest.

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  • 4 weeks later...
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Amazing value? As you said yourself ccc the benefits need to be realised prior to any 'bargain' chat ;-) I have no idea of costs associated with a commercial venture like converting to a hotel so cannot comment. However conversion to 5 flats would lead to some very awkward layouts and a loss of a lot of square footage due to the huge central stairwell. I mean, theres no way the ground floor could be made into a self contained flat as its cut in 2 by the stair and hall which would be communal. You'd have to have 2 ground/garden flats on the back and front of the properties AND add in extra staircases which would in itself be wierd.

Add in 5 bathrooms, 5 kitchens, separating off the utilities and doing everything within listed building regs could lead to a very expensive development to end up with 5 * 1000 sq ft flats. If you bought for 850k I reckon it could easily cost £300k-400k to develop as a ballpark figure which brings you up to a £225-250k break-even cost for the flats in a falling market, before stamp duty or finance costs are even factored in.

I see this is still on the market, but now 750k. There`s a home report available too, and it seems to have extensive wet rot/rising damp in the basement. You have to wonder what the treatment cost of that would be since the price dropped from, IIRC, 1.2 m. Nevertheless, at approx. 1200 psqm a case could be made for 4 or 5 people clubbing together and developing it for their own use.

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I see this is still on the market, but now 750k. There`s a home report available too, and it seems to have extensive wet rot/rising damp in the basement. You have to wonder what the treatment cost of that would be since the price dropped from, IIRC, 1.2 m. Nevertheless, at approx. 1200 psqm a case could be made for 4 or 5 people clubbing together and developing it for their own use.

The more I think about it the more I think this could be the practical solution I`m looking for. Developing the property would require a 30-50% deposit to purchase the site and maybe a joint venture with a contractor to develop it. There are similar office properties on the market nearby as well.

If there are other STR`ed HPCers out there with a large cash deposit who are interested in buying a central Edinburgh flat for circa 1000 pounds psqm and have some initiative (as opposed to whinging about house prices on the internets for the next ten years) then please contact me by private message. Perhaps we can actually do something.

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£7.2k for buying and selling costs? What a NIGHTMARE.......!!!!!!!!!!!!!!!!!! What ARE typical buying/selling costs (it's been ~4 years since I almost bought something so out of touch now)? Seems a LOT.

Probably includes Stamp Duty on the purchase - £1600 or so ...

Typical Home Report £500

Conveyancing £1800 for both transactions

Estate Agency Fee 1.0% to 1.25% (say) of £160,000 = £1600 to 2,000 + VAT = £1920 to £2400

So from £4220 to 4700 on that basis, plus 1660 Stamp = £5820 to £6300

1.50% EA fee yields total of £6780, so not too far off on that basis.

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Probably includes Stamp Duty on the purchase - £1600 or so ...

Typical Home Report £500

Conveyancing £1800 for both transactions

Estate Agency Fee 1.0% to 1.25% (say) of £160,000 = £1600 to 2,000 + VAT = £1920 to £2400

So from £4220 to 4700 on that basis, plus 1660 Stamp = £5820 to £6300

1.50% EA fee yields total of £6780, so not too far off on that basis.

Can you explain how that is split between the buyer and the seller. In short - what would a buyer pay ? No amounts needed - just what costs. Cheers.

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Can you explain how that is split between the buyer and the seller. In short - what would a buyer pay ? No amounts needed - just what costs. Cheers.

That's what I see as the cost of selling one house at £160k, and buying another at £160k, taking the example mentioned earlier in the thread - these are the costs for one person or family to make that move.

The party who are buying the house that these folk are selling will have their own costs, in terms of (at least) conveyancing, and stamp duty if they don't get the FTB exemption.

If you have, say, a FTB (A) moving to the house currently occupied by the folks we're talking about above ( B ), who are in turn moving to the house currently occupied by ( C ), then

A has conveyancing costs. Also Stamp Duty if they're not FTB, and their own selling costs if so.

B has the costs I outlined above. EA fees, Home Rep and Conveyancing for their sale, conveyancing and Stamp Duty for their purchase.

C has the same costs as B, unless they're moving to something over £250k, in which case, more Stamp Duty, or they're selling to go renting, in which case they don't have any purchasing conveyancing to pay for.

Any help?

Edited by TTD
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Can you explain how that is split between the buyer and the seller. In short - what would a buyer pay ? No amounts needed - just what costs. Cheers.

