IPB

Welcome Guest ( Log In | Register )

6 Pages V   1 2 3 > »   
Reply to this topicStart new topic
> Buying a house..., GRRRR
motormad
post Dec 23 2013, 09:47 AM
Post #1


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



I'm trying to buy a house unfortunately I can only get a mortgage for £129k.

(this is for a single application with a £10k deposit that I've saved up). My requirement is a 1 or 2 bedroom with a garage and driveway in a somewhat decent area. Houses that fit this bill are around £165k

I'm sure if I was with a fit young rich women I wouldn't have on issues but anyway. laugh.gif

I am looking at otherwise buying part-buy part rent scheme. As from what I believe you buy a % of the property and rent the remaining percentage from the council.
My worry is that the house would never be mine, and that the council could in effect boot me out by giving me my % cost back and thus leaving me without a home. I'm aware there would probably be notice periods for such like but I would not like to be in that situation anyway.

I'd also be worried that I couldn't modify the house, you know, lower it, some sick rims brap, some double glazing, maybe an extension, you know..

Does anyone have any experience with these sorts of schemes?
Cheers


--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
On the edge
post Dec 23 2013, 10:28 AM
Post #2


Advanced Member
***

Group: Members
Posts: 7,345
Joined: 23-May 09
From: Newbury
Member No.: 98



My niece lives in one, in Surrey. It was the only way she thought to get some fairly reasonable accommodation. She seems quite happy with the financial arrangements. Another victim of the recession, they thought promotion and pay rises would enable them to buy the whole thing or move. That didn't happen of course. Apparently, there are a good few rules, which some might think irksome.

Another way, a bit more traditional, would be for you to try and find something in your price band, in one of the run down areas; but one you think might be on the up. Bits of Turnpike, and some of the other older ex Council areas are becoming more gentrified. Property there is generally well constructed and spacious. Have a good look and a good think.


--------------------
Know your place!
Go to the top of the page
 
+Quote Post
Turin Machine
post Dec 23 2013, 10:32 AM
Post #3


Advanced Member
***

Group: Members
Posts: 1,932
Joined: 23-September 10
From: In the lower 40
Member No.: 1,104



I applaud your probity good sir, I know that purchasing ones very own manor can be a bit of a fiscal strain but one that is worth the effort in the long run. As to your original enquiry it a bit of a gamble to do a 50% plan as what you want from the property may not be what the other party has in mind, in that respect it is quite close to rental but with a stake in the future housing market.

For preference I would aim at perhaps an apartment or similar to start, build up some equity and move up, not what you want to hear but, starting on the ladder is always difficult but always ultimately rewarding. Be aware that when you move from renting to purchase you will be looking at bills for house maintenance, something you will not have with rental.

I do know several people who in the past took part in similar schemes as you envisage and were over the moon so its well worth further investigation.

Happy Christmas.
Go to the top of the page
 
+Quote Post
motormad
post Dec 23 2013, 10:40 AM
Post #4


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



OTE -

A mate of mine has moved into a nice area on the back end of turnpike. I'd certainly be happy living there.
It is the rules that would get to me, I'm not one for rules. I'm very much of the mindset that I would like to do what I want with my house, not unreasonable really. But I want to know if I get a pet or decide to paint the garage walls bright pink I am not going to get told off.

For me the main reason of wanting to move is wanting my own space and somewhere safe and secure to keep my car. IE not on the road and not in an area where bits would be stolen/the vehicle vadalised. Don't want to sound all big headed but I'm used to a standard of living, in terms of the properties I've rented thus far.

The only kind of property I can actually afford myself would be a 1 or 2 bedroom flat or terraced house with communal or on-street parking - both a no no. I've lived in a bunch of flats with communal parking and just things like washing the car were a ballache.

TM -

Yes it's basically renting half a house?! laugh.gif As you say it's not what the other party (council) have in mind. Maybe I will be classed as vexatious for wanting to fit double glazing.
I've calculated I can go to around £1100 with all bills to allow me to have a somewhat decent quality of life. The mortgages I've been looking at vary from £700 to £900 a month, and with cheap rate gas/electric and council tax of approx £150 a month I think I can (just) get that.

It's just a big investment and I'd rather do it right the first time. How I envy the older generation who bought a house for £50k and it's not worth £180k :lol;


--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
Andy Capp
post Dec 23 2013, 10:54 AM
Post #5


Advanced Member
***

Group: Members
Posts: 11,345
Joined: 3-September 09
Member No.: 317



I think you are answering your own question. Part ownership, or selling the motor are the two decisions, otherwise you'll just have to keep renting. Mind you, you could consider moving elsewhere. I think part ownership is OK, I doubt any restrictions would go beyond any planning restrictions anyway.
Go to the top of the page
 
+Quote Post
motormad
post Dec 23 2013, 11:15 AM
Post #6


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



The car is absolutely not up for discussion. It owes me nothing, all paid for with cash. Not going anywhere.


