hash tag
Books, not bombs
Very sadly, I think this is very true for many people when they buy a home; it was for us. Once you get in and settle down, Im sure it will work out fine.
Buying a home and don't know how anything works
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beesonthewhatnow
going deaf for a living
I'm already in, buying the flat I currently rent...
hash tag
Books, not bombs
That sounds like a relief, no packing, no moving which is something
Puddy_Tat
naturally fluffy
that's how i got this place. i've never done the 'chain' thing (was renting when i bought previous place, and that was from a non chain seller - she was moving in with partner, then sold up when i moved to this bit of the world and rented to start with)
the whole idea does not inspire me...
Dogsauce
I’ve got Skol but I’m not a Scholar
Depends if you want to do any work on the place. We’ve got a pretty big refurb starting soon, and after being rinsed heavily for party wall fees (four flats above, house to the side, leaseholder all needing notification) we found out we need a ‘license to develop’ from the freeholder, where basically they charge you for the privilege of improving the place, in our case that’ll be four grand please plus about half as much again for their fees and about 1500 for our legal fees. No rules or regulations on this, just something they’re entitled to and a number they can pull out of their arse and say ‘pay me this please’. Basically half my annual wage just for absolutely nothing tangible at all, just a big chunk out of the budget for actually doing stuff. Fucking cunt’s game.
bellaozzydog
rolling turds in glitter
Freeholding is just legalised mugging
Dogsauce
I’ve got Skol but I’m not a Scholar
One of the other leaseholders was trying to organise a buyout of the freehold recently (needs 50% of tenants to agree), but we were already far down the road of sorting out license etc so wouldn’t have saved us from this. We still said we were up for the buyout but they didn’t get the numbers (there’s ten flats in total). I think the freeholder shrewdly has some of the flats on 999 year leases so no benefit to those people in paying out thousands for this unless they were planning to sell up, as the ground rent is pretty low (£100 a year I think).
equationgirl
Respect my existence or expect my resistance
I did that, with my current place. I did it because I only moved in a year before, then the landlord decided to sell it. Most expensive move I never did.
Applied for a mortgage just over a week ago. Waiting to hear. Have paid a wedge to the solicitor to start searches etc... Maybe done this in the wrong order or too soon. But on paper at least, , there's no reason why the lender should refuse what I want to borrow. I know it can take a while but after how many weeks of nothing happening should you panic or chase it up?
equationgirl
Respect my existence or expect my resistance
I would be tempted to chase this week given there won't be progress in between Christmas and New Year. Ask them when you may expect a decision.
beesonthewhatnow
going deaf for a living
The shitty, crappy saga continues.
Meant to complete tomorrow. At lunchtime today solicitor tells me I’ve got to pay another £1.5k in “apportionments”, whatever the fuck they are. So I need to find that by lunchtime tomorrow. I also still haven’t had a proper figure for what the monthly service charges will be.
Oh, and I’ve just noticed several bits of the paperwork are for number 207, not number 206 that I’m buying.
I’m going to spend the evening with my face in a pillow, screaming.
Meant to complete tomorrow. At lunchtime today solicitor tells me I’ve got to pay another £1.5k in “apportionments”, whatever the fuck they are. So I need to find that by lunchtime tomorrow. I also still haven’t had a proper figure for what the monthly service charges will be.
Oh, and I’ve just noticed several bits of the paperwork are for number 207, not number 206 that I’m buying.
I’m going to spend the evening with my face in a pillow, screaming.
Leafster
.
Apportionments are usually the share of service charges and ground rent which the current owner has paid upfront but relate to the period after you take ownership.
beesonthewhatnow
going deaf for a living
So why don’t they get paid back to the old owner and I start paying from the day I take ownership? Why do I suddenly have to find another £1.5k?
I fucking hate this and wish I’d never started.
Leafster
.
Stick with it!
If they paid back the old owner for the period after they transferred ownership to you, you'd still have to pay the same amount over to the management company (or what ever entity is collecting it) at the point you took ownership so it doesn't really make any difference. I suppose you may have been able to pay the balance in instalments but it's unlikely since it's common for service charges and ground rent to be paid at six-monthly intervals in advance.
beesonthewhatnow
going deaf for a living
It’s all paid monthly apparently. Which is why I don’t understand why I’ve just had to shell out yet more money, for an amount nobody can seemingly tell me what it is or for.
Leafster
.
Oh, if that's the case, it seems highly unlikely the apportionment would be as much as £1.5k! You certainly need to get to the bottom of it. The solicitors should be able to provide you with a schedule showing the calculations used for the apportionments. I can't remember which way round it would be but I think it's the seller's solicitor who does the calculations but, regardless, you should be able to get the calculations.
beesonthewhatnow
going deaf for a living
I’ve already paid it. They’ve just sent me a 20 page document of accounts that make no sense at all and are full of legal jargon. I’m past caring now.
beesonthewhatnow
going deaf for a living
Apparently I now own a flat. I still couldn’t tell you what it’s actually going to cost me each month, or what the terms/restrictions of the lease are.
hash tag
Books, not bombs
That IS great news
beesonthewhatnow
going deaf for a living
Doesn’t feel like it right now.That IS great news
hash tag
Books, not bombs
The pain will wear off and you can dine out on it for a long time.
scifisam
feck! arse! girls! drink!
Yeah, it's a bit of a deflating way to own a flat. But you do own one, so yay!
UnderOpenSky
baseline neural therapy
Good god. I feel like I'm chasing people every step of the way. I almost lost my shit at the brokers today after being asked for something which I'd already supplied, but was totally disarmed when I got to speak to someone competent. I mean it's unlikely that we're going to be moving any time soon, but I just want everything in place, because it makes me nervous that something might just fall through. Which of course is always a possibility. It certainly would be quicker if we were buying a place that didn't have people living in it. It's been kind of nice both WFH today in the same room, but we are rather looking forward to having a bit more space.
moonsi til
worked it out now!
beesonthewhatnow why don’t you know how long the lease is & what your mortgage repayments are? How long that lease is will affect the value.
Or do you mean you don’t know how much the lease fees are monthly?
Or do you mean you don’t know how much the lease fees are monthly?
beesonthewhatnow
going deaf for a living
Lease is something over 900 years so not an issue. It’s the monthly building management and ground rent fees I don’t yet know. Nobody seems to really know
Dogsauce
I’ve got Skol but I’m not a Scholar
If it’s 900 years then I’d assume an older building since leases of that length aren’t possible now I think (125 max). In which case it’s more likely to be quite a low ground rent as extortionate rates are a relatively new thing.Lease is something over 900 years so not an issue. It’s the monthly building management and ground rent fees I don’t yet know. Nobody seems to really know
Building management will depend on things like if you have a lift (expensive) or not, and whether any of the legal stuff is done in house or farmed out to external people who can charge quite a lot. Ours is pretty cheap, mostly self managed, helped having an accountant living here who did most of the admin but she moved away last year. Also depends how many flats such costs are split between obviously.
beesonthewhatnow
going deaf for a living
It’s very old. And listed. Has a lift. Approx 40 flats.
I think it’s going to be somewhere around £170 a month.
hash tag
Books, not bombs
7x income when interest rates are set to rise 
when I started out it was a very strict 2.5 +1.
www.theguardian.com
when I started out it was a very strict 2.5 +1.
UK lender allows homebuyers to borrow seven times salary
Habito’s mortgage terms could revive wider concerns over responsible lending practices
