munimula Posted July 22, 2007 Share Posted July 22, 2007 (edited) After getting home to find the upstairs window cracked after some kid has fired something at it I've reached the end. Two days ago I was banging on the wall at 3am after the neighbours woke us...again. Next door got burgled recently, we are in private rented development sandwiched between two council estates in Poole and there is so little to rent of quality. We want a min two bed house, these are commanding £800 pcm in rent. Now girlfriend is a nurse and can get 25% free loan to buy as we meet criteria. I'm studying and was relying on savings to get me through but could put savings, max I could let go £30K into buying. On a £225K property therefore we would need £140K mortgage, interest only whilst at college = approx £700pcm I've been desperate not to buy and wait but we've had so much trouble with noisey neighbours and I'm just desperate for a detached property and some peace and quiet. Is all this a seriously bad idea? Talking to someone in flats opposite he says they get so much noise trouble. Kitchen of next flat next to their bedroom, lounge of another next to their 2nd bedroom. Seems that everybody is starting to suffer with modern day British housing. At least if all that is going to get built is flats then it could be made of a quality like in Germany. We are all practically starting to live in each others homes. Lying in bed at night listening to next door going for a pee like it's in my bedroom isn't how I want to spend the rest of my life.... Help! Edited July 22, 2007 by munimula Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 22, 2007 Share Posted July 22, 2007 After getting home to find the upstairs window cracked after some kid has fired something at it I've reached the end. Two days ago I was banging on the wall at 3am after the neighbours woke us...again. Next door got burgled recently, we are in private rented development sandwiched between two council estates in Poole and there is so little to rent of quality.We want a min two bed house, these are commanding £800 pcm in rent. Now girlfriend is a nurse and can get 25% free loan to buy as we meet criteria. I'm studying and was relying on savings to get me through but could put savings, max I could let go £30K into buying. On a £225K property therefore we would need £140K mortgage, interest only whilst at college = approx £700pcm I've been desperate not to buy and wait but we've had so much trouble with noisey neighbours and I'm just desperate for a detached property and some peace and quiet. Is all this a seriously bad idea? Talking to someone in flats opposite he says they get so much noise trouble. Kitchen of next flat next to their bedroom, lounge of another next to their 2nd bedroom. Seems that everybody is starting to suffer with modern day British housing. At least if all that is going to get built is flats then it could be made of a quality like in Germany. We are all practically starting to live in each others homes. Lying in bed at night listening to next door going for a pee like it's in my bedroom isn't how I want to spend the rest of my life.... Help! Are you mad? You're in a fortunate position in renting that you can just move. Imagine if you just 'bought' somewhere and you had exactly the same problem (quite possible if Yvette Cooper gets her way) you couldn't just move out without all the hassle of selling/buying. Pull yourself together and snap out of it! Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 (edited) Are you mad? You're in a fortunate position in renting that you can just move. Imagine if you just 'bought' somewhere and you had exactly the same problem (quite possible if Yvette Cooper gets her way) you couldn't just move out without all the hassle of selling/buying. Pull yourself together and snap out of it! I know, I've just reached a low point. Why does this property boom keep going? I'm just getting desperate for somewhere decent to live and there is so little quality rental accomodation around here if you don't want to live in a flat. I'm due to get married next year and we want to start a family after that. It's maybe the only chance to buy, to use my savings to buy now and we could just get somewhere detached. This country is seriously sick Yvette Cooper on TV this morning said that Labour will protect the green belt In Bournemouth the council have declared that only flats will be built to meet government targets, currently 92% of new builds here are all flats and they are all totally shit quality If that is really the case then seriously - how can the price of detached dwellings fall? They aren't making anymore, in fact they are taking them away when they convert them into flats. Edited July 22, 2007 by munimula Quote Link to comment Share on other sites More sharing options...
AvidFan Posted July 22, 2007 Share Posted July 22, 2007 (edited) Keep trying until you find the right deal. Have you tried bargaining with these property owners, playing on the fact you're a responsible, professional couple who'll leave the property in a better condition than you found it? Really, you have the upper hand, you just haven't realised it yet. Edited July 22, 2007 by AvidFan Quote Link to comment Share on other sites More sharing options...
