Buying a house

[lifetime fan]

Some bloke has sold a mansion worth £850,000 for just £2, yet he's delighted with the deal. Why? Because he raffled it off by selling half a million raffle tickets at £2 a pop.

 

http://www.bbc.co.uk/news/av/uk-england-40950357/the-845000-mansion-sold-for-just-2

I can remember reading about a similar sale a few years back, owner got well over market value.

[Rico1304]

I can remember reading about a similar sale a few years back, owner got well over market value.

I've not read the article but isn't it at your risk that if you don't sell all the tickets you have to go ahead with the raffle?

[Trumo]

I've not read the article but isn't it at your risk that if you don't sell all the tickets you have to go ahead with the raffle?

 

You'd have to be really sure that there would be sufficient interest in the property, and it might be best to get lawyered up to the eyeballs. Mind you, when the lottery jackpot keeps rolling over, more and more tickets start getting sold as people envisage the big win.

[TheBitch]

Did Liverpool Lad ever get round for a Peroni and does Pierre still have LFC wallpaper and bedding?

[lifetime fan]

Did Liverpool Lad ever get round for a Peroni and does Pierre still have LFC wallpaper and bedding?

Pretty sure he posted pics on here of him having to strip the wallpaper.

[lifetime fan]

You'd have to be really sure that there would be sufficient interest in the property, and it might be best to get lawyered up to the eyeballs. Mind you, when the lottery jackpot keeps rolling over, more and more tickets start getting sold as people envisage the big win.

You'd imagine the legal details said the draw would be made after 'x amount of tickets had been sold'.

[stringvest]

Fuck me that's massive - you couldn't get a three bedroomed house with a decent garden around here for that. 

[TheBitch]

Pretty sure he posted pics on here of him having to strip the wallpaper.

 

Yeah he did, that was in his mums house wasn't it, I wonder if he put it up in his new house.

[Lucky Pierre]

I did indeed buy my house and have Liverpool bedding and wallpaper. And a YNWA doorbell. 

[magicrat]

Some bloke has sold a mansion worth £850,000 for just £2, yet he's delighted with the deal. Why? Because he raffled it off by selling half a million raffle tickets at £2 a pop.

 

http://www.bbc.co.uk/news/av/uk-england-40950357/the-845000-mansion-sold-for-just-2

 

Private lotteries must be taxable surely, 

[A Red]

Fucking estate agents, I hate the lying twats.

 

We have holiday cottages here in Cornwall, when advertising them you have to be as accurate as possible with regard to location and facilities etc. Otherwise people travel a long way for their holiday only to find it wasnt what they were expecting. You make a few quid but they're pissed off, leave a bad review and never come back. No-one wins.

 

When we were looking to buy here it was a fucking minefield. The location on google maps often wasnt accurate, pictures taken from obscure angles to make things look bigger, access via tracks you wouldnt get a tank down... to name a few. There were 2 properties we nearly jumped in the car to drive 400 miles to have a viewing but only after extensive research on google etc did we find that 1 was next door to a go-cart track and the other at the end of the runway at an airbase. The bastards knew people probably had to travel a fair distance and would see for themselves.

 

Every viewing we did have was conducted but fucking hooray henrys telling us about how somewhere was a lovely spot to sit with a glass of wine. Fuck off!

[Rick Sanchez C-137]

Fucking estate agents, I hate the lying twats.

 

 

Same as car salesmen. Self serving snakes. Generally speaking. No doubt there are decent ones but they're hard to find in a sea of cunts.

[redheart]

The state of the property market and the data going forward means that you would have to be nuts to buy a house anytime soon

[VladimirIlyich]

Same as car salesmen. Self serving snakes. Generally speaking. No doubt there are decent ones but they're hard to find in a sea of cunts.

Mmmmm,sea of cunts.

Spoken in Homer Simpson mode.

[magicrat]

Fucking estate agents, I hate the lying twats.

 

We have holiday cottages here in Cornwall, when advertising them you have to be as accurate as possible with regard to location and facilities etc. Otherwise people travel a long way for their holiday only to find it wasnt what they were expecting. You make a few quid but they're pissed off, leave a bad review and never come back. No-one wins.

 

When we were looking to buy here it was a fucking minefield. The location on google maps often wasnt accurate, pictures taken from obscure angles to make things look bigger, access via tracks you wouldnt get a tank down... to name a few. There were 2 properties we nearly jumped in the car to drive 400 miles to have a viewing but only after extensive research on google etc did we find that 1 was next door to a go-cart track and the other at the end of the runway at an airbase. The bastards knew people probably had to travel a fair distance and would see for themselves.

 

Every viewing we did have was conducted but fucking hooray henrys telling us about how somewhere was a lovely spot to sit with a glass of wine. Fuck off!

 

Google Earth quite handy for spotting the odd airstrip nearby but agents are absolute bastards for omitting vital information . Would benefit from some modernisation is a good one, Looked at a place last year that was falling apart inside ,  I queried their description and suggested it would benefit from a wrecking ball then walked out .   

[Oh Buoy]

Need some assistance here lads. 

 

So, the misses and I are buying a house and the 'rents have offered some money towards it. 

