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SEW247

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About SEW247

  • Rank
    HPC Regular

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  • Location
    SE4 London
  • About Me
    Formerly of N19 where is lucked out on my 2 bed flat and bailed out to SE4 and bought a 4 bed house. Still think prices will drop, but got a 10 year fix and a 60% deposit so I should be okay
  1. An interesting read this far! So those of you with pensions, what are you planning to switch your investments to?!
  2. I personally think 25 years is too long as I can't think of anyone my age who has a mortgage being able to commit to staying where they are for the next 25 years and at a significantly higher rate I'm not sure it makes sense. That said, I suppose if you were in a stable job and happy where you live with settled kids etc then it might make sense for piece of mind. I personally went for a 10 year fix when I moved in April as I can almost definitely see myself being where I am now for the next 10 years now I'm thinking of getting married, having kids and in a stable job. I managed to snare one with Woolwich at 3.69% but I see they've ramped it up to 3.99% now. The ERC is not so much of an issue as it gradually wears away over the 10 years plus the product is portable. However, the way I see it, the Tories will be doing all they can to get people onto these long fixes to keep the bubble going and it wouldn't surprise me to see some pretty low rates when compared to historical averages (e.g. compared to 5 year rates)
  3. SEW247

    Estate Agent Just Sent Me This

    Funny enough, this is exactly how I sold my flat though I think they called it a "pre market launch". It's actually a very good way of marketing a property, particularly where there is uncertainty over what to put it on at. This then avoids the vendor putting it on at too high a price and then having to slash the price which the shows up on rightmove and we all then ask "wot's wrong with it".
  4. Dearly me, looks like the £50k hike didn't work after all. It's now back at £550k http://www.kfh.co.uk/residential-properties/houses-for-sale-london/houses-in-catford-se6-winterstoke-road/2121528/
  5. No not sucking eggs at all. I was watching this area for 3 years and it has gone b@tsh1t in the last 6 months. Fortunately I managed to buy a house which is a for lifer, but it's interesting to keep an eye on it all in any case. Agree with you RE value - Blythe Hill has some nice houses but the SE6 Catford postcode so a lot of people turn up their noses at it. From what I've heard, the parasites are now ramping Penge and even parts of Sydenham (!) now prices have gone up too much in SE4!
  6. And here's another one I was keeping an eye on - now gone up £25k in the past month http://www.rightmove.co.uk/property-for-sale/property-45880880.html
  7. In hindsight I think we had a lucky escape. Problem is, there's very little on the market and I suspect people will now be getting pretty desperate. it will be interesting to see what effect the new mortgage affordability rules have on things. Looking through the list of things they may ask, I think it's very doubtful anyone living in London will be getting a mortgage
  8. http://www.rightmove.co.uk/property-for-sale/property-42270025.html This property was on the market for £550k back in January and has now reappeared for..... £600k!!! with one agent and £575k!!! with the other agent http://www.rightmove.co.uk/property-for-sale/property-30115893.html I think it was on the market back in August 2013 for £550k and It went to under offer before Christmas but the previous buyer had a full survey, and the sale fell through. So I made an offer of £500k back in early January as it has bad damp in the basement level and other issues with water ingress in the elevated garden including a retaining side wall which was leaning over when I viewed it, hence my offer. The house has been "developed" (and I use the term loosely) but has been done in a very cheap (plastic baths, cheapo kitchen) and bizarre way as the layout makes no sense at all. That said, it's a huge house with some potential. This was rejected and I was told that there was an offer close to asking price. Since then I got a call in mid February saying the sale had fallen through again and invited to make a new offer which I didn't as I had then found something else. I'll be fascinated to see what happens with this one!
  9. SEW247

    London's Housing Bubble 1996 - 2014

    Indeed lots of bearish news today, but now I'll be in a house which I can see myself staying in for 10+ years. The thought of being trapped in a 2 bed flat in a falling market was actually quite frightening and one of the key reasons why I was so desperate to get out. Hopefully my long fix and 50% deposit should see me through the worst of it when it inevitably comes once Milliband and Balls are in Number 10 & 11.
  10. SEW247

    London's Housing Bubble 1996 - 2014

    Don't say that! I just exchanged contracts today! Oh well, got my ten year fix, GF just got a new mega bucks job, so we should be able to ride out the storm. I guess I'm better off to now be in a house rather than a 2 bed flat when it all comes tumbling down. But you're right - some people are going to get badly burnt.
  11. SEW247

