First time home buyer queries

[Ohgoodgrief]

I’ve looked for a similar thread but cannot find one so hope this isn’t a duplication.
We are first time buyers, have rented for many years and squirrelled away every spare penny for a 10% deposit on a property. We are now finally in the position to move and have a mortgage in principle in place. We have viewed a property (were the first viewers) and put an offer in, 4% below asking price. It’s in a bit of a state and needs money spent on it immediately to make liveable.
The estate agent said it was a very reasonable offer for the property in its current state and that the sellers are keen to move quickly. We haven’t yet heard about our offer (over 3 days now) and I’m getting a bit edgy as interest rates are due to rise again and our Mortgage in principle Only has certain lenders that will honour the interest rates on the day the MIP was taken out. Others give the rate on the day of the full application being made and others when the money is transferred.
At the risk of sounding unreasonable, am I okay to contact the agent on Friday (a week after offer) and ask what’s going on as I don’t want to view anywhere else until we know about this one. As a first time buyer am completely out of my depth in all this. I do get that the seller is probably waiting to see if any more views come in, however the agent has already told us they had a number of sales fall through previously and took the place off the market a couple of years back due to that. We are no chain and rolling tenancy in our property so can be moved very quickly which I would have thought is an advantage, but having never done this before I just don’t know!

 

[easyliketuesdayafternoon]

Not unreasonable at all. If it was me I'd chase sooner - it's easy to get into the mindset that the seller holds all the power in this situation and therefore you don't want to be pushy but that's not the case. Unless the agent gave you a timeline for a response then I'd be chasing tomorrow.

Best of luck!

 

[Clickbait]

Definitely fine to chase but remember there is an element of game playing to buying/selling property. The agents get a percentage of the sale price so they’ll want to get as much as possible for the property as the owners will. Having said that, agents like to shift property quickly because they know interest slows down after the first 2 weeks (unless the price drops) and things become harder to sell. Plus the owner is usually locked in for the first 4-6 weeks but will choose to go elsewhere if they’re not getting people viewing and offers made.

If the owners are minded to sell and move quickly a 4% drop to the asking price is perfectly acceptable. They might want to give it a couple of weeks to see what others they get, they may be absolutely convinced they can get asking price, and/or being advised by the agent to keep your offer waiting.
My advice would be to really consider how much you like this house, what it might cost to put right the immediate issues, and then longer-term stuff that you can live with for now but will need doing. Remember that everything is pricey at the moment even if you plan on doing the work yourself. Then look at the offer you have made and ask yourself if it is affordable. If yes, but only if you can proceed with your rate in the MIP, say to the agent this is your best offer but you will be withdrawing it by close of play on Friday if it is not accepted. This puts the pressure on them to make their mind up. If they’ve had problems in the past realistically they should be biting the hand off of a FTB with no chain!

Ultimately, securing a good interest rate as a first time buyer is important as it will allow you to have more money to absorb rising utility bills and save for home improvements. You could sit around waiting for no reason.

Something else to consider on this property is that the other sales may have fallen through because of something thrown up in the survey. May be worth asking why the sales fell through. And definitely pay the £ for a comprehensive survey - you can negotiate the price down were you to find out there was something structurally wrong.

You haven’t said how many properties you’ve viewed so unsure if your heart is set on this one, or you’re keen to move quickly because of rental contract up or the rise in interest rates. I would recommend not waiting around before looking at other stuff. If this falls through you will be back to square one.

 

[Ohgoodgrief]

Not unreasonable at all. If it was me I'd chase sooner - it's easy to get into the mindset that the seller holds all the power in this situation and therefore you don't want to be pushy but that's not the case. Unless the agent gave you a timeline for a response then I'd be chasing tomorrow.

Best of luck!

Thank you - it’s hard to know whether we are being pushy or assertive!
---

Definitely fine to chase but remember there is an element of game playing to buying/selling property. The agents get a percentage of the sale price so they’ll want to get as much as possible for the property as the owners will. Having said that, agents like to shift property quickly because they know interest slows down after the first 2 weeks (unless the price drops) and things become harder to sell. Plus the owner is usually locked in for the first 4-6 weeks but will choose to go elsewhere if they’re not getting people viewing and offers made.