 

As it currently stands, the savings we have are: 

 

My parents: £5,000 

Her parents: £3,000. 

 

My savings: £1,500

Her savings: £1,500. 

 

Total: £11,000 

 

I've been looking at the best way to get the money return for our buck: Help to Buy vs. ISA. 

 

As we can only dump £200 a month in, I'm wondering how we could make the most of the £8000 savings from the parents. 

 

The misses seems to think if we split the £5,000 that could be used for the H2B but I don't think it's wise to give an excuse to miss monthly £200 savings by defaulting to utilising the savings from the parents. 

 

Anyone got any good ideas as to how to make the most from the £8000/5000? 

 

Also, I've got the fees down as something like this (average): 

 

Legal fees: £1,500

Surveyor Fee: £600

Valuation fee (if applicable): upto £1,500. 

Total: £2,100/3,600 

 

Is that far off the expectation? 

 

I'm new to this mortgage shite. 

[Rico1304]

Red or black.

[Oh Buoy]

Another question, if it's listed at £160k but needs a bit of work doing to it, what's acceptable as an offer? 

 

Personally, I don't think £145-150k is unreasonable due to needing to knock down almost all of the inside to the barebones. 

[Lucky Pierre]

Whatever you do, open a Halifax HTB ISA if you haven't got an ISA already. The 4% interest and 25% bonus is worth it. I think you can put £1k in the first month? So there's a free £290 there.

 

After that, red or black the rest of it.

 

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[The Guest]

I paid 850 legal fees. In terms of the valuation it depends on so many factors. Some sellers will put a valuation of say 160 in knowing that people will come in lower whereas other sellers think they’ve valued it correctly and won’t budge. It can depend on how quickly they want to sell and stuff too. Really though I doubt that they will accept 15k less than what they’ve got up as a value. It’s basically 10%. The likelihood is they’ve probably already factored in any work needed into their price.

 

The way I think is the best way to judge it is how much would you be willing to pay for it and how badly do you want it. If a house appears that you know you definitely want then don’t play games, offer what you would be willing to pay for it and then you won’t be gutted at missing an opportunity. If you don’t know the area well enough then don’t buy there unless you have to.

[Lucky Pierre]

Are you in a union? See whether they have a conveyancing partner. I saves £300 by using Unite's solicitor.

 

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[Oh Buoy]

Whatever you do, open a Halifax HTB ISA if you haven't got an ISA already. The 4% interest and 25% bonus is worth it. I think you can put £1k in the first month? So there's a free £290 there.

 

After that, red or black the rest of it.

 

Sent from my ONEPLUS A5010 using Tapatalk

 

I thought all HTB were regulated and therefore the same offering? At the moment I think we've gone with our own accounts (Nationwide/Natwest). 

 

I paid 850 legal fees. In terms of the valuation it depends on so many factors. Some sellers will put a valuation of say 160 in knowing that people will come in lower whereas other sellers think they’ve valued it correctly and won’t budge. It can depend on how quickly they want to sell and stuff too. Really though I doubt that they will accept 15k less than what they’ve got up as a value. It’s basically 10%. The likelihood is they’ve probably already factored in any work needed into their price.

 

The way I think is the best way to judge it is how much would you be willing to pay for it and how badly do you want it. If a house appears that you know you definitely want then don’t play games, offer what you would be willing to pay for it and then you won’t be gutted at missing an opportunity. If you don’t know the area well enough then don’t buy there unless you have to.

 

Thanks for this - I had a feeling it was 5-10% and was wondering whether this was actually the case or not. By the looks of it, she's already knocked £2k off the original price just by listing it (162ONO in the description and listed as 160). I'm not sure if that's a standard shift or whether it indicates anywhere between 160-162. I'm getting back to the red/black argument here though. 

 

Are you in a union? See whether they have a conveyancing partner. I saves £300 by using Unite's solicitor.

 

Sent from my ONEPLUS A5010 using Tapatalk

 

The misses is in a union, I think it's Unison. I'll have a look into this. 

[Lucky Pierre]

I thought all HTB were regulated and therefore the same offering? At the moment I think we've gone with our own accounts (Nationwide/Natwest).

 

 

Thanks for this - I had a feeling it was 5-10% and was wondering whether this was actually the case or not. By the looks of it, she's already knocked £2k off the original price just by listing it (162ONO in the description and listed as 160). I'm not sure if that's a standard shift or whether it indicates anywhere between 160-162. I'm getting back to the red/black argument here though.

 

 

The misses is in a union, I think it's Unison. I'll have a look into this.

They have slightly different interest rates, and when you're talking about a few thousand, 1% to 4% is a nice difference.

 

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[lifetime fan]

Nationwide did an ISA for first time buyers, increased interest on your savings and a reduced mortgage rate with them.

 

That was a few years ago though but defo worth a look.

 

Our mortgage is with Nationwide and they’ve been great.

[Oh Buoy]

Right, update time. 

 

We've got our mortgage in principle agreed and now in the hunting phase. 

 

We've seen a property listed at £190k which needs a few things doing like knocking a wall or two through/putting a porch on the front/tidying up the garden etc. 

 

What's the general rule of low-balling someone? The average house price in the area is £185k.