Buying a house (and renting)

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ignition
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PostRe: Buying a house (and renting)
by ignition » Wed Jan 13, 2021 6:14 pm

Amazing, thank you. A good tip worth trying even now as there is the best part of a month before we'd likely need to pull the trigger.

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andretmzt
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PostRe: Buying a house (and renting)
by andretmzt » Thu Jan 14, 2021 11:57 am

Dual wrote:Would be easier to have it repointed and reflashed than full removal which is a structural job that will also involve you taking out a party wall agreement with your neighbour.


I think it is past the point of a touch up now and I want to get rid of the chimney breast to not annoy Ad7 by having my TV in the corner make more room inside. Thanks for the tip though, I've just given my neighbour a letter based on the Act, just so everything is done properly.

I realised I could raise a dispute and try and get him to contribute but it isn't worth upsetting the neighbours for a few hundred quid. They have two noisy dogs and two kids, one of whom as taken to screaming at 8am. I shouldn't encourage more noise. :shifty:

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

Microsoft win E3.
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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jan 14, 2021 12:10 pm

You could have mounted the TV above the fireplace! Sad!

Hexx wrote:Ad7 is older and balder than I thought.
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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Jan 14, 2021 12:22 pm

Spotted Ad's ideal sofa for sale on Facebook:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jan 14, 2021 12:29 pm

That looks like it actually fits the room though, you're supposed to just buy it without checking and the thing fills most of the space and blocks a door.

Hexx wrote:Ad7 is older and balder than I thought.
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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Jan 14, 2021 12:31 pm

Victor Mildew wrote:That looks like it actually fits the room though, you're supposed to just buy it without checking and the thing fills most of the space and blocks a door.


This is the other side of the room.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Jan 14, 2021 12:33 pm

:lol:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Jan 14, 2021 12:34 pm

I don't even know where to start with that :lol:

Hexx wrote:Ad7 is older and balder than I thought.
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Roonmastor
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PostRe: Buying a house (and renting)
by Roonmastor » Sun Jan 17, 2021 11:21 am

ignition wrote:Just received our mortgage approval today, subject to valuation, after starting the process in November :toot: :dread:

Unfortunately the valuation cannot happen for another 2-3 weeks, but we're hopeful that things could move swiftly after that as we are only in a chain of two - us (renting) and the sellers (who are buying a new-build). If things go smoothly I suspect we could be in a position to exchange by mid-Feb and complete by the end of Feb. Great for avoiding stamp duty before the end of March.

However, we're currently on a statutory periodic tenancy and our lease states that we need to give two months' notice. To minimise risk of things falling through we ideally wouldn't give our notice until exchange, but of course this would either mean a significant delay to the move or that we pay rent and mortgage simultaneously if we move earlier (which would be a lot on top of the mortgage as we rent in London).

Does anyone have any experience of a similar situation where you've been able to negotiate a shorter notice period? If so, what approach did you take? I imagine the rental market is not so hot right now for finding new tenants so their motivation to reduce the term would likely be minimal at best. We'd be dealing with an agency as the landlord/owner is a foreign investor with no active role. We've lived here for almost 5 years and have been no burden on the agency or landlord at all.



Just a quick note for your calculations. I assume you pay your rent up front, and your mortgage is most likely paid in arrears.

When we moved, we did so on the last day of our tenancy. So we paid no rent out (as paid up front), and paid no mortgage in until Month 2 (they didn't take anything in the first month). I remember thinking I should have accounted for that as I could have taken a slightly smaller mortgage, as the rent deposit also came back in Month 2 and now were talking 1% of the mortgage in positive cashflow.

Anyone with a bit of overlap able to confirm similar to the above. I think ignition will only have 1month of double paying as is.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Tue Jan 19, 2021 3:54 pm

Hmm I am not sure what to do now.

The dickheads offered £1.6k to settle out of court. I told them no but said I'd take £4.5k. Mostly because I want this gooseberry fool over.

They've just come back to offer £3.25k, but have said that's their final offer.

£3.25k is about half of the amount I'm going for at the tribunal.

But I am scared of losing and desperately want this gooseberry fool over with.

We have a preliminary telephone hearing with the tribunal on Friday, so I'll need to decide before then.

If I accept the offer (and I'm 50/50 at the moment on if I will) they'll need to get it in my bank account before I do anything!

But I also think they are obviously running scared. To increase their out of court offer to £3.5k shows they are scared of losing.

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Tomous
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PostRe: Buying a house (and renting)
by Tomous » Tue Jan 19, 2021 3:58 pm

Moggy wrote:Hmm I am not sure what to do now.

The dickheads offered £1.6k to settle out of court. I told them no but said I'd take £4.5k. Mostly because I want this gooseberry fool over.

They've just come back to offer £3.25k, but have said that's their final offer.

£3.25k is about half of the amount I'm going for at the tribunal.

But I am scared of losing and desperately want this gooseberry fool over with.

We have a preliminary telephone hearing with the tribunal on Friday, so I'll need to decide before then.

If I accept the offer (and I'm 50/50 at the moment on if I will) they'll need to get it in my bank account before I do anything!

But I also think they are obviously running scared. To increase their out of court offer to £3.5k shows they are scared of losing.



You said no and they doubled their offer?

Yeh they're scared.

