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
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!
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.
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.
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…
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.”
29 Jan 2019 22:15
Doesn’t seem fair for the purchaser though, other than ticking a box for a mortgage lender…
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
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.
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.
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.
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.
11 Feb 2019 20:20
Anyone clued up on property law / leases I could PM a question?