I've not looked elsewhere really. My Mum is in Thatcham, I have friends in Thatcham/Newbury and over towards Fleet, and West London areas. Moving up North would net me a property for the money I have but I don't want to.

Guess it is part buy for me laugh.gif

If it's just planning restriction permission then fine, but it's finding the right property in the right area. I think there were only 3 or 4 properties around, that were part ownership and they were all flats.


--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
Andy Capp
post Dec 23 2013, 11:32 AM
Post #7


Advanced Member
***

Group: Members
Posts: 11,345
Joined: 3-September 09
Member No.: 317



QUOTE (motormad @ Dec 23 2013, 11:15 AM) *
The car is absolutely not up for discussion. It owes me nothing, all paid for with cash. Not going anywhere.

That's fair enough, but at the moment it could be argued it owes you a house, as the decision of where to buy is governed by your need to house it. I appreciate you are a 'Dub-nut', but you might find yourself looking back in twenty years time with regret that you were late getting a house due to the bond with your car.

Unless, of course, you could find somewhere to mothball-it so that you could get a 'bland runabout' for day to day stuff.

QUOTE (motormad @ Dec 23 2013, 11:15 AM) *
If it's just planning restriction permission then fine, but it's finding the right property in the right area. I think there were only 3 or 4 properties around, that were part ownership and they were all flats.

Looks like it's renting then! sad.gif
Go to the top of the page
 
+Quote Post
Turin Machine
post Dec 23 2013, 12:42 PM
Post #8


Advanced Member
***

Group: Members
Posts: 1,932
Joined: 23-September 10
From: In the lower 40
Member No.: 1,104



The rather obvious solution COULD be buy a flat and rent a separate garage?? Oh and by the way, buying a house was never easy, £50k may seem cheap but 30 years ago with interest rates at 13% it was a giant ball ache !
Go to the top of the page
 
+Quote Post
On the edge
post Dec 23 2013, 01:40 PM
Post #9


Advanced Member
***

Group: Members
Posts: 7,345
Joined: 23-May 09
From: Newbury
Member No.: 98



QUOTE (Turin Machine @ Dec 23 2013, 12:42 PM) *
The rather obvious solution COULD be buy a flat and rent a separate garage?? Oh and by the way, buying a house was never easy, £50k may seem cheap but 30 years ago with interest rates at 13% it was a giant ball ache !


At least back then, there were a good few properties in the 'three times your salary' price range, today there aren't.


--------------------
Know your place!
Go to the top of the page
 
+Quote Post
motormad
post Dec 23 2013, 04:04 PM
Post #10


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



QUOTE (Turin Machine @ Dec 23 2013, 12:42 PM) *
The rather obvious solution COULD be buy a flat and rent a separate garage?? Oh and by the way, buying a house was never easy, £50k may seem cheap but 30 years ago with interest rates at 13% it was a giant ball ache !


That is an option - problem is they are often in separate blocks, sometimes 100 yards away sometimes half a mile away. I can live with a detached garage in the same area (eg a detached garage on the same plot land) but not one around the corner,

With flats as well, you often get service charges on top of the existing rent...

Just one I've found, it's £70k there abouts...

Lease: Approximately 120 years remaining.
Rent: £201.69 (50%)
Service Charge: £104.48


I found this - http://www.rightmove.co.uk/property-for-sa...y-41851295.html

Again would be ideal however the service charge is annoying, puts me off flats, as well as the whole "communal space" thing.

I could get probably 65% ownership of that so the rent would go down I assume but you're paying a service charge anyway... I've lived in properties like this before and not a fan.

No garage, communal off road parking. No thanks.


QUOTE (Andy Capp @ Dec 23 2013, 11:32 AM) *
That's fair enough, but at the moment it could be argued it owes you a house, as the decision of where to buy is governed by your need to house it. I appreciate you are a 'Dub-nut', but you might find yourself looking back in twenty years time with regret that you were late getting a house due to the bond with your car.

Unless, of course, you could find somewhere to mothball-it so that you could get a 'bland runabout' for day to day stuff.


Looks like it's renting then! sad.gif


Understand what you're saying but it's akin to being asked to sell one of your children. I'm going to be getting a runabout...so my car can stay in the garage. But this is all pending funds available.

Selling my car won't enable me to get the house I want - And as I said getting rid of it is non negotiable.

I had a Street Triple R a few years ago. I sold it to buy a car (my old TDI that I bought for the huge miles I used to do for work) and that's the biggest mistake I've made. I'm not going to make the same mistake again.

I'd rather continue renting and be miserable where I live yet know I have my car and my friends I can see and hang out with than have a house but no social life.


