Buying a flat, getting a mortgage, and the BS that comes with it...

spark240

Even if you get a good fixed rate deal now, they are only going one way in the future.

Make sure you can accommodate this when it happens, lots of people are blinded by the attraction of new properties at any cost, and do not always see the potential downsides.

If you must buy a new build, make them an offer first ( once you have MIP) dont let them tell you "it might not be here next week".

In my experience, even if you miss " The One"  ....there is another " One" not far away ! 

Good Luck

imalone

Evilmags said:

900 a month in London is very cheap. From experience the way to buy in London is to look for something wrecked and build value into it by refurbishing. Buying new build is quite risky.

Though I think it might be quite driven by square foot and number of rooms here, since there is so much pressure on housing. Independent valuation is good if you can get it, but takes more money and time. There was quite a spate of off-plan court cases in NI  years ago, http://news.bbc.co.uk/1/hi/northern_ireland/8511185.stm but London might be safer.
Of course as someone who is still trying to look over that fence I'm not talking from experience.

sted

It's crazy reading about London prices, I don't have a big house, just a 3 bed semi in a bit of a crap area but I can get four cars in the drive and have a 70 foot garden for barbies and my monthly car payments are more than my mortgage!

Iamnobody

I'm in the process of selling and buying - been nearly 9 years since we last did it...

I'd forgotten what a ball-ache it is.

Don't rush, and if you are thinking of starting a family have a think about schools now. You might save yourself the hassle of having to move again in the near future.

richardhomer

sted;334247" said:

It's crazy reading about London prices, I don't have a big house, just a 3 bed semi in a bit of a crap area but I can get four cars in the drive and have a 70 foot garden for barbies and my monthly car payments are more than my mortgage!

Have you thought about moving to a smaller car?

sted

richardhomer said:

sted;334247" said:

It's crazy reading about London prices, I don't have a big house, just a 3 bed semi in a bit of a crap area but I can get four cars in the drive and have a 70 foot garden for barbies and my monthly car payments are more than my mortgage!

Have you thought about moving to a smaller car?

Often, have to get the dog in the boot though, hes a big chap!

Drew_TNBD

Well we went to have a look at the area. It's not too bad actually. It's opposite the RAF Museum. The flat looks pretty ugly from the outside; personally don't give a shit, but do wonder how it would affect it's value later on down the line.

boogieman

Ah that's the old Hendon aerodrome site, I used to live just up the road from there. My son still does. Last time I went to see him I couldn't believe the amount of flats being built in the area. It's pretty decent though, there's even a music shop in the main drag in Colindale that has some nice guitars. The one downside is it's on the Northern Line, it's not called the Misery Line for nothing you know.

underdog

sted;334247" said:

It's crazy reading about London prices, I don't have a big house, just a 3 bed semi in a bit of a crap area but I can get four cars in the drive and have a 70 foot garden for barbies and my monthly car payments are more than my mortgage!

Yeah I'm sitting here shocked at how much people are quoting to live there. Honestly if it were me I'd just move somewhere cheaper

My house cost 120k 4 bedroom, 3 story with huge back garden and large front, and I wasn't happy paying that

Drew_TNBD

underdog;340688" said:

Yeah I'm sitting here shocked at how much people are quoting to live there. Honestly if it were me I'd just move somewhere cheaper

My house cost 120k 4 bedroom, 3 story with huge back garden and large front, and I wasn't happy paying that

It's the best place to live in England imho. I've been too a fair number of places, and there is no where else I'd like to live. Going back to the Midlands is not an option. Brighton is too small. Southampton is grim as fuck. Bath is boring, etc.. etc..

It's all about jobs. In the music software industry I basically have few options; London and a few other places in the UK, or move to Europe, America, or Japan.

The wife and I have talked about moving to Japan in the future, but it wont be any time soon.

Drew_TNBD

boogieman said:

Ah that's the old Hendon aerodrome site, I used to live just up the road from there. My son still does. Last time I went to see him I couldn't believe the amount of flats being built in the area. It's pretty decent though, there's even a music shop in the main drag in Colindale that has some nice guitars. The one downside is it's on the Northern Line, it's not called the Misery Line for nothing you know.

Yeah the Northern Line is pretty crappy. I think I'll have to negotiate some extra work from home days!

CabbageCat

Drew_fx said:

It's the best place to live in England imho. I've been too a fair number of places, and there is no where else I'd like to live. Going back to the Midlands is not an option. Brighton is too small. Southampton is grim as fuck. Bath is boring, etc.. etc...

And afaik Brighton and Bath prices aren't that much better than London. Southampton is probably cheaper but, as you say, it's not somewhere you would live without a good reason.

I can see the attraction of London. It's the hub of England, if not the UK, if not Europe. It might not be pretty or easy or cheap but it is important. It's hard to give that up once you have it. It would be like stepping back to GP2 after driving in F1.

I'm not going to move to London - I have too much of an attachment to my own locale - but if I was a blank canvas I'd go there. I'd rather live in a hovel in a place I like than a palace in a place I don't.

joneve

So...after agreeing to a "BEWARE THE NEW BUILD" post earlier in this thread, the wife and I went to look round various new build estates at the weekend and found pretty much our perfect house for a little over £200k which gives us a decent sized garden, 3/4 beds (depending on how many living rooms you want!) a garage, all appliances, carpet and stamp duty paid in a really nice area. 

So...looks like we might be buying a new build again. FFS!

boogieman

@joneve. If a new build suits you then go for it. That sounds like a pretty sweet deal too. Personally I don't like modern houses but each to their own. I've always found modern builds to lack decent soundproofing and the windows are usually too small for my tastes cos of the modern building regs.

underdog

I'm the exact opposite of wanting to live in London I got my eye on 2 acres in the country to build on

Drew_TNBD

boogieman said:

I've always found modern builds to lack decent soundproofing

I'd really like more talk on this topic, because the agents very rarely have anything worthwhile to say on this. What are modern builds like? The flat I live in currently is pretty bad. We can hear the neighbours fucking, and they can probably hear us too. My little mancave musicroom is just above the downstairs neighbour, and it doesn't happen often but sometimes I can be a bit too noisy for him. We've hashed out a deal where I wont make any noise after 10pm, but to be honest I'm usually done by 9pm-ish.

I've stopped playing valve amps in the house. I only play Axe FX at home now, but even so... can still get quite loud.

Jalapeno

In Flats I'd say headphones are THE way.  You never know who in the block is working nights or has a new baby.  You don't want to be the "new noisy, grumpy arsehole musician in flat B" - neighbours can create all sorts of crap with the leaseholder and council. 

Drew_TNBD

See the government has brought this in the last few years:
http://www.planningportal.gov.uk/buildingregulations/approveddocuments/parte/approved

Drew_TNBD

Jalapeno said:

In Flats I'd say headphones are THE way.  You never know who in the block is working nights or has a new baby.  You don't want to be the "new noisy, grumpy arsehole musician in flat B" - neighbours can create all sorts of crap with the leaseholder and council. 

Absolutely not going to happen.

Jalapeno

Good luck !