Houses

[FoyleFox]

On 14/03/2024 at 18:59, Harry96 said:

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

Absolutely not. In recent times it has possibly been due to lack of buyer confidence, interest rate rises etc and also that people have unrealistic asking price expectations.

 

Some houses require vision from the buyer, and not everyone is capable of that. Ours certainly did, it was scruffy, and they had the layout a bit weird. People can't always see past that. The bonus in that instance was that no other viewers could or had any vision, and so we negotiated hard on the price, as it wasn't popular.

 

Also, bear in mind that the winter is generally a slower time in the housing market.

[Nod.E]

8 hours ago, Tommy G said:

In two minds whether to increase the offer - I’ve read about a million articles on the house prices outlook for 2024, and it’s mixed at best. They emigrate to the other side of the world next week so whether it’s a good idea to sit tight or pay a bit more, don’t want to look back in 12 months and the markets dipped 5%. 

There's every chance the time lost not securing this property may cost a fair bit just on increased mortgage rates, assuming they continue to trend upward in the short to medium term. It's unknown of course, but there's a set of circumstances which could play out that would mean not spending a little more now actually hurts your pocket.

 

Without being daft, I've always thought that if the house is right, get the deal done. Finding a house that works for you and that you like isn't easy, so it's not worth quibbling over a couple of grand when everything aligns, in my opinion. Especially when you consider that £5k extra isn't £5k more that you actually pay. It's £5k more on a mortgage that you'll no longer have in 5-10 years. 

 

Very approximate maths here but based on a 4% interest rate, the difference between a 562k mortgage and a 567k mortgage is £27 per month. Over 10 years that's just over £3k, which is a very long period of time and given the sums involves it's difficult to imagine you'd feel that. You'd like to think in the longer term we'd see lower interest rates, too.

 

Don't spite your nose to save your face because you didn't win the negotiation game, basically.

 

Of course sometimes there is a deal to be done, but it sounds like you're pretty close on price. Obviously don't take my advice as gospel, I'm definitely not a financial advisor and I'm no property expert either. Just offering my perspective that securing the right house is the most important consideration here. I've always found it frustrating to see people lose out on a house they love because they wouldn't part with cash they could afford. 

 

I've heard of people searching for years and a lot of it boils down to the psychology of needing to feel as though they've secured a bargain. For me, I've always preferred to make sure I get the house I want and end the search. Maybe I'm just impatient

[Tommy G]

5 hours ago, Nod.E said:

There's every chance the time lost not securing this property may cost a fair bit just on increased mortgage rates, assuming they continue to trend upward in the short to medium term. It's unknown of course, but there's a set of circumstances which could play out that would mean not spending a little more now actually hurts your pocket.

 

Without being daft, I've always thought that if the house is right, get the deal done. Finding a house that works for you and that you like isn't easy, so it's not worth quibbling over a couple of grand when everything aligns, in my opinion. Especially when you consider that £5k extra isn't £5k more that you actually pay. It's £5k more on a mortgage that you'll no longer have in 5-10 years. 

 

Very approximate maths here but based on a 4% interest rate, the difference between a 562k mortgage and a 567k mortgage is £27 per month. Over 10 years that's just over £3k, which is a very long period of time and given the sums involves it's difficult to imagine you'd feel that. You'd like to think in the longer term we'd see lower interest rates, too.

 

Don't spite your nose to save your face because you didn't win the negotiation game, basically.

 

Of course sometimes there is a deal to be done, but it sounds like you're pretty close on price. Obviously don't take my advice as gospel, I'm definitely not a financial advisor and I'm no property expert either. Just offering my perspective that securing the right house is the most important consideration here. I've always found it frustrating to see people lose out on a house they love because they wouldn't part with cash they could afford. 

 

I've heard of people searching for years and a lot of it boils down to the psychology of needing to feel as though they've secured a bargain. For me, I've always preferred to make sure I get the house I want and end the search. Maybe I'm just impatient

Thanks - just not in my nature to overpay for anything so getting beyond that psychological battle with myself is what I need to do - appreciate the sound advice 

[dsr-burnley]

On 14/03/2024 at 18:59, Harry96 said:

Might be a silly question but if a property has been on the market for a while more than 3 months would that be a no go more often than not?unless I guess it’s to do with lot of bidders or not realistic price? 

