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deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

25th Nov 13 at 20:42

So my sister is up the duff (hooray I'm going to be an uncle

) and subsequently she needs to move out of her 1 bed flat.

http://www.rightmove.co.uk/property-for-sale/property-40712245.html?premiumA=true

I like it, but was originally on the market for £117k - never would I buy it for this as I ideally want a 2 bed house with a garden / courtyard / somewhere for my bikes.

However it has been on the market some time with the agent who she really doesn't like, so is going to market it with the people that sold it originally.

They are going to suggest putting it on the market for £99,995.

However, because of their fees and what not, she is prepared to offer it to me for £97,000. This makes it a lot more appealing!

Come the end of this month I will have the full 10% deposit require, which will leave me the months it will take her to find something etc to save up the fees - if not, I can call on my parents for couple £1k fees etc.

The interesting thing is, on 90% LTV, according to some quick online calculators, I could get a mortgage for less than £500/month. The service charge is only £30.

Now me and the Mrs have done some figures and believe we could afford a mortgage of £850 MAX. This means we'll be a huge £300/month better off by buying this.

My logic behind it is as follows:

1) I'm slowly going stir crazy living with the parents, in 2 house and living out of a bag all weekend having to plan everything
2) This will be at 90% LTV, which is sensible - buying anything else we want (2 beds and a garden) will more than likely be 95% LTV.
3) If we go in at 95% on something it will more than likely be a 3 - 4 year fix. This means that by the time we come out of it, interest rates could have risen meaning any variable is in fact higher than our fix = more on the mortgage every month meaning we can't afford (i.e. takes us over the £850/month).
3) Buy this, fix for 2 years, get a bit of equity in it (she bought for £83k three years ago) pay off a small chunk of the mortgage (I'd intend on overpaying up to the maximum with the £300) and then move in 2 years
4) Never lived with Lily, so this is a lot less of a risk in terms of property (I could afford to run it on my own salary at a push - £22k).

The only down side, is I think I might get frustrated in the summer not having a garden to sit on, or still having to go to the parents to go on a bike ride (albeit ~5 minute walk round the corner) as bikes will be stored there.

What would you do? Is this buying something for the sake of it which isn't going to gain me much? Man up, put up with the parents and save like crazy next year to get what I really want?

The thing is...we want a "forever" type home, but don't need one and I don't intend on needing one for a while. This means I can have my own space, yet still live a little with minimal mortgage, bills etc

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

25th Nov 13 at 20:46

Bought my flat 3 years ago and have loved having my own space, best thing I ever did. Here I am though currently living with the girlfriend wanting a house so we can sit outside in summer.

Do I regret buying the flat? No, not a bit. Wouldn't be with her if I hadn't.

Will we be here for much longer? Unlikely.

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

25th Nov 13 at 20:53

I very much see it as a 2 - 3 year plan!

Ian W

Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline

25th Nov 13 at 21:08

Loved my flat, lived in it for five years and much prefered to living in a house tbh!

Would love to buy one but I always see me needing the space to work on a car and keep tools and stuff so not really an option for me

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

25th Nov 13 at 21:25

This is a tiny flat though. Doesn't have 1 cupboard (other than kitchen cupboards). Not even 1 in the hall for a hoover and shoes

Haimsey

Premium Member

Registered: 8th May 05
Location: Nottingham Drives: Corsa B
User status: Offline

25th Nov 13 at 21:39

Id see how much of my priorities list was scratched by it.

Thatd make my mind up because like you say - no garage/shed/garden - no seperate bedroom for falling out

If i were single and happy to be for 2-3yrs then its ideal and an interesting proposition at that price!

[Edited on 25-11-2013 by Haimsey]

Marcy Marc

White Sport Progress Thread

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

25th Nov 13 at 21:49

Shame our savings account is joint

could probably get a mortgage on my own.

Then if she didn't like it she could swivel.

Marc

Member

Registered: 11th Aug 02
Location: York
User status: Offline

25th Nov 13 at 21:53

I'd be asking how desperate you are to get on the property ladder. Estate agent can not sell it and they advised a price drop.

My mate has a flat and he tried to convince me to get one. I bought a house and he is now saying he wishes he did the same. He tried selling his and he was also advised to lower the price. He has also had 3 troublesome neighbours upstairs.

