Houses

[Nalis]

1 hour ago, Izzy said:

Had the first viewing of our house earlier this week.

 

Feedback was positive but the woman wanted more info on our the cost of our utility bills (which are high as we have no gas in the village and are on a flat rate electricity tariff)

 

We also got that EPC certificate but our rating is only 'E' because the electric radiators and hot water tank we have are totally inefficient but would cost a lot to replace.

 

Turns out she's now offered on a different property.

 

Got a feeling this house selling lark isn't going to be as straightforward as we first thought.

People will try to low ball or ask strange questions at first.

 

Asking about bills is a bit of a waste of everyones time, the potential buyer should estimate based on the size of the house and people through online research and would never know the buyer was bullshitting about household utility bills anyway (cant bullshit management agent fees though). Thats the position I took when buying anyway.

 

Unless you've valued way over market, the truly interested people will come through at some point.

Edited 25 May 2023 by Nalis

[Wymsey]

I'm currently renting a 1-bedroom flat in Leicestershire, due to living in London since last year; a new tenant have moved in recently, who seem very pleasant, and hoping things go smoothly (have got the property in the hands of a good agent).

 

It'll be wise for me to use the proceeds to pay for any repairs that may be needed there at any point and for the Service Charge etc.

 

Am not sure how long to rent it for and when it'd be the best time to sell it?

 

There's no need to sell at all at the moment, but there might be a time where I should do perhaps.

 

 

Any advice on this would be greatly appreciated.

 

Thanks.

[VLC86]

17 hours ago, Wymsey said:

I'm currently renting a 1-bedroom flat in Leicestershire, due to living in London since last year; a new tenant have moved in recently, who seem very pleasant, and hoping things go smoothly (have got the property in the hands of a good agent).

 

It'll be wise for me to use the proceeds to pay for any repairs that may be needed there at any point and for the Service Charge etc.

 

Am not sure how long to rent it for and when it'd be the best time to sell it?

 

There's no need to sell at all at the moment, but there might be a time where I should do perhaps.

 

 

Any advice on this would be greatly appreciated.

 

Thanks.

Really depends on your situation. Prices have been dropping steadily for about 12 months but who knows what the future holds.

 

If you are really struggling and couldn’t cope if you lost another 10% of the value- sell asap.

 

If you aren’t struggling and could handle the risk of a further drop hang onto it for a while.

 

Also depends what the demand is for that type of property at the min as to whether price drop will likely affect you.

[Trumpet]

On 25/05/2023 at 08:37, Wolfox said:

Consider insulation…. If it’s a place you’re working in you’ll be spending a lot of time in there…

 

Consider electricity supply and definitely have an insulated roof and rock wool/ PIT boards  into the walls too

 

You could get a cheap enough pair of patio doors on the front for light (look on eBay for second hand ones if on a budget)

 

What’s the floor like? 

 

On 25/05/2023 at 08:44, kenny said:

Hi

 

Sorry I missed your post. 

 

The job itself is within the competance of a DIY'er I think. However, I would use an Architectural Technician and get Building Regulations approval as part of the works. This ensures it is an asset to the property and not an unwanted mess when you sell up. The fees for this would be fairly low as there isn't too much work.

 

They would advise on how much insulation is required and what ventilation to install. If there are no windows then I would have thought installing one would be beneficial from a light and ventilation perspective.

Thanks both, missed your posts! 
 

Insulations going to be top of my list, as I’ll be working in it all year round. The floor is concrete, that typical garage painted grey flooring, slightly glossy. I’ll be looking at insulating the floor and putting some laminate or carpet down.

 

I contacted the planning department of my local council and they’ve advised it may be under permitted development, but would need a lawful development certificate application submitting, so I’ve completed that today. 
 

The more I think about it, I’ll likely not replace the garage door with another, but remove it completely and have brickwork and patio doors installed for maximum light.

[Ian Nacho]

Last night when it was chucking it down, a considerable amount of rain got through one of my closed windows. The outside of the frame seemed to be dry but the actual edges of the panes were wet which I assumed dripped down the the length of the window. The double glazing has already failed which I had planned to get sorted soon, however, thought it would be worthwhile asking here if it sounds like there is an issue with the frame. 

[Tommy G]

57 minutes ago, Ian Nacho said:

Last night when it was chucking it down, a considerable amount of rain got through one of my closed windows. The outside of the frame seemed to be dry but the actual edges of the panes were wet which I assumed dripped down the the length of the window. The double glazing has already failed which I had planned to get sorted soon, however, thought it would be worthwhile asking here if it sounds like there is an issue with the frame. 

