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pswnio

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About pswnio

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  1. I've just moved. In both the area I've come from (urban regeneration hellhole) and the area I've moved to (Kent town), the local library is heaving. We use ours frequently, our toddler loves it. Furthermore, neither building would be remotely suitable for housing.
  2. This happened to me, and against all the odds the agent turned out to be telling the truth. The house we came across had been on the market for over a year, having been on for a year before that before going SSTC only for the deal to fall through. The estate agent was a proper wide boy, so when he told me that he had an offer of £282.5k against an asking price of £290k, and that if I was interested I had to move fast, I thought he was full of air. I called to arrange a second viewing three days later and it had gone SSTC. And two months later sale completed. So it can happen...
  3. I'm buying a house which is currently tenanted, but will only complete with vacant possession. Position is: - Tenant was served with notice on October 31st. Her notice period is 2 months. - Vendor and landlord offered a financial incentive to vacate earlier, and she agreed in writing to vacate no later than 14th December. - Tenant has now found an alternative property and has informed current landlord/vendor that she intends to move on 3rd December. The whole chain is signed up to completion on 5th December. My conveyancer has advised that we shouldn't exchange contracts until the tenant has vacated, since I will be at risk if the tenant changes her mind and decides to dig her heels in and not go. (Unlikely scenario, but possible). However, the rest of the chain won't wear this, and want to exchange contracts now to give them certainty. I am told that the only way this deal will stay alive is if I agree to exchange now. The completion date of 5th December is acceptable to everyone. What would happen if I exchanged now and then the tenant didn't bugger off? Presumably my options would be: - complete the sale of my property, put worldly goods into storage, and find alternative accommodation until the tenant has gone, then demand compensation from the vendor for breaking the terms of the contract; - refuse to complete the sale of my property, send the whole deal down the drain, be sued by the people who are buying my property, and sue the vendor I am buying from. Anyone with thoughts or advice? What would you do? Thanks muchly.
  4. +1. Apart from having a Russian wife or living in Sweden or the USA.
  5. I don't suppose for a second that all local authorities will support the idea of increasing all rents above target, least of all those in high value areas in London.
  6. The rents I referred to as "social" are "target" rents (and the calculation is based on property values in 1999, not 2001 ) There is a new regime now in place where the majority of rented stock built with public subsidy has to be let at an "affordable" rent; supposed to be 80% of market rent. Not only that, but the goverment wants properties currently let on social/target rent to be changed to "affordable" rent when they become void. The increase in revenue is supposed to replace capital subsidy as the investment required to build new stock.
  7. Certainly in London there's a massive difference between "social" and "affordable" rents, and there's a question mark as to whether you can define 80% of market rent as "affordable". Outside London, there's less of a differential, particularly when you take into account that the "affordable" rent has a service charge built in if applicable but "social" doesn't. Here the main difference is fixed-term vs lifetime tenancies. Less security for the tenant; then again, many argue that social rent shouldn't be for life...
  8. It's not so much "allowed" them to as demanded that they do. You can't build social rented homes without a degree of public subsidy, and the level of capital public subsidy available has been slashed, thereby necessitating revenue funding through increased rents. The move is partially ideological on the government's part, and it's choking any chance of significantly increased supply.
  9. I'm in a similar position. No value there at all where we're moving (Kent) but there are other things in life than value. We're borrowing just under 2x joint, and will have over 50% equity. Also looking to pay off in 10 years. Well, under if we can. We're porting existing Nationwide mortgage over at 2% above base, and taking out more borrowing at 2.79% above base on a 5 year tracker. I can't see interest rates moving for a good while, and the savings in the early years warrant the risk for me. Even if we didn't have existing mortgage to port, we'd still be looking at a 5 year/lifetime tracker.
  10. Congratulations. It's a lot of fun. My experience of the NHS was markedly different. The antenatal care in particular was of an astonishingly good standard. We've also had a rather unfortunate recent experience in which my wife needed treatment for cancer. Apart from the occasional wait when the consultant's clinic was running late, we wouldn't have changed a thing about the way she was treated. The service was absolutely fantastic. My personal experience of the NHS is less positive, and my GP is appalling, but I can change GP, and all things considered, it's fecking brilliant.
  11. This thread makes me feel profligate too. We don't drink much, except for single malt whisky and the occasional bottle of decent plonk, which comes out of my leisure budget rather than food. Annual shop including cleaning products, toothpaste and that, for 2 adults and a toddler, is £6.5-7k.
  12. SUMMARY - Looking at a property that's been on market for 18 months and not had many sniffs of interest - Vendors are out, property is vacant, and they want shot - Property needs refurbishment - Asking price reduced from £410k to £365k - Seeking guidance on offer level and evidencing why that offer is fair DETAIL Property is share of freehold flat that's part of an old, grand mansion house on the outskirts of London. It has its own entrance hall and is really more of a terraced house than a flat. Although it's a great place, it comes with disadvantages. It's set in close to 4 acres of extensive grounds which are shared between the other 8 leaseholders, but it has no direct access - you have to come out of the front door, 10 metres down the street, in through the shared entrance hall to the other flats and then out of the back of that to get into the garden. The service charge through the management company (which the property comes with a share in) is £1k p.a., and I'm reckoning on a budget of another £1k p.a. to cover costs like roof repairs, repainting the exterior, etc. Anyway, information overkill. It's extremely difficult to peg a valuation to achieved sales prices elsewhere. It's in quite a remote part of town (fringes of London, inside M25) where there aren't many sales, and in any case it's very idiosyncratic in nature, being part of a mansion and having a mix of unusually large and unusually small rooms. The other flats in the mansion are all very different in terms of size and layout. The last one sold in 2008 for £475k against an original asking price of £600k. That one is actually comparable in size to the one we're looking at, but it had direct access to the shared grounds, its own private garden, was rather grander with amazing floor to ceiling windows, and was finished to an extremely high standard, so a straight comparison isn't easy. The place we're considering was put onto the market in summer 2010 for £410k. That was something of an optimistic valuation. It was put on with another agent a year later for £375k. Then back with the original agent at £365k, and also available to let at £1,200pcm. It's now off the rental market and is only for sale. The estate agent selling this is a bit wet behind the ears, and he let on that they've had little interest, either when it was first marketed or more recently. I think the reason for that is mainly the remote-ish location and the likely £2k a year provision for service charge. There have been two other flats in the mansion marketed in the last two years, both around the £550k-£600k mark, both very well presented, and neither of them sold and they're now off the market. One of those flats has been recently let for £1600pcm, and the family that's moved in love it so much that they're considering buying it. Other pieces in the jigsaw are that the vendors have already moved elsewhere and I suspect are pretty keen to get shot of it. The property is in need of a lot of refurbishment, will need complete rewiring, plastering and decoration, so it's a bit of a project. I'm thinking about putting in a sub £300k offer. £292k would represent a 20% discount on the already discounted asking price, and would be almost 30% off original asking price. In the offer letter I'd be citing: a. significant internal works required b. difficult garden access arrangements c. highish service charge Is it worth referencing the implied value of the property given the notional rental stream at, say, a 5% gross yield? Are there any other things I might cite (or, indeed, should worry about)? Do you think I should put in a cheekier offer? Thanks Pswnio
  13. Turns out the estate agent wasn't entirely full of shit. Vendors accepted an offer of £430k, £30k above asking price. Off the market. Thought those days were long gone!
  14. It isn't. It's been on for about two weeks, sole agency.
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