Buying a house (and renting)

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Lex-Man
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PostRe: Buying a house (and renting)
by Lex-Man » Tue Jun 08, 2021 10:08 am

What issues have you got with the flat. Is there a lot of damp or structural issues?

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Tue Jun 08, 2021 10:10 am

That's not a growth wrote:I'm considering buying an apartment :dread:

What checks can I do to minimise the risk of falling into a situation like Moggy has experienced?


Unless mum and dad pay a nice big deposit for you, most people start with a flat. They're alright, but you soon grow out of them so to speak and long for more space and no neighbours.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Tue Jun 08, 2021 10:28 am

Especially when the neighbour above you's means of transportation around their flat is via skateboard.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Tue Jun 08, 2021 10:31 am

When that guy finally moved out :toot:

When the guy that moved in played one song on repeat until he got kicked out for letting a bunch of travellers live up there :dread:

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Tue Jun 08, 2021 10:32 am

Moggy wrote:
That's not a growth wrote:I'm considering buying an apartment :dread:

What checks can I do to minimise the risk of falling into a situation like Moggy has experienced?


My advice is just don't do it!

My brother lives in an apartment and has no problems, his one is an ex-council place and so his freeholder is the local council. I'd imagine that's about the best option, the council are unlikely to be deliberately ripping people off.


I would say the opposite, Local Councils will rip you off. As they'll do any work they please (probably playing enhanced rates) and then send you your share of the bill. I believe it was a huge issue when a few decades back, they got a bunch of Central Government money to do up their council stock and as it wasn't their money they spent like sailors on shore leave, and then billed leaseholders tens of thousands (obviously not all councils and not all estates), some safeguards were introduced after that but I still don't think it's great.

This was one case where I am.

https://www.theguardian.com/money/2020/ ... ncil-flats

I am personally looking for ideally a share of the freehold or the possibility of buying the freehold (this is legally enforceable provided that I believe retail is less than 25% of the development- and this is what caused Moggy's problems I think I remember him mentioning at one point)- did that also remove your right to manage Moggy?

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Tue Jun 08, 2021 10:55 am

Lex-Man wrote:What issues have you got with the flat. Is there a lot of damp or structural issues?


Not that I know of. I'm just really paranoid about the whole thing. :lol:

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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 » Tue Jun 08, 2021 1:55 pm

Victor Mildew wrote:
That's not a growth wrote:I'm considering buying an apartment :dread:

What checks can I do to minimise the risk of falling into a situation like Moggy has experienced?


Unless mum and dad pay a nice big deposit for you, most people start with a flat. They're alright, but you soon grow out of them so to speak and long for more space and no neighbours.


Yeah, it's certainly not the choice I would got for if I had the money - but I have to be realistic to the limitations of my budget. They're not terrible, but there's a definite compromise.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Tue Jun 08, 2021 2:00 pm

Ecno wrote:
Moggy wrote:
That's not a growth wrote:I'm considering buying an apartment :dread:

What checks can I do to minimise the risk of falling into a situation like Moggy has experienced?


My advice is just don't do it!

My brother lives in an apartment and has no problems, his one is an ex-council place and so his freeholder is the local council. I'd imagine that's about the best option, the council are unlikely to be deliberately ripping people off.


I would say the opposite, Local Councils will rip you off. As they'll do any work they please (probably playing enhanced rates) and then send you your share of the bill. I believe it was a huge issue when a few decades back, they got a bunch of Central Government money to do up their council stock and as it wasn't their money they spent like sailors on shore leave, and then billed leaseholders tens of thousands (obviously not all councils and not all estates), some safeguards were introduced after that but I still don't think it's great.

This was one case where I am.

https://www.theguardian.com/money/2020/ ... ncil-flats

I am personally looking for ideally a share of the freehold or the possibility of buying the freehold (this is legally enforceable provided that I believe retail is less than 25% of the development- and this is what caused Moggy's problems I think I remember him mentioning at one point)- did that also remove your right to manage Moggy?


