Buying a house (and renting)

Fed up talking videogames? Why?
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Thu Jul 23, 2020 1:59 pm

Wrathy wrote:
Moggy wrote:
Sounds unlikely that there would be no service charges. They are normally paid for the buildings insurance, cleaning common areas etc.

The lease will tell you what you're liable for. Service charges, ground rent etc.

Hopefully you'll have decent landlords. I used to but then they sold up to the cowboy bastards I have to deal with now. :cry:


Yeah it sounded too good to be true but it's a very small block (4 flats) so apparently what happens instead is each flat of the 4 covers 25% of work up to £500 each, at which point I assume insurance or something covers the rest. This works out cheaper than regular service charges, apparently (in Southampton I've seen these as high as £150 a month for new build complexes, so I believe that). I think it is a benefit of the place being so small and not having lifts, with only one small common area which is a shared entrance for the 2 upstairs flats, so it seems fairly realistic. I've asked the solicitors to advise all the regular charges to confirm this though.


That sounds good. Make sure it's actually in the lease that you are only liable up to £500! The lease is the Bible in these matters, don't accept verbal or even written confirmation, it has to be in the lease itself.

Image
User avatar
Oblomov Boblomov
Member
Joined in 2008
AKA: Mind Crime, SSBM_God

PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Jul 23, 2020 2:29 pm

I see momentum for the anti-landlordism movement is gathering pace towards glorious revolution! :nod:

Must be heart-breaking to see so much of your money going down the drain like that, as a renter. The housing market is up there for me in terms of absolute top tier answers to that question: 'Why is the world quite a gooseberry fool place for most people to be alive in?'

Image
User avatar
Victor Mildew
Member
Joined in 2009

PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jul 23, 2020 2:39 pm

All the anti landlord people better watch their backs :capnscotty:

Hexx wrote:Ad7 is older and balder than I thought.
User avatar
Errkal
Member
Joined in 2011
Location: Hastings
Contact:

PostRe: Buying a house (and renting)
by Errkal » Thu Jul 23, 2020 4:30 pm

Lagamorph wrote:A quick search on RightMove in a 5 mile radius around my area it seems £160k will get you a 3 bedroom Semi-Detached house.
I paid £145k for my Semi-Detached 3 bed about 6 years ago so I guess yay


Around 200k to 250k round my way (next door sold for 200K last year and needed a load of work).
I bought for 125K 10 years back so that’s nice.

User avatar
Victor Mildew
Member
Joined in 2009

PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jul 23, 2020 4:36 pm

Bought for £135k, now worth £1.2 million.

Hexx wrote:Ad7 is older and balder than I thought.
User avatar
Drumstick
Member ♥
Joined in 2008
AKA: Vampbuster

PostRe: Buying a house (and renting)
by Drumstick » Thu Jul 23, 2020 5:11 pm

Errkal wrote:
Lagamorph wrote:A quick search on RightMove in a 5 mile radius around my area it seems £160k will get you a 3 bedroom Semi-Detached house.
I paid £145k for my Semi-Detached 3 bed about 6 years ago so I guess yay

Around 200k to 250k round my way (next door sold for 200K last year and needed a load of work).
I bought for 125K 10 years back so that’s nice.

In for £260k, out for £295k after 4 years

One man should not have this much power in this game. Luckily I'm not an ordinary man.
Image Image
"economically unviable"
-Oblomov Boblomov
User avatar
Grumpy David
Member
Joined in 2008
AKA: Cubeamania

PostRe: Buying a house (and renting)
by Grumpy David » Thu Jul 23, 2020 7:14 pm

I was planning to spend about 5k extending the lease on my flat (I've no ground rent and there is approx 87 year left and was going to add 99 years on top via the statutory process) then the virus bullshit crippled the global economy and I decided to defer any large expenditure till 2021 when hopefully a global roll out of a vaccine is well under way. However having seen this potential change, I might defer longer:

https://www.thisismoney.co.uk/money/mortgageshome/article-8540685/Government-advisers-propose-radical-leasehold-reform-potentially-helping-thousands-families.html

Extend your lease by a millennium and stop paying ground rents completely: Government advisers FINALLY unveil radical leasehold reforms

Government advisers release recommendations on radical leasehold reform
The new proposals could see leaseholds extended by 990 years rather than 90
Ground rents could also be scrapped completely when leases are extended
The proposed reforms come three years after the leasehold scandal first broke


Thousands of families stuck in leasehold homes could finally see a light at the end of the tunnel after government advisers today set out a package of radical reforms.

A report two years in the making from the Law Commission laid out a raft of proposals which would make it easier for leaseholders to purchase their freehold, extend their lease or eliminate their ground rents.

One such proposal would give homeowners the right to extend their lease for nearly 1,000 years while at the same time removing any obligation to pay rent to the freeholder.

