How to make an offer on a house
Associate director at Savill‘s Fulham, Justin Theobald offer his advice on how to get the best price for the house you want
‘Competition is high,’ says associate director at Savill’s Fulham, Justin Theobald, ‘but to gain more flexibility [in negotiating a price], make sure you’re an attractive buyer. Have all your paperwork in order, your mortgage confirmed, a solicitor on standby and, if possible, be chain-free. Having sold and exchanged on a property, but with delayed completion, makes you even more attractive – you’re in effect a cash buyer with no chain.’
Technically, you can offer whatever you like. If it’s turned down, a good agent can negotiate you a counter offer that comes directly from the vendor. ‘Last year it was very much a seller’s market,’ continues Justin, ‘but now I’d say it’s a buyer’s market. Remember to ask to see the seller’s HIP (Home Information Pack). It is there to give the buyer information about the house and the location, and contains legal searches, title documents and lease information.’
If you’re buying a new build, ‘try and hold off until the end of the builder’s financial year,’ says Savill’s residential researcher Yolande Barnes. ‘They’ll be under more pressure to accept a lower price.’
For more info, visit www.savills.com.
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