AvidFan Posted July 22, 2007 Share Posted July 22, 2007 How about renting a 3 bed house for £950 a month and sub-letting a room for £350 a month? That comes in at less than the £4250 rent a room scheme allowance and you're then renting for £600 a month. Just find a nice, quiet (possibly female) student who'll do their fair share of the housework. Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 How about renting a 3 bed house for £950 a month and sub-letting a room for £350 a month?That comes in at less than the £4250 rent a room scheme allowance and you're then renting for £600 a month. Just find a nice, quiet (possibly female) student who'll do their fair share of the housework. It's desperate days when you have to consider these measures. I'm 31 now, up until a year ago I was sharing a 1-bed flat with a mate, I made the lounge my bedroom, before that I shared it with my sister and her boyfriend for a year. I'm done with sharing houses with people, it's far to stressful. I only want to share with my girlfriend now. I've done my time sharing. Quote Link to comment Share on other sites More sharing options...
HPC Convert Posted July 22, 2007 Share Posted July 22, 2007 After getting home to find the upstairs window cracked after some kid has fired something at it I've reached the end. Two days ago I was banging on the wall at 3am after the neighbours woke us...again. Next door got burgled recently, we are in private rented development sandwiched between two council estates in Poole and there is so little to rent of quality.We want a min two bed house, these are commanding £800 pcm in rent. Now girlfriend is a nurse and can get 25% free loan to buy as we meet criteria. I'm studying and was relying on savings to get me through but could put savings, max I could let go £30K into buying. On a £225K property therefore we would need £140K mortgage, interest only whilst at college = approx £700pcm I've been desperate not to buy and wait but we've had so much trouble with noisey neighbours and I'm just desperate for a detached property and some peace and quiet. Is all this a seriously bad idea? Talking to someone in flats opposite he says they get so much noise trouble. Kitchen of next flat next to their bedroom, lounge of another next to their 2nd bedroom. Seems that everybody is starting to suffer with modern day British housing. At least if all that is going to get built is flats then it could be made of a quality like in Germany. We are all practically starting to live in each others homes. Lying in bed at night listening to next door going for a pee like it's in my bedroom isn't how I want to spend the rest of my life.... Help! Emmigrate? Many are keen on the idea. Quote Link to comment Share on other sites More sharing options...
AvidFan Posted July 22, 2007 Share Posted July 22, 2007 It's desperate days when you have to consider these measures. I'm 31 now, up until a year ago I was sharing a 1-bed flat with a mate, I made the lounge my bedroom, before that I shared it with my sister and her boyfriend for a year. I'm done with sharing houses with people, it's far to stressful. I only want to share with my girlfriend now. I've done my time sharing. Tell me about it. I'm a 36 year old lodger. I don't even want to think about the possibility of a relationship because of the pressure I'd get from her to buy... Bear in mind lodgers tend to stay in their room (I should know) as they don't consider they have equal house rights. You're really only going to see that person in the kitchen occassionally, or on the upstairs landing crossing to the bathroom... Quote Link to comment Share on other sites More sharing options...
AvidFan Posted July 22, 2007 Share Posted July 22, 2007 If you could find a house to rent with a studio annex (possible a converted garage) you may never have to see your lodger... Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 (edited) Emmigrate? Many are keen on the idea. I'm not. I love this country, it's my country and I want to stay here. http://www.adamsandrose.co.uk/propertydeta...=search&p=s Looking at something like this. If it could be picked up for say £205K-£210K 25% free loan = £52K (no payments required, no interest, totally free key worker loan, only paid back on sale of property) Remainder = £153K I put in £25K Mortgage = £128K @5.5% = approx £600-700pcm Does this make financial sense? I means are detached places like this with 70' gardens going to drop in price? There are less and less of them. It could easily be given a treatment to make it look much less like a granny bungalow, it would only be cosmetic. Gravel down on the driveway etc. Edited July 22, 2007 by munimula Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 (edited) Crack??Why not move? There is just nothing to move to. Or at least we will be looking at paying £800per month to rent. Renting for me has only ever had it's advantages whilst it was comparatively cheaper for the same. We can't get a detached place to rent for £800 Renting options in Poole/Bournemouth are terrible. Edited July 22, 2007 by munimula Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 (edited) You are losing your mind. Imagine if you owned the place you live in?? Just look around a bit more, or move somewhere else. Are you really so clueless about the TRAP that home-ownership represents now? Read the "Designed Demon" thread I'm totally with you on that. But does it make sense if you can borrow 25% of the property value for free? Maybe it's getting married, maybe it's the beginnings of the thoughts of kids, I don't know but unlike before I've stared to want to live in a place that I can control and do thing's too, somewhere detached without noise disturbance from neighbours and somewhere with a garden. Edited July 22, 2007 by munimula Quote Link to comment Share on other sites More sharing options...
