Buying a house (and renting)

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PostRe: Buying a house (and renting)
by Jenuall » Fri Jun 18, 2021 3:53 pm

Combi boilers are definitely the go to option for most situations these days, they just have too many advantages over system setups unless you have some specific requirements

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Green Gecko
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PostRe: Buying a house (and renting)
by Green Gecko » Fri Jun 18, 2021 4:06 pm

Victor Mildew wrote:
Green Gecko wrote:We're doubling down and looking at Brighton because the market rate here has reached £1250pcm we may as well jump to that area and benefit QOL wise. And my partner works there so no commuting cost.

My socioeconomic theory has actually proven correct. The better your environment, the better you chances of success. When we moved here she was paid badly and now she has a respectable job. I'm still a gremlin, but I have savings.

Hoping to share an outside workspace and make up the rent from use of that space and my cutting edge equipment. For a reasonable flat fee. I'd love to share my space with a painter or similar who can make whatever merchandise they want. I might even be able to trade space for their help on some jobs too. That's a creative solution.

Getting it and with savings wiped out after 12 months is up (but at least it's a fixed term not this rolling bullshit) is the challenge. Hopefully have something signed next week. Got a few places on the list.

Gotta go fast. :lol: We'll serve notice 30 days and screw the landlord out of rent. strawberry float them. That'll cost them over 3 grand.


That's a strawberry floating insane amount of money to be paying in rent :dread:

I know things aren't that simple, but is there no way you can use your equipment as some sort of collateral against a mortgage and buy somewhere?

It is, and we're looking at up to 1500pcm now. We have to consider the area though, and we like to have a lot of space. My partners wage is at least somewhat commensurate with the area too. I'm the problem.

When I consider an outbuilding, I have to consider that as an alternative to a seperate commercial property lease and business rates on that. So if I take that as for example somewhere between £200 to £300 per month (alternatively), effectively for the house it's at the lowest £125 more than what we're already paying here for the same number of rooms, and there's also a really great outdoor space for socialising. Here In a boring sleepy town I grew up in and desperately want to leave (and so does my partner). I feel like I've wasted the end of my twenties here as literally strawberry floating nothing happens except bonfire night... Which has been cancelled recently anyway.

My equipment in terms of collateral isn't that much, about £5000 tops. I've just been very smart with what those purchases are and what they can do together, I mean one machine is open source and well below the market rate for a big machine of similar functionality several years ago, but it works the same if you know how to use it.

And no, I've never heard of a mortgage that will accept fixed business assets as capital, there is the always the risk I would lose everything if I defaulted on the mortgage which is a dreadful thought. It's an idea though. Unfortunately the business just does not make enough money to be seriously considered as a form of income at the moment.

So I'm left with just a bunch of equipment, some cash, and my partner being the main breadwinner. No mortgage provider is seriously going to look at things like PIP and tax credits and think, yeah, this guys doing gangbusters. I'm pretty much resigned to being some kind of kooky art househusband at this rate, perhaps that isn't such a bad thing?

And no, please somebody don't tell me to just get a job, pull your socks up etc. I'm autistic and I seriously find normal work borderline impossible and I always end up getting in trouble with managers who don't understand anything about autism. I can do part time work in colleges and universities for example (that are in Brighton as it happens) and do weird side jobs like teaching guitar or playing at weddings for example but every single strawberry floating interview or job whether it's 2 weeks or years has ended up borked because I don't cope with my serious memory and communication fuckups.

My best chance at ownership unless I miraculously hold down a well paid job for even 2 years is my parents selling their places , which makes me feel awful because that's just white middle class privelege right there. But as it turns out, even if you are white male (not straight though :simper:) and have a weird brain, you do face significant challenges in the whole, get job, get house, get married, kids blahblah. strawberry float me the challenges I've had setting up fairly basic things like even renting somewhere in the first place or sorting out my own social care.

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PostRe: Buying a house (and renting)
by Green Gecko » Sun Jun 20, 2021 12:55 am

Served section 21 yesterday btw. My anxiety is so bad at the moment I'm sitting in the bathroom worried I might actually throw up. I've been tight chested all day.

I wish somebody could make these banana splits understand what they are actually doing to people when they piss around with their multiple occupancies / excess home ownership.

I just want to know where I'm living and where my gooseberry fool is for a period of no less than 6 months. Is that so hard?

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PostRe: Buying a house (and renting)
by That's not a growth » Mon Jun 21, 2021 2:39 pm

After talking about it with my Dad at the weekend I put in an offer for the place today. I'll still have at look at some other places just to make sure, but I'm thinking even with the high service charge it's the best option that's been available for months - and I've been checking right move every day for the last few years now so I have a rough on things.

Very stressful, but it's not binding and I went a bit low so will probably get rejected so no need to over think.

Edit: back with a counter offer. Too busy working to think aaah

Edit: had time to think, made counter offer in middle. Awaiting response

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PostRe: Buying a house (and renting)
by That's not a growth » Mon Jun 21, 2021 4:46 pm

Oh

It was accepted

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PostRe: Buying a house (and renting)
by Pancake » Mon Jun 21, 2021 4:52 pm

That's not a growth wrote:Oh

It was accepted

:lol:

I feel like this post perfectly encapsulates the pure wtf mix of excitement, dread and anxiety that accompanies having an offer accepted.

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Mon Jun 21, 2021 4:53 pm

Congrats! Just make sure to do your due diligence on the service charges etc. before committing and I'm sure you'll be alright.

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PostRe: Buying a house (and renting)
by Drumstick » Mon Jun 21, 2021 5:10 pm

Nice one Tee-Nag.

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PostRe: Buying a house (and renting)
by Rocsteady » Mon Jun 21, 2021 5:19 pm

That's not a growth wrote:Oh

It was accepted

Congrats!