    Friends Gazumped

    Same situation for me this week. Couldn't exchange yesterday as my buyer hadn't got her shiv together. My vendors then asked for £25k more. I told them I didn't have the money and then they said they would be re marketing property this week £25k higher. I then called their vendors estate agent and told him what was going on, explaining that if my vendor has to find a new buyer his sale to them will be delayed for at least another 2 months (he's already waited 6 months for them to exchange and his client is already fuming) He then called my vendor and said his vendor wants £15k to wait for them to find a new buyer. Suddenly an extra £10k for at least two months waiting doesn't seem so appetising (it was let slip they are paying £2k per month mortgage and their business needs cash flow)They've now given us until Thursday to exchange at the agreed price. Anecdotal: spoke to my IFA: Nationwide and Woolwich taking up to 8 weeks to process mortgage applications and Santander taking 6-8 weeks. IFA says there is nothing he (or their relationship managers with lenders) can do to speed up the process - apparently huge backlogs due to numbers of applications. This is good news for those whose vendors try and gazump them as any price increase has to be reported back to lender with new mortgage offer then processed and issued, regardless of whether the extortion price increase is paid for in cash (I.e. not borrowing more). Always a good one to go back to them with. Also I've heard that surveyors are down valuing properties (in London) so their extortion attempts could double back fire if the house is not valued up correctly.
  12. SEW247

    Diesel Deflation

    I went for the 430d MSport but am struggling to get more than 43mpg on a good motorway run, and that's doing 75mph However it has masses of torque and power and there's nothing like hearing those two twin turbos whistling away whilst destroying some mug in his poor mans 911 (Boxter ). If you've not tried it, make sure you engage launch control next time you get that sidewards glance at the traffic lights!
  13. Mods, please can you give this a bit of time in the bear pit to flavour a bit of debate and to hopefully give me some help! Them please drop to the appropriate forum afterwards - greatly appreciated. My situation: - Trying to sell my place with my Agent A to my buyer, who is causing problems and dragging things out. - Trying to buy from my vendor via Agent B who is fine, absolutely no problem at all. - My vendor is trying to buy his place via Agent C. Basically Agents A and C have fallen out so Agent C doesn't trust Agent A and my buyer is delaying things as her mortgage company lost some paperwork(!) and it's taking weeks for her to get her written mortgage offer. Instead, Agent C has got my number and keeps calling me and asking questions about my buyer as she is the one holding things up (everyone else in chain is ready to exchange). He's asking for her address and phone number which I don't give him and no one else gives him. Suddenly I hear today from my vendor that Agent C has somehow managed to get my buyer's number and it now seems he is harassing her. My concern is that she's going to throw a wobbly and possibly pull out, this will then impact my purchase. I'm not worried about finding another buyer, but doing so will cause delays with searches / mortgage valuation (down here in Londinium) which means my vendor may then find someone else. Does anyone know: - Apart from obviously being completely unethical, has Agent C done anything illegal / Breeched the Property Ombudsmen's code? - Does the Property Ombudsmen have any teeth (his firm is a member) and can they do anything? - if my sale fell through and it turns out his harassment caused this, could I try and claim for damages? - Is it worth just pursuing a complaint with the ombudsmen just to try and get Agent C into the sh!v? - is there any other sort of Ombudsmen / code of practice agents should follow (I think I know the answer....) Any ideas would be much appreciated.
  14. I agree it's a risk, a huge one if you have a big mortgage which I will have. Plus I'm not in a position that I was in the past where both myself and my GF were in PAYE roles when I was on a tracker. She's running her own consultancy at the moment making good £ which is just factored in as a bonus and not needed for the mortgage / living expenses. If a sprog is factored in and she suddenly can't work and we needed the money (and were on a tracker with rates rising fast) then we'd be in do do. The £500 extra was to illustrate the difference between the rate I booked and another poster who seems to think it might be possible to have long term mortgage rates at 1%, which I think is highly unlikely. I'm now at a stage in my life where I'll do my numbers, overpay a huge amount over the next ten years and end up with a very small mortgage. I work in risk management and have naturally become more risk averse over the past few years, but I'm just genuinely interested in other people's strategies / thoughts on what they will do next mortgage-wise. It's always good to see things from a different angle.
  15. Ask to see the NICEIC Condition Report which would have been produced if the work had been done, and by an NICEIC registered electrician.
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