-
-
Yeah I (we) were the highest bid but apparently not by much. Sellers chose a slightly lower cash bid because it was, I guess, perceived as lower risk (we'd have to sell to finance, but in the same market as I mentioned upthread).
https://espc.com/property/7-park-view-pencaitland-east-lothian-eh34-5dw/36004538
-
-
-
-
Congrats. And I agree the niggling worry will pass quickly. 13@% is nothing if you like it, it meets your needs and there was some competition.
Would you be willing to share a link? It might inform my own imminent offer. Totally understand if you'd prefer to keep it quiet until missives are concluded, or indeed forever!
-
Yeah I agree that +25% is irrational and risky as a general point. However I'm less sure it matters if the extra cash over valuation comes from selling another property in the same market. In such a case you'd (I'd) be keeping the mortgage debt roughly the same. So is it really a risk? I'd argue not.
Of course I would very much like to buy low, sell high and use the difference to fund an extension and other improvements, but unfortunately I think it's a bit unrealistic when buying and selling in roughly the same market (well, Edinburgh and Lothian, so not exactly the same but pretty close)
-
Thanks @cozey and @konastab01 very useful info.
I've been looking in Lothian(s) and the average from the ones I've (unsuccessfully, thus far) bid on is valuation at ~£190-200/sqft and selling at 20-26.5% of valuation. That's only an average of three houses though. I paid around 12% over valuation for my flat but that was then, and this is now...
Edit: also come to think of it the one sold at 20% over valuation was in Berwickshire and they very quickly accepted an offer without setting a closing date, so presumably were in an undisclosed hurry
-
-
-
-
-
-
-
-
-
-
-
-
I see.
EH1 is, as others have alluded to, equivalent to living on Oxford Street and next door to the houses of parliament, plus lots of stag/ hen parties and many students. It's well loud.
Stockbridge is "over" in my opinion, unless you like being cheek-to-jowl just to walk down the street.
I reckon you'd like the New Town, or to be fair the northernmost bit of EH1 (Broughton) or the Shore in Leith, or EH7. Equally some of the villages in East Lothian.
I live a matter of minutes' walk from the town centre, station, tram, etc etc and I still don't live in EH1 :)
Check out Easter Road for the up-and-coming hipster cafe scene.
As others have said, add 25% to the mortgage valuation when submitting offers in a blind auction if you actually want to get the place; it used to be 5-10% some years ago and still is in slow markets but Edinburgh and East Lothian are ridiculous now. Nevertheless you'll be able to afford something nice given you'll have a strong financial position if you sell in London (not a personal comment, just the reality as I see it - I reckon it would apply to anyone making the move with decent equity in property that they were going to sell in the South East).
-
As @wence says you can do better. Why live in the very centre of a small city? You'll prefer sightly further out. There are bits of EH7 that border EH1 and are lovely.
-
-
Cheers, I will look into that.