Jump to content
House Price Crash Forum
v23nb

So Long... And Thanks For All The Fish

Recommended Posts

STR 2 years ago followed by 3 different rented houses. Wife has had the patience of a saint but fortunately for me understands what it's all about. Wasn't planning to buy just yet but the deal of the century came up and we complete on Friday. 12 acres of Sussex countryside and a 400 year old gorgeous house. Old dear selling with no chain her side, us buying for cash with no chain our side. Estimated value just touching 7 figures and we agreed at a whisker over 600 with no hassles from either side. She's happy because she has enough to live on and an easy deal and we are happy for obvious reasons.

To the bulls I say read it and weep. To the bears I say have strength, it's swinging our way. Through the difficult times of the last couple of years I must thank the inspirational advice from people on this site... in particular Realist Bear, Blue Loo and Sybil13. I won't post any more after this thread as my work is done. I only hope the slide continues as further slides down secure the future for my children.

Share this post


Link to post
Share on other sites

STR 2 years ago followed by 3 different rented houses. Wife has had the patience of a saint but fortunately for me understands what it's all about. Wasn't planning to buy just yet but the deal of the century came up and we complete on Friday. 12 acres of Sussex countryside and a 400 year old gorgeous house. Old dear selling with no chain her side, us buying for cash with no chain our side. Estimated value just touching 7 figures and we agreed at a whisker over 600 with no hassles from either side. She's happy because she has enough to live on and an easy deal and we are happy for obvious reasons.

To the bulls I say read it and weep. To the bears I say have strength, it's swinging our way. Through the difficult times of the last couple of years I must thank the inspirational advice from people on this site... in particular Realist Bear, Blue Loo and Sybil13. I won't post any more after this thread as my work is done. I only hope the slide continues as further slides down secure the future for my children.

I'm only jealous of this bit.

:(

Share this post


Link to post
Share on other sites

..and the bypass is going where exactly....

beware of Vogons that look like little old ladies!

Here's the gist...

Old dear inherited the house which had been in the family for 65 years. When it came to sell she realised she had no deeds. House so popular that it had 36 viewings in 2 weeks in this market! No one else could get a mortgage because she could only offer possessory title so no one else could get a mortgage on it. Everything agreed as we are cash buyers and then just before exchange the deeds turn up at a local solicitors out of the blue. In the mean time I had investigated the history of the house (written a 30 page book after studying old maps and the census, traced it's history back to 1600 and the Manorial history to 1076) and built up a huge relationship with her. She now says a deal is a deal and things should stay as agreed as we are the only ones she can entrust the heritage to.

Share this post


Link to post
Share on other sites

Bravo!

As doccyboy says, grow organic, get self sufficient and enjoy!

I predict you will 'lose' money on it. B) . however since you are buying cash, you will actually be FAR net better off than if you were holding fiat currency in a shitty 2.8% cash ISA or whatever!!!

Now, I just need the equivilant in Surrey to drop to £50-70k and my STR fund is going all in as well! :)

Jim

Share this post


Link to post
Share on other sites

Here's the gist...

Old dear inherited the house which had been in the family for 65 years. When it came to sell she realised she had no deeds. House so popular that it had 36 viewings in 2 weeks in this market! No one else could get a mortgage because she could only offer possessory title so no one else could get a mortgage on it. Everything agreed as we are cash buyers and then just before exchange the deeds turn up at a local solicitors out of the blue. In the mean time I had investigated the history of the house (written a 30 page book after studying old maps and the census, traced it's history back to 1600 and the Manorial history to 1076) and built up a huge relationship with her. She now says a deal is a deal and things should stay as agreed as we are the only ones she can entrust the heritage to.

And your going to knock it down and build an ultramodern grand designs style Eco home with dog shit for Walls?

Share this post


Link to post
Share on other sites

And your going to knock it down and build an ultramodern grand designs style Eco home with dog shit for Walls?

No way... it's beautiful for what it is. The fear of holding all that cash in the banks was terrifying me. Pulling out of Irish and Spanish banks has finally allowed me to sleep at night. It's a bit of a dash for assets on my part. I know technically housing is not the right kind of asset but I need a roof over my family's head and I think we've got a fair amount of drop before we see negative equity. Even so we are in the extremely fortunate position of being mortgage free.

This wasn't meant to be an 'aren't I doing well' post but a thankyou to everyone for keeping my mind focused when the media were feeding me 8ullsh1t.

...but I can't ignore the chance to stick 2 fingers up to Hamish and Sibley :P

Edited by v23nb

Share this post


Link to post
Share on other sites

Here's the gist...

Old dear inherited the house which had been in the family for 65 years. When it came to sell she realised she had no deeds. House so popular that it had 36 viewings in 2 weeks in this market! No one else could get a mortgage because she could only offer possessory title so no one else could get a mortgage on it. Everything agreed as we are cash buyers and then just before exchange the deeds turn up at a local solicitors out of the blue. In the mean time I had investigated the history of the house (written a 30 page book after studying old maps and the census, traced it's history back to 1600 and the Manorial history to 1076) and built up a huge relationship with her. She now says a deal is a deal and things should stay as agreed as we are the only ones she can entrust the heritage to.

