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OuterSpaceHopper

Wates Prc House Sick Of Renting

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Please help me with a dilema.

I'm currently renting a house at £500 per month, which is very cheap for the town I live in.

I've seen a house locally that I could almost buy outright for cash(plus a small loan from my folks). It is bigger and has a huge garden with lots of land to the sides.(Probably enough room for 4 'modern' rabbit hutches)

the only problem is it is of non standard construction, a Wates house that has been improved by the council by surrounded with bricks in the 1990s. i.e the concreate members are still there underneath.

I'm getting fed up with renting a tiny pokey house and the ususal landlord and letting agent issues.

The house will cost approx 12 years worth of rent, not factoring in rent increases(which are due, 5 years with only a £50pm decrease so far).

I'm seeing my savings decrease in value each year, and now even the NS&I ISA interest rate has dropped to less than nothing.

What with New buy and all the other market fixing moronic policies, I can see this government, and the next, continue to prop up house prices to the detriment of savers and the economy as a whole. It could take another decade for the tide to turn, by which time I'll be in my fifties.(young people are too stupid, or too busy surviving to get political about the issue for the foreseeable future.)

There are 900 similar houses on the esate, I knocked on a few owners door's and got good feedback about the area and the state of the houses, no known problems so far. there are a couple without brinks that were bought right to buy befor the council improved the remaining lots.)

So I'm finding it hard to see a downside?

Worse case senario, sometime in future The house might be condemned and I'll have to build a new one on the large plot of land.

Can I expect to still hold the land(its freehold) or do you think there is a possibility that the council migth do a 'pathfinder' type thing and compulsararily purchase condemned plots and leave me high and dry?

Or can I at least expecte to be left with a building plot and use my savings to that date to build my retirement home?

any advise greatfully received, especially about likely senarios and experience with Wates housing.

P.S. The house is a repossession from a Landlord by the finance company if that makes any difference.

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I'm not sure about the longevity of a reskinned prefab, but my guess is that they are probably sound. I might be more concerned about the desirability of the area. Location beats size. But tbf I don't know the council estate, but it sounds massive.

Edited by crashmonitor

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Please help me with a dilema.

So I'm finding it hard to see a downside?

One thing to seriously consider is if you in the future wanted/needed to sell would it have to be to another cash buyer.....could someone buy it with a mortgage? Is it mortgageable?.....if not it might be more difficult to sell, also check out the cost of building insurance. ;)

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I saw a similar house in West Yorkshire. It hadn't been improved but others on the street had. They looked OK from the outside but the one I saw felt dank and cold inside somehow. Also it looked like doing stuff like putting sockets in or even hanging pictures would be problematic.

Personally, I would take a good walk around the council estate it's on at several times of the day. If you get any aggro - walk away. Council estates can be great if you are "local ie from the same street" and have lived there all of your life. But, and I'm speaking from experience here, they do not generally take to incomers. A sizeable minority can make your life hell and it'll never end. Relatives of mine were on the edge of a council estate for more than twenty years with daily harassment and the police/council refusing to do any about it. Each neighbour was worse than the last - drug dealers, the mentally ill - even murderous.

Also check who your neighbours are. If they rent rather than own, look elsewhere. They might be lovely, but no guarantee what the next lot will be like.

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I saw a similar house in West Yorkshire. It hadn't been improved but others on the street had. They looked OK from the outside but the one I saw felt dank and cold inside somehow. Also it looked like doing stuff like putting sockets in or even hanging pictures would be problematic.

Personally, I would take a good walk around the council estate it's on at several times of the day. If you get any aggro - walk away. Council estates can be great if you are "local ie from the same street" and have lived there all of your life. But, and I'm speaking from experience here, they do not generally take to incomers. A sizeable minority can make your life hell and it'll never end. Relatives of mine were on the edge of a council estate for more than twenty years with daily harassment and the police/council refusing to do any about it. Each neighbour was worse than the last - drug dealers, the mentally ill - even murderous.

Also check who your neighbours are. If they rent rather than own, look elsewhere. They might be lovely, but no guarantee what the next lot will be like.

Didn't like to put it to Outerspacehopper quite as directly as you, but I agree with this.

Edit. there's a big difference between owning in a socially deprived area and renting. I have rented in such a place and you don't take things as personally because you have no VI, owning could be a recipe for depression.

Edited by crashmonitor

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the only problem is it is of non standard construction, a Wates house that has been improved by the council by surrounded with bricks in the 1990s. i.e the concreate members are still there underneath.

I'm not knowledgeable about buying houses but it is on a council estate, I think? So that makes a second problem. That should factor in a reduction in price, I would have thought. So I agree with the earlier comments with the added recommendation that, if you decide to buy, you get a full survey done first. I wonder why the council bricked it over. Cracks or subsidence, perhaps?