If the owners are minded to sell and move quickly a 4% drop to the asking price is perfectly acceptable. They might want to give it a couple of weeks to see what others they get, they may be absolutely convinced they can get asking price, and/or being advised by the agent to keep your offer waiting.
My advice would be to really consider how much you like this house, what it might cost to put right the immediate issues, and then longer-term stuff that you can live with for now but will need doing. Remember that everything is pricey at the moment even if you plan on doing the work yourself. Then look at the offer you have made and ask yourself if it is affordable. If yes, but only if you can proceed with your rate in the MIP, say to the agent this is your best offer but you will be withdrawing it by close of play on Friday if it is not accepted. This puts the pressure on them to make their mind up. If they’ve had problems in the past realistically they should be biting the hand off of a FTB with no chain!

Ultimately, securing a good interest rate as a first time buyer is important as it will allow you to have more money to absorb rising utility bills and save for home improvements. You could sit around waiting for no reason.

Something else to consider on this property is that the other sales may have fallen through because of something thrown up in the survey. May be worth asking why the sales fell through. And definitely pay the £ for a comprehensive survey - you can negotiate the price down were you to find out there was something structurally wrong.

You haven’t said how many properties you’ve viewed so unsure if your heart is set on this one, or you’re keen to move quickly because of rental contract up or the rise in interest rates. I would recommend not waiting around before looking at other stuff. If this falls through you will be back to square one.

Thank you for this really comprehensive reply. Apparently sales fell through due to issues with funding for mortgages, as the seller was keen to know anyone viewing had the means to proceed and purchasing power, as these were the issues beforehand. The agent was quite forthcoming about this. I think you could be correct in what you say about the agent using delaying tactics somewhat - they tried to pressure us into using their own in-house mortgage advisor as it would “add weight to the seller’s concerns over funding from previous fall throughs” despite us having a MIP and our own mortgage advisor. They almost said that if you use us in-house we will prioritise us without actually saying that, just heavily implied.
We’ve viewed a couple of others, one we liked a lot but an offer was put in literally as we left the viewing! We have money put aside for the immediate things needed and the other bits that are liveable as we go, however we are keen to lock in a rate that we can manage comfortably, else we will need to hold fire for however long it takes for the impeding recession to end and interest rates to lower. Luckily we aren’t at end of tenancy yet and aren’t having to move out of our rental, we’ve been here 7 years. It’s just becoming quite poorly maintained by the landlord and we are keen to buy as kids are getting older now. Our offer is completely affordable for us and we wouldn’t go any higher due to the work needed. However we have the option to go higher on alternative properties that don’t need work! I think I’ll be calling the agent tomorrow and saying offer is there until end of business Friday and then at least can view others I’ve earmarked over the weekend.

 

[Clickbait]

Thank you - it’s hard to know whether we are being pushy or assertive!
---

Thank you for this really comprehensive reply. Apparently sales fell through due to issues with funding for mortgages, as the seller was keen to know anyone viewing had the means to proceed and purchasing power, as these were the issues beforehand. The agent was quite forthcoming about this. I think you could be correct in what you say about the agent using delaying tactics somewhat - they tried to pressure us into using their own in-house mortgage advisor as it would “add weight to the seller’s concerns over funding from previous fall throughs” despite us having a MIP and our own mortgage advisor. They almost said that if you use us in-house we will prioritise us without actually saying that, just heavily implied.
We’ve viewed a couple of others, one we liked a lot but an offer was put in literally as we left the viewing! We have money put aside for the immediate things needed and the other bits that are liveable as we go, however we are keen to lock in a rate that we can manage comfortably, else we will need to hold fire for however long it takes for the impeding recession to end and interest rates to lower. Luckily we aren’t at end of tenancy yet and aren’t having to move out of our rental, we’ve been here 7 years. It’s just becoming quite poorly maintained by the landlord and we are keen to buy as kids are getting older now. Our offer is completely affordable for us and we wouldn’t go any higher due to the work needed. However we have the option to go higher on alternative properties that don’t need work! I think I’ll be calling the agent tomorrow and saying offer is there until end of business Friday and then at least can view others I’ve earmarked over the weekend.

Good luck! And if they don’t take your offer you may find the price is lowered if it’s sat on the market for a while and you could end up getting it cheaper (if you’re still looking then).

 

[travelbug20]

Hello!

