blonde poker forum

Right, I still live at home with the folks having finished Uni 3 years ago. Next year I am moving out, preferably buying. I have around 22K in savings at the mo (thanks poker!), and hope to have 30K buy next summer, so have a good percentage for a deposit etc etc... I am looking to move to Chester, I work there and the girlfriend is starting Uni there next year all being well, yes Chester is an expensive place to move to (so people tell me), but I cant afford to buy AND commute...

Ive been looking at prices for around the last 6 months. I am happy with a flat, and dont want anything too fancy, hopefully 2 bedrooms... I'm just after some general advice as obviously this is my first purchase. Most of the flats ive found on various property websites are for a 75%/50% share etc. I assume you pay your mortgage on your half & you pay them a rent on their %...

I have no specific question, just any advice would be appreciated...

Do you want/have to live in Chester?  There are plenty of decent places on the outskirts that are a lot cheaper.  However, if the location is key, then expect to pay more for less.  Be thankful that Chester is a lot cheaper than London or many places daown sarf.

No idea about the share thing though. 

Having bought our place over 4 years ago, I don't really know the state of the market at the moment - but I'm sure there are some on here who can advise.  If the market is going to go into a slump in terms of prices, you might be better off renting for a while before you buy. 

Best of luck with it, whatever you decide to go for.

Yeah the shared things you pay rent as well as the mortgage.  If you can afford it, I'd say 100% ownership is better.   Not only is the property yours, but when you come to sell it on, it will be easier to sell. 

Don't borrow more than you can afford.  I know it sounds obvious, but seriously, don't.   Some banks lend crazy amounts of money, make sure you can make the repayments and remember you have to live too.  Stuff like council tax, tv license, water, gas, electric, internet, sky, everything costs money, just bare it in mind.

Good luck mate :)  Expensive but worth it.

I work in Chester & girlfriend is starting Uni next Sep there too... Its not vital I live right in the centre, but at the moment im favouring paying a little more so that I can live in the centre & walk/cycle to work...



Absolutely, if I can afford it!

Makes sense then to buy in/near the centre.  If you can walk/cycle to work that'll save you money every month anyway.

House prices are about to tank, and the banks are going to cut right back on how much they lend to people - now is not the time to buy.

If i was you i would take a Larger % mortgage ie 90-95% (though not 100% as the rates are too high) and then set aside a good lump of capital (£10-15k)l in a high interest account or somewhere safe and accesible.

You then have a good safety net if anything goes wrong

;goodluck;  ;slavedriver;

This is it Andrew, i dont know enough about such matters... I suppose its about weighing up how much rent you waste while you wait for the drop (and how much it drops by) and going from there...

If your brave, & fancy a calculated risk, check the local Property Auctions. Do plenty of research, DONT jump in & buy anything straight away. It helps if you've got family or friends in the building game. Just an idea to consider a different route to buying property, but there is loads of pitfalls, & be sure to take plenty of advice. Good Luck.

Are you buying with your girlfriend or on your own?

Work out how much your prospective flat will cost as a multiple of your/you and your girlfriend's joint salaries. This is what will be used by the bank to work out how big a mortgage they'll give you.

And if you are renting whilst house prices drop, then the money is not wasted.

The wife is a mortgage broker so if you need help there ill give you her work no.but she wont be back til monday but with that sort of deposit you shouldnt have any probs,

I think he said she's going to Uni, so she won't have much of an income (I'd guess).


That was my point.  If the prices are going to fall, you'll actually be saving money by renting to start with.

I think its assumed prices will continue to fall, but will it be a steady (slow) decline or a collaspe?

Of course, I have no idea - which is why he should speak to an expert.   An expert who will also have no idea...

rent for 2 years, get the savings in a high interest bearing account... dont buy in the current market, especially over-valued properties in the north.

Prince,
I live 5 to 10 mins drive outside Chester, 4 bed detached, worth approx £350,000+ (So I am told), buy same house in Chester, expect to pay an extra £100,000...  If not more.. keep going south and it just gets silly..!!  Boshi was here at the weekend and says similar house in Solihul is maybe £750,000...!!! WOW...  Dread to think how much in London or surroundin areas..!!

I live in Putney in London - just around the corner from me £350,000 will buy you this one bedroom flat (http://www.foxtons.co.uk/search?keyword_type=1&keyword_value=sw15&order_by=price+desc&price_to=350000&search_form=keyword&per_page=10&search_type=SS&property_id=440205&submit_type=search)!!

I doubt the downturn will be as bad as the last one cos there are so many more landlords now, who may start buying again once yields hit 10% or whatever.

