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TheCountOfNowhere

Might As Well Have Rented.

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A friend of mine knows the seller of this place:

http://www.rightmove.co.uk/property-for-sale/property-30529345.html

2 bedroom house for sale

£109,950

St Leonards Road, Far Cotton, Northamptonshire

And they were on with 2 agents and have just gone SSTC ( hopefully it will go through ):

http://www.rightmove.co.uk/property-for-sale/property-30511693.html

From Zoopla...last sold price:

140 St. Leonards Road, Northampton NN4 8DW

Historic details available for this property Terraced, Freehold, 2 Beds, 1 Baths, 2 Receps - Edit

£114,995

You can rent a similar house round there fore £550 pcm:

http://www.rightmove.co.uk/property-to-rent/property-19568016.html

If you take into account the buying/selling fees, inflation, mortgage payments, maintenance and maybe 5% off between the asking and selling price....you might as well have rented for the last 7 years.

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A friend of mine knows the seller of this place:

http://www.rightmove.co.uk/property-for-sale/property-30529345.html

2 bedroom house for sale

£109,950

St Leonards Road, Far Cotton, Northamptonshire

And they were on with 2 agents and have just gone SSTC ( hopefully it will go through ):

http://www.rightmove.co.uk/property-for-sale/property-30511693.html

From Zoopla...last sold price:

140 St. Leonards Road, Northampton NN4 8DW

Historic details available for this property Terraced, Freehold, 2 Beds, 1 Baths, 2 Receps - Edit

£114,995

You can rent a similar house round there fore £550 pcm:

http://www.rightmove.co.uk/property-to-rent/property-19568016.html

If you take into account the buying/selling fees, inflation, mortgage payments, maintenance and maybe 5% off between the asking and selling price....you might as well have rented for the last 7 years.

Your post doesn't mention how long they held the property for ... and I know I could go and look it up but might keep the post popular if you save us all the bother ...

So they 'lost' 5,500 on it *if* they sell it for asking (I doubt it).

So they 'broke even' if it was their home for only 10 months.

But then you factor in stamp duty, transaction costs (EA fees, surveyors (on orig purchase at least), solicitors, product fees on the mortgage, mortgage interest) ... moving costs they would have had anyway ...

This whole charade has cost them 1000s!

And then there is all the time spent looking for a place.,

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Your post doesn't mention how long they held the property for ... and I know I could go and look it up but might keep the post popular if you save us all the bother ...

So they 'lost' 5,500 on it *if* they sell it for asking (I doubt it).

So they 'broke even' if it was their home for only 10 months.

But then you factor in stamp duty, transaction costs (EA fees, surveyors (on orig purchase at least), solicitors, product fees on the mortgage, mortgage interest) ... moving costs they would have had anyway ...

This whole charade has cost them 1000s!

And then there is all the time spent looking for a place.,

'Heather Mills has been awarded a £24.3m divorce payout from Sir Paul McCartney, according to a court judgment released today.

She had sought £125m from the 60-year-old former Beatle, the judgment reveals, but received a fifth of that amount. McCartney had offered £15.8m.'

That would have been cheaper by the hour too i'd say

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'Heather Mills has been awarded a £24.3m divorce payout from Sir Paul McCartney, according to a court judgment released today.

She had sought £125m from the 60-year-old former Beatle, the judgment reveals, but received a fifth of that amount. McCartney had offered £15.8m.'

That would have been cheaper by the hour too i'd say

If you include ******** is that cheaper? :D

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'Heather Mills has been awarded a £24.3m divorce payout from Sir Paul McCartney, according to a court judgment released today.

She had sought £125m from the 60-year-old former Beatle, the judgment reveals, but received a fifth of that amount. McCartney had offered £15.8m.'

That would have been cheaper by the hour too i'd say

Even ages dropping now?

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Your post doesn't mention how long they held the property for ... and I know I could go and look it up but might keep the post popular if you save us all the bother ...

So they 'lost' 5,500 on it *if* they sell it for asking (I doubt it).

So they 'broke even' if it was their home for only 10 months.

But then you factor in stamp duty, transaction costs (EA fees, surveyors (on orig purchase at least), solicitors, product fees on the mortgage, mortgage interest) ... moving costs they would have had anyway ...

This whole charade has cost them 1000s!

And then there is all the time spent looking for a place.,

They bought it in 2004....I did mention "you might as well have rented for the last 7 years."

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If you take into account the buying/selling fees, inflation, mortgage payments, maintenance and maybe 5% off between the asking and selling price....you might as well have rented for the last 7 years.

Does that include any capital repayment? If the mortgage was ~£300pm cap repay and £250 interest, theyd have worked off ~£25k as well?

(I'm on your side :) But needs considering?)

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I remember this place being up for sale at £150k two years ago. (sold for £148k)

Now on the market again. Same price. (I bet the Agent said i'll put it up at £125k but the vendor wants all his money back)

http://www.rightmove.co.uk/house-value.html?searchLocation=SG18+0NJ&displayPropertyType=detachedshouses&bedrooms=2&radius=0.25&sellersPriceGuide=Update+Results

I guess it beats the chancers asking 25% more, but for no profit, and money spent on a mortgage or forgone on savings, is it really worth the hassle of buying and selling.

Add EA agency fees, conveyancing, survey, mortgage arrangement, stamp duty and removal costs, a loss of at least £5k is certain.

Given you can rent this up the road for £675, i cant see a place like that renting for more than £400pcm.

http://www.rightmove.co.uk/property-to-rent/property-30997966.html

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Does that include any capital repayment? If the mortgage was ~£300pm cap repay and £250 interest, theyd have worked off ~£25k as well?

(I'm on your side :) But needs considering?)

If you're including that, then surely you can offset is against the difference between the mortgage cost and teh rental cost - at, say, a difference of £500 / month, that's £42,000 sat in the renters bank account (not including any interest!) that the buyer doesn't have.

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  • 338 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%



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