I found this thread and hope it's OK I jump in with my own question that someone might be able to help with

My long term partner and myself are hoping to buy a house in around the next 2 years, we rent at the moment and pay a sickening amount of money to do so. Our big issue however is that we are both freelance/self employed. He's a limited company and I'm a sole trader. We both earn very good money and have a pretty hefty pot to use as a deposit but I'm concerned our chances of getting a mortgage will be slim as we'll be seen as too risky seeing as we are both self employed (which really in todays economical climate makes no sense, I don't really think there's such a thing as job security anymore)

Anyway, has anyone had any experience buying as a self employed person? I'm wondering if we could maybe find an advisor who is clued up on helping self employed people

 

[Elle Woods]

Hello!

I found this thread and hope it's OK I jump in with my own question that someone might be able to help with

My long term partner and myself are hoping to buy a house in around the next 2 years, we rent at the moment and pay a sickening amount of money to do so. Our big issue however is that we are both freelance/self employed. He's a limited company and I'm a sole trader. We both earn very good money and have a pretty hefty pot to use as a deposit but I'm concerned our chances of getting a mortgage will be slim as we'll be seen as too risky seeing as we are both self employed (which really in todays economical climate makes no sense, I don't really think there's such a thing as job security anymore)

Anyway, has anyone had any experience buying as a self employed person? I'm wondering if we could maybe find an advisor who is clued up on helping self employed people

My partner is self employed and we managed to buy no issues at all. We did not use a specialist mortgage advisor or anything like that. We just contacted his accountant to get all his up to date info and if we were unsure of anything the mortgage advisor was requesting we just looped her in on emails and she got stuff to us really quickly.

I also work in the housing market and I deal with loads of cases on a daily basis where people are buying and either one or both of them are self employed - it is doable. You just need to make sure your accounts are up to date for both of you so that you can provide all of the relevant information.

Good luck!

 

[travelbug20]

My partner is self employed and we managed to buy no issues at all. We did not use a specialist mortgage advisor or anything like that. We just contacted his accountant to get all his up to date info and if we were unsure of anything the mortgage advisor was requesting we just looped her in on emails and she got stuff to us really quickly.

I also work in the housing market and I deal with loads of cases on a daily basis where people are buying and either one or both of them are self employed - it is doable. You just need to make sure your accounts are up to date for both of you so that you can provide all of the relevant information.

Good luck!

Oh that's super reassuring to hear thank you! To be honest I always just presumed it would be a non starter so knowing it is possible has given me the incentive to get the ball moving!

 

[HoGi]

Hello!

I found this thread and hope it's OK I jump in with my own question that someone might be able to help with

My long term partner and myself are hoping to buy a house in around the next 2 years, we rent at the moment and pay a sickening amount of money to do so. Our big issue however is that we are both freelance/self employed. He's a limited company and I'm a sole trader. We both earn very good money and have a pretty hefty pot to use as a deposit but I'm concerned our chances of getting a mortgage will be slim as we'll be seen as too risky seeing as we are both self employed (which really in todays economical climate makes no sense, I don't really think there's such a thing as job security anymore)

Anyway, has anyone had any experience buying as a self employed person? I'm wondering if we could maybe find an advisor who is clued up on helping self employed people

Be honest on your tax returns and get a food mortgage broker.

I know too many SA friends who fiddled their tax returns so they kept cash and then were shocked to discover their earning of £15k pa weren't enough to buy a house despite £60k deposit.

If you are earning, and declaring, decent incomes and have a deposit any half decent broker will be able to find you a mortgage.

 

[alliwantistruth]

Sorry to reopen an old thread but I'm having cold feet about buying a flat - i got an offer accepted and I've begun a few things, but I'm now terrified I've made the wrong choice. My deposit is enough that it's equal to a greater proportion of the price in a flat, but less if a house. I'm scared I'm making the wrong decision and that I rushed in. I hate where I'm renting at the moment and want to get out ASAP. When ghe offer got accepted I was surprised, but instantly felt like I was having an out of body experience. I wasn't excited, I feel like I'm on a conveyer belt and out of control.