If you want a general indication of the costs involved in buying a home in Edinburgh right now, the conveyancing fees are a little shy of £1000 including VAT. On top of that you have Registers of Scotland registration fees, as shown here, and then of course there is the stamp duty.

All of these charges are bundled together in the solicitor’s fees, which have to be paid in order for the keys to be released.

On my recent purchase of £250,000, I paid the solicitor £3,988 in all – £2,500 stamp duty, £540 registration fees, and £790 + £158 VAT conveyancing fees.

I got estimates from three or four solicitors, and they were all very similar.

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If you want a general indication of the costs involved in buying a home in Edinburgh right now, the conveyancing fees are a little shy of £1000 including VAT. On top of that you have Registers of Scotland registration fees, as shown here, and then of course there is the stamp duty.

...and if you choose to have your own survey carried out as well as the Home Report (which was paid for by the seller), add that on.....

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...and if you choose to have your own survey carried out as well as the Home Report (which was paid for by the seller), add that on.....

Oops, yes – our seller had opted for the cheapest, knock-down, budget kind of home report, which didn’t even include a mortgage valuation, so we had to pay an additional £306 for a basic mortgage valuation survey.

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Thanks all - so it seems for an ftb buying in cash under the stamp duty threshold the cost is pretty low. As far as survey is concerned i plan to get 4-5 experts in to give me a basic report each - think it makes sense

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Thanks all - so it seems for an ftb buying in cash under the stamp duty threshold the cost is pretty low. As far as survey is concerned i plan to get 4-5 experts in to give me a basic report each - think it makes sense

CCC- getting expert evaluations is, on paper at least, a hugely sensible precaution on such a significant purchase. My experience has been however that it's amazing how few people get any survey done over and above the basic.

It's amazing how once you find somewhere you really like, it is very easy to get caught up in the excitement of the whole affair, and caution goes out the window. Once you've set your heart on somewhere anything that undermines that decision is most unwelcome. Wet rot becomes a few hundred quid to rentokill, decoration is only superficial and so on. Personally it's only been subsisdence and dry rot that have killed my interest. I guess it's also impacted by the fear that someone else is going to sneak in and beat you to it, in a bull market that is a very real fear, in today's market it should be a lot better, but I suspect there will always be that niggling doubt, especially given the time you have waited thus far.

That is where your solicitor should come in useful. As someone more detached from the decision they can hopefully give you sound advice, and stop you getting either too gung ho, or indeed too paranoid.

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Cheers for the advice - for me though i am really in no great rush and dont think i will have an issue. Not even sure i am 100% into the buying thing anyway ! Can see how others could get over excited by it all though and rush in. I reckon 5 specialists basic report each would cost a bit more than £1k. Not ouch more than a full survey but far more useful imo. And i am pretty sure it would pay for itself when it comes to revising your offer ;)

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Thanks all - so it seems for an ftb buying in cash under the stamp duty threshold the cost is pretty low. As far as survey is concerned i plan to get 4-5 experts in to give me a basic report each - think it makes sense

Five surveys as well as the Home Report that's been paid for by the seller...?

What would you imagine the seller's response will be once you enter negotiations on the basis of five surveys....?

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Five surveys as well as the Home Report that's been paid for by the seller...?

What would you imagine the seller's response will be once you enter negotiations on the basis of five surveys....?

who cares - if they want my money they can dance around a pole if i demand :)

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who cares - if they want my money they can dance around a pole if i demand :)

OK, hypothetically, I'm the seller, you're the buyer. I pay for a Home Report which values the house at .... £125k, and has no major problem highlights.

You offer (say) £110k on the basis of item X from one survey, Y from another, Z from a third.

My reaction? "Your offer isn't accepted, Mr ccc"

If you then argue that your surveys say X. Y and Z are wrong, I retort that "My survey, also carried out by a qualified surveyor, says only A, B and C are worthy of mention, and doesn't highlight any problem with X, Y and Z" What then? Why should I accept your surveyor's word over the one I hired?

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OK, hypothetically, I'm the seller, you're the buyer. I pay for a Home Report which values the house at .... £125k, and has no major problem highlights.

You offer (say) £110k on the basis of item X from one survey, Y from another, Z from a third.

