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Re: Buying a house (and renting)

Posted: Thu Oct 11, 2018 1:32 pm
by jawafour
In the period from the 70s through to the 90s, it was generally expected that, to buy an "average" house, you'd need to obtain a mortgage of 3.5 times your annual salary.

Of course, nowdays that formula wouldn't buy you a bench in vast swathes of the UK.

Re: Buying a house (and renting)

Posted: Thu Oct 11, 2018 1:47 pm
by Moggy
jawafour wrote:In the period from the 70s through to the 90s, it was generally expected that, to buy an "average" house, you'd need to obtain a mortgage of 3.5 times your annual salary.

Of course, nowdays that formula wouldn't buy you a bench in vast swathes of the UK.


In London you’d need 20x salary just to get a garage.

https://www.theguardian.com/business/20 ... in-britain

Re: Buying a house (and renting)

Posted: Thu Oct 11, 2018 2:45 pm
by Jenuall
Moggy wrote:
jawafour wrote:In the period from the 70s through to the 90s, it was generally expected that, to buy an "average" house, you'd need to obtain a mortgage of 3.5 times your annual salary.

Of course, nowdays that formula wouldn't buy you a bench in vast swathes of the UK.


In London you’d need 20x salary just to get a garage.

https://www.theguardian.com/business/20 ... in-britain


Image
"There is no housing bubble, all is fine!"

Re: Buying a house (and renting)

Posted: Thu Oct 11, 2018 2:50 pm
by pjbetman
Moggy wrote:
jawafour wrote:In the period from the 70s through to the 90s, it was generally expected that, to buy an "average" house, you'd need to obtain a mortgage of 3.5 times your annual salary.

Of course, nowdays that formula wouldn't buy you a bench in vast swathes of the UK.


In London you’d need 20x salary just to get a garage.

https://www.theguardian.com/business/20 ... in-britain


Madness.

And imagine if the interest rates started going up to a decent level? Would price even more out of the market.

Re: Buying a house (and renting)

Posted: Tue Oct 30, 2018 10:15 am
by Lagamorph
So according to a chartered surveyor my house has actually gone down in value over the last 5 years and is now worth £10,000 less than I paid for it :?

Weird though as every online valuation seems to think it's increased by £20,000, whilst my mortgage provider think it's increased by £30,000 and based the LTV of my last mortgage renewal on that figure barely a few months ago, giving me better interest rates because of it.
Not sure if the surveyor is doing me a favour or something so that my Help to Buy redemption liability is lower.

Re: Buying a house (and renting)

Posted: Wed Oct 31, 2018 5:12 pm
by pjbetman
Oblomov Boblomov wrote:
pjbetman wrote:
BID0 wrote:Help to buy is discontinued now I think

It came in just after I bought my first house (I bought mine a year or two before the crash) and I never understood how H2B could be helpful, but I guess it depends which part of the country you are in. Like you could only put away £250 a month right? And house prices here were going up at about £1,000 a month so you were actually falling behind by saving money


Load of shite that ISA scheme really, it helps but nowhere near enough.

We made use of it recently. We basically got ~£1500 for nothing. Didn't feel like a "load of shite" at the time.


What about the other 20k?

Re: Buying a house (and renting)

Posted: Wed Oct 31, 2018 5:33 pm
by Oblomov Boblomov
pjbetman wrote:
Oblomov Boblomov wrote:
pjbetman wrote:
BID0 wrote:Help to buy is discontinued now I think

It came in just after I bought my first house (I bought mine a year or two before the crash) and I never understood how H2B could be helpful, but I guess it depends which part of the country you are in. Like you could only put away £250 a month right? And house prices here were going up at about £1,000 a month so you were actually falling behind by saving money


Load of shite that ISA scheme really, it helps but nowhere near enough.

We made use of it recently. We basically got ~£1500 for nothing. Didn't feel like a "load of shite" at the time.


What about the other 20k?

What's the other 20k?

Re: Buying a house (and renting)

Posted: Wed Oct 31, 2018 5:45 pm
by Corazon de Leon
Lagamorph wrote:So according to a chartered surveyor my house has actually gone down in value over the last 5 years and is now worth £10,000 less than I paid for it :?

Weird though as every online valuation seems to think it's increased by £20,000, whilst my mortgage provider think it's increased by £30,000 and based the LTV of my last mortgage renewal on that figure barely a few months ago, giving me better interest rates because of it.
Not sure if the surveyor is doing me a favour or something so that my Help to Buy redemption liability is lower.