--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
Andy Capp
post Dec 23 2013, 04:23 PM
Post #11


Advanced Member
***

Group: Members
Posts: 11,345
Joined: 3-September 09
Member No.: 317



QUOTE (motormad @ Dec 23 2013, 04:04 PM) *
Understand what you're saying but it's akin to being asked to sell one of your children. I'm going to be getting a runabout...so my car can stay in the garage. But this is all pending funds available.

Selling my car won't enable me to get the house I want - And as I said getting rid of it is non negotiable.

I had a Street Triple R a few years ago. I sold it to buy a car (my old TDI that I bought for the huge miles I used to do for work) and that's the biggest mistake I've made. I'm not going to make the same mistake again.

I'd rather continue renting and be miserable where I live yet know I have my car and my friends I can see and hang out with than have a house but no social life.

I fear many people (including me), have this emotion in their 20s, but now know that had I been more forward thinking (easier said than done) and realised that friendships tend to be rather superficial and are not always a good reason postpone prudent financial investments (like a house).

However, it is most likely that in 10 years time you will have got rid of your coveted car and will be irritated that you held on to it forsaking a house: in ten years time you will obviously have 10 years smaller mortgage window.

But you are also right in that not having the car will not give you the house you want, but it means you can be more flexible about what and where you buy. It is harder to by a home you love than it is to buy a car you love. Unless its a retro classic.
Go to the top of the page
 
+Quote Post
gel
post Dec 23 2013, 08:34 PM
Post #12


Advanced Member
***

Group: Members
Posts: 874
Joined: 11-September 09
From: Thames Valley
Member No.: 337



This link may help:

http://www.sovereignliving.org.uk/Webpage/...hared-Ownership
Go to the top of the page
 
+Quote Post
spartacus
post Dec 23 2013, 08:35 PM
Post #13


Advanced Member
***

Group: Members
Posts: 1,774
Joined: 24-July 09
Member No.: 221



QUOTE (motormad @ Dec 23 2013, 10:40 AM) *
Yes it's basically renting half a house?! laugh.gif As you say it's not what the other party (council) have in mind. Maybe I will be classed as vexatious for wanting to fit double glazing.

tsk tsk...We're moving away from the 'Council House' tag if you don't mind... so down market and trailer trashy. These days it's 'Affordable Housing' through Housing Associations (I don't think WBC own ANY houses now do they?)

My daughter's gone down this route and is perfectly happy with the 50/50 arrangement. Has been living in a brand new 2 bed top floor apartment with two parking spaces (and double glazing!) for around 2 years now, which she would never have been able to afford otherwise. Bank of Mum & Dad stumped up most of the deposit (not that we're trying to force her to flee the nest or anything... wink.gif ) but she's the envy of her friends, is thoroughly enjoying her independent status and is managing to cope with the bills. With top floor she's maybe benefiting from other flats rising hot air, but her heating bills are minimal (or maybe new apartments are actually delivering on the promise to be energy efficient?), the management fee is pretty small, the new estate she's living in is nice and quiet and I'm quite jealous of her (never had such a big place when I was her age)

She's gone just over the border with Sentinel Housing in Hampshire. As with all new developments (even swanky new ones like Parkway) there has to be a proportion of 'affordable' homes and that's where she slotted in. There's a few new developments in Basingstoke area but they also have some that aren't brand spanking new...

A step on the housing ladder is what's been ingrained to us in this country as a 'must have' but renting is pretty much the norm nearly everywhere in Europe
Go to the top of the page
 
+Quote Post
gel
post Dec 23 2013, 09:02 PM
Post #14


Advanced Member
***

Group: Members
Posts: 874
Joined: 11-September 09
From: Thames Valley
Member No.: 337



(I don't think WBC own ANY houses now do they?)

Most Councils will have small number of dwellings for emergency cases, perhaps the expected E European influx will fall into this category.
Go to the top of the page
 
+Quote Post
Exhausted
post Dec 23 2013, 10:06 PM
Post #15


Advanced Member
***

Group: Members
Posts: 1,722
Joined: 4-September 09
Member No.: 320



Nothing very much has changed in terms of affording to buy and live in any owned/mortgaged property. If one looks back 15 years the deposit was just as difficult to achieve, both getting a mortgage and affording the payments made things very tight.
Couple of things worth looking at, save with a local building society, they look more kindly on their investors. The Newbury Building Society is excellent in that direction.
Look for a property "in need of modernisation". The real bad ones will be snapped up by developers but the right ones still come on the market now and again but you have to be sure that it is mortgagable and that the rectification work you can do yourself. It's amazing how quickly you learn the basics of the building trade if you have the right attitude. A pot of paint and perhaps a bit of plaster and a few mates can work wonders.
Keep it for a year and sell and move up but remember that building regs are very tight these days so stay within them or you won't be able to sell.
Don't overstrech the mortgage payments as you will take a real hit if interest rates go up.
Now is probably the time to buy to renovate.
Go to the top of the page
 
+Quote Post
On the edge
post Dec 23 2013, 10:55 PM
Post #16


Advanced Member
***

Group: Members
Posts: 7,345
Joined: 23-May 09
From: Newbury
Member No.: 98



QUOTE (Exhausted @ Dec 23 2013, 10:06 PM) *
Nothing very much has changed in terms of affording to buy and live in any owned/mortgaged property......