Als Posted July 22, 2007 Share Posted July 22, 2007 I know, I've just reached a low point.Why does this property boom keep going? I'm just getting desperate for somewhere decent to live and there is so little quality rental accomodation around here if you don't want to live in a flat. I'm due to get married next year and we want to start a family after that. It's maybe the only chance to buy, to use my savings to buy now and we could just get somewhere detached. This country is seriously sick Yvette Cooper on TV this morning said that Labour will protect the green belt In Bournemouth the council have declared that only flats will be built to meet government targets, currently 92% of new builds here are all flats and they are all totally shit quality If that is really the case then seriously - how can the price of detached dwellings fall? They aren't making anymore, in fact they are taking them away when they convert them into flats. Just wait. Housing is a political issue now. The government is made up of many people and I bet there are all kinds of competing political interests within it. Labour will say one thing and end up doing another so I don't think they are predictable right now. Personally, I think this will all get quite nasty. This won't help you of course Quote Link to comment Share on other sites More sharing options...
HPC Convert Posted July 22, 2007 Share Posted July 22, 2007 I'm not. I love this country, it's my country and I want to stay here.http://www.adamsandrose.co.uk/propertydeta...=search&p=s Looking at something like this. If it could be picked up for say £205K-£210K 25% free loan = £52K (no payments required, no interest, totally free key worker loan, only paid back on sale of property) Remainder = £153K I put in £25K Mortgage = £128K @5.5% = approx £600-700pcm Does this make financial sense? I means are detached places like this with 70' gardens going to drop in price? There are less and less of them. It could easily be given a treatment to make it look much less like a granny bungalow, it would only be cosmetic. Gravel down on the driveway etc. The property you posted a link to looks very nice. In my view prices for that sort of home will not drop. Where prices will drop is in the rabbit hutch market. I would buy if your circumstances say its a good move. Waiting for a crash in pleasant parts of the UK is a mugs game. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 22, 2007 Share Posted July 22, 2007 25% free loan = £52K (no payments required, no interest, totally free key worker loan, only paid back on sale of property) If you're on about Open Market Homebuy, you're in for a small shock. No interest is charged on either of the equity loans for the first five years and you will never be charged interest or need to make monthly payments on the HomeBuy Agent’s equity loan. However, the amount you will have to repay the lender and the HomeBuy Agent will be linked to the value of your home at the time you sell it, plus a redemption fee where this is levied. http://www.housingcorp.gov.uk/server/show/nav.2129 Ouch! Now repeat after me: "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the sol............................................" Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 Just wait. Housing is a political issue now. The government is made up of many people and I bet there are all kinds of competing political interests within it. Labour will say one thing and end up doing another so I don't think they are predictable right now. Personally, I think this will all get quite nasty. This won't help you of course But we have to face reality. The majority think that we have already built too much. There is no political party that is going to release green field land to build houses on. It would be political suicide. The future is flats, we have to face that. More flats in the towns and cities, all living on top of each other, all of us listening to each other peeing as we try to go to sleep Quote Link to comment Share on other sites More sharing options...
Without_a_Paddle Posted July 22, 2007 Share Posted July 22, 2007 I'm totally with you on that.But does it make sense if you can borrow 25% of the property value for free? Maybe it's getting married, maybe it's the beginnings of the thoughts of kids, I don't know but unlike before I've stared to want to live in a place that I can control and do thing's too, somewhere detached without noise disturbance from neighbours and somewhere with a garden. I don't know how the 25% nurse thing works, but if it really is a free grant then I would go for it. You effectively have your HPC today at today's low rates. Will the 25% offer still be there in a few years? Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 If you're on about Open Market Homebuy, you're in for a small shock.http://www.housingcorp.gov.uk/server/show/nav.2129 Ouch! But just one point, if the property hasn't gone up (actually it could go down) then am I right in saying there is only the initial loan to pay back? Now repeat after me:"Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the solution for anti-social neighbours" "Owning' your own home is not the sol............................................" Thanks! You are totally right Quote Link to comment Share on other sites More sharing options...
