Houses

[FoyleFox]

2 hours ago, whitlock said:

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

Not applicable to second home purchases.

[Langley]

4 hours ago, whitlock said:

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

no it won't be. 

[Langley]

3 hours 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? 

 

 

ou can use the table to work out the SDLT due:

Property or lease premium or transfer value	SDLT rate
Up to £500,000	Zero
The next £425,000 (the portion from £500,001 to £925,000)	5%
The next £575,000 (the portion from £925,001 to £1.5 million)	10%
The remaining amount (the portion above £1.5 million)	12%

 

 

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

[ajthefox]

2 hours ago, FoyleFox said:

Not applicable to second home purchases.

 

37 minutes ago, Langley said:

no it won't be. 

 

 

Quote

Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules

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

 

Forgive me if I'm reading it wrong but isn't this saying it will?

[Happy Fox]

Whose selling their house in Corby? 

 

https://www.zoopla.co.uk/for-sale/details/55369194

[Milo]

40 minutes ago, Happy Fox said:

Whose selling their house in Corby? 

 

https://www.zoopla.co.uk/for-sale/details/55369194

Bertie Bassett, judging by the bedroom...

[Costock_Fox]

1 hour ago, Happy Fox said:

Whose selling their house in Corby? 

 

https://www.zoopla.co.uk/for-sale/details/55369194

One of our scouts lives in Corby, he used to come in my work when I worked there.

 

More to the point, who is buying in Corby?

Edited 8 July 2020 by Costock_Fox

[RumbleFox]

We got an offer accepted and mortgage granted just before lockdown then didn’t hear anything for a few months. Out of the blue we were told three weeks ago it was going ahead and we were moving tomorrow. Then two days ago the seller pulled out last minute.  Gutting.  Then he changed his mind and now the move is back on but for Monday. Crazy few weeks and a bit stressful but thank feck it all looks sorted now and looking forward to move. Xx 

[Leicester_Loyal]

14 hours ago, ajthefox said:

 

 

 

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

 

Forgive me if I'm reading it wrong but isn't this saying it will?

I’m sure that they do get some stamp duty relief, but have to pay some still. 
 

I saw a poll yesterday and over 59% of people said they were more likely to move now. It’s probably just gonna push prices up, which would be just my luck. 
 

Can’t even go and view properties or make offers at the minute because I’m in a lockdown area. 

Edited 9 July 2020 by Leicester_Loyal

[z-layrex]

2 hours ago, RumbleFox said:

We got an offer accepted and mortgage granted just before lockdown then didn’t hear anything for a few months. Out of the blue we were told three weeks ago it was going ahead and we were moving tomorrow. Then two days ago the seller pulled out last minute.  Gutting.  Then he changed his mind and now the move is back on but for Monday. Crazy few weeks and a bit stressful but thank feck it all looks sorted now and looking forward to move. Xx 

Jesus, I cant imagine what that was like for you. It's stressful enough when nothing has gone wrong yet. You're in love with a place, but it could all fall through. Feels very vulnerable.

[ajthefox]

3 hours ago, RumbleFox said:

We got an offer accepted and mortgage granted just before lockdown then didn’t hear anything for a few months. Out of the blue we were told three weeks ago it was going ahead and we were moving tomorrow. Then two days ago the seller pulled out last minute.  Gutting.  Then he changed his mind and now the move is back on but for Monday. Crazy few weeks and a bit stressful but thank feck it all looks sorted now and looking forward to move. Xx 

Hope it all goes well, Rumble.

 

1 hour ago, Leicester_Loyal said:

I’m sure that they do get some stamp duty relief, but have to pay some still. 
 

I saw a poll yesterday and over 59% of people said they were more likely to move now. It’s probably just gonna push prices up, which would be just my luck. 
 

Can’t even go and view properties or make offers at the minute because I’m in a lockdown area. 

Yeah, it seems they get relief but still have to pay extra. I don't think anyone buying a second (3rd, 4th etc) property should get any tax relief on it but this is a Tory government.

 

Likewise I'm currently looking, but if anything I think this relief is going to make it harder for us first time buyers because it just means those who aren't FTBs can afford more.

[Footballwipe]

27 minutes ago, ajthefox said:

Hope it all goes well, Rumble.

 

Yeah, it seems they get relief but still have to pay extra. I don't think anyone buying a second (3rd, 4th etc) property should get any tax relief on it but this is a Tory government.

 

Likewise I'm currently looking, but if anything I think this relief is going to make it harder for us first time buyers because it just means those who aren't FTBs can afford more.

