Owning your own home

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  • Even before Covid almost everything that mattered about rail franchises was at the whim of the government. Season tickets are a requirement with the prices heavily regulated.

    Quite a few franchises have been asked to experiment with carnet/part time season tickets as part of their contract.

  • Nested question. Which of the three options did you go for?

    I think they've changed what they offer slightly since I sold with them - what options do you get now?

    When I sold then I'd found somewhere I wanted to buy but didn't have a buyer for mine yet. I was going to use their bridging loan style product to cover the gap between selling and buying. That then had the higher sales fee which I knew about.
    As it turned out, my seller decided to stay in their house and my own sale completed in 7 weeks. I decided to break the chain and sell first, then buy separately. (this before Covid put a freeze on everything and held my purchase up by 4-5 months)

    When it became fairly clear that I wouldn't need the bridging loan they asked if I'd like to lower the fees they charged (which also meant they could lend the money elsewhere that they'd previously earmarked for me)

    So I ended up using them as a normal estate agent but originally signed up for the full bridging loan thing.

  • They have three values that they suggest marketing for, which coincidentally match the Zoopla estimate range.....

    £290K
    No sweat

    £300K
    You've got a great shot

    £315K
    Shoot for the moon

    Descriptions are theirs, along with clipart basketball images I won't bore you with. 1.5% inc VAT and the £500 discount from your referral code makes it tempting.

  • The whole situation is highlighting how nonsensical the current franchise model is. The only way they would implement it is if it was a diktat from government, obviously the government has a lot more power to dictate terms but they should just use it to renationalise the network. Franchises might agree to it now but when things are back to normal and you take a 1/3 of the revenue away I can't see many of them renewing so you'd (hopefully) end up with nationalisation by default as the contracts expire or (probably more likely with these shower of shits in charge) taxpayers subsidising it and making the system even more perverse than it is at the moment.

  • we went with the 1.5%, 'youve got a great shot' - and had quite a bit of interest

  • Ah yes. My estimate thing below

    I put it on at 495, expecting that we'd get interest around 475.

    I was on a really busy road so was pretty concerned that most people would just see the noise and decide immediately not to buy. So I'd pretty much decided that if I got something decent then I'd take it, rather than holding out for a stellar offer.

    I had loads of viewings in the first couple of weeks. I think 20 in week 1 and another 15 in week 2. Almost everyone said the house was nice but it was just too noisy.

    Toward the end of 2nd week I got two offers at the same time. One at 440 and one at 465.
    Said to both that they weren't the only offer.
    The 440 person didn't reply, the 465 person offered 476.5
    I bit their hand off.


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  • The politics will drive people back. People will get left out of decisions or miss opportunities. Not everyone will care, but the ones who do will feel they need to be present in person at least sometimes.

    I am loving working from home but some of the team are hating it so they will be back as soon as they can which will lead to exactly what you are suggesting and will force me to go back, boo

  • Anyone used Virgin Money for mortgage?
    Any thoughts?
    They're apparently coming out cheapest for us at the moment, but I have a general Branson-related dislike that I'm finding hard to ignore.

  • It's a mortgage - unless the company is literally throwing kittens under heavy traffic, I'd swallow any personal dislike and get the cheapest offer I could, all things equal.

  • A fair point, well made.
    They don't stack up so good on customer service compared with say Nationwide, but how much customer service do I really need?
    #noob

  • None really unless you want to pay less or more than the agreed amount every month. Or do something fancy like take equity out.

  • ok good to know, ta :)

  • we’re currently with Virgin and theyve given us an agreement inprincipal for porting our current mortgage with a extension for the a new property price on top.

    they’ve been super helpful seemingly. although it was all done through my broker, they’ve offered everything our broker asked for.

  • ah good. Sounding not so bad then. They just seem to get pretty mediocre reviews online compared to some, but hey ho.

  • £5k fee for leaving early (sold and in rental until we can find another place) hasn't left me warm and fuzzy with Virgin.

  • @T4NY4

    Same for me - we're currently in a dispute with the financial ombudsmen over their refusal to port our mortgage (despite offers from all other major mortgage institutions) and charging a 5% early repayment charge with only a year left on the mortgage which is unjustifiable.

    They can go fuck themselves.

  • Worth noting that they are under no obligation to port (taking an existing mortgage still in the fixed term and moving it to a new property), In the same way that they are under no obligation to offer finance for whatever property you want.

    They are a commercial organisation under different pressures to, say, Halifax.

  • any ideas of ballpark figures for;

    Solicitors - selling+ buying
    Removals - 2 bed flat with garden, moving inside the M25
    Surveyors - on a 3 bed semi or terrace in South London

    Putting some rough estimates together

  • Solicitors - £2k
    Removals - £1k-£1.5k depending on packing
    Surveyors - £720

    What I've paid in the past few months.

  • Wasn't that in the mortgage agreement? I'm having to pay similar but it was fairly clear in the initial documents.

  • They are a commercial organisation under different pressures to, say, Halifax.

    Halifax are owned by Lloyds. Not sure why they would be any different to Virgin Money when it comes to commercial decisions?

    Branson has a minority stake in VM which is now an amalgam of what was Clydesdale Bank and various others.

    It's all the same shit unless its a genuine building society, which none of the above are.

  • Appreciate the context. Was that in London? It's way under my estimates, which is nice.

  • I'm also with Halifax, and despite being hopeful for a port, I'm factoring in the early repayment charge (currently 3%) into my costings, just in case.

  • Halifax are owned by Lloyds. Not sure why they would be any different to Virgin Money when it comes to commercial decisions?

    Who has the scale and the cosy relationship with her majesty's finest?! They are essentially briefed to 'be nice' as a counterweight to the harsh realties of financial markets.

  • It's annoying that VM seem to have a flat rate for early repayment.
    Hmm.
    Decisions.

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Owning your own home

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