Whether its an issue with the frame or the glass it makes no financial sense to try and get either repaired. Try ECO window systems in Hinckley, they did my whole house and front door and were superb - if you are unsure look at their reviews too.

[dsr-burnley]

I do wonder whether double glazing companies are deliberately making shoddy windows. We got ours in 1984, 8 windows including 4 big ones (4 foot x 3 foot), and they came with a 25 year guarantee and are all still perfect. (Apart from the tilt-and-turn mechanism on one of the big ones being a bit dodgy). They should still be able to make them like that. 

[Izzy]

We've had our house on the market for a month and had three viewings/no offers.

 

Just instructed the Estate Agent to take it off as mortgage rates are getting silly now. No doubt another interest rise tomorrow and the expert wisdom suggests it could be a while until they come down.

 

Looks like the housing market is grinding to a halt and a realization that everything is overpriced by about 20-30%. New builds around here just aren't selling either so builders must be concerned.

 

Luckily we don't need to move, but it would be nice to. Could be a couple of years until things stabilize I reckon, then we'll have another go. 

[Greg2607]

On 25/05/2023 at 15:57, Wymsey said:

I'm currently renting a 1-bedroom flat in Leicestershire, due to living in London since last year; a new tenant have moved in recently, who seem very pleasant, and hoping things go smoothly (have got the property in the hands of a good agent).

 

It'll be wise for me to use the proceeds to pay for any repairs that may be needed there at any point and for the Service Charge etc.

 

Am not sure how long to rent it for and when it'd be the best time to sell it?

 

There's no need to sell at all at the moment, but there might be a time where I should do perhaps.

 

 

Any advice on this would be greatly appreciated.

 

Thanks.

be aware of your HMRC and Tax Position as well. 

 

I had a scary letter from HMRC middle of last year saying I had unpaid tax.   Turns out that I did, to the tune of about £300 over a 5 year period of renting out my property, but there was a 6 month investigation that was properly invasive and they then started looking into things like Capital Gains etc (which I wasn't liable for, but you never quite know how these investigations are going to go!) 

 

ironically, the amount owed in unpaid tax was about 3 times higher than I actually paid, as it transpired that over that period, they had overcharged me on income tax and used it to discount the amount owed....   I didn't see them knocking down the door to give me back the overcharged tax BEFORE the investigation! 

 

I was relatively confident I knew the rules, but if I'd got them wrong, I could have been liable for about £18,000 in unpaid tax (which clearly I didn't have to hand!) 

[Wolfox]

On 20/06/2023 at 10:21, Izzy said:

We've had our house on the market for a month and had three viewings/no offers.

 

Just instructed the Estate Agent to take it off as mortgage rates are getting silly now. No doubt another interest rise tomorrow and the expert wisdom suggests it could be a while until they come down.

 

Looks like the housing market is grinding to a halt and a realization that everything is overpriced by about 20-30%. New builds around here just aren't selling either so builders must be concerned.

 

Luckily we don't need to move, but it would be nice to. Could be a couple of years until things stabilize I reckon, then we'll have another go. 

If you’re upgrading, do it whist the market is softening 

 

It’s only when you’re downsizing that you need to pause 

[Izzy]

16 minutes ago, Wolfox said:

If you’re upgrading, do it whist the market is softening 

 

It’s only when you’re downsizing that you need to pause 

I just wonder if in a couple of years time inflation will be under control and interest rates lower?

 

We're just about mortgage free now but the thought of starting again with a 6%+ fixed rate pisses me off. 
 

The difference between 2% and 6% interest is significant in terms of monthly repayments. 

[Izzy]

23 minutes ago, Wolfox said:

If you’re upgrading, do it whist the market is softening 

 

It’s only when you’re downsizing that you need to pause 

But it’s all relative isn’t it?

 

How does someone upgrading benefit exactly?

[Wolfox]

5 minutes ago, Izzy said:

I just wonder if in a couple of years time inflation will be under control and interest rates lower?

 

We're just about mortgage free now but the thought of starting again with a 6%+ fixed rate pisses me off. 
 

The difference between 2% and 6% interest is significant in terms of monthly repayments. 

you’d be worth a lot of money if you could predict that…

 

2%-6% is significant, but getting your next home for a lot less than you were hoping for is probably more significant 
 

 

1 minute ago, Izzy said:

But it’s all relative isn’t it?

 

How does someone upgrading benefit exactly?