Me either. Someone might come along and tell me I'm wrong but essentially a second, third, fourth home is bought to make money, yield a return. It's an investment not a place to live and it's unfair that there's aid for this, especially when there's the potential that they'll hoover up the flats and smaller houses that FTB will be competing with them for.

 

I'd also be interested to know the attitude of buyers and their budgets. We've obviously bought now and are thick in the process of papers etc, but if we'd not found anywhere as I don't think we'd personally have decided to increase what we could afford. Our friends are already allocating it to a new bathroom/kitchen in the houses they're getting, and for us it is a near £7k saving which we can invest in bits and bobs.

 

I guess it does depend on the budget you're working with though!

[RumbleFox]

2 hours ago, z-layrex said:

Jesus, I cant imagine what that was like for you. It's stressful enough when nothing has gone wrong yet. You're in love with a place, but it could all fall through. Feels very vulnerable.

Cheers. Yeah has been pretty stressful and we’ve still not signed yet but hopefully move still on for Monday. It’s a shitty situation but we’ve been pragmatic. Worse things happen right?  

[Costock_Fox]

2 hours ago, RumbleFox said:

Cheers. Yeah has been pretty stressful and we’ve still not signed yet but hopefully move still on for Monday. It’s a shitty situation but we’ve been pragmatic. Worse things happen right?  

Was going to say if you have a moving date you must have exchanged contracts but sounds like you haven’t, nightmare.

[RumbleFox]

3 minutes ago, Costock_Fox said:

Was going to say if you have a moving date you must have exchanged contracts but sounds like you haven’t, nightmare.

Yeah not yet. Hopefully signing tomorrow and moving in Monday. Can’t wait to just get settled in now. 

[FoyleFox]

3 hours ago, Footballwipe said:

Me either. Someone might come along and tell me I'm wrong but essentially a second, third, fourth home is bought to make money, yield a return. It's an investment not a place to live and it's unfair that there's aid for this, especially when there's the potential that they'll hoover up the flats and smaller houses that FTB will be competing with them for.

 

I'd also be interested to know the attitude of buyers and their budgets. We've obviously bought now and are thick in the process of papers etc, but if we'd not found anywhere as I don't think we'd personally have decided to increase what we could afford. Our friends are already allocating it to a new bathroom/kitchen in the houses they're getting, and for us it is a near £7k saving which we can invest in bits and bobs.

 

I guess it does depend on the budget you're working with though!

 

Definitely. I can only speak from personal experience but your return on investment is greater with flats and small houses. If you had £250k to invest, your RTI would be better from purchasing 2 x £125k properties than 1 for £250k. I've no knowledge of rental prices in Leicester but where I am the rent paid wouldn't increase proportionately to cost of property. You'd buy a really nice 3 bed semi for £125k, which would rent at £550-600pcm. You wouldn't get more that £600-650pcm for anything larger. You'd be even better off buying 3 x £85k properties, which would most definitely be FTB properties.

 

We don't have a set budget for our next move, although we have an ideal upper limit but removing stamp duty does mean if we look at a property which requires work we'll have extra to do work. And as I don't appear to like the interior of any property for sale in Leicestershire, we'll need to redecorate whatever we buy, so the saving could get me a new bathroom.

Edited 9 July 2020 by FoyleFox

[Stuntman_Mike]

2 hours ago, RumbleFox said:

Cheers. Yeah has been pretty stressful and we’ve still not signed yet but hopefully move still on for Monday. It’s a shitty situation but we’ve been pragmatic. Worse things happen right?  

Yup.

 

Me and my girlfriend had a move date on the 24th June, all packed up and ready to go only to be told the sellers didn't know anything about it... they hadn't even sorted their own mortgage offer for their new place.

 

Unreal **** up.

 

 

[Big Dave]

15 hours ago, Costock_Fox said:

One of our scouts lives in Corby, he used to come in my work when I worked there.

 

More to the point, who is buying in Corby?

There is quite a strong market in Corby, both for sales and lettings.  Lots of redevelopment and lots of new industry being built.

Its a great Buy To Let area with lots of demand for rentals, and strong rents.

[Costock_Fox]

1 minute ago, Big Dave said:

There is quite a strong market in Corby, both for sales and lettings.  Lots of redevelopment and lots of new industry being built.

Its a great Buy To Let area with lots of demand for rentals, and strong rents.

I know, it’s not too bad round there really. The town centre is alright now, or it was about 3 years ago when I worked there.