I also wanted to keep my mortgage payments as low as possible so I could still save as much as I am now, and go on holidays etc. The flat is lovely and the neighbours sound really nice from speaking to the vendors, but I just feel sick with worry. I'm scared I should be putting the money into a house. As realistically if I'm not saving for a deposit do I even need to save the same amount? And it's not like I'm off on holiday all the time... I've also read that it's bad to buy leasehold because of service charges, and I'm worrried it won't sell in the future. I've also seen stuff about leasehold being a con, it's used for first time buyers etc.

I'm worried that if I do pull out I'll regret the what ifs, but I feel sick that I'm rushing and have gone too quickly. I don't know what to do Should I pull the offer? Do I keep looking??

 

[Clickbait]

Sorry to reopen an old thread but I'm having cold feet about buying a flat - i got an offer accepted and I've begun a few things, but I'm now terrified I've made the wrong choice. My deposit is enough that it's equal to a greater proportion of the price in a flat, but less if a house. I'm scared I'm making the wrong decision and that I rushed in. I hate where I'm renting at the moment and want to get out ASAP. When ghe offer got accepted I was surprised, but instantly felt like I was having an out of body experience. I wasn't excited, I feel like I'm on a conveyer belt and out of control.

I also wanted to keep my mortgage payments as low as possible so I could still save as much as I am now, and go on holidays etc. The flat is lovely and the neighbours sound really nice from speaking to the vendors, but I just feel sick with worry. I'm scared I should be putting the money into a house. As realistically if I'm not saving for a deposit do I even need to save the same amount? And it's not like I'm off on holiday all the time... I've also read that it's bad to buy leasehold because of service charges, and I'm worrried it won't sell in the future. I've also seen stuff about leasehold being a con, it's used for first time buyers etc.

I'm worried that if I do pull out I'll regret the what ifs, but I feel sick that I'm rushing and have gone too quickly. I don't know what to do Should I pull the offer? Do I keep looking??

I think if you really think you’re making the wrong decision you need to pull out quickly because it may effect the onwards chain, but the vendors may have more time to find someone else if you do it sooner rather than later.

I bought a leasehold flat when my options in the area I wanted to live in were limited because of the amount of money I had to spend. I was fortunate that I made a decent amount on it and the previous owner had extended the lease just before I moved in. Lease extensions can be expensive.

I would never buy leasehold again, and if possible not live in a flat like the one I was in (essentially an old Victorian building divided into flats) as some flats were rentals and we had some major issues with the tenants. The Landlord was very lazy about doing any maintenance, there was no sinking fund for repairs so when something inevitably needed fixing because it was an ageing, not well-maintained building, all the current leaseholders would cop the bill. No time to save up, no way to delay the works, no say in which company was used.

The latter caused issues when we had some cowboy outfit patch the roof which only held for 3 months and then we had to pay for another repair. I was so pleased to leave when I did because I expect the roof on that building to need replacing within the next 5 years and the price quoted 5 years ago was £40k!

Our service charges were low in comparison with many others I heard about but still expensive for what was done for the money. We allegedly had gardeners coming once a month. When I went into the office 5 days a week I couldn’t tell you if they’d been other than not noticing any real difference. During lockdown I could tell the landlord that they absolutely had not come, yet he took the side of the gardeners (despite my showing dated photos where the plants/grass got more and more overgrown month on month).

In short, I felt totally unable to exert any control over anything happening or not happening to/in the building that housed my home and that I was financially tied to.

If you think that a house would be a better investment, can you afford to buy one with your deposit and MIP? I wouldn’t just move in haste because you hate your rental. Moving costs are high (stamp duty, solicitors fees, removals firms) and you don’t want to buy and then need to put it on the market really soon afterwards - that would be a red flag for many buyers.

How many places did you see before you offered on this place?

 

[littlepup]

Sorry to reopen an old thread but I'm having cold feet about buying a flat - i got an offer accepted and I've begun a few things, but I'm now terrified I've made the wrong choice. My deposit is enough that it's equal to a greater proportion of the price in a flat, but less if a house. I'm scared I'm making the wrong decision and that I rushed in. I hate where I'm renting at the moment and want to get out ASAP. When ghe offer got accepted I was surprised, but instantly felt like I was having an out of body experience. I wasn't excited, I feel like I'm on a conveyer belt and out of control.

