Buying a home and don't know how anything works

[Glitter]

Buying a house (attempting to) has been the most stressful thing I’ve ever done and I will never move again.

I was thinking this house would be for five ish years. I have a hankering for a fuck off farmhouse in the hills and if I can progress my career a bit it’s possible we can afford one. But the moving process has stressed me out to fuck so I think it’ll take a good decade to get me over that.

5t3IIa ooh ooh where? Pm me a link xx

 

[5t3IIa]

I was thinking this house would be for five ish years. I have a hankering for a fuck off farmhouse in the hills and if I can progress my career a bit it’s possible we can afford one. But the moving process has stressed me out to fuck so I think it’ll take a good decade to get me over that.

5t3IIa ooh ooh where? Pm me a link xx

You promise you won’t steal my gaff?

 

[StoneRoad]

There's a wicked house price inflation with massive amounts of gazumping going on at the moment. No sign of this particular bubble bursting ...

I'm not planning on moving any time soon, but I do like to keep an eye on the market locally [actually, that's in several areas].

Much of the problem's a backlog from the shutdown over the first Covid lockdown, plus there's nowhere near enough the number of dwellings really needed for the population - and covid has made a lot of people re-assess what they want in a house.

There are plenty of houses being built, but they are mostly at the upper [profitable] end of the market and there is a distinct lack of places as affordable starter homes or for renting. Especially with "social housing" provision still being dire in most areas - and in some areas you also have the market distortions from second home / holiday lets making housing even less affordable for young people.

What to do ?
a) I would suggest enforcing an increased social housing provision in all developments - but allow developers to offset by building - concurrently - the social housing in another area [to avoid the "poor doors" thing].
b) increase the number of recycling schemes ie re-using old office blocks & housing rather than knocking them down.
c) control speculative projects for commercial / industrial buildings - perhaps with a similar offset provision as in a) for affordable / social housing

 

[Glitter]

You promise you won’t steal my gaff?

Heartfelt promise.

I moved in March and I’m still extremely scarred by the experience

 

[Boudicca]

Anyone know whether it is any different in London? I was wondering if the whole 'if I can work from home, I can live anywhere' movement was resulting in a hike in prices in more desirable locations, fuelled by London-sized budgets.

Or is it that no-one wants to move in such uncertain times?

 

[Thora]

Anyone know whether it is any different in London? I was wondering if the whole 'if I can work from home, I can live anywhere' movement was resulting in a hike in prices in more desirable locations, fuelled by London-sized budgets.

Or is it that no-one wants to move in such uncertain times?

I know 4 people/families who have moved from London and bought big houses in my small town in the last 6 months

 

[kebabking]

We've had one couple from London do it, but around here - rural Midlands - there's a noticeable trend of folk moving out from Birmingham (though it's a well troden route anyway) into the sticks.

Mirrored by businesses - ditching expensive offices in Birmingham/Cheltenham etc.. and moving out .

 

[hash tag]

Jesus. OK, we are going to our first ever viewing today. It’s at the top of our budget and no doubt someone will offer more?

Immediately before buying our current place we made an offer on somewhere. We told the agent this is what it is, take it or leave it. The agent came back and said someone had offered more than us, did we want to up our offer.
We tole them no our offer was our offer, that is it. A few days later the agent came back to us to advise that the other buyers had pulled out, were we still interested - NO, bugger off, we wont be mucked about like this.

Anyone know whether it is any different in London? I was wondering if the whole 'if I can work from home, I can live anywhere' movement was resulting in a hike in prices in more desirable locations, fuelled by London-sized budgets.

Or is it that no-one wants to move in such uncertain times?

London, at least my bit is worse than ever. There are still totally unaffordable massive blocks being built. The builders undertake to build affordable housing as part of the planning permission, but that is built as a separate
development miles away. there is little or no social housing being built. Many social housing and housing properties have been sold off. Don't do it! (buy in town).

 

[WouldBe]

A quick local search will tell you if the price is way out of line - some sellers take the view that they need £X for the next house, so the current house is worth £Y, and that its better to have your house up for sale for a decade than to accept that it's worth less than they think it should be.

After a decade £Y will be less than it's market value.

 

[AnnO'Neemus]

Immediately before buying our current place we made an offer on somewhere. We told the agent this is what it is, take it or leave it. The agent came back and said someone had offered more than us, did we want to up our offer.
We tole them no our offer was our offer, that is it. A few days later the agent came back to us to advise that the other buyers had pulled out, were we still interested - NO, bugger off, we wont be mucked about like this.

London, at least my bit is worse than ever. There are still totally unaffordable massive blocks being built. The builders undertake to build affordable housing as part of the planning permission, but that is built as a separate
development miles away. there is little or no social housing being built. Many social housing and housing properties have been sold off. Don't do it! (buy in town).

In Manchester many of the new apartment buildings get planning permission on the basis of providing X amount of affordable housing, fast forward a few months and then the developers start whinging that the development would no longer be viable if they had to provide the affordable housing element, so then the council planning department rolls over and lets them proceed minus some of the affordable housing or minus all of the affordable housing. It's a total piss take, they developers walk all over the planning department. And it's been happening for years, it's nothing to do with the recent increase in the price of building materials.

 

[baldrick]

In Manchester many of the new apartment buildings get planning permission on the basis of providing X amount of affordable housing, fast forward a few months and then the developers start whinging that the development would no longer be viable if they had to provide the affordable housing element, so then the council planning department rolls over and lets them proceed minus some of the affordable housing or minus all of the affordable housing. It's a total piss take, they developers walk all over the planning department. And it's been happening for years, it's nothing to do with the recent increase in the price of building materials.

Yeah, I think it's relatively rare that the full allocation of social housing is built in modern developments. Sometimes they will pay a sum of money in lieu of housing but it wouldn't cover the development costs.