However seeing as historically the swongs are swingier than they should be, as a soon to be renter I hope for the day when sentiment changes to OMG don't buy property all it does is lose value. That will be the time to start buying.

On my own, if we rent we will share the rent, if I buy she will pay me a rent...



Thank you, but im not at that stage yet, still early days...



It is already in a high interest account dont worry...







Thanks for the suggestions, keep them coming...

 rotflmfao rotflmfao rotflmfao rotflmfao rotflmfao

Who's sick enough to but a house with their girlfreind!

 ;bump;

(http://www.killanet.net/forum/style_emoticons/default/Happy_Dance03.gif)

Do you drive?

If so you're best off moving to the outskirts, its ridiculously cheaper than the City Centre.

If not, look at a place called Bache. It has great public transport links to Chester.

Right, save starting a new thread i'll put it here,i moved to a rented property about a 3 weeks ago now, settled in thanks for asking...

One question, what happens with council tax?  Do i need to contact them, or do they bill me automatically?

have you settled in alright?

oh yeah and contact them.

you need to contact the council and let them know you've taken over responsibility for paying the council tax - they'll then send you a bill.

glad to hear you're settling in ok :)up

you need to contact

Council Tax
Gas / Elec
Water


if you can say that you live alone, the C Tax will be 25% cheaper..

You don't need to contact them as they will contact you anyway.

At some point soon you will get a letter addressed to the occupier asking you to send them lots of money for emptying your dustbin once a week.

It's essential to contact gas and electric suppliers with meter readings to make sure that you're only paying for what you use and not part of what the previous tennant used.

And like Jizzemm said tell the council that you live alone. It's worth a little white lie for saving 25%. Just be careful if you're both on the electoral register there though because if they catch you they will backdate everything to the day you moved in.

Good luck in your new home!!

No gas, water and electris all sorted, plus tv licence & phone, jus hadnt heard anything about council tax, i'll get in touch with them...

Are we on the electorial register? I havent got a clue!  Think i've read that you can get a discount if you live with a 'student' anyway...

Easier to get in touch with them and get it sorted asap otherwise it may take them a few months and you'll be hit with a bigger bill for the lot you've missed out on so far.

Not so much the actual bill i'm worried about, happy for the £ to sit in my account gaining interst for a few months, just whether they clobber you even more if you dont notify them ect etc...

+1 and harder to sort out any overcharges as well.... 

When u get in touch with them, just say its you (You have to put your name on Elec Register, and as long at she has not transfered any bank accounts to your new address) then you will be ok.. Then ask them what happens if a student moves in, what will they have to pay, dont say its your girlfriend. .

Councils are funny buggers - stick it to them first IMO....

Anyway - fantastic news and hope ur loving every second.

What about 'slave'?

you can call her that, not sure I may have to mention it to her though when I pop round for a cuppa

Don't contact them.
Moved in 3 months ago. Got a letter from them last week. They think we moved in 2 months ago and have sent us our payment schedule.

She'll be locked away...

Right, having lived/rented in Chester for the last 10 months we're now looking to buy, or at least giving it some serious thought...

My knowledge of Mortgages is limited, I've just tried the HSBC one as thats my main bank, I get something like this

Deposit: 35k

Property worth: 120k

Fixed term: 2/3/5 years?  This is an area I need advice on please...  (I choose 2 for the purpose of this)

Repayment Type: Interest Only/Repayment (again, I need advice here)



Cheers, any help appreciated...

With a deposit like that for the property value you're looking at, you should be able to shop around for a mortgage, even in the current environment.

I'm unfortunately in the other boat.  Having to sell my house and am moving into a rented place for 6-12 months before I look to buy again.  Just hope there isn't a miraculous recovery of the economy and house prices rocket in that time.

Whats the best way to 'compare' different mortgages?  Simply ring them up and see what they offer?

Or any good sites for that?

http://www.whatmortgage.co.uk/

Go to Smiths and get a copy of that for starters?

Worth talking to a mortgage advisor, they have a much better system for researching the mortgages than you can access on the internet.

As Kinboshi said, there is a huge amount of mortgages available to people who are in a sensible position to buy a house. When i arranged mine in April there was loads of stuff in the news about how hard it was still. I got offered over 200 different ones!

Dont even think about taking out an interest only mortgage unless you are going to do something incredibly productive with the £25 you save a month.

Unlucky Kin, in 12 months time house prices will be well on the way back up imo.

what do you base this opinion on? unemployment is going down? wages are going up? interest rates are coming down? taxes are being slashed? banks are lending silly multiples of peoples salaries again? millions of poles are moving to this country and all want to buy houses?

not even really disagreeing with you just interested to know why you think this

Thanks, how much would I expect to pay for this?