I also wanted to keep my mortgage payments as low as possible so I could still save as much as I am now, and go on holidays etc. The flat is lovely and the neighbours sound really nice from speaking to the vendors, but I just feel sick with worry. I'm scared I should be putting the money into a house. As realistically if I'm not saving for a deposit do I even need to save the same amount? And it's not like I'm off on holiday all the time... I've also read that it's bad to buy leasehold because of service charges, and I'm worrried it won't sell in the future. I've also seen stuff about leasehold being a con, it's used for first time buyers etc.

I'm worried that if I do pull out I'll regret the what ifs, but I feel sick that I'm rushing and have gone too quickly. I don't know what to do Should I pull the offer? Do I keep looking??

As the above says, check how long is left on the lease, the service charges, ground rent, how much is in the sinking fund and also check the details of the lease. Can you keep pets, use your property to run a small business etc? What might not be relevant to you much pit other off in future.

You don’t really want to be moving a lot in a short space of time. Stamp duty and solicitor fees, plus agents fees when you sell can set you back thousands. If you’re benefiting from first time buyer 0% stamp duty and the next move will incurr it, make the most of it.

Finally the vendors will generally always say the neighbours are nice, and perhaps they are, to them, it’s not gurantee you’ll get on. Visit the (outside of the) property multiple times, weekends, evenings, school kicking out times etc and see what the street is like. Parking for instance might be fine at 2pm on a Tuesday but very different on the weekend.

 

[alliwantistruth]

Thank you both of you! Really helpful. I'll try and blanket a reply. The offer was only accepted on Thursday, so I havent even signed anything yet with solicitors as I was nervous too (red flag lol). I've had a mortgage illustration through but not an offer? I did an MIP through a broker but he said to me to do it once I'd found an place I wanted to offer on, so not a general one I've paid a deposit to the solicitors but like I say I've not signed anything yet.

Its a 115yr lease. Service charge is 160 a month which now that I think about it is hideous! The block is owned by a housing assocation (flat is top floor, was staircased by previous owners), that makes me think hmmm woukd I really make much on it were I to sell? I've since chatted to colleagues/friends and they've said all places tend to have a ceiling.

Good points about stamp duty! Yes makes more sense to do that with a house. And good points as well about fees and red flags by selling quickly! I wasnt aware of that and have no one to advise me on in real life, so thank you (my broker was very much just to find me a mortgage )

I've been doing some more maths, and thinking, and I'm leaning against buying the flat Whilst I will have lost money (the deposit to the solicitors) I think I need more time and more discussions. I had a spiral yesterday about it all!! Ultimately I'd prefer a house over a flat, and technically I have enough of a deposit like I say. I've only ever lived in houseshares and was also going to be buying the flat because it feels like the "safer" option. When i could just look for houses outright and not go through the stress of moving. As well as the fact I have been rushing. First to leave this houseshare because I'd set myself a deadline of the end of this year. And secondly because I felt rushed at the viewings/was questioned as to why I'd gone a second time. Ultimately a house/garden is something I really want, and I feel like I'd be rushing into a flat "just because"/"it'll do", rather than thinking of the longevity of it.

Unfortunately I live down south But I'm sure it's doable.
---
Oh forgot - this was only the 4th, as friends of mine said "if you like it you don't need to see more". So yes, very naive. Plus the agents DID NOT stop ringing. I even said I will call you. Did they listen. No arseholes haha

Re. Onward chain - the sellers have had an offer accepted on a house with no chain so they're completed. So I would also complete the chain. The property was put on the market end of June, dropped by 15k (as they had found the house via the same agency), for a quick sale. So agency have pushed and pushed to use in house services

 

[littlepup]

Thank you both of you! Really helpful. I'll try and blanket a reply. The offer was only accepted on Thursday, so I havent even signed anything yet with solicitors as I was nervous too (red flag lol). I've had a mortgage illustration through but not an offer? I did an MIP through a broker but he said to me to do it once I'd found an place I wanted to offer on, so not a general one I've paid a deposit to the solicitors but like I say I've not signed anything yet.

Its a 115yr lease. Service charge is 160 a month which now that I think about it is hideous! The block is owned by a housing assocation (flat is top floor, was staircased by previous owners), that makes me think hmmm woukd I really make much on it were I to sell? I've since chatted to colleagues/friends and they've said all places tend to have a ceiling.