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PostRe: Buying a house (and renting)
by Moggy » Mon Jun 21, 2021 5:27 pm

That's not a growth wrote:Oh

It was accepted


The real fun starts now :lol:

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PostRe: Buying a house (and renting)
by That's not a growth » Mon Jun 21, 2021 5:59 pm

:slol:

Cheers guys! It's very surreal, and I don't want to get to ahead of myself - there's still plenty of ways it might not happen. But it's promising.

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PostRe: Buying a house (and renting)
by Drumstick » Mon Jun 21, 2021 7:59 pm

Lovely, just as Moggy escapes his leaseholders, TNAG will be able to pick up the slack with the horror stories.

#continuity

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PostRe: Buying a house (and renting)
by Lagamorph » Mon Jun 21, 2021 8:14 pm

Plot twist. The management company is the same one Moggy just got away from.

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PostRe: Buying a house (and renting)
by Victor Mildew » Mon Jun 21, 2021 8:56 pm

Plot twist 2: he's buying moggy's flat

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PostRe: Buying a house (and renting)
by Moggy » Mon Jun 21, 2021 9:11 pm

Victor Mildew wrote:Plot twist 2: he's buying moggy's flat


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PostRe: Buying a house (and renting)
by That's not a growth » Tue Jun 22, 2021 7:51 am

Damn, I wish I realised I was moving to Bristol earlier. This is really inconvenient.

In fact, the seller's situation is the opposite to Moggy's here - Moggy is getting more than he expected (and he was expecting it to have increased in value from his purchase price, anyway), whereas my seller is a landlord who's obviously looking to get rid as I was able to get it below asking price (and he already dropped it twice these last 2 months) meaning he's making quite a loss.

It does mean I feel quite vulnerable as I think there's quite a bit of room for someone to make a better offer, but it seems apartments in general are doing crap so I will hopefully be ok.

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PostRe: Buying a house (and renting)
by Green Gecko » Tue Jun 22, 2021 12:56 pm

Turns out I had strawberry floating gastric flu so I contracted that together with section 21, add on top of that an agonisingly bad frozen/dead shoulder and I felt just about done with life altogether this past few days.

Moving house for me means changing my adult social care team as well which is quite a lot of change to deal with, but we are looking at a place we finally have a viewing booked for (no other bookings came through for us) on Wednesday. Not had this before but they pre qualify their viewings and surprisingly there are aren't that many other people looking at it. Smack bang in the middle of the Brighton lanes, a terraced house weirdly situated amongst mostly the backend of shops in a private urban courtyard (just gravel, no parking). Electronic wrought iron gates makes it seem rather posh but it's literally just the parking area for a small quadrant of shops which is the makeup of that area of town. Unfortunately burglary is a thing so thet probably will want their shops locked up somehow.

Should be a massive boon to business and networking opportunities as well, just the area. I mean I'd be literally seconds away from galleries and potential signage clients.

But... But... 1600pcm. Yeah. Google revealed it went up previously for £1500pcm a year or whatever ago (it was stuck in Google's cache) so we're going to offer £1525 or something and see what happens. Negotiated rent before and got £50 a month off.

Wish me luck pissing away my savings on living in Not London for 12 months. Even bearing in mind the business use of the property too, which the mast majority of people don't have to consider. It has two utility rooms and an office. Very weird place, I reckon maybe someone built it as the back end of their shop or something like that as literally every other property is a shop built back or maybe there's one or two flats over those shops.

It's exciting but a gut wrenching rent increase and they may well reject us for no reason. I just bloody hope it's worth the QOL benefits.

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PostRe: Buying a house (and renting)
by That's not a growth » Tue Jun 22, 2021 2:36 pm

So I was letting London and Country know I had an offer accepted, and I was giving them even more info than I have already. Then it got to the bit about maintenance fee, and when I enter it the value of the mortgage it said I could get dropped by around 25%. Is this the system just being overly cautious, or have I completely missed that these fees massively reduce how much you're able to borrow? I thought I read a lot on this, but I never came across anything that said this would happen. I would have thought if it affects things this much they should take it into account at a much earlier stage, like before you get your DIP? God damn it, I'll have to wait to hear what they say but they say it's a 4 day turn around on getting back to people. ahhhhhh

Edit, oh they're quicker than they say. I'm getting a call tomorrow

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PostRe: Buying a house (and renting)
by Qikz » Tue Jun 22, 2021 3:04 pm

Moggy wrote:
Victor Mildew wrote:Plot twist 2: he's buying moggy's flat


Image


This would be that he's your leaseholder.

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PostRe: Buying a house (and renting)
by Grumpy David » Tue Jun 22, 2021 3:07 pm

That's not a growth wrote:So I was letting London and Country know I had an offer accepted, and I was giving them even more info than I have already. Then it got to the bit about maintenance fee, and when I enter it the value of the mortgage it said I could get dropped by around 25%. Is this the system just being overly cautious, or have I completely missed that these fees massively reduce how much you're able to borrow? I thought I read a lot on this, but I never came across anything that said this would happen. I would have thought if it affects things this much they should take it into account at a much earlier stage, like before you get your DIP? God damn it, I'll have to wait to hear what they say but they say it's a 4 day turn around on getting back to people. ahhhhhh

Edit, oh they're quicker than they say. I'm getting a call tomorrow


Service charge and ground rent get treated as if they were loans for affordability checks so if the monthly payment is on the chunky side then it can certainly reduce affordability if you were stretched to start with.

A 25% drop in the max lend does sound way too high unless there's already a lot of background debts going to deal with though.

Try some mortgage lenders brokerage websites like Santander Intermediaries, lender calculators tend to be a bit more detailed compared to the normal customer calculators so in theory should be more accurate.


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