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Buying a home and don't know how anything works

Be warned, "cash buyers only" is usually a good sign of a problem. Round here, it often means very short lease. Not sure about this though. I'm guessing ex local authority, but that's not a problem.
Mortgage lenders might not lend on that due to the cladding. :eek:
 
It might of course not be mortgageable because of type of construction or some such like.
I think I saw this on homes under the hammer. So if it's cash only because of the type of construction, does that mean that type of construction is dodgy or is there something else going on?
 
I think I saw this on homes under the hammer. So if it's cash only because of the type of construction, does that mean that type of construction is dodgy or is there something else going on?

I know they have lifts. Certainly ex LA. Could be pre cast concrete I suppose. Not aware of subsidence in area. The common parts are not great.
 
I think I saw this on homes under the hammer. So if it's cash only because of the type of construction, does that mean that type of construction is dodgy or is there something else going on?
Cash buyers only = you won’t get a mortgage on this property for the price we’re asking.


Mortgage lenders have to cover their arses. Usually they can get their money back in the case of a mortgage-holder defaulting, by selling the house (normally at a cheap price). But this won’t cover their costs if: the house is liable to fall down; the lease is due for renegotiation within the ownership period of the owner after next; the work to bring the condition up to habitable standard is so extensive that it might not happen; the house or area has an exceptionally poor reputation; they’re about to build (or recently built) a sewage works/runway/nuclear power station/pupil referral unit next door.
 
I think I saw this on homes under the hammer. So if it's cash only because of the type of construction, does that mean that type of construction is dodgy or is there something else going on?
Could be anything.really..Banks are a lot more conservative after the 2008 crash. Surveyors appear to be more cautious too.

Some banks don't like to lend if the flat is higher than a certain floor of an ex-LA block, for example.
 
Leasehold is alright if you can buy the freehold, which you can on houses - not flats. Our previous owners did this - it was about £5 a year and they paid £30 or £300 or something to end it, not much. You would need to find out how much it is.
 
Leasehold is alright if you can buy the freehold, which you can on houses - not flats. Our previous owners did this - it was about £5 a year and they paid £30 or £300 or something to end it, not much. You would need to find out how much it is.
You can get a share of freehold for flats. That's what I've got and we all chip in for the buildings insurance/repairs and means we can decide about work getting done etc. There are only six flats though -- imagine it'd be difficult with more.

A friend had a nightmare when he wanted to sell his flat as the freeholder was a company whose main/only shareholder was on remand for fraud so all his assets were frozen and everything was on hold. It was resolved in the end but think it took a year or so and was very stressful.
 
On flats, especially new ones, prospective owners usually have to by the freehold, from the developer. Most of the flats where I live, the owners were given a chance to buy a share of the freehold. Not an option afforded to people who built years down the line. If in a flat and you have to buy the freehold, you also have to have a lease and probably form a management company. You have to protect common parts, roofs, foundations, drains.....
 
You can get a share of freehold for flats. That's what I've got and we all chip in for the buildings insurance/repairs and means we can decide about work getting done etc. There are only six flats though -- imagine it'd be difficult with more.

A friend had a nightmare when he wanted to sell his flat as the freeholder was a company whose main/only shareholder was on remand for fraud so all his assets were frozen and everything was on hold. It was resolved in the end but think it took a year or so and was very stressful.
I suppose the flipside of this is you could have one party that refuses to do the necessary.

I would very much avoid flats or anything with shared infrastructure for this kind of reason but I'm aware that's very much a privilege.
 
On flats, especially new ones, prospective owners usually have to by the freehold, from the developer. Most of the flats where I live, the owners were given a chance to buy a share of the freehold. Not an option afforded to people who built years down the line. If in a flat and you have to buy the freehold, you also have to have a lease and probably form a management company. You have to protect common parts, roofs, foundations, drains.....
Yes, our flats were converted in the 80s so now if you buy a flat, you get a share of the freehold. There's some paperwork but given how ripped off leaseholders can be with service charges and repairs and all that, think it's a much better situation to be in. (My family in Scotland think it's all madness mind.)
 
Just so people know, leasehold doesn't exist under Scots property law. So if you're in a flat, it's the equivalent of freehold but all the flats own it equally, rather than each flat owning an equal share. In practice, it usually means paying a monthly fee to a management company who take care of stair cleaning and general maintenance. Depends on the management company but each one does it differently. I once rented a flat where each owner paid £130 a month, for all the flats in the development (at least 100) and the management company could not explain where the money had gone.