It's something to consider, but by no means definitive.  A house near me was on the market for over 6 months - 4 bedrooms, big playroom/gym in the basement, small garden and drive, relatively new - they only wanted £140k for it but (presumably because it's town centre) it didn't sell for 6 months.  Similar houses on the edge of town go for £200k-£250k.  The eventual purchaser can't believe his luck.

[Sol thewall Bamba]

Nationwide putting their rates up as of 8pm tonight. 

[Nalis]

5 minutes ago, Sol thewall Bamba said:

Nationwide putting their rates up as of 8pm tonight. 

Is that due to BoE interest rates being expeced to remain unchanged this week?

[Sol thewall Bamba]

39 minutes ago, Nalis said:

Is that due to BoE interest rates being expeced to remain unchanged this week?

No idea tbh, just had my broker call and tell me, luckily we can reserve the rate we agreed previously. Guess it'll cause a knock on with Halifax also raising recently.

[Costock_Fox]

15 hours ago, Nalis said:

Is that due to BoE interest rates being expeced to remain unchanged this week?

I think generally, banks aren’t currently willing to expose themselves to getting huge shares of the market should the rates shoot up. Doubt it’s to do with base rate rises at the min.

[lcfc278]

Does anyone on here have any recommendations for a windows and doors company in the Leicester/Leicestershire area? Looking at having all of the windows replaced but don't fancy going to one of the big boys like Safestyle or Everest.

[Steve_Walsh5]

2 minutes ago, lcfc278 said:

Does anyone on here have any recommendations for a windows and doors company in the Leicester/Leicestershire area? Looking at having all of the windows replaced but don't fancy going to one of the big boys like Safestyle or Everest.

We’ve just had some French doors fitted by A&A windows on blackbird Road. Done a very good job and reasonably priced.

[Wolfox]

5 minutes ago, lcfc278 said:

Does anyone on here have any recommendations for a windows and doors company in the Leicester/Leicestershire area? Looking at having all of the windows replaced but don't fancy going to one of the big boys like Safestyle or Everest.

Speak to Wayne at Pane Relief…. Top bloke

[Wolfox]

Anyone know of someone who makes wooden sash windows?  I need five of them…

 

And yes I know that will be hellishly expensive!

[grobyfox1990]

20 minutes ago, Wolfox said:

Anyone know of someone who makes wooden sash windows?  I need five of them…

 

And yes I know that will be hellishly expensive!

https://edwardjoyce.co.uk/

[Raj]

1 hour ago, lcfc278 said:

Does anyone on here have any recommendations for a windows and doors company in the Leicester/Leicestershire area? Looking at having all of the windows replaced but don't fancy going to one of the big boys like Safestyle or Everest.

@Sparky

[Sparky]

2 hours ago, lcfc278 said:

Does anyone on here have any recommendations for a windows and doors company in the Leicester/Leicestershire area? Looking at having all of the windows replaced but don't fancy going to one of the big boys like Safestyle or Everest.

Hi mate, feel free to have a look at my Facebook page, Mark Masters Double Glazing and glass replacement. Done quite a bit for foxestalk members over the years like Raj, Stez and quite a few others 👍

[Tommy G]

On 16/03/2024 at 06:27, Tommy G said:

Thanks - just not in my nature to overpay for anything so getting beyond that psychological battle with myself is what I need to do - appreciate the sound advice 

Went up and it’s still rejected - offered 97% of asking and the agent said they are holding out for the asking price….  

[Chocolate Teapot]

Currently got my house up for sale at a really fair price but keep getting lowball offers. It's frustrating when you try and do the right thing but then people think they're being clever by doing this.

[Tommy G]

If you are on the market how long is it taking to sell at the min? Then the time between selling and completing on something else. 

[SpacedX]

14 minutes ago, Tommy G said:

If you are on the market how long is it taking to sell at the min? Then the time between selling and completing on something else. 

That depends upon so many variables chief of which is location. In Leicester an area such as Oadby will sell very quickly - there is always demand due to the schools, however, some of the other south Leicestershire villages are very slow to shift property and interest rates have affected both buyers and sellers alike. It seems that people are less inclined to put their properties on the market right now which has led to near stagnation in some places. As the potential for house price increase gathers and picks up again and lower interest rates eventually usher in more attractive and competitive mortgage deals then the market will revive. Completion can depend on a range of factors from the size of the chain, to the solicitors and estate agents appointed. I may be mistaken, but I suspect with current the reduction on Stamp Duty due to expire in March 2025 and the lack of clarity on the future rate, we will see a surge of activity this summer. 