Good points about stamp duty! Yes makes more sense to do that with a house. And good points as well about fees and red flags by selling quickly! I wasnt aware of that and have no one to advise me on in real life, so thank you (my broker was very much just to find me a mortgage )

I've been doing some more maths, and thinking, and I'm leaning against buying the flat Whilst I will have lost money (the deposit to the solicitors) I think I need more time and more discussions. I had a spiral yesterday about it all!! Ultimately I'd prefer a house over a flat, and technically I have enough of a deposit like I say. I've only ever lived in houseshares and was also going to be buying the flat because it feels like the "safer" option. When i could just look for houses outright and not go through the stress of moving. As well as the fact I have been rushing. First to leave this houseshare because I'd set myself a deadline of the end of this year. And secondly because I felt rushed at the viewings/was questioned as to why I'd gone a second time. Ultimately a house/garden is something I really want, and I feel like I'd be rushing into a flat "just because"/"it'll do", rather than thinking of the longevity of it.

Unfortunately I live down south But I'm sure it's doable.
---
Oh forgot - this was only the 4th, as friends of mine said "if you like it you don't need to see more". So yes, very naive. Plus the agents DID NOT stop ringing. I even said I will call you. Did they listen. No arseholes haha

Re. Onward chain - the sellers have had an offer accepted on a house with no chain so they're completed. So I would also complete the chain. The property was put on the market end of June, dropped by 15k (as they had found the house via the same agency), for a quick sale. So agency have pushed and pushed to use in house services

You could pay that £160/mth toward a mortgage and at least you’d be seeing something from it. Of course with any property you can get surprise costs so alternatively you could create your own ‘house repairs’ fund in a similar vein by saving to for yourself.
In the recent house prices rise, flats didn’t rise at the same rate as houses.

It seems like a house would be a better option for you.

 

[YetAnotherObsessionx]

Its a 115yr lease. Service charge is 160 a month which now that I think about it is hideous! The block is owned by a housing assocation (flat is top floor, was staircased by previous owners), that makes me think hmmm woukd I really make much on it were I to sell? I've since chatted to colleagues/friends and they've said all places tend to have a ceiling.

That's quite a short lease. If you're thinking you don't want to live in it for very long & might want to sell fairly soon, that might not be a massive issue, but if you're thinking of it as a long term home, have a look at what the cost for extending the lease is as this can be expensive as mentioned by @Clickbait above. I'm in a similar situation to you, also down south, first time buyer, I'm buying a flat with a 997 year lease. I looked at houses too, not all of them we're actually freehold anyway, and they were so much more expensive that I decided I'd rather have lower monthly outgoings & save the rest of the cash I have since interest for savings is good at the mo (I'd rather have a smaller mortgage, and cash in the bank, than max out my mortgage). People have also told me about the ceiling price but right now for me, I can't face the thought of moving again, the flat has a large private garden, parking, private entrance & let's face it neighbours can be horrible regardless of the type of property you buy... so I've taken the step without worrying about whether I'll ever make money on it or not. It's a big scary step so as long as you've done all the maths & are confident you can afford all the outgoings, you'll be fine with whatever you choose. You don't have to live in it forever if you really hate it, be it a house or a flat, anyway - just make sure you get a portable mortgage

 

[alliwantistruth]

That's quite a short lease. If you're thinking you don't want to live in it for very long & might want to sell fairly soon, that might not be a massive issue, but if you're thinking of it as a long term home, have a look at what the cost for extending the lease is as this can be expensive as mentioned by @Clickbait above. I'm in a similar situation to you, also down south, first time buyer, I'm buying a flat with a 997 year lease. I looked at houses too, not all of them we're actually freehold anyway, and they were so much more expensive that I decided I'd rather have lower monthly outgoings & save the rest of the cash I have since interest for savings is good at the mo (I'd rather have a smaller mortgage, and cash in the bank, than max out my mortgage). People have also told me about the ceiling price but right now for me, I can't face the thought of moving again, the flat has a large private garden, parking, private entrance & let's face it neighbours can be horrible regardless of the type of property you buy... so I've taken the step without worrying about whether I'll ever make money on it or not. It's a big scary step so as long as you've done all the maths & are confident you can afford all the outgoings, you'll be fine with whatever you choose. You don't have to live in it forever if you really hate it, be it a house or a flat, anyway - just make sure you get a portable mortgage

