Offering 9% below asking on a London retail unit after 20 days

[jade_details]

I’m considering a London retail unit listed at £495,300. It has been available for 20 days, needs some updating, and the nearby asking prices are broadly similar, but I cannot find enough completed comparables to judge the actual clearing price.

Would opening 9% below asking be sensible? I can provide financing proof and be flexible on completion. The seller is not desperate, although one deal has already collapsed. I want to explain the figure without antagonising them, and I’m unsure which survey, valuation or financing protections should remain non-negotiable.

 

[jade_details]

I should add that I don’t yet know why the previous deal collapsed, which seems important. I’m planning to ask the agent whether it was financing, the property’s condition or something unrelated to the unit. Would you ask that before making the offer, or submit the 9% reduction first and let the seller counter?

 

[book.green]

Ask first, but don’t expect a detailed answer. Nine per cent below isn’t inherently insulting if the offer is presented as a considered figure rather than a fishing exercise. Put it in writing, mention the updating and limited completed evidence, attach financing proof, and emphasise your flexibility. Give a clear response deadline, but not an artificial same-day ultimatum.

 

[bakesAndView]

The missing fact for me is whether the unit is vacant or occupied, and what exactly “updating” covers. With retail property, the occupational position and lease details can matter more than cosmetic works. I would want those papers examined before treating nearby asking prices as meaningful comparables. Are the other units genuinely similar in tenure, size, condition and income position?

 

[readTheEcho]

Open at 9% and the seller may simply dismiss it; move closer now and you may give away negotiating room before the lease papers and condition are clear. Neither is especially comfortable after only 20 days on the market.

The collapsed deal could make certainty valuable, so use the financing proof and flexible completion date to support your figure. Set a reasonable response deadline and keep survey, valuation and legal protections. Those choices can be revisited after a counter; waiving them or accepting deposit exposure is much harder to undo. Any later repair credit should be limited to defects that were not already reflected in the offer.

 

[DirectCairn]

Also avoid counting the required works twice. Either they support the initial 9% reduction, or genuinely new defects found during inspection support a later adjustment. Asking low because it needs updating and then seeking credits for the same visible work will irritate the seller.

For anything uncertain, I’d retain survey and lender-valuation protection rather than guessing a repair allowance now.

 

[gia.dawn]

I would not expose a deposit before your solicitor has reviewed the proposed terms, title and any lease material, and before you understand the finance conditions. A lender valuation below the agreed price could create a gap you must fund yourself, so decide in advance how much of that gap—if any—you could absorb.

“Clean financing” can mean organised paperwork and credible funding. It need not mean waiving every route out if the valuation or due diligence is materially adverse.

 

[DirectCairn]

Agreed with eliash. The practical next step is to set three numbers before contacting the agent: the opening offer, the most you would pay if the seller counters, and the lower revised figure you would require if a survey uncovers something significant. Then ask why the first transaction failed and request the tenure and occupational details Luca mentioned.

If the seller rejects 9% without countering, you can reassess. Don’t bid against yourself merely because 20 days feels like a deadline.