In that case, forget my council theory TNaG, all leasehold is gooseberry fool!

I could have bought the freehold years ago when the original freeholder sold. But I didn't want the hassle and assumed leaseholders had all sorts of rights. That was a (very costly!) mistake.

The retail unit downstairs is 33% of the building but I don't know if they would have been a problem. I know at one point the company that owns the lease downstairs wanted to take the freeholder to court (I don't know if they ever did) so I'd imagine they'd at least consider the idea of getting rid of the banana split landlords.

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Pancake
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PostRe: Buying a house (and renting)
by Pancake » Tue Jun 08, 2021 6:28 pm

That's not a growth wrote::(

Damn, I really want my own place, but I can't afford a house I like in an area I like. Also, incidentally loads of houses around here are leasehold too - although it's a different situation to an apartment leasehold.

There's nothing wrong with leasehold in most cases, obviously freehold is preferable but millions of people live in leasehold properties without issues. If you're really concerned you could look at maisonettes, very often these are not much more expensive than flats but have either shared freehold or a setup where one of the owners is the freeholder, so it tends to be low risk.

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Dual
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PostRe: Buying a house (and renting)
by Dual » Wed Jun 09, 2021 12:44 pm

Our 5 year fixed mortgage comes to an end in October.

Is it necessary to use a mortgage advisor to get a new deal elsewhere? Or is it easy enough to sort myself?

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Wed Jun 09, 2021 12:59 pm

Dual wrote:Our 5 year fixed mortgage comes to an end in October.

Is it necessary to use a mortgage advisor to get a new deal elsewhere? Or is it easy enough to sort myself?


It's easy enough to do yourself. Try a broker to see what they can get you, then compare that to quotes that you've got yourself.

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PostRe: Buying a house (and renting)
by Moggy » Thu Jun 10, 2021 12:48 pm

Service charge invoice arrived from the banana splits today. Instead of the usual £250ish quarterly service charge, they are asking for £570! On a separate page they have listed "anticipated expenditure" with £4k down as "repairs and maintenance" but strawberry float all explanations of what that is for.

mummy strawberry floaters. :x

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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 » Thu Jun 10, 2021 12:50 pm

Oh shiiiiiit

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Jun 10, 2021 1:04 pm

That's not a growth wrote:Oh shiiiiiit


I'm going to have no choice but to pay the banana splits, I've sent an email to query it but guarantee they know I'll be forced to pay rather than risk losing my sale.

banana splits.

Worry now is it'll put the buyer off if they see the service charge has massively increased. :x

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Dual
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PostRe: Buying a house (and renting)
by Dual » Thu Jun 10, 2021 1:21 pm

Its like your dealing with the Mafia. That's extortion.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Jun 10, 2021 1:26 pm

Dual wrote:Its like your dealing with the Mafia. That's extortion.


I know how to deal with this now (pay it, take them to a tribunal), but I can't be going through that process while selling.

The strawberry floaters know I am selling, this must be their way of getting another pay day out of me.

strawberry float knows what I am going to do now, these charges will come up with the buyers solicitors. If it puts her off buying, then I'm strawberry floated.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jun 10, 2021 1:27 pm

They won't give a gooseberry fool if they're buying to let, as they can just pass this on to future tenants can't they?

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Jun 10, 2021 1:28 pm

I get my landland to deal with these kinds of problems.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Jun 10, 2021 1:29 pm

Victor Mildew wrote:They won't give a gooseberry fool if they're buying to let, as they can just pass this on to future tenants can't they?


I'm not selling to a buy to let. It's a first time buyer.

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jun 10, 2021 1:33 pm

Moggy wrote:
Victor Mildew wrote:They won't give a gooseberry fool if they're buying to let, as they can just pass this on to future tenants can't they?


I'm not selling to a buy to let. It's a first time buyer.


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Seriously though, if she has a breakdown of the fees, then you can always point to this being a temporary thing.

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