Good luck, whatever. Just 'caveat emptor'.

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I once took on an ex local authority house in part exchange for a house I was selling many years back. As soon as the neighbours came out in their gangland track suit bottoms and jockey style baseball hats I knew I wanted shut asap. Later, I rented a similar property and it didn't bother me, as there was no VI.

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I once took on an ex local authority house in part exchange for a house I was selling many years back. As soon as the neighbours came out in their gangland track suit bottoms and jockey style baseball hats I knew I wanted shut asap. Later, I rented a similar property and it didn't bother me, as there was no VI.

I wear a jockey style baseball cap! I ain't no gangster though. I need to keep the sun off as I get sunburn easily.

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I wear a jockey style baseball cap! I ain't no gangster though. I need to keep the sun off as I get sunburn easily.

Yep I thought my post sounded a bit snobby, well said. I too indeed wore a baseball cap for years for the same reason, these days I am on sunfactor 30. I did draw the line at the flat peaked variety, beloved of certain youth. Nevertheless, my denim jacket, leather jacket etc. probably raises a few eyebrows in the neighbourhoodI I live these days.

Edited by crashmonitor

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Thanks for all the honest feedback folks. I had a careful look round the estate, at different times of the day and night, spoke to the neighbours who were a mixture of tenants and Owner occupiers, and decided they were all fine. I decided the Wates construction wasn't really an issue for me on this plot of land, I'll just save the money I would have spent on rent until I have enough put aside to pay for the repairation, if any in the future.

So, I put in an offer, lots of too and froing, bidding up between me and another party, and finally the estate agents say that the finance\asset disposal company have decided to go with a lower offer rather than my higher cash offer! Apparently the lower offer even depends on a mortgage and is not a done deal!

I'm beginning to smell a rat and wonder if my offer was even passed on to the finance company. The estate agent even needed to see a copy of my bank statement to prove I have enough funds, so no problems there.

I would have thought that the finance company have an obligation to get the highest price onbehalf of the person who has been repossessed? £3k is not to be sniffed at!

Should I be suspicious?

Is there anything I can do about it?

Cheers for any more advice!

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... finally the estate agents say that the finance\asset disposal company have decided to go with a lower offer rather than my higher cash offer! Apparently the lower offer even depends on a mortgage and is not a done deal!

I'm beginning to smell a rat and wonder if my offer was even passed on to the finance company. The estate agent even needed to see a copy of my bank statement to prove I have enough funds, so no problems there.

I would have thought that the finance company have an obligation to get the highest price onbehalf of the person who has been repossessed? £3k is not to be sniffed at!

Should I be suspicious?

Is there anything I can do about it?

Cheers for any more advice!

I don't understand why the EA or vendor would go with a lower offer which depends on a mortgage. Unless the lower offer is from the EA or a pal or a pal of a banker who is repossessing it. I've always suspected that repos are given out to cronies at very low prices by bankers or EAs. But that is just my speculation. :blink:

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Thanks for all the honest feedback folks. I had a careful look round the estate, at different times of the day and night, spoke to the neighbours who were a mixture of tenants and Owner occupiers, and decided they were all fine. I decided the Wates construction wasn't really an issue for me on this plot of land, I'll just save the money I would have spent on rent until I have enough put aside to pay for the repairation, if any in the future.

So, I put in an offer, lots of too and froing, bidding up between me and another party, and finally the estate agents say that the finance\asset disposal company have decided to go with a lower offer rather than my higher cash offer! Apparently the lower offer even depends on a mortgage and is not a done deal!

I'm beginning to smell a rat and wonder if my offer was even passed on to the finance company. The estate agent even needed to see a copy of my bank statement to prove I have enough funds, so no problems there.

I would have thought that the finance company have an obligation to get the highest price onbehalf of the person who has been repossessed? £3k is not to be sniffed at!

Should I be suspicious?

Is there anything I can do about it?

Cheers for any more advice!

I think you should be suspicious. I wonder if the finance company is providing the other person with the mortgage.

In which case your offer would be worth less to them (a bit tough on the original owner).

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Hi Folks, the plot thickens... I didn't really suspect foul play from the estate agent and so I managed to get hold of the Asset management company that disposes of property on behalf of the finance company.(different company from the bank)

It took some cajoling, as they didn't want to talk directly to me, but eventually they stated that the bank had accepted the lower offer even though it depends on a mortgage that could fall through. They had actually told the other 'bidder' what value they would accept, this was £1500 below my offer.

After my second bid, my cash offer is now 4K higher than the other mortgage dependent offer, and still they aren't biting.

What are the chances that it is an inside job at the Asset Management company?

I think I should copy my offer direct to the bank? Whatcha think?

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  • 242 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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