That flat sounds lovely!! Amazing youve got a garden and a private entrance Is it purpose built or converted? I'm the same lol, I can't face the stress of moving hence I want to find somewhere I really love so I don't have to Yeah good point about cash in the bank, I want as small a mortgage as possible as well (and to travel). It might end up being a flat, or maisonette ... who knows, but I think I need to see more and take people with me Oh mate I've done so much maths my head hurts. Its hard to work out as my bills have always been included in rent I don't actually know how much gas and electric is for 1 person 🥲
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You could pay that £160/mth toward a mortgage and at least you’d be seeing something from it. Of course with any property you can get surprise costs so alternatively you could create your own ‘house repairs’ fund in a similar vein by saving to for yourself.
In the recent house prices rise, flats didn’t rise at the same rate as houses.

It seems like a house would be a better option for you.

That's very true! I'd be losing that 160 for no good reason. I do really want to renovate, it's all I watch pretty much. Also, I realised that a lawnmower is cheaper than 1 month service charge foe fhe "privilege" of having other people mow the lawn, do cleaning and stuff.... which I can do for free in a house/somewhere without all that. Think I have mug written all over me

And yes the rise is something I'd want to capitalise on, so I'd have more cash if and when I'd move again.

 

[Clickbait]

I've paid a deposit to the solicitors but like I say I've not signed anything yet.

Its a 115yr lease. Service charge is 160 a month which now that I think about it is hideous! The block is owned by a housing assocation (flat is top floor, was staircased by previous owners), that makes me think hmmm woukd I really make much on it were I to sell? I've since chatted to colleagues/friends and they've said all places tend to have a ceiling.

I felt rushed at the viewings/was questioned as to why I'd gone a second time.

Ultimately a house/garden is something I really want, and I feel like I'd be rushing into a flat "just because"/"it'll do", rather than thinking of the longevity of it.
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Oh forgot - this was only the 4th, as friends of mine said "if you like it you don't need to see more". So yes, very naive. Plus the agents DID NOT stop ringing. I even said I will call you. Did they listen. No arseholes haha

I’ve trimmed your reply to the bits I think are important.

What did you pay a deposit to the Solicitors for? You may be able to salvage that if they’ve not actually done anything for you at this point i.e. ask them to hold the deposit pending your instruction on another property.

Your lease is relatively short as has been said above. That may be down to the length of lease that the landlord will allow to be issued - some offer a starting point of 999 years, my previous property was only a starting point of 125 years. It is something that will become more of a problem the longer you stay there, some people will not look at a leasehold with less than 150 years.

I think the service charge seems high but that may be because owner occupiers subsidise any HA tenants who are unlikely to pay the service charge or at least not the full amount. I would be wary of owning in a mixed ownership set up - we had a HA type company take a lease out on one of the flats in my building. They seemed a dodgy outfit to be fair, but according to their website they placed troubled young men (often straight out of prison) into homes and gave them a case worker etc.

In reality what happened with the tenants of our flat is they had wild parties, started drug dealing from the flat (so people coming and going at all times and buzzing every flat to get a response), left festering takeaway waste in every conceivable place aside from properly wrapped up in their own refuse bin which attracted vermin and then repeatedly kicked in the front door when they forgot their keys.

Not saying that HA tenants are all like that by any means (I’m sure many are happy to be in a rent-subsidised property and wouldn’t want to ruin that), but if the property you are living in is not your own and you feel you could easily find another one then you are less inclined to take care of it.

I think you were given some duff advice from your friends. Looking at a variety of properties helps narrow down what your must-haves and nice-to-haves are which helps cut out a lot of pointless viewings.

You are welcome to have a second viewing and take your time on it. Second viewings are to engage your brain on the practical side of living somewhere - will furniture fit, are there any signs of damp, cracks, faulty plug sockets, loose roof tiles etc. It’s also worth seeing a property at different times of day to understand light coming in, busyness of roads and impact on noise and parking.

Unless you are completely smitten with a property that they are representing, walk away from pushy estate agents. If the property is worth buying they do not need to do a hard sell and harangue you. They’re doing it either because they are managing the full chain or because they are desperate to offload the place.

It seems to me that you have made the decision over this flat and it’s best to walk away. It might be worth you speaking to a financial advisor about what you could afford re: buying a house and the associated costs. Remember that it really is a buyer’s market at the moment so you hold the cards! Good luck with your search.