Owning your own home

Jesus.
I'm now feeling quite smug about getting £200 for my old oven/hob/hood on the ebays

Just put first offer in on a house in Brixton, market absolutely ludicrous and feels insane to be indulging it, but equally insane to be missing out. Sure we won't get it etc but just absolutely mental to be even contemplating the level of expenditure that making such an offer entails. Pretty much shaking...

did you put in an offer over asking price?

Are you buying from mr hoops?

Have you considered spending your deposit on a bike?

did you put in an offer over asking price?

Yes, we're hoping to buy a 1 bed to extend and convert into a 2 bed, so a bit of leeway with the figures - the way the market is going especially in the price band we're looking at I can't see anything other than an aggressive offer being the way forwards...

Are you buying from mr hoops?

Ha, fuck knows, but if the seller is reading this then PM me and let's do a deal cutting the agents out...

how much out of interest?

how much out of interest?

Very probably too much, but having done plenty of research it seems to add up. Rather not talk exact figures but I'm pretty sure there are castles available for the same price...

fair enough, good luck.

One bed in Brixton? £1.1m

Because, you know, why not?

Remember. You are buying a lease. WHAT DOES THAT LEASE SAY?

.

oh come on.... don't ruin the surprise!

Had my mortgage approved in principle. After all the bullshit regarding a small gift deposit coming in from overseas, it turns out it's pretty simple if they think the gift is coming from a UK based relative...

Remember. You are buying a lease. WHAT DOES THAT LEASE SAY?

Do you own the loft and / or the garden? (ie will you have to just pay the freeholder to change the use of the loft and / or garden, or will you have to pay to buy it off of them? Remember a right to sole use is not the same thing as long leasehold ownership (ie a long lease flat is a long lease flat - the garden may or may not be part of the lease even if you have a right to use it; the fact that you own a top floor flat and no-one can get into the loft without your permission does not necessarily mean you own the loft, or even have the right to store things in it.)

How long is the lease and how long will you own the flat for? Do you need to extend ASAP, or do you not need to worry ever, or somewhere in between? How much would it cost?

Get the lease ASAP - it should be illegal to market a flat unless the lease is readily available from the agent.

All good advice, albeit a bit shouty. 99 year lease for flat and garden, and happy enough with the terms (cellar not included but we're going into this with our eyes open) - my old man's a chartered surveyor and property developer of sorts which certainly helps with this stuff. But still, the numbers involved are just nonsense...

fair enough, good luck.

Cheers

Didn't mean to be shouty, just emphasizing. I'm sure that you dad will be a massive help, but just because he is a Chartered Surveyor does not necessarily mean that he is an expert on every aspect of the property that is of relevance. Good luck.

No worries. Aye, and he would never claim to be, but he's been around the industry from both sides for the past 30 years and is definitely useful! I would be even more anxious/nervous without his input but appreciate it's no guarantee of anything. The juiced up nature of the market at the moment makes every decision seem so rushed, pressurised and significant, it's unreal...

I find it astounding that people takes these big decisions in such short time. I find it hard to sign a 12 months rental agreement on the spot, but now it seems like people throw £300k+ on a place in the burbs where they've literally been for a crowded walk.

I know you have to to get something, but still.

^ the way it is unfortunately. I wasnt too happy about putting in a bid over asking after seeing the place once, for 20 mins on an open day with 15 other people in the flat. I only got to see it again after we bought it.

I find it astounding that people takes these big decisions in such short time. I find it hard to sign a 12 months rental agreement on the spot, but now it seems like people throw £300k+ on a place in the burbs where they've literally been for a crowded walk.

I know you have to to get something, but still.

This is exactly what I mean, although in reality if you are trying to buy via the agent/internet-advertised route there is no alternative. The reassurance comes from the fact that the offer is not binding and if your offer is accepted you then get to bring surveyor along to give you a proper building survey and you get to full review the lease with your solicitor and decide if you want to continue...

Live Fast, Die Young

WSTNRWD4LYF

what do you do, jeez?

I find it astounding that people takes these big decisions in such short time. I find it hard to sign a 12 months rental agreement on the spot, but now it seems like people throw £300k+ on a place in the burbs where they've literally been for a crowded walk.

I know you have to to get something, but still.

If you hang about making a decision it will be gone before you decide either way.
Was having this discussion with colleagues at lunchtime. It is the biggest thing you will ever buy. Probably 10 times more expensive than the next biggest thing, a car for example. But with a car you can take weeks, months to buy, test drive etc. If you wait that long on a house it will be gone.
Houses for sale in my area go under offer within 1 week of hitting the market on average. it's fucking crazy

The clue was I am VERY biased.

If our offer is accepted you will have PM...

^^^ But with a car you lose money as soon as you've paid for it. For the last 5 years at least, buying a house has been instant profit.

I'm about to complete on a purchase outside of London & even there the comparative property prices have gone up 10% in the time the solicitor has been twiddling his thumbs & staring out the window.

I should become a solicitor.