Buying a house (and renting)

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Slayerx
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PostRe: Buying a house (and renting)
by Slayerx » Mon Mar 04, 2019 3:38 pm

Qikz wrote:Best quote I got in the end was 1.7k. Went with the solicitors my mortgage advisor recommends and since he's trustworthy I'm going with him (every other quote I got was around that mark but companies I didn't know).

Mortgage application got accepted. I guess things are moving forward now.


One thing to remember is the solicitor/conveyancer has to be on the lenders panel.

Just something to keep in mind most are but doesn't hurt to check.

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That's not a growth
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PostRe: Buying a house (and renting)
by That's not a growth » Mon Mar 04, 2019 8:29 pm

KK wrote:I was looking on RoomGo and I noticed that the Landlord for my next door neighbour has a room available as part of a houseshare (top-floor room with terrace and ensuite bathroom) and he's put the price up now to £800 a month, plus a 1 off tenants fee of £100.

£9,700 a year for a room with a 'view' (i.e it's facing in the wrong direction to see any London landmarks). Pure madness.


Those kind of fees are illegal now aren't they?

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Bunni
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PostRe: Buying a house (and renting)
by Bunni » Mon Mar 04, 2019 11:29 pm

Meeting with a mortgage advisor on Friday. I’m very excited, but quite realistic in the fact that I’m likely to be strawberry floated by temporary/rolling contract work. Shame because I’ve found the holy grail of property, it being a lovely flat in a nice area, with fantastic decor, spacious with lots of light, kerb appeal, and within my expected budget.

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No:1 Final Fantasy Fan
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PostRe: Buying a house (and renting)
by No:1 Final Fantasy Fan » Sat Mar 09, 2019 11:38 am

Went for a flat viewing today as I am looking to get my first mortgage and in London too :fp: but there is a leasehold of 120 years...i need to google about this more to see if it is worth it

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Bunni
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PostRe: Buying a house (and renting)
by Bunni » Sat Mar 09, 2019 12:32 pm

The lovely flat I seen sold as expected.

Been offered a low amount due to the nature of my work and that they don’t take total income into account (I’ve worked two jobs for the past year) I don’t want to settle, but waiting two years for a permanent contract at my new job is a chore, though I’ll be offered a lot more at that time. Frustrating knowing that I worked so hard but it doesn’t get me as far as it should because my contract doesn’t say permanent.

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BID0
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PostRe: Buying a house (and renting)
by BID0 » Sat Mar 09, 2019 1:16 pm

Bunni wrote:The lovely flat I seen sold as expected.

Been offered a low amount due to the nature of my work and that they don’t take total income into account (I’ve worked two jobs for the past year) I don’t want to settle, but waiting two years for a permanent contract at my new job is a chore, though I’ll be offered a lot more at that time. Frustrating knowing that I worked so hard but it doesn’t get me as far as it should because my contract doesn’t say permanent.

Some banks just use 3 months of your wage slips/proof of earnings so that might help you get around the 2 years thing

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Sat Mar 09, 2019 1:21 pm

No:1 Final Fantasy Fan wrote:Went for a flat viewing today as I am looking to get my first mortgage and in London too :fp: but there is a leasehold of 120 years...i need to google about this more to see if it is worth it


120 years is fine, the lease will outlast you and anybody that might buy it off of you in the future.

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Slayerx
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PostRe: Buying a house (and renting)
by Slayerx » Sat Mar 09, 2019 1:33 pm

Moggy wrote:
No:1 Final Fantasy Fan wrote:Went for a flat viewing today as I am looking to get my first mortgage and in London too :fp: but there is a leasehold of 120 years...i need to google about this more to see if it is worth it


120 years is fine, the lease will outlast you and anybody that might buy it off of you in the future.


Most lenders what the leasse to be the mortgage term plus x for most I understand it to be around 50 so its something to be mindful of as the shorter the lease gets the more expensive it can be to extend it.

Also the ground rent and service charges will be used for affordability and a lot of service charges can go up linked to RPI which is around 3% a year.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Sat Mar 09, 2019 1:56 pm

Freehold or bust. Don't bother with leaseholds.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Sat Mar 09, 2019 2:00 pm

Drumstick wrote:Freehold or bust. Don't bother with leaseholds.


I agree with that, but I doubt he has much choice in London.

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Dual
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PostRe: Buying a house (and renting)
by Dual » Sat Mar 09, 2019 2:22 pm

120 year lease is very good.