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Dual
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PostRe: Buying a house (and renting)
by Dual » Tue Jan 19, 2021 4:05 pm

What are you going to do when all of this is settled Moggy? Are you selling up straight away? If the tribunal rules in your favour are you then free from any future claims by this company? Or any future shenanigans from them? What mechanisms are in place with the leasehold when you sell?

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Tue Jan 19, 2021 4:08 pm

He's going to sell up and move here based on that great info I never sent him 8-)

Hexx wrote:Ad7 is older and balder than I thought.
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Lex-Man
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PostRe: Buying a house (and renting)
by Lex-Man » Tue Jan 19, 2021 4:15 pm

Roonmastor wrote:
ignition wrote:Just received our mortgage approval today, subject to valuation, after starting the process in November :toot: :dread:

Unfortunately the valuation cannot happen for another 2-3 weeks, but we're hopeful that things could move swiftly after that as we are only in a chain of two - us (renting) and the sellers (who are buying a new-build). If things go smoothly I suspect we could be in a position to exchange by mid-Feb and complete by the end of Feb. Great for avoiding stamp duty before the end of March.

However, we're currently on a statutory periodic tenancy and our lease states that we need to give two months' notice. To minimise risk of things falling through we ideally wouldn't give our notice until exchange, but of course this would either mean a significant delay to the move or that we pay rent and mortgage simultaneously if we move earlier (which would be a lot on top of the mortgage as we rent in London).

Does anyone have any experience of a similar situation where you've been able to negotiate a shorter notice period? If so, what approach did you take? I imagine the rental market is not so hot right now for finding new tenants so their motivation to reduce the term would likely be minimal at best. We'd be dealing with an agency as the landlord/owner is a foreign investor with no active role. We've lived here for almost 5 years and have been no burden on the agency or landlord at all.



Just a quick note for your calculations. I assume you pay your rent up front, and your mortgage is most likely paid in arrears.

When we moved, we did so on the last day of our tenancy. So we paid no rent out (as paid up front), and paid no mortgage in until Month 2 (they didn't take anything in the first month). I remember thinking I should have accounted for that as I could have taken a slightly smaller mortgage, as the rent deposit also came back in Month 2 and now were talking 1% of the mortgage in positive cashflow.

Anyone with a bit of overlap able to confirm similar to the above. I think ignition will only have 1month of double paying as is.


Has all your survey stuff been done already? After I had my mortgage arranged my solicitor did a load of other survey stuff which took months. If you get things done quickly you could arrange a hand over date and pay your deposit which would make stuff definite and then give you notice so you only have a small overlap with your renting.

Amusement under late capitalism is the prolongation of work.
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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Tue Jan 19, 2021 4:15 pm

Dual wrote:What are you going to do when all of this is settled Moggy? Are you selling up straight away? If the tribunal rules in your favour are you then free from any future claims by this company? Or any future shenanigans from them? What mechanisms are in place with the leasehold when you sell?


I'd love to sell straight away but the pandemic is going to hurt my chances there. The plan is to move ASAP though.

If I accept their offer/win the tribunal then I should be free from any more claims on this issue. But there's nothing to stop the bellends doing it again by inventing something else.

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Lex-Man
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PostRe: Buying a house (and renting)
by Lex-Man » Tue Jan 19, 2021 4:18 pm

Tomous wrote:
Moggy wrote:Hmm I am not sure what to do now.

The dickheads offered £1.6k to settle out of court. I told them no but said I'd take £4.5k. Mostly because I want this gooseberry fool over.

They've just come back to offer £3.25k, but have said that's their final offer.

£3.25k is about half of the amount I'm going for at the tribunal.

But I am scared of losing and desperately want this gooseberry fool over with.

We have a preliminary telephone hearing with the tribunal on Friday, so I'll need to decide before then.

If I accept the offer (and I'm 50/50 at the moment on if I will) they'll need to get it in my bank account before I do anything!

But I also think they are obviously running scared. To increase their out of court offer to £3.5k shows they are scared of losing.



You said no and they doubled their offer?

Yeh they're scared.


It's good that the momentum is going your way. Personally I'd probably settle as I'd be able to get out from under all the stress, but it might be worth going to court as you'll probably end up with more, although there is a risk of losing.

Amusement under late capitalism is the prolongation of work.
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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Tue Jan 19, 2021 4:20 pm

Yeah I'd also like to know the answer to the questions Dual has posed.

If it were down solely to me, I'd not accept. You're pursuing them for £6.5k and they're willing to pay half of that to avoid tribunal. They know they are going to lose and that sum probably represents the minimum they'll be ordered to pay.

I reckon there's a fair chance that you could respond with "£4.5k, final offer" and they'd accept. Just because they've said final offer, doesn't mean they mean it (see previous agreement).

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Tue Jan 19, 2021 4:23 pm

Moggy wrote:I'd love to sell straight away but the pandemic is going to hurt my chances there.

From someone that moved last year in the midst of it: less than you think.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Lex-Man
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PostRe: Buying a house (and renting)
by Lex-Man » Tue Jan 19, 2021 4:27 pm

I can concur with Drumstick as I moved into my house in November, although stuff was a bit more open.

Amusement under late capitalism is the prolongation of work.
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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Tue Jan 19, 2021 4:30 pm

Yeah I would carry on with moving plans regardless of the 'rona situation. Yes it might have an impact but that is all beyond your control anyway.

People are always going to want to buy and sell property so crack on with getting your place on the market as soon as you're out from under the dickheads and get searching for your new place in South Wales ;)

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