Not overly any of those points to be honest
The credit crunch has been blown out of all proportion
House prices and demand are already rising slightly
As long as you havent been made redundant your probably better off than you were two years ago

About £100 they organise the whole thing for you start to finish including mortgage, solicitors and insurance.

less than I expected, thanks, i'll look into it...

put a 0 behind that minimum, most fa's i know (and i work fo a ifa company) wont touch it for less than £1000-1500, if you want i can have a word here and try and get you on  a fee's free that we do for family and friends.

wp on the pokerz. The estate agent, solicitor and bank will all have to know by law where the money came from, instabrag ;)

Personally I wouldn't buy a property right now, there's a good chance they could keep going down, maybe by a lot, they're not going to spin back around and miss you overnight, you're not losing that much any way by renting (owning has costs other than a mortgage).

It's really nice to own your own place though, and it is a good investment in the long term in the UK.

To me it looks like an ideal time to buy - especially if you're in it for the long-term.  Or do you think the prices are going to drop even further before they rise?

seems to me like you could do some equation including what is average wage, average house price, average savings (for a deposit), multiple of salary that banks will lend.

i haven't been reading about this for ages now tho and have no opinion either way tbh

can't see much wrong with buying a 130K property with a 35K dipper at any time

this may be of interest

http://www.lovemoney.com/news/mortgages/goodbye-cheap-fixed-rate-mortgages-3590.aspx?source=1000020

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

if you do go with a 'free' advisor, dont be afraid to ask them how much commission they are making on selling you this product (not just mortgages, any product). Apart from the fact that it is important for you to know , to ensure that they are getting the best deal for you, and not just for themselves. It also gets right up their noses :)

I think they'll probably fall

http://uk.reuters.com/article/idUKLNE49N0CO20090319

In my honest opinion they could fall more than this, given the employment outlook, the UK average household exposure to non-mortgage debt (huge), continued uncertainty in the equities markets. They could go up in the next 2 years, unlikely, and not by enough to compensate for the potential downside for me to think that buying in the next 2 years is a good idea.
As for the long term approach, the above probably doesn't matter. UK house prices largely about demand/supply, forecast for continued demand amid heavy shortages in the next 20 years.

My sis was first time-buying in North Scotland 18 months ago, I was like  ;gobsmacked; ;gobsmacked; If you're dabbled in shares long enough you have a natural disinclination to buy near what appears to be a peak. Where's the value? She's lost about 15K, will lose another 15 probably. Could have just rented, but she's married with a kid and really likes having her own place (shrugs).
Conversely, I can see how buying in parts of England right now looks like +EV, you're jumping in around the bottom. I just don't think it's run its course yet.

Decent ones should be happy to tell you.  Ours has always told us up front.

normaly 0.35% of the mortgage value, so on 90k so £315, not worth it unless they sell life cover or cic, so they have to charge as it takes a long time to do the paperwork etc.

Whats the negatives of this?  Must be a catch!  :D

He'll only advise you on the mortgages which he is being paid a commission for

Yeah I guess so but ours has always offered us a fair deal from a wide range of mortgage providers and I've always been very pleased with him. 

I'd give you his number but I think he only covers round here.

 ;gobsmacked;

£1k for sorting something that probably takes 4 hours max of actual work on the advisors part?

Maybe a few years ago when things were booming they could charge this but there's a thing out there called competition which increases when things are booming.

Now that it's no longer booming this competition are prepared to do the same job even cheaper.

If someone won't touch it for less than £1k I'm afraid they're living in a dreamworld where everyone's got money to burn.

All they do is input your requirements in to a database. You can do it yourself but it'd mean a lot of surfing the net to find the best deals. The database has them all in one place so it's quick.

Don't get ripped off. £150 - £250 max.

On a similar note

I hope IFA's charge a fixed fee to sort out all the house buying and selling stuff they do.

When I worked at a conveyancing company we were quite scornful of people who had an IFA sort out the legal side of it, because:

a. You don't really need an IFA to fill in a few forms for you
b. Half the time you don't even need a conveyancer to do the conveyancing for you - it's amazingly simple when you know (or look up) the steps.


But I guess if it was included in a fee which included mortgage advice, for example, then it's not so bad.

Good points.

Buying/selling a property is a complete rip off because of all the unnecessary fees.

I still can't believe that estate agents get away with charging 1.5 - 2%.

All they do is take a few pictures!!!!!