Some charge a monthly fee then an additional fee that goes into an emergency fund for big repairs like the roof. Mine we do on an agreed basis, so they quote for the work and then we agree the work. It's rumoured there are a handful of blocks in Glasgow without a management company.

When I lived in Edinburgh the block I was part of had no management company. Someone co-ordinated the repairs for the block.
 
Be warned, "cash buyers only" is usually a good sign of a problem. Round here, it often means very short lease. Not sure about this though. I'm guessing ex local authority, but that's not a problem.

Mortgage lenders might not lend on that due to the cladding. :eek:

that's what i was thinking.

if lenders won't touch it, then it's possible cause for worry.

you might get somewhere cheap but bear in mind you'll eventually want to sell up and may have problems.

flats above shops, anywhere non standard construction (e.g. steel frame, concrete), big tower blocks, short leases are usually the ones they don't want to go near.
 
I don't know if anyone has mentioned it, leasehold is very common for flats, and makes some sense but watch out for leasehold houses and do not buy one! They will be newish! A few years ago property developers realised they could make some money if they sold houses leasehold and there has been some bad press about them hiking up the charges sometimes 200%.

 
I don't know if anyone has mentioned it, leasehold is very common for flats, and makes some sense but watch out for leasehold houses and do not buy one! They will be newish! A few years ago property developers realised they could make some money if they sold houses leasehold and there has been some bad press about them hiking up the charges sometimes 200%.

The article says some new flats have dodgy leases. Get your own, good solicitor. A recommendation is worth its weight in gold. My solicitor was about 2k from memory but she was well worth it.
 
My place is a leasehold. I was dead set against the very idea but a solicitor looked through the lease and reassured me it’s a pretty good deal. And I loved the flat, so I went ahead and bought it. Only been here a year, so it may go bad , but so far so good.


As has been said, check out google maps, street view and satellite view too. You’re looking for green spaces and large roads.

Hone your criteria. Look at places you know aren’t perfect. Look at places in different areas. For instance, I thought I wanted to be closer to the Tube station; that was one of my hard core priorities. I looked further out and realised it wasn’t as important as I’d supposed. So I looked even further out and learned that I didn’t want to be that far out; I also learned that I didn’t want to be in a neighbourhood where everyone knew everyone around them, and that was a factor I’d not considered at all until it was a selling point for a particular property.

Look out the windows when you view the place. Look up at the sky, at the houses opposite. This will be your daily view so make sure you check it out.

Where does the sun fall? Are there rooms that get blasted with sun? Now that heatwaves are getting more common, it’s something to consider. British houses are not constructed to deal with 3 weeks of very hot weather. A fortnight of 30 degree heat in Turkey is unremarkable and the houses are built deal with the heat in mind, but U.K. houses aren’t designed for heatwaves. If you struggle with the heat (especially when sleeping) it’s something to consider. On the other hand, it’s only three weeks of the year, so..

Alternatively, there may be rooms that get no sun at all, or very little in the winter, or miss out on summer sun. That might be fine for you but again, consider what you want to use that room for and whether lack of sunlight might be an important factor for you.

The sun shifts around so much through the year at this latitude that it’s not easy to be clear about this. You can get an app that will elucidate this for you. The estate agent will neither know nor care. “South facing garden” is about their limit.

As you’re walking around, listen for creaky floorboards underfoot. Not much you can do about it but I found that it’s a good way to switch on my general receptiveness. We make this huge enormous decision based largely on gut instinct so switching on your gut instinct is important.

Ask about water pressure in the area. Will your shower be a disappointing dribble or a warm luxurious waterfall?

Nearest pint, decent takeaway, park or green space, bus stop and post office.

Look for brand new paintwork. Why have they done that, are they covering something up?

Is there any storage? If not, is there space for wardrobes, shelves etc.

When looking online, ignore the furniture, soft furnishings etc. That’s the lifestyle and you can easily replicate or avoid it. Look at the size of the rooms, the windows etc. If the curtains are closed in the photos, check on googlemaps for street view etc: what is the photographer trying to hide?

You can change the study into a sitting room or the bedroom into a dining room if you want to. Don’t be stuck in the template presented by the vendor.

Imagine coming home with shopping, from a holiday, with friends: does the space work for you?

Where will you hang your coat when you come indoors? This may seem like a small thing but everyone who has had to live with piles of coats and shoes on the bannisters or clogging up the doorway will know how badly it can impact on your home.

