Exiled Canadian Posted June 16, 2015 Share Posted June 16, 2015 We have to move for work reasons and as a result we are in the early stages of looking for a house in our target city. (I know you'll think I'm mad but I'm happy to explain our strategy to minimise exposure if anyone is that interested). In any event we have seen three properties so far. What has shocked me is that all three have been the subject of an offer that went to survey and then fell through - and one property has had this happen twice. So that's four aborted transactions on a sample of three properties. It does seem that the market is seizing up. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted June 17, 2015 Share Posted June 17, 2015 It does seem that the market is seizing up. Yes, the banks aren't lending enough money for people to move up the ladder! 40 or 50 year mortgages is of course the answer! Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted June 17, 2015 Share Posted June 17, 2015 You might have got unlucky, but I think even at its peak 1/3 of transactions don't complete. This is why I liked the home information packs. They were imperfect but at least multiple buyers didn't waste time/money commissioning searches etc only to all find there was coal mine planned for your back garden. Plus, the cost meant that sellers had some genuine skin in the game, and complete kite flyers were more likely to stay away. Had they included Home Condition Reports as originally planned they would have been even more useful. As it is, you can get more information about a used car than a house without forking out tons of cash. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 17, 2015 Share Posted June 17, 2015 It's not a bubble...Im buying now. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted June 17, 2015 Share Posted June 17, 2015 (I know you'll think I'm mad but I'm happy to explain our strategy to minimise exposure if anyone is that interested). I am interested to know your strategy. Would you please explain? Quote Link to comment Share on other sites More sharing options...
nome Posted June 17, 2015 Share Posted June 17, 2015 I'm probably seeing almost as many sstc properties falling through and coming back on to the market as I'm seeing new instructions. Probably a combination of a lack of genuinely proceedable buyers and a dearth of new instructions. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted June 17, 2015 Share Posted June 17, 2015 You might have got unlucky, but I think even at its peak 1/3 of transactions don't complete. This is why I liked the home information packs. They were imperfect but at least multiple buyers didn't waste time/money commissioning searches etc only to all find there was coal mine planned for your back garden. Plus, the cost meant that sellers had some genuine skin in the game, and complete kite flyers were more likely to stay away. Had they included Home Condition Reports as originally planned they would have been even more useful. As it is, you can get more information about a used car than a house without forking out tons of cash. They were a bad idea because they added to the costs of moving. http://www.hipsco.co.uk/news/20-04-06.htm http://www.telegraph.co.uk/comment/telegraph-view/3561720/High-time-to-scrap-Hips.html As they were paid for by the vendor if they were wrong then the buyer would have no come back. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 17, 2015 Author Share Posted June 17, 2015 I am interested to know your strategy. Would you please explain? I guess it's more of a "state of mind than a strategy. My view is that we will swap a house for a house without adding any new equity or debt (my employer will deal with the transactions costs). So we will effectively spend the same on our new house as we receive for the sale of our old one. As we are likely to need a 3 bedroom house for the next 20 years fluctuations in the nominal value don't matter. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 17, 2015 Share Posted June 17, 2015 I guess it's more of a "state of mind than a strategy. My view is that we will swap a house for a house without adding any new equity or debt (my employer will deal with the transactions costs). So we will effectively spend the same on our new house as we receive for the sale of our old one. As we are likely to need a 3 bedroom house for the next 20 years fluctuations in the nominal value don't matter. You're refusing to assimilate, aren't you. You should think like a Brit, sell to rent, in case house prices fall, but use the equity to speculate on BTL, in case they rise. That way you can't lose. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted June 17, 2015 Share Posted June 17, 2015 You're refusing to assimilate, aren't you. You should think like a Brit, sell to rent, in case house prices fall, but use the equity to speculate on BTL, in case they rise. That way you can't lose. No, a true Brit would double or quits on renting out the original house and buying another in the new place to live in. I keep singing Broken Wings in my head when I read this thread title. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 17, 2015 Author Share Posted June 17, 2015 You're refusing to assimilate, aren't you. You should think like a Brit, sell to rent, in case house prices fall, but use the equity to speculate on BTL, in case they rise. That way you can't lose. I've stopped saying "eh" at the end of every sentence, say "rubbish" rather than "trash" and call soccer "football". What else do you want? Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted June 17, 2015 Share Posted June 17, 2015 They were a bad idea because they added to the costs of moving. http://www.hipsco.co.uk/news/20-04-06.htm http://www.telegraph.co.uk/comment/telegraph-view/3561720/High-time-to-scrap-Hips.html As they were paid for by the vendor if they were wrong then the buyer would have no come back. Given they have information that any buyer would need anyhow I don't see how they increased costs. Frankly, there is no comeback under the present system either. The surveyor's report is usually couched in "don't blame us, gov" style language. The EA...don't make me laugh. And the solicitor is only out to protect themselves too. I discovered a problem in the information supplied to us by the EA during our sale after the fact - and no-one wanted to know or could help us. The EA got a talking to from Trading Standards and that was it. And it strikes me that the contents of a home information pack could have been given legal weight. If I buy something off eBay, and it is not as described - I can get a refund. The housing market doesn't have to operate like the Wild West. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 18, 2015 Share Posted June 18, 2015 I've stopped saying "eh" at the end of every sentence, say "rubbish" rather than "trash" and call soccer "football". What else do you want? Is it too much to ask you to get a tattoo of Kirsty Allsop on your face? Anyway, it's just jealousy on my part. I spent a week in Jasper in February years back, so Canada just conjures up memories of a night-time ice-walk along the Maligne Canyon. Bruce Cockburn is one of my favourite musicians and Robertson Davies one of my favourite authors. It's akin to the fate of someone born into man's body but knowing that they are a woman; there must have been a mix-up in the cosmic sorting office of souls - I should have been a Canadian, but I've had to live my life trapped firstly in the London bubble proper, and more latterly in its shadow. I have been transitioning, though having managed to get about 30 miles north and five miles East in the last 10 years my spiritual home-coming seems to be a way off yet. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 18, 2015 Author Share Posted June 18, 2015 Is it too much to ask you to get a tattoo of Kirsty Allsop on your face? Anyway, it's just jealousy on my part. I spent a week in Jasper in February years back, so Canada just conjures up memories of a night-time ice-walk along the Maligne Canyon. Bruce Cockburn is one of my favourite musicians and Robertson Davies one of my favourite authors. It's akin to the fate of someone born into man's body but knowing that they are a woman; there must have been a mix-up in the cosmic sorting office of souls - I should have been a Canadian, but I've had to live my life trapped firstly in the London bubble proper, and more latterly in its shadow. I have been transitioning, though having managed to get about 30 miles north and five miles East in the last 10 years my spiritual home-coming seems to be a way off yet. Here's a suggestion for a Canadian immersion session: 1. Buy a crate of Labbatts/Molson 2. Make a big bowl of macaroni cheese - ideally from a packet (you can't seem to buy "kraft dinner"- Canada's national dish in the UK - praise be to god!) 3. Put on checked shirt 4. Put the movie "Slapshot" on the TV Sit down and consume 1 & 2 while watching 4 and consoling yourself that while your neighbour is more powerful and wealthy than you are, you have the better sense of humour - proved by the fact that Mike Myers is Canadian. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 18, 2015 Share Posted June 18, 2015 Sit down and consume 1 & 2 while watching 4 and consoling yourself that while your neighbour is more powerful and wealthy than you are, you have the better sense of humour - proved by the fact that Mike Myers is Canadian. Well, that's Friday night sorted. Can I double-bill Slapshot with , (the writer-director Jay Baruchel is Canadian and it's set and filmed in Canada)? [if 's accent is off, please let me wallow in my ignorance.. though imdb suggests he lived in Canada from the age of one to four] Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 18, 2015 Author Share Posted June 18, 2015 Well, that's Friday night sorted. Can I double-bill Slapshot with , (the writer-director Jay Baruchel is Canadian and it's set and filmed in Canada)? [if 's accent is off, please let me wallow in my ignorance.. though imdb suggests he lived in Canada from the age of one to four] Just watched the trailer for Goon.....defo double bill potential. Hey troll....wanna go? Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 24, 2015 Share Posted June 24, 2015 Just watched the trailer for Goon.....defo double bill potential. Hey troll....wanna go? Also ! Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 25, 2015 Author Share Posted June 25, 2015 Also ! I'm more of a Barenaked Ladies man myself (so to speak) www.youtube.com/user/bnlmusic Quote Link to comment Share on other sites More sharing options...
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