 

I sold my old house last May in a fortnight but it then took me until August to find somewhere to move to and have my bid accepted. It was then a further four months until I exchanged and completed a few weeks later. That was with no chain at either end!

Edited 21 March by SpacedX

[Tommy G]

1 minute ago, SpacedX said:

That depends upon so many variables chief of which is location. In Leicester an area such as Oadby will sell very quickly - there is always demand due to the schools, however, some of the south Leicestershire villages are very slow to shift property and interest rates have affected both buyers and sellers alike. It seems that people are less inclined to put their properties on the market right now which has led to near stagnation in some places. As the potential for house price increase gathers and picks up again and lower interest rates eventually usher in more attractive and competitive mortgage deals then the market will revive. Completion can depend on a range of factors from the size of the chain, to the solicitors and estate agents appointed. I may be mistaken, but I suspect with current the reduction on Stamp Duty due to expire in March 2025 and the lack of clarity on the future rate, we will see a surge of activity this summer. 

 

I sold my old house last May in a fortnight but it then took me until August to find somewhere to move to and have my bid accepted. It was then a further four months until I exchanged and completed a few weeks later. That was with no chain at either end!

Blimey - how did the buyer of yours feel about waiting so long? We’ve been in our place 10 years so we are looking at stretching to avoid moving again for a while as I really can’t be bothered. 

[SpacedX]

3 minutes ago, Tommy G said:

Blimey - how did the buyer of yours feel about waiting so long? We’ve been in our place 10 years so we are looking at stretching to avoid moving again for a while as I really can’t be bothered. 

They were ok about it, because there were over 20 people that had bid on it and wanted to buy it. Actually, once I found somewhere and the ball started rolling, their solicitor took an aeon and had an endless series of questions. 

 

The entire experience, though relatively straightforward for me in comparison to some sales./purchases was nonetheless horrendous and having moved several times recently, is not something I am eager to repeat in the foreseeable future, if not lifetime. 

[Tommy G]

Another ques - 2 years into a 2.05% fixed deal that runs into 2027. This is a portable product.

 

if I sell my property and don’t find a suitable property within an acceptable period of time we may choose to flog ours and move in with parents for a few months - can I still port the mortgage? Given there will be a break between selling and buying - ie not simultaneously, I don’t want to lose the deal. I’ve read the small print and looks like there are ERCs to settle then they are refunded if you buy within 6 months. My ERCs are £10k so do I have to fund these myself 

[FoyleFox]

41 minutes ago, Tommy G said:

Another ques - 2 years into a 2.05% fixed deal that runs into 2027. This is a portable product.

 

if I sell my property and don’t find a suitable property within an acceptable period of time we may choose to flog ours and move in with parents for a few months - can I still port the mortgage? Given there will be a break between selling and buying - ie not simultaneously, I don’t want to lose the deal. I’ve read the small print and looks like there are ERCs to settle then they are refunded if you buy within 6 months. My ERCs are £10k so do I have to fund these myself 

Yes. They'll be included in the amount to redeem the mortgage, your solicitor will pay it from the sale proceeds. It's incase you don't complete on a new purchase within the 6 months. The bank won't risk being out of pocket. It's been a long time since I worked in that sector but it certainly was the process then. 

[Costock_Fox]

7 hours ago, Tommy G said:

Another ques - 2 years into a 2.05% fixed deal that runs into 2027. This is a portable product.

 

if I sell my property and don’t find a suitable property within an acceptable period of time we may choose to flog ours and move in with parents for a few months - can I still port the mortgage? Given there will be a break between selling and buying - ie not simultaneously, I don’t want to lose the deal. I’ve read the small print and looks like there are ERCs to settle then they are refunded if you buy within 6 months. My ERCs are £10k so do I have to fund these myself 

 

7 hours ago, FoyleFox said:

Yes. They'll be included in the amount to redeem the mortgage, your solicitor will pay it from the sale proceeds. It's incase you don't complete on a new purchase within the 6 months. The bank won't risk being out of pocket. It's been a long time since I worked in that sector but it certainly was the process then. 

Might have got this wrong but I think the bank I work for would let you port within 3 months of selling.

[Costock_Fox]

Off to look at a house later, anyone got any experience of living in one with a thatched roof?

 

Appreciate it will have maintenance costs etc.