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mikeymadman

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About mikeymadman

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  1. mikeymadman

    Cambridge June 2013

    The huge rise in newbuild sales will be the newbuild properties around Trumpington that people are now moving into.
  2. mikeymadman

    The Smallest Detached House In Norfolk?

    They're doing themselves a favour if they don't sell it; who would buy the main house off them when it had that as an issue?
  3. mikeymadman

    Housing Association Trying To Force Debt On Me!

    Final verdict was that I got told I needed to stretch myself more and that I could afford something easily. Oh well... I don't think I'm going to harbour a grudge against them, they probably saved me from doing something very silly. All the best, MattW!
  4. mikeymadman

    Housing Association Trying To Force Debt On Me!

    Yes, this was one of the old style shared ownership schemes and not one of the more recent "Help to Buynkruptcy" style schemes :-) Bizarrely I had a look at the next most expensive shared ownership property for sale in the area. It's with a different Housing Association, and their limit is the opposite; that the housing expense must not exceed 30% of net income. So they'd also turn me down; on the basis that I should be looking for something cheaper.
  5. mikeymadman

    The Smallest Detached House In Norfolk?

    And... still not selling :-)
  6. For lots of reasons, none of which are particularly good and which I'm sure most of the people here would give me a properly earned "doing" for, I decided to give in and put in an offer for a 30% shared ownership flat. (I won't bore you with my excuses, but I have a list of them...). I would freely admit that while I wouldn't be able to buy the whole thing, buying 30% certainly would not stretch me and I'd be aiming to pay off the mortgage in 7-8 years. I do believe that house prices will go down, but if only liable to suffer just under a third of the drop myself I'm willing to pay that price to have the benefit of somewhere stable to live where I can put what I like on the walls... My offer was accepted, and I got my mortgage offer... ... but from a phone call today it looks like the Housing Association is going to turn me down. They want me to take on property expenses that are between 30-45% of my net income based on the cost using a mortgage for the shorter of 20 years or until retirement, and what I'm proposing to do would be a bit under 30%. For me what I'm proposing to take on seems like a sensible amount; at the moment I have a slightly better salary than I'd get if I had to look for a new job tomorrow, and at the moment I also don't have any motoring expenses which could very easily not be the case if I had to change job. They also want this to be the expense after I've used almost all my savings on the deposit, and feel that keeping as savings what would (after moving and related expenses) would be about 6 months expenditure shows I don't really need help. It seems sensible to me, and I'm sure I've read a government report criticising feckless people for not keeping 6 months income as savings, but to them it shows that I'm too rich for shared ownership. Further, the affordability calculation used by the mortgage company shows that I couldn't afford to buy the whole place (and I agree with them; I can't). Obviously I'm not going to argue too hard. They're probably doing me a favour, and additionally I don't want to buy something that I wouldn't be able to sell because they'd turn down all my buyers. For reference purposes, and to show just how out of keeping the government is with reality; for the property to cost between 30% and 45% of earnings you would be earning between £16,080 and £27,100pa. To meet the affordability calculation the mortgage company used (admittedly for the very cheapest interest rate on the shared ownership mortgage market) you'd have to be earning £25,735 (and this was based on my not having a car). So the poor couple trying to sell the place (and I don't doubt that they truly are trying to sell it because the place might have been big enough for two of them before there was a baby as well; they probably want to move very quickly) are looking for a buyer with an income in the range £25,736 to £27,100pa. Good luck to them. For me, the Housing Association's solution is that I should buy a share of a bigger property that I definitely couldn't afford and that would raise the expense to between 30 & 45% of my net income. No wonder there was an article recently saying that people who increase their share of shared ownership properties are almost as rare as hen's teeth.
  7. mikeymadman

    The Smallest Detached House In Norfolk?

    Glad it's still for sale; gives you hope!
  8. mikeymadman

    Cambridge

    I think it will have a massive effect, and that the station is needed (I think they have massively underestimated passenger numbers). There are stations at Waterbeach and Shelford, and in that respect what Shelford station needs is a car park (which there's no room for). However the places the new station will serve will be, as well as North Cambridge and Milton, places north and west of Cambridge like Bar Hell. With everything that's going on in the area there should also be a station at Addenbrooke's, but that's another story.
  9. mikeymadman

    Most overpriced Sh*thole

    Apparently it comes with a free land dispute.
  10. I wouldn't touch it; there's just a risk that at some point they'll demand to knock down a corner of your property because 'elf n safety requires that the person digging up the line when it breaks 15 years down the line has enough space for dance just in case...
  11. This is the guy I'd never heard of whose name turned up in bizarre circumstances when he tried to attack Estonia's current success and argue that it doesn't exist, because it contradicts his impression that Estonia's (austerity) policies that have been proven to be successful can't work. Best ignored, I do believe.
  12. mikeymadman

    Most overpriced Sh*thole

    I was going to post this: http://www.rightmove.co.uk/property-for-sale/property-39098846.html But then I realised that it doesn't belong here because one of the things it lacks is a shithole.
  13. mikeymadman

    Cambridge

    So... it's basically £1/4m for a new build one bed flat in Cambridge at the moment.. they hope. Do we think they'll get it? I presume they only paid half for the job, as they weren't able to demolish all of it. Joke, obviously.
  14. mikeymadman

    Most overpriced Sh*thole

    Meanwhile, in Cambridge we have something with a bunkbed almost hanging over the stairs. http://www.rightmove.co.uk/property-for-sale/property-32362966.html Surely surely surely that's a stray "1" in the price?
  15. mikeymadman

    Most overpriced Sh*thole

    I hope that is the winner of the 2012 Most Over-Priced Shithole competition, I really do.
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