 

[hash tag]

Yeah, I think it's relatively rare that the full allocation of social housing is built in modern developments. Sometimes they will pay a sum of money in lieu of housing but it wouldn't cover the development costs.

Social housing in expensive modern developments doesn't come in to the equation. It's "affordable" housing, even when coupled with shared ownership offers many colleagues could still not afford them. This is not forgetting that we have had poor doors and segregated facilities.

 

[baldrick]

Social housing in expensive modern developments doesn't come in to the equation. It's "affordable" housing, even when coupled with shared ownership offers many colleagues could still not afford them. This is not forgetting that we have had poor doors and segregated facilities.

Yeah I used the wrong word

 

[5t3IIa]

Put in an offer in £10k under the asking price at 0832 this morning! #inbychristmas

 

[Saffy]

Put in an offer in £10k under the asking price at 0832 this morning! #inbychristmas

Good luck 5t3IIa! We've been in our house a year now and although it was a nightmare, it was worth it.

 

[5t3IIa]

Good luck 5t3IIa! We've been in our house a year now and although it was a nightmare, it was worth it.

Cheers! The nightmare hasn't started this end....they haven't even rung to tell us we're too poor so I'm still pretty sanguine about it all

 

[5t3IIa]

We are too poor! Going to speak to broker and try again! Ffs

 

[5t3IIa]

I’m not arsed. I’m relatively poor for lots of things. You should see the cars I’d want.

 

[hash tag]

I’m not arsed. I’m relatively poor for lots of things. You should see the cars I’d want.

View attachment 295994

Not good in the wet for leaks or handling

 

[A380]

Well, completed and got the keys for retirement home today. It’s by the sea in the town Ms747 grew up in and where her parents still live. Bit of a gamble, because as people have said stuff was going so fast ( and also my wife’s health) have taken a two year interest only mortgage on our family home. Will do what we need to do here to get it as we want, then sell the old house - which will be a wrench after 26 years. Didn’t ever want to own two homes at the same time whilst anyone doesn’t have one, but also didn’t want to rent either. The kids are both Covid returns and living in the family home for the duration. If there isn’t a housing price crash then this will cost us £15k in interest off the equity in the old house. If there is, then we won’t have the cash we planned on but our kids will find it easier to get hones.

Started looking September last year. Saw this house in July this year. It came on the market on Thursday. We saw it on the Saturday and offered the asking price as did someone else, but they had a chain and we d it didn’t.

Sleeping on a camping mattress listening to the sounds of a strange house. It’s only the third time I’ve moved since I was an adult….

 

[Leafster]

I’m not arsed. I’m relatively poor for lots of things. You should see the cars I’d want.

View attachment 295994

You're not thinking big enough.

Why not have a house with a Jag IN it

 

[Elpenor]

Once I get a permanent job I am going to start looking at buying down here in Devon. Will not be in a chain and possibly won’t need a mortgage thanks to being one of those tossers moving out of the SE.

Not done a lot of exploring in the 8 months I’ve been here though due to covid and ill health. I always wanted to wait a year anyway to see what it’s like during the summer peak and the winter months.

 

[moonsi til]

I like it around Braunton /Appledore Elpenor

 

[hash tag]

Once I get a permanent job I am going to start looking at buying down here in Devon. Will not be in a chain and possibly won’t need a mortgage thanks to being one of those tossers moving out of the SE.

Not done a lot of exploring in the 8 months I’ve been here though due to covid and ill health. I always wanted to wait a year anyway to see what it’s like during the summer peak and the winter months.

Devon is gorgeous

 

[Riklet]

We are too poor! Going to speak to broker and try again! Ffs

What did they say?

IMO no point in bidding against yourself. Always ask if there have been other viewings and/or offers. Why up your offer if you're the only one?

Tbf 10k under is maybe a fair bit at the moment unless you're in a very fortunate position. Then again, probs good you dont have your own chain and you can seem like serious and committed first time buyers. Good luck!!

 

[Thora]

Oh god this is so stressful

Our vendors have been hassling us to commit to 18th as a completion date - making vague threats about their vendors pulling out or the chain collapsing if it doesn't happen, apparently everyone has booked time off and removals for that date (we haven't exchanged yet )

We moved our survey earlier and are doing all we can to accommodate it, but I have now hit a problem getting my money out of a lifetime ISA.

There's basically been a mistake where I didn't send a declaration to the ISA people, but they told me last Friday they had all the paperwork, now today they're saying they just checked and need this declaration and can't start the process without.
Oh, and it will take them 10 working days from today to release the money...

 

[hash tag]

Oh god this is so stressful

Our vendors have been hassling us to commit to 18th as a completion date - making vague threats about their vendors pulling out or the chain collapsing if it doesn't happen, apparently everyone has booked time off and removals for that date (we haven't exchanged yet )

Sorry Thora it usually is bloody stressful and committing to dates threatening to pull out etc. Is what many people do. Having come this far I'm sure they wouldn't want to go back to square one and start all over again from scratch.
Hang in there.

 

[StoneRoad]

Thora ...

Would your bank be amenable to an application for a bridging loan ?

 

[Thora]

Apparently the party who have been pushing hardest for this 18th Nov date actually haven't got all their searches/enquiries back and haven't drawn down their mortgage money yet so no idea wtf is going on there

StoneRoad because the lifetime isa has a bonus paid by the govt (I put in x and they top up to y) it can only go direct from the conveyancer to the house purchase so can't use it to pay back a loan It means hmrc get involved in doing some checks before the money is released too which is what slows everything down.

 

[Glitter]

Thora ...

Would your bank be amenable to an application for a bridging loan ?

Our buyers got a bridging loan and it took 7 weeks to be sorted. It was approved in principle in less than a day.