1975, earning a shade under £3,000pa as a simple clerk. Managed to scrape together £1,000 (yes bank of mum n dad) and could afford a three bed terrace in Reading, or a selection of flats, selling for around £9,000.

Today, those self same clerks get around £25,000pa. Self same terraced house, with little more done to it, was up for £200,000. Very much more than 3 times that salary!

I feel very sorry for the youngsters today. The house owning democracy was always a con, but it ain't us oldies who will suffer for falling for that one.


--------------------
Know your place!
Go to the top of the page
 
+Quote Post
motormad
post Dec 24 2013, 09:40 AM
Post #17


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



QUOTE (Exhausted @ Dec 23 2013, 10:06 PM) *
Nothing very much has changed in terms of affording to buy and live in any owned/mortgaged property. If one looks back 15 years the deposit was just as difficult to achieve, both getting a mortgage and affording the payments made things very tight.
Couple of things worth looking at, save with a local building society, they look more kindly on their investors. The Newbury Building Society is excellent in that direction.
Look for a property "in need of modernisation". The real bad ones will be snapped up by developers but the right ones still come on the market now and again but you have to be sure that it is mortgagable and that the rectification work you can do yourself. It's amazing how quickly you learn the basics of the building trade if you have the right attitude. A pot of paint and perhaps a bit of plaster and a few mates can work wonders.
Keep it for a year and sell and move up but remember that building regs are very tight these days so stay within them or you won't be able to sell.
Don't overstrech the mortgage payments as you will take a real hit if interest rates go up.
Now is probably the time to buy to renovate.


I work full time (and actually normally do more like extra time) , I don't really have the time, knowledge or inclination to buy a run down property to renovate it. It could be done but for a first time purchase I don't think it would be a wise decision. I have nowhere I can stay for an extended period of time during renovations either.



--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
Exhausted
post Dec 24 2013, 07:18 PM
Post #18


Advanced Member
***

Group: Members
Posts: 1,722
Joined: 4-September 09
Member No.: 320



QUOTE (motormad @ Dec 24 2013, 09:40 AM) *
I work full time (and actually normally do more like extra time) , I don't really have the time, knowledge or inclination to buy a run down property to renovate it. It could be done but for a first time purchase I don't think it would be a wise decision. I have nowhere I can stay for an extended period of time during renovations either.


Make part of it habitable and live in it. You have evenings and weekends. Very do-able or do you want it all on a plate with new dishwasher, washing machine. If so then it sounds like an apartment with roadside parking.
Go to the top of the page
 
+Quote Post
motormad
post Dec 25 2013, 11:48 AM
Post #19


Advanced Member
***

Group: Members
Posts: 1,964
Joined: 29-December 09
From: Dogging in a car park somewhere
Member No.: 592



I don't want it on a plate. Well, I do.
But what I'm saying is I am not happy investing into a development property. As a first time buy I do not think that is wise at all.


--------------------
:p
Grammar: the difference between knowing your poop and knowing you're poop.
Go to the top of the page
 
+Quote Post
Exhausted
post Dec 25 2013, 08:14 PM
Post #20


Advanced Member
***

Group: Members
Posts: 1,722
Joined: 4-September 09
Member No.: 320



QUOTE (motormad @ Dec 25 2013, 11:48 AM) *
I don't want it on a plate. Well, I do.
But what I'm saying is I am not happy investing into a development property. As a first time buy I do not think that is wise at all.


I think you are getting mixed up between a development and an improvement property. Improvement usually means decorating, painting and flooring and perhaps new windows. This type of property is, in my opinion, desirable and will provide added value on resale. It's not the type of property that new buys normally want and it will be too good for competition from a developer. You can decorate it to your own taste rather than builder's magnolia and cheap cord carpet. Pop down the estate agents and ask if they have anything and have a look.

Take it from me, you won't lose. Properties unlike cars appreciate and providing you get the right survey done you will be quids in and if you put in the effort, call in a few favours from mates it will work.
Go to the top of the page
 
+Quote Post

6 Pages V   1 2 3 > » 
Reply to this topicStart new topic
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:

 

Lo-Fi Version Time is now: 21st November 2017 - 03:59 PM