HPC Convert Posted July 22, 2007 Share Posted July 22, 2007 But just one point, if the property hasn't gone up (actually it could go down) then am I right in saying there is only the initial loan to pay back?Thanks! You are totally right However buying a detached home does offer a long term prospect of not suffering noise coming through thin walls.... Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 I don't know how the 25% nurse thing works, but if it really is a free grant then I would go for it.You effectively have your HPC today at today's low rates. Will the 25% offer still be there in a few years? Well this is it and we are only eligible whilst I'm a student as combined income can't be over £60K If house prices crash there might even be a situation where they can't get the money back from people if their houses have gone down in value. They might have to right off the loans, wishful thinking probably but how would they get it back if it meant public sector workers selling and then being priced out of the market? Quote Link to comment Share on other sites More sharing options...
mybrainhurts Posted July 22, 2007 Share Posted July 22, 2007 After getting home to find the upstairs window cracked after some kid has fired something at it I've reached the end. Two days ago I was banging on the wall at 3am after the neighbours woke us...again. Next door got burgled recently, we are in private rented development sandwiched between two council estates in Poole and there is so little to rent of quality.We want a min two bed house, these are commanding £800 pcm in rent. Now girlfriend is a nurse and can get 25% free loan to buy as we meet criteria. I'm studying and was relying on savings to get me through but could put savings, max I could let go £30K into buying. On a £225K property therefore we would need £140K mortgage, interest only whilst at college = approx £700pcm I've been desperate not to buy and wait but we've had so much trouble with noisey neighbours and I'm just desperate for a detached property and some peace and quiet. Is all this a seriously bad idea? Talking to someone in flats opposite he says they get so much noise trouble. Kitchen of next flat next to their bedroom, lounge of another next to their 2nd bedroom. Seems that everybody is starting to suffer with modern day British housing. At least if all that is going to get built is flats then it could be made of a quality like in Germany. We are all practically starting to live in each others homes. Lying in bed at night listening to next door going for a pee like it's in my bedroom isn't how I want to spend the rest of my life.... Help! You could at least start looking, (a) because you will feel you are attacking the problem, ( because if sentiment really does turn this autumn you want to be in a position to make lowball offers. For this you need a "portfolio" of 4 or 5 houses you could live in (because the more offers you make the better chance of finding a vendor who simply has to sell) and you need to start putting the portfolio together now because you want to be targeting properties which have been on the market without selling for long enough to get the vendors worried - I would say >12 weeks. So if you start on the portfolio now you will be well prepared for a slump in October. Oh and © because if you want to know what the market is doing there is no substitute for going out and seeing for yourself. All these surveys and stuff are national or regional averages. You are looking in a tiny micromarket consisting of houses you and your partner like and can afford in the area where you live. Good luck As has often been pointed out housing crashes start with illiquidity not massive price drops. So you are unlikely to end up kicking yourself cos you would have got 50% off if only you had waited 6 months. Just be certan you aren't overpaying. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 22, 2007 Share Posted July 22, 2007 I don't know how the 25% nurse thing works, but if it really is a free grant then I would go for it.You effectively have your HPC today at today's low rates. Will the 25% offer still be there in a few years? I doubt it. Only 100 people, fortunately, have taken the offer up. It was intended to assist 20,000. http://www.telegraph.co.uk/money/main.jhtm...6/cnhomes26.xml Quote Link to comment Share on other sites More sharing options...
munimula Posted July 22, 2007 Author Share Posted July 22, 2007 However buying a detached home does offer a long term prospect of not suffering noise coming through thin walls.... Can you put a price on that? My health definitely suffers from external noise I can't control, unfortunately I'm of a slightly anxious nature and it does have serious detrimental health effects, sleeping affected etc. This is probably really bad longterm. Quote Link to comment Share on other sites More sharing options...
Als Posted July 22, 2007 Share Posted July 22, 2007 But we have to face reality.The majority think that we have already built too much. There is no political party that is going to release green field land to build houses on. It would be political suicide. The future is flats, we have to face that. More flats in the towns and cities, all living on top of each other, all of us listening to each other peeing as we try to go to sleep I share your fears about flats. But I wouldn't be so sure that they won't build on greenbelt land in the future just because they say they won't. What they say is meaningless. I just don't think anything is predictable right now. The cards are up in the air and could land in any pattern. Quote Link to comment Share on other sites More sharing options...
Willit Posted July 22, 2007 Share Posted July 22, 2007 Property prices will slide for years and years, interrupted by brief bounces.The demographic situation is truly terrible for property You mean may, not will, surely..? Or do you have a time machine? Quote Link to comment Share on other sites More sharing options...
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