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Saving For a Space Ship

Fear & Loathing Story Of Flat Problems & Debt

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I've been regularly visiting the ebay powersellers forum for the last 9 months, and the thread below is the first I've seen with any indepth problems/ details of a property purchase. Perhaps it would be of interest to hpc'ers to see what their thoughts are as I expect this type of story will become more common. as things generally start to unwind.

Unfortuneately, the forum is only accessible to powersellers, so if you want to help or contribute drectly you need to be one.

"I want a new house. Basically.

My old house is just not good enough, in fact there isn't enough words I could post on this forum to tell you everything that is wrong with my old house...

So chances are, we are £25k in debt for the old house, which we got bumped on and the lawyer says there's f-all we can do about it - we've also spent another £15k on trying to fix the old house - ending up with a mortgage of about £200 a month and no money at all from my hard work on eBay last year...

IF it gets fixed, we should be able to rent it out for minimum £300 a month, but if it isn't fixed, we're looking at getting the price of the land LOL, cos it will be condemned within five years... oh, did I mention that none of the neighbours want to believe that there is anything wrong with the houses, and they aren't willing to pay?

We've already stopped one flat from being sold in the block (£42k, the buyer was about to get bumped silly) but I'm suspecting most of the others will be looking at selling just shortly just to get away from paying us...

Basically, I'm 21, first flat I'm on the mortgage for, and absolutely terrified that this is going to ruin the rest of my life - if we didn't have his nonsense hanging over our (MY) heads, we could easily afford a lovely 2-3-bed flat/house in an area probably a bit further away than we want to live but nevertheless in an ok area for commuting - in fact, we'd probably get a house that could cut down all travelling altogether, cos I finish uni in May (I hope) and if we get a house in Hamilton like I'd like, he can walk to work at the stall and then there'd be no need for a car (costing a heck of a lot, but I just can't see us giving it up, cos the car's the baby... sob. I can't even think of giving it up without crying) and I can stay at home and work eBay and the web-site and mail-order from home.

The above probably made no sense - anyway. First flat. Broken. Rent out - need new mortgage - self-certify?

Anyone else out there on a self-cert mortgage? How easy was it to get? Any draw-backs? Any views and opinions appreciated...

-----------------

OK... property prices in Hamilton are not any steeper than anywhere else at the mo - If we've got a spare £75k (which we haven't) we'd get a nice 3-bed flat.

The problems with the flat may or may not have been picked up in survey, we're not sure, as hubby-to-be didn't get a survey done in his name when he bought the flat - he just got handed one for the previous buyers. We're not sure if the place is supposed to be worth £25k without the work done, and £40k with the work done, or if it was supposed to be £40k in the first place and even more once it's all finished.

If we try to off-load it, it won't be worth even £10k - so leaves us with thousands of pounds of mortgage to pay off - I'd rather keep it and let it out and at least get some money back from it.

At the moment we're living with hubby-to-be's sister - she has a 3-bed house and no-one to fill it so we're rent free for as long as we need

-----------------

Oh, forgot to say - if we could get away with it, I'd like to fix the flat we have, but rent it, as chances are once it's done the neighbours aren't going to like us much as none of them agreed with getting the work done in the first place despite the fact that it was essential maintenance..."

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I don't understand, whats actually wrong with the flat, have I missed something?

No, you did not miss anything.

They've just added details of whats wrong:

(quote from other poster)

"surely flats are subject to a management company who carry out maintenance/repairs and upkeep on communal areas?"

(reply of OP)

Nope, not so. I'm not entirely sure what the deal is but we don't have a factor or anything like that. We asked the council and environmental health to see if they could step in and basically arrange it all and bill everyone individually, but they didn't want to know because it's not a big enough risk yet. The council said we could apply for a grant, but everyone in all the flats had to sign for it, and the others refused to do so.

The flat was built in 1900, and at some stage there was subsidence. The subsidence has now stopped, but it caused structural damage, which is progressive. The end wall needs to be pinned to stop it falling out onto the street - because our flat is the only one where cracks are showing everyone else says it's not their problem. The wall needs big metal rods through it to pin it to the joists, but the joists are rotten with woodworm. We found out last week that the roof of the whole building needs to come up so they can replace the joists - guess who's paying for that as well?

The more I think the more I'd just like rid of it, but we've paid so much money out already, and we'd get nothing back from it in its current state"

Edited by Saving For a Space Ship

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Did their surveyor not pick this problem up?

"The problems with the flat may or may not have been picked up in survey, we're not sure, as hubby-to-be didn't get a survey done in his name when he bought the flat - he just got handed one for the previous buyers. We're not sure if the place is supposed to be worth £25k without the work done, and £40k with the work done, or if it was supposed to be £40k in the first place and even more once it's all finished."

Sounds like they did not get their own survey done & the previous owners one missed/ ommitted it :o

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wow, poor guy, he's really going to be in trouble when the revenue come chasing with all the audit records from ebay and a hefty tax demand (although I'm sure he has declared all his trading profits and has nothing to worry about).

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wow, poor guy, he's really going to be in trouble when the revenue come chasing with all the audit records from ebay and a hefty tax demand (although I'm sure he has declared all his trading profits and has nothing to worry about).

They have over 14,000 actual (24,000 total) feedback, since year 2000 so appear to be successful.

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Some areas of Hamilton have been prone to subsidence for years. It would have therefore been extremely foolish to buy in certain areas without a survey.

Hamilton was a major mining area and this has played havoc with many buildings. In fact it has been speculated for years that it was mining subsidence that led to Hamilton Palace (one of the finest palaces in Europe) being raised to the ground.

I have sympathy though, no doubt she's another one that was constantly being carped at for not buying.

NDL

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  • 301 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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