Buying a house (and renting)

Moggy wrote:

twitter.com/teleproperty/status/1465704341818339331

twitter.com/teleproperty/status/1465704352388030479

Only £375k? Thanks Telegraph!

Wahey, I bought in (the borough of) Bromley

Looks like I'm moving at the start of January. We were the last party in our chain of three to have queries resolved, so we've given the OK to begin exchange of contracts.

Hopefully not moving for at least another 15 years after this.

Drumstick wrote:Looks like I'm moving at the start of January. We were the last party in our chain of three to have queries resolved, so we've given the OK to begin exchange of contracts.

Hopefully not moving for at least another 15 years after this.

Didn't you only just move? Was that to a rental while you waited on the chain?

Tomous wrote:

Drumstick wrote:Looks like I'm moving at the start of January. We were the last party in our chain of three to have queries resolved, so we've given the OK to begin exchange of contracts.

Hopefully not moving for at least another 15 years after this.

Didn't you only just move? Was that to a rental while you waited on the chain?

We moved last Summer, but this house whilst lovely has some long-term problems we cannot move past, such as:

No off-road parking, a problem exacerbated when you have a child

A roof that whilst functional and stable, needs a refresh

Occasional sewer blockages that stem from the moronic angle the pipework was put in at

Shared water pipework that runs under the garden/houses of three neighbours, which is 70 years old, it already sprung a leak earlier this year but fortunately that was under a neighbour's drive. I do not want to be here when it starts causing greater damage

A large mud patch in the garden which is ideal for an extension that we don't have the capital for

We bought for £297k and sold STC for £370k... which has allowed to buy pretty much the perfect home.

Drumstick wrote:

Tomous wrote:

Drumstick wrote:Looks like I'm moving at the start of January. We were the last party in our chain of three to have queries resolved, so we've given the OK to begin exchange of contracts.

Hopefully not moving for at least another 15 years after this.

Didn't you only just move? Was that to a rental while you waited on the chain?

We moved last Summer, but this house whilst lovely has some long-term problems we cannot move past, such as:

No off-road parking, a problem exacerbated when you have a child

A roof that whilst functional and stable, needs a refresh

Occasional sewer blockages that stem from the moronic angle the pipework was put in at

Shared water pipework that runs under the garden/houses of three neighbours, which is 70 years old, it already sprung a leak earlier this year but fortunately that was under a neighbour's drive. I do not want to be here when it starts causing greater damage

A large mud patch in the garden which is ideal for an extension that we don't have the capital for

We bought for £297k and sold STC for £370k... which has allowed to buy pretty much the perfect home.

Wow that's great news! Should I get my solicitor to contact you for the payment, cause I just found some prime bean-planting locations that would be perfect for Casa Stugene?

£73k gross profit in ~18 months? That is some seriously-good going!

Especially if by the sounds of things the house is falling apart!

Good work Drummy!

Great news Drummy

I had an email from my estate agent earlier that said they've chased my buyers solicitor. His solicitor is closing for Christmas on 17th (solicitors ) and so exchange will not be before Christmas. No gooseberry fool!

But they said exchange is looking to be January.

I'm not convinced, but that's good news for now.

That sounds positive, there's light at the end of the tunnel!

Just come back from paying our mortgage off

Victor Mildew wrote:Just come back from paying our mortgage off

Well done! That's amazing. I've just got 15 years to go on mine

Are you staying put now, or will you get back on the treadmill in due course?

Victor Mildew wrote:Just come back from paying our mortgage off

Mortgage free?! Now that's living the dream!

Lime wrote:

Victor Mildew wrote:Just come back from paying our mortgage off

Well done! That's amazing. I've just got 15 years to go on mine

Are you staying put now, or will you get back on the treadmill in due course?

The dream is to pile excess money in to pensions and retire early. Ideally we'd do that abroad somewhere. A detached house would be nice, but we really don't need it, it's just a nice to have more than anything. We should be able to save a nice bit between us to have a very small mortgage if we did go for some were else really.

Moggy wrote:

Victor Mildew wrote:Just come back from paying our mortgage off

Mortgage free?! Now that's living the dream!

It feels a bit surreal at the moment. Very strange not to owe anyone anything any more. Nice security for jobs too if things should go majorly tits up with the way the world is.

Victor Mildew wrote:Ideally we'd do that abroad somewhere.

Brexit

Victor Mildew wrote:

Lime wrote:

Victor Mildew wrote:Just come back from paying our mortgage off

Well done! That's amazing. I've just got 15 years to go on mine

Are you staying put now, or will you get back on the treadmill in due course?

The dream is to pile excess money in to pensions and retire early. Ideally we'd do that abroad somewhere. A detached house would be nice, but we really don't need it, it's just a nice to have more than anything. We should be able to save a nice bit between us to have a very small mortgage if we did go for some were else really.

Moggy wrote:

Victor Mildew wrote:Just come back from paying our mortgage off

Mortgage free?! Now that's living the dream!

It feels a bit surreal at the moment. Very strange not to owe anyone anything any more. Nice security for jobs too if things should go majorly tits up with the way the world is.

Congrats!

Out of interest how did you achieve this, have you just been piling money into over-payments with a plan to clear early?

I would love to do the same but I think we have about 12-13 years left which takes me to 51 and I want to put money into pension and ISA now while I get the most benefit by all the 20-30 year gains!!!

Oh we're not rich or anything, it's a combination of not having any other debts, no kids, both being good with our money, and then the small matter of both parents being dead and getting a bit of money from that. Had to wait until we'd saved enough to top that up comfortably. Without that we had another 10 years left on it (but could have pushed those payments up). We've also put the odd £500 here and there in to it to bring it down.

Twat buyers of my partner's cladding flat have waited until the last day and then asked for another £5k off (after an initial £5k reduction on the understanding of a quick sale, which hasn't happened anyway, as they've dragged it out, and the flat being priced significantly under what it was bought for to account for the cladding issues, which they are citing for the further reduction but which they knew about at the start). He's said no way, so I guess it depends if that was a bluff or if we're back to the market.

Victor Mildew wrote:Oh we're not rich or anything, it's a combination of not having any other debts, no kids, both being good with our money, and then the small matter of both parents being dead and getting a bit of money from that. Had to wait until we'd saved enough to top that up comfortably. Without that we had another 10 years left on it (but could have pushed those payments up). We've also put the odd £500 here and there in to it to bring it down.

This GRcade Poster Paid Off His Mortgage With One Weird Trick

Stugene wrote:

Victor Mildew wrote:Oh we're not rich or anything, it's a combination of not having any other debts, no kids, both being good with our money, and then the small matter of both parents being dead and getting a bit of money from that. Had to wait until we'd saved enough to top that up comfortably. Without that we had another 10 years left on it (but could have pushed those payments up). We've also put the odd £500 here and there in to it to bring it down.

This GRcade Poster Paid Off His Mortgage With One Weird Trick

Victor Mildew wrote:getting a bit of money from

Victor Mildew wrote:both parents

These articles are always the same

I am sorry if this is distasteful.

I make some small overpayments each month, so over the past year I probably overpaid 3 months worth of capital repayment, so it should bring the final date forward a little without too much pain - every 4 years it's a year off I guess . Wish I'd started doing that years ago, though!