Houses

[Ollie93]

23 minutes ago, Leicester_Loyal said:

I've always said I'll never rent if possible, it's dead money unless you're working away for a short term contract or something, but each situation is different for everyone and some people have to rent unfortunately. The main thing is you're at least saving something, and the prices at the minute aren't going any higher.

 

What sort of properties are you looking for? 2 bed semi or something bigger?

Yeah exactly, my girlfriend moved over from Belfast, so living at home wasn't really something we wanted. Maybe a few months before buying I may consider it. Not really looking yet, going to get a good deposit saved between us then look. Always seems risky to me going 50/50 on a mortgage with someone though.

[Leicester_Loyal]

2 minutes ago, Ollie93 said:

Yeah exactly, my girlfriend moved over from Belfast, so living at home wasn't really something we wanted. Maybe a few months before buying I may consider it. Not really looking yet, going to get a good deposit saved between us then look. Always seems risky to me going 50/50 on a mortgage with someone though.

Hopefully by the time you're ready to move the deposit percentage will have come down, it's at about 15% minimum for a lot of mortgages atm.

 

Me and the ex missus were together 5 years, started saving for a house after about 18 months together, we had a mortgage appointment booked at the bank in April, had it not been for Coronavirus, we'd probably have been in the process of buying a house together when we split up in May. It's risky and terrifying, because loads of things can go wrong and you've gotta sell it etc. But you can't go through life thinking like that, if you think she's someone you can see yourself with for the future then it's worth the risk mate. Fortunately for me I had enough saved to go it alone, so splitting up has just meant that I had to find a slightly cheaper house.

[Ollie93]

35 minutes ago, Leicester_Loyal said:

Hopefully by the time you're ready to move the deposit percentage will have come down, it's at about 15% minimum for a lot of mortgages atm.

 

Me and the ex missus were together 5 years, started saving for a house after about 18 months together, we had a mortgage appointment booked at the bank in April, had it not been for Coronavirus, we'd probably have been in the process of buying a house together when we split up in May. It's risky and terrifying, because loads of things can go wrong and you've gotta sell it etc. But you can't go through life thinking like that, if you think she's someone you can see yourself with for the future then it's worth the risk mate. Fortunately for me I had enough saved to go it alone, so splitting up has just meant that I had to find a slightly cheaper house.

Yeah I agree, my dad always told me to get it in writing, that you split the sale the same % you put in, should you break up and sell. Not sure about that conversation!

[ajthefox]

4 minutes ago, Ollie93 said:

Yeah I agree, my dad always told me to get it in writing, that you split the sale the same % you put in, should you break up and sell. Not sure about that conversation!

Yeah, good luck with that mate 

 

 

[VLC86]

21 minutes ago, ajthefox said:

Yeah, good luck with that mate 

 

 

I think there is something legally you can put in place if this happens.

[lildave3]

40 minutes ago, Ollie93 said:

Yeah I agree, my dad always told me to get it in writing, that you split the sale the same % you put in, should you break up and sell. Not sure about that conversation!

 

12 minutes ago, Costock_Fox said:

I think there is something legally you can put in place if this happens.

When we signed we had to answer what are stakes in the house were, whether it would be 50/50 or I owned more. 

[Leicester_Loyal]

1 hour ago, Ollie93 said:

Yeah I agree, my dad always told me to get it in writing, that you split the sale the same % you put in, should you break up and sell. Not sure about that conversation!

You hear so many stories about blokes getting married and losing everything, it certainly makes you think. Once I own my own house, I want it to be mine, as I'll have paid for it all, but once you have kids and stuff, she'll be able to take half anyway Keep up updated with the saving progression!

[z-layrex]

Praying they announce no stamp duty up to 500k tomorrow, we'll save over 10k!!

[Leicester_Loyal]

Money for home improvements too, 2/3s of a greener new boiler and loft insulation.

 

A Tory Government spending money like it's going out of fashion, who knew

[Wolfox]

Potential stamp duty holiday to be announced tomorrow:

https://www.bbc.co.uk/news/business-53319433
 

[The Fox Covert]

9 hours ago, Leicester_Loyal said:

You hear so many stories about blokes getting married and losing everything, it certainly makes you think. Once I own my own house, I want it to be mine, as I'll have paid for it all, but once you have kids and stuff, she'll be able to take half anyway Keep up updated with the saving progression!

There were no kids in my marriage, however my ex still demanded half. Half of my house, half of my pensions. Of course she demanded that she should be allowed to keep all of her house and all of her pensions. The judge accepted my argument that she should not have been occupying both houses after I left her, and also that her NHS pension is destined to provide her with a much more comfortable retirement than my ragbag motley collection of private and company pensions. She walked away with a bit of money towards her very considerable legal costs but otherwise, nothing.

