Offering 13% below asking on a serviced apartment in London — sensible or too aggressive?

[jade_details]

Paying too much would leave no room for the updating or any issues found later, while pitching too low could end the conversation. The London serviced apartment is listed at £198,900 and has been on the market for 42 days. I am considering an opening offer near £173,000, about 13% under the asking figure.

I can support the offer with financing evidence and accommodate the seller’s preferred completion timing where possible. The attractive part is the apparent reduction, but my limit could change once I know the service charges, lease position, restrictions and likely repair costs. With few useful completed comparables available, should I present the offer as a condition-based figure and give the agent a clear response deadline? I would keep the usual survey, legal and mortgage protections.

 

[bakesAndView]

The percentage matters less than the explanation. I’d submit the figure in writing, mention the condition and limited completed evidence, and confirm that you can provide an agreement in principle plus proof of funds where relevant. Avoid calling it a “discount”; present it as the price you can justify.

Keep it subject to survey, satisfactory legal work and mortgage valuation. Flexibility on completion is useful, but only if it matches what the seller actually needs.

 

[DirectCairn]

What does “serviced apartment” mean in this listing? Is it simply a leasehold flat with services, or are there management, occupancy or letting arrangements attached? The remaining lease term, service charges, planned works and any use restrictions could matter more than the updating.

I wouldn’t settle on a maximum price until the agent has answered those questions.

 

[DirectCairn]

One more point: ask why the seller is moving and whether they need a particular completion date. Forty-two days on the market doesn’t by itself prove they’re under pressure. A short but reasonable response window is fine; an ultimatum may weaken an otherwise credible offer, especially if the seller is waiting for another viewing.

 

[solid_chart]

I’m not convinced that opening 13% under is automatically sensible when the available asking comparables are close. Asking prices aren’t completed prices, but they do show the competition buyers are seeing. If the condition only supports modest updating costs, the seller may regard £173,000 as fishing.

Work backwards from your genuine ceiling. If you would happily pay materially more after survey and legal enquiries, leave room to negotiate—but don’t start so low that you lose the chance to have that conversation.

 

[gia.dawn]

I would not waive the survey, mortgage valuation or satisfactory conveyancing. With a serviced apartment, the solicitor’s enquiries around the lease, service arrangements and future liabilities are particularly important.

Also distinguish visible updating from defects. You can price cosmetic work into the offer now; unknown problems are better handled after the survey, either through a revised price or a repair credit if the transaction can accommodate one. Be cautious about any reservation or holding payment and understand when it could be lost before agreeing to it.

 

[bakesAndView]

Agreed, and “clean financing” shouldn’t mean promising to cover any valuation gap. You can demonstrate readiness with an agreement in principle and appropriately redacted proof of funds, while making clear the purchase still depends on the lender valuing the apartment acceptably.

If the valuation comes in low, the choices are usually a lower price, extra cash from the buyer, or no deal. Decide now how much additional cash, if any, you would expose.

 

[wise_book]

I’d make the first offer short and easy for the agent to pass on:

• offer amount; • condition and lack of reliable completed comparables as the rationale; • financing position and deposit evidence available; • flexibility on completion; • subject to survey, valuation, contract and satisfactory legal enquiries; • a reasonable time for a response.

Separately, request the lease length, current service costs, details of the servicing arrangement and any known major works. Those answers may justify £173,000, a higher figure, or walking away entirely.