I think anything less than 50 you stay away from

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No:1 Final Fantasy Fan
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PostRe: Buying a house (and renting)
by No:1 Final Fantasy Fan » Sat Mar 09, 2019 2:26 pm

Thanks! I'm getting a joint mortgage with my sister as I wouldn't be able to afford anything decent in London on my own. I am a first time buyer but she's not.
Ok good to know that the 120 years leasehold is not an issue

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Slayerx
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PostRe: Buying a house (and renting)
by Slayerx » Sat Mar 09, 2019 2:30 pm

No:1 Final Fantasy Fan wrote:Thanks! I'm getting a joint mortgage with my sister as I wouldn't be able to afford anything decent in London on my own. I am a first time buyer but she's not.
Ok good to know that the 120 years leasehold is not an issue


I would check the ground rent and service charges if you want to know what they are you can spend a few £'s on the Land Registry to see what you would be looking at.

If you need any help let me know.

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No:1 Final Fantasy Fan
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PostRe: Buying a house (and renting)
by No:1 Final Fantasy Fan » Sat Mar 09, 2019 2:34 pm

Slayerx wrote:
No:1 Final Fantasy Fan wrote:Thanks! I'm getting a joint mortgage with my sister as I wouldn't be able to afford anything decent in London on my own. I am a first time buyer but she's not.
Ok good to know that the 120 years leasehold is not an issue


I would check the ground rent and service charges if you want to know what they are you can spend a few £'s on the Land Registry to see what you would be looking at.

If you need any help let me know.

Hey thanks!
Its an ex council flat but I dont know if the entire block is private or not. My sister's financial advisor said he will check.
On the brochure it says service charge is £750 per annum and ground rent is £10 per annum. £10 seems like nothing

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Sat Mar 09, 2019 4:43 pm

I don't know if it's different in London, but I'd be slightly wary of that lease. My understanding is that as soon as it goes under 100 years it starts to damage the value. It shouldn't really, like Moggy says it will comfortably outlast several owners, but that's the impression I had when I was in the market for a flat.

Pretty sure the vast majority of city flats (i.e. those in big blocks) will be leasehold.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Sat Mar 09, 2019 4:45 pm

Also make sure you check the lease contract specifically to find out how/if the service charge will be allowed to increase over time.

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Bunni
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PostRe: Buying a house (and renting)
by Bunni » Sat Mar 09, 2019 6:11 pm

BID0 wrote:
Bunni wrote:The lovely flat I seen sold as expected.

Been offered a low amount due to the nature of my work and that they don’t take total income into account (I’ve worked two jobs for the past year) I don’t want to settle, but waiting two years for a permanent contract at my new job is a chore, though I’ll be offered a lot more at that time. Frustrating knowing that I worked so hard but it doesn’t get me as far as it should because my contract doesn’t say permanent.

Some banks just use 3 months of your wage slips/proof of earnings so that might help you get around the 2 years thing


I’ve got to bring in a year worth of wage slips (I get paid weekly ffs :facepalm: ) to get this far, and there’s limited lenders who are willing to deal with my contract, so unfortunately three months wageslips won’t cut it.

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BID0
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PostRe: Buying a house (and renting)
by BID0 » Mon Mar 11, 2019 3:36 pm

Bunni wrote:
BID0 wrote:
Bunni wrote:The lovely flat I seen sold as expected.

Been offered a low amount due to the nature of my work and that they don’t take total income into account (I’ve worked two jobs for the past year) I don’t want to settle, but waiting two years for a permanent contract at my new job is a chore, though I’ll be offered a lot more at that time. Frustrating knowing that I worked so hard but it doesn’t get me as far as it should because my contract doesn’t say permanent.

Some banks just use 3 months of your wage slips/proof of earnings so that might help you get around the 2 years thing


I’ve got to bring in a year worth of wage slips (I get paid weekly ffs :facepalm: ) to get this far, and there’s limited lenders who are willing to deal with my contract, so unfortunately three months wageslips won’t cut it.

Ah that sucks. I went with Halifax who could work with 3 months slips rather than 2 years worth. I could have done 2 years but my bonuses and overtime worked out better using my recent 3 months at the time :shifty:

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shadow202
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PostRe: Buying a house (and renting)
by shadow202 » Tue Mar 12, 2019 7:02 am

It depends on your contract situation, Bunni, are you on a zero hours contract?

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Bunni
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PostRe: Buying a house (and renting)
by Bunni » Tue Mar 12, 2019 7:19 am

At the moment yeah, then going to a 3 month rolling contract, alongside (soon to be less) hours on this one.


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