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sp84

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  1. So we had the meeting with the solicitor yesterday evening and decided to sign and move forward with the house. As you are all well aware, I have been weighing up the pro's and con's constantly over the last few weeks. Now may well not be a good time to buy (from a financial point of view) and I am totally aware of that and the reasons why ... On the other hand, Our current living situation cannot continue (with family), the age of my daughter (starting school soon) and the hope of growing our family. We have good savings, work in school/social care and live quite a modest lifestyle - month to month affordability has always been my highest priority. We plan on staying in this house for 10+ years (probably forever if I'm honest) and I hope that I have at least been thorough in weighing everything up (probably way more than most would) ... First and foremost it will be a home for us and that's what I am focusing on ... Those benefits are intangible, as silly as that might sound. Genuinely thank you to everyone for listening to me ramble on over the last week or so - and for providing your insights and opinions. I really appreciate it!
  2. Thank you - I'll let everyone know how the meeting with the solicitor goes tomorrow
  3. I haven't signed a thing yet - solicitor won't let me until the very end of the process ... Which I think will be in roughly 1 week time. For my house to fall to the capital value exempt level ... Its value would have to drop by 45k If anything is going to put me in an early grave, it's trying to time the market
  4. Thanks - I have looked at this before ... The slight issue with it is that different houses within each area are not created equal. So can I actually ask in relation to that because this might give me an idea ... So on propertypal, for every property, there is a tracker at the bottom. When I look at the house I have agreed on, for the property tracker it tells me that it is going off the property prices in Magheralave ... Even though the house that I am buying is in Lambeg. Why would that be? Lambeg has a huge mix of different types of houses e.g. there are some on the market right now in Lambeg for £110k and others for £200k
  5. Yea the garage is showing on the LPS page. The only difference that I can see is that both postcodes are BT27 ... But have a different ending. So the house that I almost bought last year LPS says £120,000 ... Along that same street it ranges from £105k to £135k On the street that I am buying ... My house £110,000 The house attached to it £130,000 The 2 semi's across the street that mirror mine are £105,000 and £125,000 There are also disparities between the property sizes ... Even though they are semi detached. That is one house apparently is bigger than the other - even though they are identical? Where would the differences/disparity come from?
  6. Ah ok! Can I ask how accurate the capital value non exempt is? The reason I'm asking is that last year I was looking at a different house which fell through (sellers end). It was on the market for £145k (so 10k less than the house I have agreed on at the moment) ... On the LPS website it says the capital non-exempt for that property is £120,000 The house that I am sale agreed on currently was on the market for £155k - it is just down the street from the other house ... It has a larger back garden, larger detached garage and larger square footage ... But the capital non-exempt for that is £110,000 Just curious to see what/why you perhaps think ?
  7. Oh ok ... I thought you were telling me that to get that value I had to go down to LPS in the city centre. Apologies. House is currently valued at £155k Deep breath !
  8. Ah ok! So that £110,000 doesn't have anything to do with that?
  9. Ok so I just typed the address into the link you have given me ... It says that capital value non-exempt is £110,000 ... What does that mean? Or do I have to hit submit application in order to get it's value back in 2012?
  10. Ah ok - what sort of corresponding affect on house prices would that have ? Obviously I know less income = lower affordability. I have been trying to find out what the house I'm buying would have bottomed out as in 2012 ! But I have absolutely no way of finding out that information.
  11. I'm not too sure what this means ? Thank you ... Tomorrow I am due to meet my solicitor to discuss and go over the paperwork ... My guess is that it will be with a view to sign it next week. It is probably much too late into the game to discuss price discounts and reissuing of mortgage contracts. I honestly feel like being sick
  12. Ah right! That's still a significant rise in short periods of time. What would you class as crashing ? With our prices here still being behind where they were in 08?
  13. No I do not think they will rise - hence my anxiety over the entire situation and the reason why I brought up unemployment. Which I do think will rise. Personally I am perfectly happy if there is no rise in prices as it is not a short term investment for me. It is my £155k house dropping by £50k that frightens me - I am obviously not sure how realistic/unrealistic that is. Can I ask what you define as crashing? ... That is why I had asked the question about 08. I had no idea that prices were rising 15%-20% per month. I knew they obviously sky rocketed, but I was unaware it was by that percentage. That links to a point I had made in an earlier post - in relation to house prices currently not being overinflated to those levels this time around. In NI it has been a gradual year on year increase since 2012/2013. Should that technically not mean that prices so not have "as far" to fall as they did in 08? I'm not sure what a property and economy bear is haha!
  14. Thanks very much @stingray192 - that is the way I am trying to think about it. Oh yea definitely @2buyornot2buy ! I'll be honest in saying that the beginning of all my anxiety over this, actually came from a letter a received from my solicitor. It highlighted the uncertainty on the economic front and the potential impact on the housing market. I know that they are doing their due diligence and trying to protect me as their client. I phoned and asked what exactly they were advising me to do. They explained that the letter was just outlining the potential (unknown) risks involved in proceeding and that ultimately, the decision rests with myself. So they wouldn't actually tell me if I should step back from the purchase or not. They were honest and said that their other clients are doing a range of things. Some are stepping back and others proceeding. That brought me to speaking to you lovely folks! In your previous comment I know you're saying listen to the solicitor, not the estate agent - what do you do when the solicitor is sitting on the fence ?
  15. Thanks @2buyornot2buy - I know the reality is that no one really knows. I also know that it's human nature to always expect the worst case scenario ... sadly with my personality that leaves me with a tendancy to overthink, over analyse and leave no stone unturned when making a decision ... Not a good way to live when it comes to stress/anxiety levels. I appreciate all of the input from everyone!
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