Sounds like the chartered surveyor wants a cheap house. :lol:

Re: Buying a house (and renting)

Posted: Mon Nov 05, 2018 1:08 pm
by Jenuall
Had our offer for a house accepted, we're moving back to Cardiff baby! :D

Managed to negotiate them down to a price that was much more in line with what we wanted to pay which was nice as I was worried that we were going to end up spending more than we had budgeted for as both my wife and I loved the place.

Now just need to sort out all the legal bullshit, movers, transfer over all our services, sort out kids schools, pay all the fees and taxes... :dread:

Re: Buying a house (and renting)

Posted: Mon Nov 05, 2018 1:18 pm
by Moggy
Jenuall wrote:Had our offer for a house accepted, we're moving back to Cardiff baby! :D

Managed to negotiate them down to a price that was much more in line with what we wanted to pay which was nice as I was worried that we were going to end up spending more than we had budgeted for as both my wife and I loved the place.

Now just need to sort out all the legal bullshit, movers, transfer over all our services, sort out kids schools, pay all the fees and taxes... :dread:


Congrats!

Re: Buying a house (and renting)

Posted: Mon Nov 05, 2018 1:33 pm
by Jenuall
Moggy wrote:
Jenuall wrote:Had our offer for a house accepted, we're moving back to Cardiff baby! :D

Managed to negotiate them down to a price that was much more in line with what we wanted to pay which was nice as I was worried that we were going to end up spending more than we had budgeted for as both my wife and I loved the place.

Now just need to sort out all the legal bullshit, movers, transfer over all our services, sort out kids schools, pay all the fees and taxes... :dread:


Congrats!


Cheers! It's the first "proper" move we'll have done as a family so it's quite daunting but I'm looking forward to it all the same. We own our current house but it was bought as a new build and we had no kids and barely any furniture/stuff to move into it at that point so it didn't feel like such a big operation. Buying a new build removed a lot of the legal hassle and having so little stuff meant we were basically still in the "get it all in the back of a few cars" territory! This move is going to take a lot more planning! :lol:

Re: Buying a house (and renting)

Posted: Mon Nov 05, 2018 1:48 pm
by Dual
Did your issue get resolved in the end Moggy?

Re: Buying a house (and renting)

Posted: Mon Nov 05, 2018 3:06 pm
by Moggy
Dual wrote:Did your issue get resolved in the end Moggy?


Nope. I decided in the end to call the landlords and they asked me to email them with the details. I did that and they acknowledged it but then never replied, it’s been about 5 weeks now! I’ve been chasing them every 2 to 3 working days but still nothing.

Arseholes.

I’m going to have to get solicitors involved at some point, but I’m hanging it out just for extra proof of how they ignore requests (as if the last 5 years wasn't enough!!).

Re: Buying a house (and renting)

Posted: Fri Nov 23, 2018 4:30 pm
by Moggy
The landlords finally replied to me earlier this week. But they answered nothing, basically they are busy on projects and promise to get a full answer to me within 3 weeks. :lol: :fp:

But in good news, an invoice arrived from them today requesting the ground rent. That’s good news as it means their Section 146 notice is now utterly invalid. Stupid bastards.

I still think this’ll end up in court, but I have mountains of evidence of their incompetence now. I’ll give them the three weeks and then start chasing again. If I don’t get any results then I’ll be looking at solicitors early next year.

Re: Buying a house (and renting)

Posted: Sat Nov 24, 2018 10:50 pm
by KK
Anyone looking for a place to flatshare, well BOY HAVE I GOT A FLATMATE FOR YOU!

twitter.com/rxdazn/status/1065943585936326656


Live and let live, indeed...

I wonder what his ResetEra username is.

Re: Buying a house (and renting)

Posted: Sun Nov 25, 2018 6:54 am
by Errkal
Hahaha so basically I want someone to share the cost of this place because I can't afford it but you need to make it so your aren't there.

What a bell.

Re: Buying a house (and renting)

Posted: Sun Nov 25, 2018 7:45 am
by Corazon de Leon
KK wrote:Anyone looking for a place to flatshare, well BOY HAVE I GOT A FLATMATE FOR YOU!

twitter.com/rxdazn/status/1065943585936326656


Live and let live, indeed...

I wonder what his ResetEra username is.


The comments reckon it’s a woman living in finabury Park. Holy gooseberry fool though :lol:

Re: Buying a house (and renting)

Posted: Sun Nov 25, 2018 9:18 am
by Drumstick
When reading that I thought it was a woman, FWIW.

Re: Buying a house (and renting)

Posted: Tue Nov 27, 2018 5:15 pm
by KK
#everydaysexism

Re: Buying a house (and renting)

Posted: Wed Nov 28, 2018 3:32 am
by Green Gecko
That's basically a therapy letter to every other flat mate they've ever had who's left because they've wanted to live there and not just die quietly.