[Leicester_Loyal]

Just now, The Fox Covert said:

There were no kids in my marriage, however my ex still demanded half. Half of my house, half of my pensions. Of course she demanded that she should be allowed to keep all of her house and all of her pensions. The judge accepted my argument that she should not have been occupying both houses after I left her, and also that her NHS pension is destined to provide her with a much more comfortable retirement than my ragbag motley collection of private and company pensions. She walked away with a bit of money towards her very considerable legal costs but otherwise, nothing.

I've seen it happen first hand mate, you're lucky she didn't get too much. Just shows you that you never know how it's gonna end up.

 

Poor Ollie's gonna end up dumping his missus and buying a house solo by the end of the week after reading all this thread

[grobyfox1990]

21 hours ago, Ollie93 said:

Yeah exactly, my girlfriend moved over from Belfast, so living at home wasn't really something we wanted. Maybe a few months before buying I may consider it. Not really looking yet, going to get a good deposit saved between us then look. Always seems risky to me going 50/50 on a mortgage with someone though.

Do a co-ownership form, you can decide if you want to be joint tenants, tenants in common (both 50/50) or tenants in common with unequal shares (i.e you get 70 she gets 30 or whatever). I did this, i don't see an awkward conversation as a barrier towards potentially unmitigated disaster later down the track if the worst may to occur.

[Strokes]

19 hours ago, Leicester_Loyal said:

You hear so many stories about blokes getting married and losing everything, it certainly makes you think. Once I own my own house, I want it to be mine, as I'll have paid for it all, but once you have kids and stuff, she'll be able to take half anyway Keep up updated with the saving progression!

Once you have kids you’re natural protective nature would want them to have the home in any case. Even if it’s somewhat begrudgingly.

I’d rather my existence be a struggle than theirs.

[Langley]

0% stamp duty up to £500,000 

[Leicester_Loyal]

50 minutes ago, Langley said:

0% stamp duty up to £500,000 

Not sure if this will just keep prices at a similar level or mean they'll keep rising. As a FTB I'd imagine I'm now going to be competing with couples and small families who are looking to upgrade to a slightly bigger house.

 

I'm going to go with the market being flooded with new buyers, pushing prices up, which is shit news for me personally

Edited 8 July 2020 by Leicester_Loyal

[whitlock]

Any idea if this will be for second home purchases also?

[rachhere]

23 minutes ago, Leicester_Loyal said:

Not sure if this will just keep prices at a similar level or mean they'll keep rising. As a FTB I'd imagine I'm now going to be competing with couples and small families who are looking to upgrade to a slightly bigger house.

 

I'm going to go with the market being flooded with new buyers, pushing prices up, which is shit news for me personally

At least you have a head start already on them. Will take people a while to sort out for selling, choose agents etc, whereas you are ready to go. I can definitely see this stopping a dip in prices though, which from a personal perspective I am very happy with!

[VLC86]

I still think prices will drop in the short term, we aren’t even at the point of furlough stopping and companies are announcing huge redundancies. I can see unemployment sky rocketing in a few months and then people won’t be able to move.

 

Its made me tempted to consider downsizing.

[Milo]

13 minutes ago, Costock_Fox said:

I still think prices will drop in the short term, we aren’t even at the point of furlough stopping and companies are announcing huge redundancies. I can see unemployment sky rocketing in a few months and then people won’t be able to move.

 

Its made me tempted to consider downsizing.

Hello mate - do you know if the stamp duty holiday will kick upwards?

 

I can't see anywhere where it says what happens to purchases above £500k. Will it be no duty on the first £500k and then, say, 5% between £500k and x, up to £925K? 

[Wrighty22]

Any plumbers on here?

[VLC86]

18 minutes ago, Milo said:

Hello mate - do you know if the stamp duty holiday will kick upwards?

 

I can't see anywhere where it says what happens to purchases above £500k. Will it be no duty on the first £500k and then, say, 5% between £500k and x, up to £925K? 

I’ve not seen anything at all to be honest.

 

PS stop being greedy you rich bastard.

Edited 8 July 2020 by Costock_Fox

[Milo]

10 minutes ago, Costock_Fox said:

I’ve not seen anything at all to be honest.

 

PS stop being greedy you rich bastard.

Asking for a friend...

 

 

[VLC86]

4 minutes ago, Milo said:

Asking for a friend...

 

 

Haha. Nothing is changing above £500k mate.

[VLC86]

31 minutes ago, Wrighty22 said:

Any plumbers on here?

It’s just water lego.