The proposals come in response to a scandal that has seen thousands of homeowners fleeced with inflating ground rents and fees by developers and investment firms.

The leasehold scandal emerged three years ago as property developers were discovered to have been flogging leasehold properties with high fees and spiralling ground rents attached.

Some developers included aggressive 'doubling clauses' in sales contracts that hike ground rents at an alarming rate, ultimately trapping some people in homes they cannot sell.

Last year the Government announced that it would ban the sale of houses on a leasehold basis, and ban developers from selling leases that contain an obligation to pay any money as ground rent.

These reforms do not help existing leaseholders however and have yet to be implemented.

Today the Law Commission, an independent body set up by Parliament to advise ministers, went further by suggesting that existing leaseholders should have the right to a lease extension for a term of 990 years, in place of shorter extensions of 90 or 50 years under the current law.

It recommended that there should be no ongoing ground rent under this extended lease, and landlords shouldn't be able to use the lease extension process to impose new obligations.

This would put an end to the onerous ground rents that many leaseholders have to pay while at the same time making it much easier for homeowners to sell these properties - something many are currently finding it difficult to do.

The Law Commission also recommended a new right for leaseholders with very long leases to 'buy out' the ground rent under their lease without also having to extend the length of their lease.

It also reiterated called for a rules change so that leaseholders can extend their lease or buy their freehold immediately after buying their home rather than having to wait two years as they do now.

On top of this, the Commission recommended that the law is changed so that the current requirement for leaseholders to pay their landlord's costs of dealing with an enfranchisement claim should be 'eliminated or controlled'.

These recommendations all apply to both houses and flats.

Professor Nick Hopkins, commissioner for property law said: 'The leasehold system is not working for millions of homeowners in England and Wales.

'We have heard how the current law leaves them feeling like they don't truly own their home.

'Our reforms will make a real difference by giving leaseholders greater control over their homes, offering a cheaper and easier route out of leasehold, and establishing commonhold as the preferred alternative system.'

A spokesperson for pressure group the National Leasehold Campaign said: 'The NLC is delighted that the Law Commission’s reports recognise how badly the current leasehold system is stacked against leaseholders and is recommending adoption of commonhold, and informed and practical routes for existing leaseholders to escape from the nightmares created by this feudal system.

'We need Government to act on these recommendations now. They must not be lost in a sea of endless consultations, further consideration and drift “until Parliamentary time allows”. Leaseholders’ lives are on hold and urgent action is needed.'

The Law Commission has also proposed a massive expansion to the commonhold system, which would give flat owners an option other than leasehold.


This system was introduced in 2002 to enable the freehold ownership of flats.

It allows the residents of a building to own the freehold of their individual flat and to manage the shared areas through a company.

Currently, for a flat owner to convert to commonhold from leasehold they need the agreement of other parties with interests in the building, for example the freeholder.

The Law Commission is now suggesting this requirement be removed so that leaseholders can unilaterally decide to convert to commonhold without the approval of any other parties.

It also proposes that shared ownership flats be available as commonhold, something that is not currently the case. The Commission says this would help to encourage more flats being built as commonhold rather than leasehold.


A much longer lease without having to pay the freeholder's costs so win-win for me, hopefully it actually gets implemented sooner than later.

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Thu Jul 23, 2020 7:20 pm

Commonhold sounds interesting.

Image
User avatar
No:1 Final Fantasy Fan
Member
Joined in 2008
Location: UK

PostRe: Buying a house (and renting)
by No:1 Final Fantasy Fan » Sat Jul 25, 2020 12:10 pm

Does anyone here have a leasehold flat? I have no idea if I need to buy home insurance...specifically building insurance because the freeholder already has building cover for the block of flats I'm in. I've been on google and just cannot find the answer. I bought it last year anyway as I didn't have time to research it and a year later its up for renewal tomorrow and I still dunno if I actually need it :slol: :fp:

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Sat Jul 25, 2020 12:13 pm

No:1 Final Fantasy Fan wrote:Does anyone here have a leasehold flat? I have no idea if I need to buy home insurance...specifically building insurance because the freeholder already has building cover for the block of flats I'm in. I've been on google and just cannot find the answer. I bought it last year anyway as I didn't have time to research it and a year later its up for renewal tomorrow and I still dunno if I actually need it :slol: :fp:


It'll depend what's in the lease.

Usually the freeholder insurance will cover the building from fire etc, but you'll need your own insurance for things like burglary.

Image
User avatar
Grumpy David
Member
Joined in 2008
AKA: Cubeamania

PostRe: Buying a house (and renting)
by Grumpy David » Sat Jul 25, 2020 12:26 pm

Freeholders insure the building. Should form part of the service charge but sometimes it's listed as a separate cost.

Contents cover is optional but it's so cheap at about £100 a year and can cover things outside of the home like £800 wallets or jewellery, bicycles, phones etc that it's worth getting it for peace of mind.

