House Prices

[Choco88]

We finally got our offer accepted on a house after looking for a year. I think it was just pure luck and coincidence, the people in the house can’t move out until February/March next year as their waiting on their new house being built and our lease for our rental isn’t up until then so we couldn’t move out till around that time anyway. We ended up in a bit of a bidding war for it but was so worth it, we’ve been renting for years and sick of it

congrats hope it all goes smoothly for you.

 

[Yel]

I know there's a lot of bad blood now as none of us who worked throughout the period received any sort of additional pay or recognition.

I presumed that the "perk" for those working throughout would be to keep their jobs (not my POV but how I can see companies dressing it up as!).

Although I do worry all these people saying how great it is working from home don't see the bigger long term picture and how they're proving the case for outsourcing more work to cheaper countries.

The express are naturally talking about house prices going to the moon and back. No doubt the stamp duty holiday will force a lot of people to move now, but long term who knows. I guess they'll extend it so that transactions won't fall off a cliff in March 2021 but all the steam could have gone by then.

 

[Consumerism_fatigue]

We've just had our place valued for a remortgage and they've put it at 25K above the last valuation which was only last August so seems lenders aren't being all that cautious after all.

That’s great news for you! Every area will be different I am sure.

 

[a.pain]

Hello Tattle gurus. I am looking for some advice on home report valuations (we are in Scotland) I guess the English equivalent would be the structural survey/ mortgage valuation. We are selling our house but the bathroom needs to be completely retiled as there was a gap in the sealant in the shower over bath which meant small amounts of water is escaping down the side and ended up collecting under the floor. We have had to take up the flooring to dry it all out. The tiles are in ok condition but we decided a while back just to go for the full retile as some have small cracks. This job can’t be done until restrictions are lifted here which are likely to be around 5th April. Anyway, we are selling and our estate agent (job title is senior valuer. Although he isn’t a surveyor ) said that the tiles/ flooring wouldn’t affect the value of the house for the home report so we should just proceed with the sale and we can tell buyers the job will be done imminently possibly have it condition of the sale etc, otherwise we lose time in an excellent market. He has obvious motive for getting the property on ASAP and I’m wondering if this actually will affect the value but not enough to make a difference to their commission. I kind of wanted to be able to sell with the nice shiny retiled bathroom all done but nor do I want to wait a month when I may be able to achieve a good price now! Does anyone have any advice to offer?

 

[Northeast1988]

Not sure if it’s been mentioned but I only know due to my dad working in banking but atm they have stopped all 5-10% mortgages for new buyers

 

[fireflies]

Whats everyone opinions on rishi updates

Don't think stamp duty was mentioned.

What's the general consensus on decreasing intentions aid fund.

 

[Italy2]

ML seemed to think boilers wouldn't be included & told people not to hold off if they were getting a new one - I imagine such a scheme would get absolutely rinsed.

The previous owner of our house was an elderly lady with a chronic pain condition so I think she was eligible for the loft scheme as a result, our loft is incredibly well insulated. I wanted to get the floor boarded for storage, and the walls boarded for insulation so it wouldn't be uncomfortable for my husband to spend time up there (the storage is for his hobby gear) - but that's definitely a very weak link to green improvements so I doubt it'll fall under the criteria. A girl can dream, I'm gonna keep a hopeful eye out...



FTBs aren't exempt from stamp duty entirely, you've still got to pay it on >£300k so there are still a good few that do benefit from this new holiday. I agree it's not the big win for FTBs, Martin Lewis' show did also mention that the higher value property you buy, the bigger the saving, so it's not exactly for the people. The same with that green grant - it applies to LANDLORDS which is scandalous IMO!

Yes but most FTB can't afford a £300K property anyway?!

 

[Former_Antelopee]

Is it best to go through a mortgage advisor? From when I’ve checked what I can borrow online (4.5 times my salary) it’s about 35k more than what the mortgage advisor has told me.

 

[Former_Antelopee]

You cannot buy it but you can extend it. The same applies, after you have own the property for two years you have the legal right to buy a statutory lease extension of 99 years.

It gets valued and then you can negotiate. You need to pay for the valuation. I can’t see why they can’t pay for it. Provided they don’t pass within 7 years it can be gifted to you with no tax implications.

I’ve read you can buy it and have the right to (usually after 2years)? Anyway I’ll find out from solictor soon

 

[Italy2]

Unsure. But someone I know who has only paid two years into their mortgage has since got a second mortgage with 15 grand deposit (10 percent) the same for her first mortgage

it’s crazy becuase I have unofficially been advised to not apply until I have around 20 grand (20 percent) but this person and I both have same backgrounds in the sense of no debt high credit score and same yearly wage. She is a single buyer.

I hope in a couple years it will go back to ten percent deposit but tbh I am no way clued up about it enough.

Interesting. Few lends are offering 90% LTV mortgages though such as NatWest and Nationwide etc

 

[Sln2404]

We were just about to move into our new build but it isn’t quite finished yet. We paid £460,000 just before lockdown. The same house is now being sold for £480,000 they’ve said it’s because building materials are now more expensive and take longer to build because of restrictions on numbers.

 

[Bitofthebubbly]

Haha I used to get them ALL the time in my old place, and it would say how they’d sold in that area and how much demand there was for those flats. Few months after we started getting these leaflets my landlord did indeed sell I’m sure it wasn’t because of those flyers (cos we were getting them not him) but it was still such shit thing to happen.

That’s so shit! One of the downsides of renting when a landlord decides to sell. I don’t even look at the things from the estate agent now, straight into the recycling bin they go. It’s more of a waste of their time than mine really as I think the ones round here post them themselves

 

[Italy2]

Of course they want to bring back high LTV loans as it pushes up prices / keeps them high and protects their balance sheet.

The answer to high prices should not be to borrow ever more, but for prices to fall.

In an ideal world, yes we would wish for the house prices to fall. Reality is far from my wishful thinking though where house prices seem to keep increasing even after the pandemic.

 

[Moe]

I’ve never heard of a leasehold house before this. Please someone educate me.
Just to add if this is the case do your homework and find out who owns the freehold.

 

[Hertfordshire_home]

Where in a rented property wouldn’t you have to pay council or bills?!!! Have you ever rented before?!!!! if you rent your home you are not exempt from paying bills - you still have to pay council tax, utility bills etc as you would if you owned the property. The only exception perhaps would be for students (who don’t have to pay council tax) or people living in a house share rental where they will pay a proportion of all bills combined with rent - rather than having their own separate household bills in their own name.

That’s why I said sometimes…

As for utility bills I don’t quite get the point? You’re living there so the amount your bill is depends on your usage? Why would someone else say bills included when you could leave all taps on, leave the heating on all day? If you rent you should pay for your bills still