My reaction? "Your offer isn't accepted, Mr ccc"

If you then argue that your surveys say X. Y and Z are wrong, I retort that "My survey, also carried out by a qualified surveyor, says only A, B and C are worthy of mention, and doesn't highlight any problem with X, Y and Z" What then? Why should I accept your surveyor's word over the one I hired?

who cares - i have the money you want and if you dont do exactly what i say you can go swivel ;) simple as that - it really is in this market and when i come to buy i am gonna be just like that.

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who cares - i have the money you want and if you dont do exactly what i say you can go swivel ;) simple as that - it really is in this market and when i come to buy i am gonna be just like that.

Well, strictly speaking, you don't have the 'money that I want (or need)' - you're £15k or so short of it.

I predict you'll find a fair few sellers who are just as likely to suggest that you 'go swivel' (whatever that means)

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Well, strictly speaking, you don't have the 'money that I want (or need)' - you're £15k or so short of it.

I predict you'll find a fair few sellers who are just as likely to suggest that you 'go swivel' (whatever that means)

I can just picture the scene:

"Go swivel!"

"No, you go swivel!"

"No, you go swivel!"

[... ad infinitum].

I suppose that swivellers would at least make a change from flippers.

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Well, strictly speaking, you don't have the 'money that I want (or need)' - you're £15k or so short of it.

I predict you'll find a fair few sellers who are just as likely to suggest that you 'go swivel' (whatever that means)

and great for them - they will get zero then. This is a market for buyers and its as simple as that. If a seller refuses to accept that - and i am sure there are many - i hope they enjoy their extended run of sleepless nights :)

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and great for them - they will get zero then. This is a market for buyers and its as simple as that. If a seller refuses to accept that - and i am sure there are many - i hope they enjoy their extended run of sleepless nights :)

You're the one who'll be down £1200 or so for FIVE surveys, and hasn't had an offer accepted on the house/flat surveyed. That would give me a sleepless night or two, were I in your shoes.

The owner will still have the Home Report they paid for once, and you'll be going looking for another house/flat. You seem to be assuming the first property owner you find will say "YES" and welcome you with open arms, but I'd suggest not...... every home owner who doesn't will cost you £1200 which you won't get back.

Are you going to shell out £1200 for every house/flat you make an offer on? Seriously?

Edited by TTD
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If it is somewhere i really like then yes - people spend more on a handbag and for peace of mind on a 6 figure purchase i think it makes sense. And all you need is to have one thing in all those reports where you can reduce your needs by 1200 and its paid for itself. There is the risk something serious comes up and the money is 'lost'. However considering the opposite position its a worthwhile risk imo. A full survey from one 'general' person costs about 800 right and people dont mind paying that. I think saying a bit more for 5 specific experts makes an incredible sense and would be money well spent. Others may disagree though. Up to them.

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First offer refused has cost you £1200

Second offer refused on another property, you're down £2400

Three - £3600

Four - £4800

Get to this stage, which isn't an unreasonable expectation, and you're down £5000 or so ......

Your strategy is predicated on someone saying 'Yes' to you, which isn't guaranteed.....

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I would only get them done if the needs was made and accepted subject to these surveys - revised offers are pretty common i imagine. Happened to my parents few years ago and they accepted the revised one in a snap. I think as long as its not a huge difference then the vast majority will be set with the sale and just accept it. Thing is the cash risk of doing this is the same as with getting any sort of survey done - you cant avoid it. Personally i think if you are gonna get it done - do it properly. I just think the positives far outweigh the negatives. The basic surveys people get done seem pretty pointless to me. The people doing them - as far as i am aware - dont have the knowledge to inform on all manner of things. I am talking about paying less than 1% of the purchase price to give me peace of mind for the next 5+ years - and it could possibly save me cash too. I cant be the only person with this plan ....

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I would only get them done if the needs was made and accepted subject to these surveys - revised offers are pretty common i imagine.

Another fly in the ointment for this cunning plan is that offers ‘subject to survey’ are regarded as less attractive to sellers than unconditional offers. If a buyer who accepts the Home Report survey is able to make an unconditional offer, then your offer which is subject to your own survey may be overlooked.

When I bought my Edinburgh flat recently, I had no option but to submit an offer ‘subject to survey’, because the seller had got his Home Report done on the cheap without a mortgage valuation survey. The selling agent was less than delighted about this condition being attached, but any potential buyer with a mortgage would have needed it. If offering on a property which has a full Home Report complete with valuation, though, then there would be no need to attach a condition to the offer, and if there were any competition for the property, an offer with a condition attached might be rejected.

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