And my favourite bit : once you’ve found a place you like, lie awake at night and walk through the place in your imagination and live in it in the best possible way you can imagine. Go in through the front door and explore every room, in as much detail as possible. If anything seems blank or worrisome, go back and check that space or detail IRL. Do the same in the garden and the local streets.

All the legal and financial stuff can be researched and explored and discussed with friends, on here, on the web etc. The only stuff that is solely your own work is choosing the place you want, and there’s no higher authority for that than you.
 
A lot of replies to catch up on. Very very useful, thank you.

There's not a lot here that isn't leasehold, even houses. But I got the point.

Here's two other places I'm looking at, but they're both flats and both leasehold...
Nice area, nice building, but no garden. Lease fees £25 a year.

Easy access to countryside/Peak District, garden, big. Leasehold of 98 years, fee of about £60 a year.

I'd really like somewhere I can just move in right away. What does "guide price" mean?

guide price means bang an insultingly low offer in and milk the fact you aren’t in a chain
Then back and forward till somewhere in the middle
 
Some cash buyer only stuff, mostly new apartments, is because it's all aimed at investors but otherwise I agree.
:D
If only. There has been outcry down here because the Battersea Power Station development was initially marketed (off-plan) to
people in places like China and Russia. To my knowledge, there was no mention of cash it was simply a case of finding people
who could afford it :mad:
 
:D
If only. There has been outcry down here because the Battersea Power Station development was initially marketed (off-plan) to
people in places like China and Russia. To my knowledge, there was no mention of cash it was simply a case of finding people
who could afford it :mad:
There's some in Manchester city centre, a friend was on about it and I thought he meant unmortgageable properties but apparently not.
 
:D
If only. There has been outcry down here because the Battersea Power Station development was initially marketed (off-plan) to
people in places like China and Russia. To my knowledge, there was no mention of cash it was simply a case of finding people
who could afford it :mad:

Theres been a couple of places sold off Green Belt land that'd never be built on sold to Malyasian/Chinese investors who were under the mistaken impression it could be used to build on :D Company ended up sued.*

*sourced from the book Who Owns England, nearest I can find on a quick Google is this site.

I don't know if anyone has mentioned it, leasehold is very common for flats, and makes some sense but watch out for leasehold houses and do not buy one! They will be newish! A few years ago property developers realised they could make some money if they sold houses leasehold and there has been some bad press about them hiking up the charges sometimes 200%.


Yeah developers have started to cotton on the fact that land is where the real money is in the UK and the housing markets gone from dodgy to full on Ponzi scheme at this point.


 
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My place is a leasehold. I was dead set against the very idea but a solicitor looked through the lease and reassured me it’s a pretty good deal. And I loved the flat, so I went ahead and bought it. Only been here a year, so it may go bad , but so far so good.


As has been said, check out google maps, street view and satellite view too. You’re looking for green spaces and large roads.

Hone your criteria. Look at places you know aren’t perfect. Look at places in different areas. For instance, I thought I wanted to be closer to the Tube station; that was one of my hard core priorities. I looked further out and realised it wasn’t as important as I’d supposed. So I looked even further out and learned that I didn’t want to be that far out; I also learned that I didn’t want to be in a neighbourhood where everyone knew everyone around them, and that was a factor I’d not considered at all until it was a selling point for a particular property.

Look out the windows when you view the place. Look up at the sky, at the houses opposite. This will be your daily view so make sure you check it out.

Where does the sun fall? Are there rooms that get blasted with sun? Now that heatwaves are getting more common, it’s something to consider. British houses are not constructed to deal with 3 weeks of very hot weather. A fortnight of 30 degree heat in Turkey is unremarkable and the houses are built deal with the heat in mind, but U.K. houses aren’t designed for heatwaves. If you struggle with the heat (especially when sleeping) it’s something to consider. On the other hand, it’s only three weeks of the year, so..

Alternatively, there may be rooms that get no sun at all, or very little in the winter, or miss out on summer sun. That might be fine for you but again, consider what you want to use that room for and whether lack of sunlight might be an important factor for you.

The sun shifts around so much through the year at this latitude that it’s not easy to be clear about this. You can get an app that will elucidate this for you. The estate agent will neither know nor care. “South facing garden” is about their limit.

As you’re walking around, listen for creaky floorboards underfoot. Not much you can do about it but I found that it’s a good way to switch on my general receptiveness. We make this huge enormous decision based largely on gut instinct so switching on your gut instinct is important.

Ask about water pressure in the area. Will your shower be a disappointing dribble or a warm luxurious waterfall?

