Great news, I've managed to negotiate a price for the domain I was after! I must admit it was never a price I would ever pay again for a domain but this one is special, I have great plans for it and it will remain in my ownership till I give up the internet basically.
Managed to do everything with Sedo including negotiations and currently in transition for the transfer. Payment has been submitted to Sedo's escrow account and all I have to do is provide the technical details of the registrar where the domain will be transferred to. I assume once the transaction clears, the current owner will transfer everything over and that's a done deal.
Very smooth transition so far and it's all very user-friendly if I must say so myself. I may just add a few domains I don't use any more to sell, surely some would be worth more than I paid.