My last house sale had total fees of about £800. That included buying the new one. (Not including stamp duty obv.)

No estate agent, no financial advisor, just a solicitor / conveyancer to do all the legal jargon.

I'm surprised there isn't a way of doing this yourself as well.

You can get a pack to do your own will so why not something similar for your house?

All the solicitor does of any real value is escrow the cash from what I can see.

You can - don't know all the details because when I did it, it was from within a conveyancer

But the forms and search's and stuff the solicitor does are all available to anyone to do.

The only real added value that a solicitor provides is if their happens to be something unusual in the deeds. The usual consequence of this is you pay some insurance against anyone ever complaining about it.

The best example I saw was one property we assisted in the purchase of had a clause in the deeds (which referred to something else, which referred to something else ....) which eventually got resolved as meaning that the entire housing estate was built on land which legally couldn't have houses built on it.

As I'm going through the process of selling mine, all it's done is reinforced my opinion of estate agents and of the solicitors involved in house sales. 

Lazy sods who seem to do nothing except hold things up. 

Solicitors are a con, we had to pay £75 recently to one to get him to watch my Mum sign a form, should have been more too, but someone we know knew him.

mbn.

Lol at a £1000 for a mortgage advisor.

And massive LOL at 'financial' advisors, if they are so good why arent they minted? Why do they want to charge me for telling me how to invest the money they can only dream of having?

There is a huge difference between paying someone to do the searching and forms for you, compared to someone who thinks they know the best way you should look after your money.

I would bet my house that house prices do not fall anymore, i thought this at the start of the year and so far Ive been proved right. Plus I have had meetings with more financial people so far this year than I care to mention and everyone is of the same opinion, by the end of this year we will be well and truely on the up.

Obviously anything could happen. But at the end of the day does it matter if your house loses value? As long as you can afford to pay the mortgage and dont want to move its largely irrelevant.

If anyone would like a wager that in 2013 house prices arent at least 10% higher than they ever have been before please let me know.

It matters if it loses £20K over a 10 month period and then you have to sell it.

I paid £300 for my solicitor when i moved. She was nothing short of awesome.
Mr Chip Prince I will forward details if you wish.

Solicitors in general!?
They are my heroes, who else can charge me £1500 to meet me for an hour, write one letter, and settle an empoyment tribunal for less than he frickin charged me!
And who else can charge for phone calls at 7p a second?

Love em

Surely your scenario involves you wanting to move?
Or are you picking up on the fact i used the word want rather than need?

might be up for this, can you word the bet more precisely?

PM sent

My company had a problem with an employee bringing an employment tribunal against us

The ex employee was completely and utterly 100% in the wrong with no chance of success

But we had to settle it and pay him off - because that was cheaper than the legal costs of going through with the tribunal.

I am betting that at somepoint in 2013 the average house price will reach a point where it is 10% higher than the record averave house price pre today.

I would prob be up for this using Nationwide inflation adjusted figures found here

http://www.nationwide.co.uk/hpi/historical.htm

Highest average price for all houses as far as I can see was £184,131 Quarter 3 2007.

I am prob prepared to bet up to £1000 that this figure will be less than £202,544 by Quarter 3 2013

OK with you?

Inflation adjusted? Why dont you just grim me now!

http://www.rightmove.co.uk/house-price-index.html

not by Q3 2013, but at some point before the end of it

happy to bet against house prices going up, not going to bet against inflation though.

that does change things slightly as your nipping me for about 5-7% but then i think it may be nearer 20% by then anyway
need to have a think if were using inflation adjusted figures

Gotta love this site.

Thread starts with someone after advice on his first property.

Ends with 2 degens betting £1k on what it's gonna be worth in a few years time  ;D

May I suggest that you guys deposit £1k each with a solicitor to look after for you.

You could take the fee out of the funds. Should only cost about £10 a week for them to hold it.

Can i suggest your a sea nut

Right, another question.

The property I think i'm going to put an offer on needs a complete re-wire by the looks of it.

Its a 2 bed house, decent sized bedrooms, obv bathroom, average sized living room, small dining room, small kitchen.

ANY idea of what I should be expecting to pay for this?  Anyone had anything similar done recently?

Thanks...

yr looking roughly between 1.5k and 2.5k depending on what you want,

cheaper if  unoccupied

2k is a good guide but dont forget there will be making good to the decorations afterwards

Just asked my brother who is an electrician,

1st thing he asked was where is it??

Chester, a mile or so from the city centre...

he said ;carlocitrone; ;carlocitrone; ;carlocitrone; about 2k depending on spec

Ok thanks, all advice appreciated...