I like that :)

Well done. Sounds like the house is going to be in good hands.

Share this post


Link to post
Share on other sites

No way... it's beautiful for what it is. The fear of holding all that cash in the banks was terrifying me. Pulling out of Irish and Spanish banks has finally allowed me to sleep at night. It's a bit of a dash for assets on my part. I know technically housing is not the right kind of asset but I need a roof over my family's head and I think we've got a fair amount of drop before we see negative equity. Even so we are in the extremely fortunate position of being mortgage free.

This wasn't meant to be an 'aren't I doing well' post but a thankyou to everyone for keeping my mind focused when the media were feeding me 8ullsh1t.

...but I can't ignore the chance to stick 2 fingers up to Hamish and Sibley :P

Ok you've done well, very very well. So to do similar I need 1) understanding of depreciating value of fiat currency - Check 2) Willingness to go through the coming U slide in house prices - Check 3) An honest approach to making a partner of the seller counterpart - Check 4) £600,000 cash - Oh Shit!

Share this post


Link to post
Share on other sites

Magnificent result! All the very best to you! Let's hope the rest of us get a slice of your luck in the coming years.

The person who needs the luck is the poor sod who bought his house off him two years ago.

Share this post


Link to post
Share on other sites

I hope your new home gives you everything you wish for and more......it sounds a bit too big for me, but we are all different and we all want different things from life. :)

Share this post


Link to post
Share on other sites

... I think we've got a fair amount of drop before we see negative equity. Even so we are in the extremely fortunate position of being mortgage free.

...

I'd say you'd need more than "a fair amount of drop" before you see negative equity. ;)

Share this post


Link to post
Share on other sites

Here's the gist...

Old dear inherited the house which had been in the family for 65 years. When it came to sell she realised she had no deeds. House so popular that it had 36 viewings in 2 weeks in this market! No one else could get a mortgage because she could only offer possessory title so no one else could get a mortgage on it. Everything agreed as we are cash buyers and then just before exchange the deeds turn up at a local solicitors out of the blue. In the mean time I had investigated the history of the house (written a 30 page book after studying old maps and the census, traced it's history back to 1600 and the Manorial history to 1076) and built up a huge relationship with her. She now says a deal is a deal and things should stay as agreed as we are the only ones she can entrust the heritage to.

This is how business should be done. I.e. by forming a lasting and trusted relationship between buyer and seller. No need for an 'estate agent' at all.

Share this post


Link to post
Share on other sites

STR 2 years ago followed by 3 different rented houses. Wife has had the patience of a saint but fortunately for me understands what it's all about. Wasn't planning to buy just yet but the deal of the century came up and we complete on Friday. 12 acres of Sussex countryside and a 400 year old gorgeous house. Old dear selling with no chain her side, us buying for cash with no chain our side. Estimated value just touching 7 figures and we agreed at a whisker over 600 with no hassles from either side. She's happy because she has enough to live on and an easy deal and we are happy for obvious reasons.

To the bulls I say read it and weep. To the bears I say have strength, it's swinging our way. Through the difficult times of the last couple of years I must thank the inspirational advice from people on this site... in particular Realist Bear, Blue Loo and Sybil13. I won't post any more after this thread as my work is done. I only hope the slide continues as further slides down secure the future for my children.

As with everything in life you can be as skillfull, intelligent and good looking as you want but at the end of the day it all comes down to RIGHT TIME RIGHT PLACE.

Sounds sweet.

Share this post


Link to post
Share on other sites
Old dear selling with no chain her side, us buying for cash with no chain our side. Estimated value just touching 7 figures and we agreed at a whisker over 600 with no hassles from either side.

Well done. Nice to read some good news for a change. Read it too quickly at first, and was going to recommend some indemnity insurance with the possessory title, but what a result the deeds turning up and the seller honouring the deal. The lending thing in what would have been that possessory title situation is interesting. Enjoy your home and the best for the future.

Share this post


Link to post
Share on other sites

STR 2 years ago followed by 3 different rented houses. Wife has had the patience of a saint but fortunately for me understands what it's all about. Wasn't planning to buy just yet but the deal of the century came up and we complete on Friday. 12 acres of Sussex countryside and a 400 year old gorgeous house. Old dear selling with no chain her side, us buying for cash with no chain our side. Estimated value just touching 7 figures and we agreed at a whisker over 600 with no hassles from either side. She's happy because she has enough to live on and an easy deal and we are happy for obvious reasons.

To the bulls I say read it and weep. To the bears I say have strength, it's swinging our way. Through the difficult times of the last couple of years I must thank the inspirational advice from people on this site... in particular Realist Bear, Blue Loo and Sybil13. I won't post any more after this thread as my work is done. I only hope the slide continues as further slides down secure the future for my children.

Good luck neighbour ;) , enjoy it. All the best.

( To other forum readers of this thread: In general, I would still wait a couple of years more, as the bottom is "not yet upon us". But I understand v23nb decision - he loved the property, good price, has the cash there, and wants to enjoy this house with family and friends. That makes sense too. But this is NOT the bottom yet. Far from it. )

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.