General Discussion: Property thread


Show original post
illwill
illwill avatar

3247 posts since 17/5/04

29 Jan 2019 19:47
Not ideal I know but our current circumstances mean that we either buy now or will have to wait 5 years+.

Def in for the long term and the area is historically pretty recession-proof.

Let's hope for a gentle brexit. #FuckNoble
Rez
Rez avatar

7851 posts since 5/4/09

29 Jan 2019 20:01
I had to make a similar decision last year illWill - had a three year rental contract which was up for renewal (with a three month notice period which was a nightmare to deal with re: buying a house as you can imagine), so had to take the plunge.

Hoping for a gentle Brexit too!
Best
Best avatar

9726 posts since 21/10/05

29 Jan 2019 21:14
I’m in the process of buying and could only afford our new place due to the market downturn. I want to stay put for 5ish years so am totally comfortable for the inevitable further downturn.

Who knows what’s going to happen to the rest of the country but the London market still feels (and looks from the outside) regular.
Crackajack
Crackajack avatar

6895 posts since 21/4/05

29 Jan 2019 21:33
Got two mates who are looking to sell at the moment (but not desperate). On 2 bed flats in Zone 2 they were getting cheeky offers of 60-100k less than asking e.g. 500-600k.

Lot's of flats at and a bit above the 600k mark seem to be tumbling from the original listed price over the course of a few months by 50k easy, at least looking at Right Move. Some of this will be a silly price to begin with though.

Seems like there is just a whole lot less being bought and sole, with some backed into a corner to sell having to accept a loss on the 'market value', but probably still making money depending on how long they have owned it.
Rirawin
Rirawin avatar

9169 posts since 17/7/05

29 Jan 2019 21:36
If it's a good time for you to buy now, then you should do so.

In other news, placed an offer for another property we liked and got outbid… again Cry last minute bidder who put in a significantly higher bid than the guide price. No signs of letting up here in Bath.
Best
Best avatar

9726 posts since 21/10/05

29 Jan 2019 22:06
Our place sold on its first morning on the market for a record price in the area (NW5 / N19). We weren’t greedy, we just presented the place well with a solid agency at the right time. There are a lot of stupidly priced places out there at the moment, Dexter’s seem to be the new Foxtons.

Our buying and selling process has been a disgrace. We’ve had to move two solicitors off our account due to incompetence. Our sellers original solicitor couldn’t use a computer and had to dictate his emails to his part time assistant, in 2019.

Our freeholder tried to derail our sale numerous times and eventually cost us our original buyer. He then submitted an offer and lowballed us by £100K the next day. Fortunately we sold to the other bidder at the original price.

Surveyors are a joke. We had one come to our place last week and spent longer playing with my dog then he did looking around, It cost the buyer £750 too. We commissioned one on the place we’re buying which cost almost £1k, I’m glad we did it for peace of mind, but it didn’t find anything major.

We started everything back in April and we’re still not in, our sellers gave us a £10k discount last week to keep us. We’re exchanging next week allegedly…
carl lewis
carl lewis avatar

23402 posts since 14/10/04

29 Jan 2019 22:11
It’s a good gravy train to be on

“Surveyors are a joke. We had one come to our place last week and spent longer playing with my dog then he did looking around, It cost the buyer £750 too. We commissioned one on the place we’re buying which cost almost £1k, I’m glad we did it for peace of mind, but it didn’t find anything major.”
Best
Best avatar

9726 posts since 21/10/05

29 Jan 2019 22:15
Doesn’t seem fair for the purchaser though, other than ticking a box for a mortgage lender…
rural
rural avatar

17443 posts since 26/9/06

29 Jan 2019 22:17
Best wrote: Dexter’s seem to be the new Foxtons.

Yup, horrendous company.
sydneyking
sydneyking avatar

4392 posts since 26/9/09

29 Jan 2019 22:36
Best wrote: Doesn’t seem fair for the purchaser though, other than ticking a box for a mortgage lender…

Had a nightmare with my mortgage lender at the time of buying my house, after weeks of getting messed about (at one point I was asked to complete my mortgage application by hand on a paper application form clearly stamped internal use only on every page) I complained direct to the chief exec, and got the mortgage application processed, survey completed and all fees waived within 2 days.
carl lewis
carl lewis avatar

23402 posts since 14/10/04

29 Jan 2019 22:48
Best wrote: Doesn’t seem fair for the purchaser though, other than ticking a box for a mortgage lender…

If you was a lender, you would want to protect your asset.
EssexBoyII
EssexBoyII avatar

6264 posts since 5/6/07

30 Jan 2019 06:36
At the end of the day if the surveyor fucks around then ultimately, that’s on them. If it turns out it has clear signs of subsidence and he was negligent in not noticing it then it’s his or his firms PI which takes the hit
stoney
stoney avatar

17262 posts since 22/1/05

posted 30 Jan 2019 07:01, edited 30 Jan 2019 07:01
That’s just a shit surveyor then. Banks need us as an insurance policy if the house gets repossessed and they need to get their money back. Lots of firms took a bit hit for over valuations following the last crash. Punters need us to provide condition reports to identify defects so they can make an informed choice when looking to buy likely the most expensive thing they will ever purchase. The number of people who don’t get a survey is shocking. A survey gives piece of mind, a building survey especially, as you have come back against a surveyor who fails to pick up obvious defects.
swede
swede avatar

7406 posts since 21/3/09

30 Jan 2019 08:46
m15try wrote: Absolute madness to be buying now IMO… unless you’re planning on being there for 10+ years

depends on the size of the gaff imo. bigger ones will obviously be more risky, 1-2 bed flats safer

fluctuations in the housing market only really ever fuck you strongly if you are buying them as investments and not using them to live in. i'd rather pay a mortgage than rent, come out evens (worst case scenario lose some equity) then when it comes to upsizing to the next place you can get a bit more for your money if there is still a bit of a slump in house prices. if you're on the ladder, you're on the ladder. rent in this country is obscene
carl lewis
carl lewis avatar

23402 posts since 14/10/04

30 Jan 2019 09:37
If you are a seriously property developer/builder there no point cutting corners.

illwill that Victorian property will be riddled with issues, loads hidden if the property is currently occupied.
illwill
illwill avatar

3247 posts since 17/5/04

posted 30 Jan 2019 10:11, edited 30 Jan 2019 10:11
Fortunately we've been renting the place for the last 12 months so it's a known quantity and over that period we've managed to get the landlord to fix a few bits that needed doing.
Rez
Rez avatar

7851 posts since 5/4/09

30 Jan 2019 10:22
I had a great building surveyor - was very comprehensive and very helpful with helping us get quotes for things to bring down the price of the property. Happy to PM his details if anyone needs someone in London. Also gave me a discount for a second survey after I pulled out of the first property.
joeyjojo
joeyjojo avatar

3825 posts since 24/8/06

11 Feb 2019 20:20
Anyone clued up on property law / leases I could PM a question?
Scottishmark
Scottishmark avatar

460 posts since 25/1/11

11 Feb 2019 20:22
Scottish qualified property lawyer but I do English work too. Could potentially give you a steer (only if it’s commercial, if it’s resi then don’t waste your time Laughing out loud )