Nearest pint, decent takeaway, park or green space, bus stop and post office.

Look for brand new paintwork. Why have they done that, are they covering something up?

Is there any storage? If not, is there space for wardrobes, shelves etc.

When looking online, ignore the furniture, soft furnishings etc. That’s the lifestyle and you can easily replicate or avoid it. Look at the size of the rooms, the windows etc. If the curtains are closed in the photos, check on googlemaps for street view etc: what is the photographer trying to hide?

You can change the study into a sitting room or the bedroom into a dining room if you want to. Don’t be stuck in the template presented by the vendor.

Imagine coming home with shopping, from a holiday, with friends: does the space work for you?

Where will you hang your coat when you come indoors? This may seem like a small thing but everyone who has had to live with piles of coats and shoes on the bannisters or clogging up the doorway will know how badly it can impact on your home.

And my favourite bit : once you’ve found a place you like, lie awake at night and walk through the place in your imagination and live in it in the best possible way you can imagine. Go in through the front door and explore every room, in as much detail as possible. If anything seems blank or worrisome, go back and check that space or detail IRL. Do the same in the garden and the local streets.

All the legal and financial stuff can be researched and explored and discussed with friends, on here, on the web etc. The only stuff that is solely your own work is choosing the place you want, and there’s no higher authority for that than you.


A couple of other things have occurred to me:

Where is /are the nearest tree or trees? How big are they, will they get bigger? Is the tree on your priperty (if so it’s your responsibility)? Will the roots become a structural issue? Will the crown block light? The leaves will fall into gutters etc and will need to be cleared up, swept up etc.

Look for evidence of bird shit on ledges, both on the property you’re looking at and nearby. It indicates a local pigeon population, which can be annoying.

Another reason to look at plenty of properties is because it gives you an opportunity to get to know agents a bit better. They are a peculiar type, but not all of them are spivs. Ask if they’ve got family, how long they’ve been doing this, how the lockdowns have impacted on their trade etc. If they feel more personally connected to you they’re more likely to phone you first when they get a good property etc. If you find an agent you like at a particular branch, try to work with them as a priority. But remember that rarely will you find one that you can really trust to be a friend.

Ask them about how long they’ve been in the game. Ask them how the market has changed recently. Think of it as learning from those in the know and increasing your own understanding. Ask every agent the same questions so you can compare and build understanding. You’re doing a crash course and using one agent to help you better understand the next one.

Ask them lots of questions about the property : why are they selling, how long have they lived here, do you know anything about the neighbours, have you sold a lot of properties in this street/area? How come? Why is this property so much less/more expensive than others around here? Why has the price been dropped?

They’re legally obliged to be honest and to disclose pertinent information, but they’re not inclined to volunteer that information, so it’s worthwhile givng them a nudge. (As an example, I looked at a flat twice because I liked it and the price had been dropped. I assumed it was just because the local market had dropped generally. But when I asked why, the agent told me the previous buyers had pulled out once the survey had been done because it revealed that the roof needed extensive repairs, at an enormous cost that would falll to both the upstairs and downstairs flats. The agent would not have told me that had I note asked.)

Ask how long the property has been on the market. If it’s been on for more than a month it will be easier to offer a lower price. Even as a cash buyer, if it’s been in for only a week, offering a very low price will likely be turned down.

Don’t offer an insultingly low offer if you really love the place and don’t want to risk losing it.

Do your research. Zoopla will tell you what the property has sold for in past, and what local properties have sold for. So you’ll know if the vendor is taking the piss with the price or if you’re getting a good deal.
 
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MONEY....be very careful transferring money from your bank to solicitors. There have been stories of buyers getting emails from solicitors about how to transfer their money across that have been scams!
Make sure it's really your solicitors who you transfer the money to. Also, I would recommend doing a test transfer first to make sure you got all their details correct, by transferring a tenner across then checking it before transferring lots of money to a wrong account.
 
MONEY....be very careful transferring money from your bank to solicitors. There have been stories of buyers getting emails from solicitors about how to transfer their money across that have been scams!
Make sure it's really your solicitors who you transfer the money to. Also, I would recommend doing a test transfer first to make sure you got all their details correct, by transferring a tenner across then checking it before transferring lots of money to a wrong account.
Yep. This happened to me - I mean just on the exact day I was to send the money to my solicitor to buy the house I got a scam email from an email address one letter different from my actual solicitors, saying here are the (scammers) bank details. They must have hacked the solicitors emails, I think. That was scary.
 
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