 

Its definitely got some ‘characters’ there though. Had one guy come in my work with a swastica tattoo and another guy wearing a t shirt that said “if you can’t speak English F uck off home” 

[UniFox21]

45 minutes ago, FoyleFox said:

 

Definitely. I can only speak from personal experience but your return on investment is greater with flats and small houses. If you had £250k to invest, your RTI would be better from purchasing 2 x £125k properties than 1 for £250k. I've no knowledge of rental prices in Leicester but where I am the rent paid wouldn't increase proportionately to cost of property. You'd buy a really nice 3 bed semi for £125k, which would rent at £550-600pcm. You wouldn't get more that £600-650pcm for anything larger. You'd be even better off buying 3 x £85k properties, which would most definitely be FTB properties.

 

We don't have a set budget for our next move, although we have an ideal upper limit but removing stamp duty does mean if we look at a property which requires work we'll have extra to do work. And as I don't appear to like the interior of any property for sale in Leicestershire, we'll need to redecorate whatever we buy, so the saving could get me a new bathroom.

For me if I was to rent properties out, If it was an area like Leicester near to a uni etc I'd smash them in multiple occupancy and go let out to students or a room by room basis in a flat share for young professionals. I was being charged £80/£90 per week in my student houses, each with anywhere from 4 people upwards. In my final year we each paid around £320 a month, in a 4 person house rented for around a year, you're hitting a decent sum a month. 

[rachhere]

39 minutes ago, Stuntman_Mike said:

Yup.

 

Me and my girlfriend had a move date on the 24th June, all packed up and ready to go only to be told the sellers didn't know anything about it... they hadn't even sorted their own mortgage offer for their new place.

 

Unreal **** up.

 

 

how is that even possible?!

 

Moving house is so ridiculously stressful. Our last move we finally got in place after 6 months of hard work when we were out in China on a 3 week holiday. The stress of trying to coordinate all that when travelling through national parks away from the big cities is not something I would want to repeat. Thankfully we managed to the removal firm etc booked and managed to pack the house up in about 4 days when we got back, moving on the last day before our buyers mortgage offer ran out. 

Edited 9 July 2020 by rachhere

[z-layrex]

53 minutes ago, Stuntman_Mike said:

Yup.

 

Me and my girlfriend had a move date on the 24th June, all packed up and ready to go only to be told the sellers didn't know anything about it... they hadn't even sorted their own mortgage offer for their new place.

 

Unreal **** up.

 

 

What. The. ****. Was their solicitor just totally ****ing useless or something?

 

My friends solicitor nearly cost them their move apparently, the company sacked her.

[Stuntman_Mike]

1 hour ago, rachhere said:

how is that even possible?!

 

Moving house is so ridiculously stressful. Our last move we finally got in place after 6 months of hard work when we were out in China on a 3 week holiday. The stress of trying to coordinate all that when travelling through national parks away from the big cities is not something I would want to repeat. Thankfully we managed to the removal firm etc booked and managed to pack the house up in about 4 days when we got back, moving on the last day before our buyers mortgage offer ran out. 

 

1 hour ago, z-layrex said:

What. The. ****. Was their solicitor just totally ****ing useless or something?

 

My friends solicitor nearly cost them their move apparently, the company sacked her.

Suppose we'll never know which solicitor was at fault..

 

Can't wait for it all to be over with and sorted 

[Rob1742]

Got a new solicitor, and again just shows you the difference between good and normal. 

 

So I asked for a quote from a Leicester firm as my usual local one is closed, and the email came back saying something like “ we usually answer queries within 2-3 days, as we prioritise our work” . Three days later I get my quote as per what they say, THREE days. I thought if that is how they work I’m going to be in bother. 

 

So I ring another one up who I have done some other work with. It’s not in Leicestershire, but they have been incredible getting money back for me from non paying tenants so thought I would give the conveyancing team a ring.

 

I kid you not, the guy comes back within 15 minutes of any email you send. He emails you and asks if he can call you, and if you ring him you get him straight away.

 

Yesterday I asked for the contracts to sign as I might be engaged for a few weeks, they were done and with me half hour later.

 

I once purchased a house within 4 days, so this again shows you the difference between good and average solicitors. 

[Shane]

Saw this comment online and it sums up the housing crisis perfectly:

 

I'm thinking about monopoly for some reason! 
 

How when you have a lot of property, and you start to put houses on them. Then other players start to land on them, and you're taking all their money and getting so rich. 
 

Then you use that money to buy more houses, and start completely bankrupting other players. You can even open up a hotel (Airbnb?) to get even richer. You feel so powerful, but also like an asshole! 
 

Never realized before now that this is exactly what people do in real life too.  
 

Are there any parties that want to tackle this? Not baby steps, but like genuinely stop foreign homeownership, and stop people from owning more than a single home? I think the housing and AirBnB crisis is one of the biggest issues in the UK, and it's only going to get worse.

 

 

Edited 10 July 2020 by Shane