Your house is worth less, but the house you aspire to is also worth less…. The balance is that you spend less 

[Izzy]

1 hour ago, Wolfox said:

you’d be worth a lot of money if you could predict that…

 

2%-6% is significant, but getting your next home for a lot less than you were hoping for is probably more significant 

Your house is worth less, but the house you aspire to is also worth less…. The balance is that you spend less 

I guess if the % reduction in our asking price and the % reduction in selling price of our upgrade is the same then yes, I can see how we’d spend less.

Is that what you mean?

[Wolfox]

1 hour ago, Izzy said:

I guess if the % reduction in our asking price and the % reduction in selling price of our upgrade is the same then yes, I can see how we’d spend less.

Is that what you mean?

Exactly what I mean!

[Buzzard]

Looking forward to remortgaging in the next couple of months. Up from 1.49% to 6.5% and the equivalent of an extra £300 a month. Nicely coinciding with the end of my energy deal.  

[ajthefox]

Thankful I renewed when I did a couple of months ago - 4.5% is looking OK for a while now. Crazy what's going on and how volatile things seem to be.

[Tommy G]

House prices down 3.8% and likely to fall a further 7-10%

[The Quick Brown Fox]

8 minutes ago, Tommy G said:

House prices down 3.8% and likely to fall a further 7-10%

Great news, just split with the wife and buying a place on my own, leaving a 1.98% mortgage and going into one at 5.68% and the markets dropping. 

Oh well, can't be helped. 

 

Just have to hope they recover later.

[Raj]

Have i mentioned my cousin is a mortgage advisor before!!

[Tommy G]

55 minutes ago, browniefox said:

Great news, just split with the wife and buying a place on my own, leaving a 1.98% mortgage and going into one at 5.68% and the markets dropping. 

Oh well, can't be helped. 

 

Just have to hope they recover later.

I hope the upside is you've left a nightmare Mrs behind.

[The Quick Brown Fox]

34 minutes ago, Tommy G said:

I hope the upside is you've left a nightmare Mrs behind.

Not at all, she's a good one. Been together for 22 years, just grew apart. 

[Tommy G]

3 minutes ago, browniefox said:

Not at all, she's a good one. Been together for 22 years, just grew apart. 

Sorry to hear that

[Blarmy]

Just about to buy a house with the new woman in my life after 5 years that contained 2 break ups and 6 house moves! Throw in being locked down, furloughed and having a new job pulled because of Covid for good measure. 

 

Here’s hoping this is the start of a (very) long spell of calm and stability.  I just want to do my job (I got lucky and landed the best job I’ve ever had just as my furlough was coming to an end) spend good times with good people, mess around with my guitars and synths and go out on my bike.

[Alf Bentley]

Please tell me I've made the right decision....or tell me I've made the wrong one, if you think I have. It's a fait accompli either way....

 

I'd agreed to buy a flat in Devon, leasehold plus freehold shared with 3 other flats. Survey revealed a number of issues, mostly as expected and not prohibitive, but also repairs needed to roof, which surveyor put at "up to £5k per flat".

Solicitor's enquiries then revealed that the management company responsible for building maintenance (jointly owned by the 4 flats) was dormant, due to be replaced by a new company, had no accounts for 3 years and no reserve funds....

 

Initially, I was just looking at the finances and requested a £2k price reduction from the seller (assuming the surveyor was describing a worst case scenario at £5k).

But then I started thinking more of the potential nightmare if the 4 flat owners couldn't agree to pay "up to £5k" each for roof repairs....strife and potential for the roof to deteriorate further with consequences for the building and its long-term value.

Seems like a pretty clear risk, doesn't it, if they can't even form a management company and pay the regular service charges? 

 

Anyway, I've withdrawn my offer, despite the seller offering a last-minute £3k reduction (after initially rejecting £2k). So I'm back to square one, 3 months' plans up in smoke and £2k+ solicitor's & surveyor's fees down the drain....

 

The current downward trend in the market could be my saviour as there are at least 8-9 viable alternative flats on the market in the same area for similar prices, mostly in better condition.  Losses & disappointment notwithstanding, I think I've dodged a bullet. I feel a bit shitty having let the seller down, especially as she has young kids, but know she was pricing the flat higher than she'd paid for it just a year ago. I've little idea who was at fault for the chaos with the management co.

 

At 61, it's the first time I've been involved in such leasehold/share of freehold/management company/service charges stuff. My only previous purchases were a semi-detached & a terraced house, both freehold, with the ex.