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Tue Jul 28, 2020 6:20 pm

Interesting news today. The lady in the flat above me is selling up. She's had a few estate agents value her place and if they are anywhere close to being correct then I'll make a strawberry floating fortune if I sell this place. My flat is bigger than hers, I'd be ecstatically happy with her price and could well get more (as it's a bigger flat).

She's going to just pay the landlords so she can get out. Can't say I blame her, it's infuriating that people are basically held to ransom by banana splits like this.

Going to wait for the ombudsman and for her flat to sell and then see where I am. Hopefully with the ombudsman behind me I can frighten the landlords, if not then at least I know I'll be able to get a great price and get the strawberry float out, even if the thieving banana splits beat me.

Image
User avatar
Jenuall
Member
Joined in 2008
AKA: Jenuall
Location: 40 light-years outside of the Exeter nebula

PostRe: Buying a house (and renting)
by Jenuall » Tue Jul 28, 2020 7:23 pm

So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:

Had some good house news today myself, after everything getting messed around by COVID we finally got the structural engineers report back on our place and it confirms that the house is not falling down! :toot:

Image
User avatar
Hexx
Member
Joined in 2008

PostRe: Buying a house (and renting)
by Hexx » Tue Jul 28, 2020 7:36 pm

Jenuall wrote:So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:

Had some good house news today myself, after everything getting messed around by COVID we finally got the structural engineers report back on our place and it confirms that the house is not falling down yet! :toot:

User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Tue Jul 28, 2020 7:45 pm

Jenuall wrote:So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:


Potentially, but it's the hope that kills you so I'm expecting to be plunged back into despair soon enough.

Image
User avatar
Jenuall
Member
Joined in 2008
AKA: Jenuall
Location: 40 light-years outside of the Exeter nebula

PostRe: Buying a house (and renting)
by Jenuall » Tue Jul 28, 2020 8:32 pm

Hexx wrote:
Jenuall wrote:So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:

Had some good house news today myself, after everything getting messed around by COVID we finally got the structural engineers report back on our place and it confirms that the house is not falling down yet! :toot:

I'll take it!

Moggy wrote:
Jenuall wrote:So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:


Potentially, but it's the hope that kills you so I'm expecting to be plunged back into despair soon enough.

True, fingers crossed it all works out for you. If the lady upstairs is going first then at least you'll be able to see how it pans out for her

Image
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Tue Jul 28, 2020 8:50 pm

Jenuall wrote:
Moggy wrote:
Jenuall wrote:So not only is there light at the end of the tunnel but it seems that light is the glow of loads of cash! :datass:


Potentially, but it's the hope that kills you so I'm expecting to be plunged back into despair soon enough.

True, fingers crossed it all works out for you. If the lady upstairs is going first then at least you'll be able to see how it pans out for her


Yeah that's the plan, hopefully she gets a big price and then I can plan my move from there.

Even if property prices crash thanks to Covid, it shouldn't be too bad as houses I'll be looking at will also crash. I should have more than enough leeway to not have to worry about negative equity.

Image
User avatar
Drumstick
Member ♥
Joined in 2008
AKA: Vampbuster

PostRe: Buying a house (and renting)
by Drumstick » Tue Jul 28, 2020 9:07 pm

We have exchanged. Move day is Friday.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
Image Image
"economically unviable"
-Oblomov Boblomov
User avatar
Moggy
"Special"
Joined in 2008
AKA: Moggy

PostRe: Buying a house (and renting)
by Moggy » Tue Jul 28, 2020 9:08 pm

Drumstick wrote:We have exchanged. Move day is Friday.


:toot:

Image
User avatar
andretmzt
Member
Joined in 2008
Location: Fareham

PostRe: Buying a house (and renting)
by andretmzt » Tue Jul 28, 2020 9:38 pm

Congrats! :toot:

I'm nearly done with my second attempt to buy a house. I pulled out of the first attempt last October as the vendor was dicking us around but found some place else this January. Much cheaper as well but it'll need a bit of work doing.

Just need a decent survey to come through tomorrow and I think we'll be there. Can't come quick enough really. I haven't rented since the end of 2017 and this place was always going to be temporary so a load of our stuff has remained in boxes. Landlord is a bit of a cock though. Who rents a house with three bathrooms but no mirrors, and no blinds or curtains and expects you to take everything down at the end? strawberry floating bizarre. Oh and just shy of £14k a year to rent. Thought I was paying a lot in Lossiemouth...

HSH28 wrote:No Last Guardian.
No new exclusive PS4 games.
No longer free MP for PS4.

Microsoft win E3.

Return to “Stuff”

Who is online

Users browsing this forum: Cuttooth, Errkal, massimo, Somebody Else's Problem, Zilnad and 247 guests