AndyCorsaSport

Member

Registered: 12th Feb 06
Location: Horsforth, West Yorkshire
User status: Offline

25th Nov 13 at 21:58

If you plan 2/3 years why not go for a decent 2/3 year fixed deal. Then sell it on for your bigger one you want which you could save the extra £300 a month for. You won't have a garden etc but you'll have your own space.

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

25th Nov 13 at 22:36

quote:
Originally posted by AndyCorsaSport
If you plan 2/3 years why not go for a decent 2/3 year fixed deal. Then sell it on for your bigger one you want which you could save the extra £300 a month for. You won't have a garden etc but you'll have your own space.

Exactly my thinking. Would love to be able to sit in my pants on the sofa

I guess no-one has a crystal ball and no-one can say what is right or wrong. I just got to man the fuck up

Good thing with this flat only have 2 neighbours. Downstairs and top right. Top left is across hallway andother below is stairs etc.

Just as much noise as mid terraced Victoria cottage imho!

Marc

Member

Registered: 11th Aug 02
Location: York
User status: Offline

26th Nov 13 at 08:23

One plus side is, house prices are creeping up, so if you can get cheap it could make you a bit of money. Thats the risk.

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

26th Nov 13 at 13:19

Living out of a bag does my FUCKING NUT IN. If I could buy a flat round here for 97k I'd do that just to stop that.

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

26th Nov 13 at 13:25

Buy it. Save up for a bigger place then rent this place out.

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

26th Nov 13 at 16:48

I'm coming round to it more and more. Dad reckons there is sufficient loft space to turn it into a big bedroom. Knock through the living room into the existing bedroom. Create lounger kitchen diner and put proper staircase in

obviously need to investigate more with it being leasehold etc but it wouldn't potentially add some value to it - dad thinks £10k to do it properly though.

Main gripe with it is there is no "entertaining space" e.g. space for a dinner table.

Jamie Walby

Member

Registered: 15th Nov 04
User status: Offline

26th Nov 13 at 17:06

quote:
Originally posted by deano87

quote:
Originally posted by AndyCorsaSport
If you plan 2/3 years why not go for a decent 2/3 year fixed deal. Then sell it on for your bigger one you want which you could save the extra £300 a month for. You won't have a garden etc but you'll have your own space.

Exactly my thinking. Would love to be able to sit in my pants on the sofa

I guess no-one has a crystal ball and no-one can say what is right or wrong. I just got to man the fuck up

Who dares wins. Go for it. Andy reasoning seems decent to me.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

26th Nov 13 at 18:18

quote:
Originally posted by deano87

I'm coming round to it more and more. Dad reckons there is sufficient loft space to turn it into a big bedroom. Knock through the living room into the existing bedroom. Create lounger kitchen diner and put proper staircase in obviously need to investigate more with it being leasehold etc but it wouldn't potentially add some value to it - dad thinks £10k to do it properly though.

Main gripe with it is there is no "entertaining space" e.g. space for a dinner table.

Highly unlikely unless lease includes the roof space.

Your lease will likely only cover those parts already as a flat and anything further you would require permission to go ahead with.

You could of course do it without permission, but good luck trying to sell without the freeholder taking their fair share

Hammer

Member

Registered: 11th Feb 04
User status: Offline

26th Nov 13 at 18:23

I've bought a flat on the premise in 3 to 4 years time when I'm in the need for something bigger I move on and either sell it or, ideally, keep it and let it out depending on circumstances when that time comes.

I think you have the habit of over-analysing everything and basing it all on stats and figures. If you feel it is the right move to make then make it, don't base your decision on what strangers think about it.

VegasPhil

Premium Member

Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline

26th Nov 13 at 18:56

I didn't get the house I wanted first time around (Does anyone).

Go for it if you can get a deal. I doubt you will regret it.

Could always see if your sister will pay your legal fees if you pay a higher offer price

1-2k extra on the mortgage would be fuck all.

Corsa 2.0 16v Vegas - Sold

Dom

Member

Registered: 13th Sep 03
User status: Offline

26th Nov 13 at 19:33

Deal changer is if she'll throw in the Monopoly tbf......

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

26th Nov 13 at 23:00

Monopoly?

Just went to see my mate's house, spent couple of hours painting. 2 up, 2 down. Really nice size. Garden and outbuildings, but on street parking.

WANT!

Think my sisters might frustrate me for 2 years and all I'd gain off my want list is freedom!

In 2 years I should be able to save as much as I'd earn in equity etc, but would still be living at home.

Hmmm.

Ian W

Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline

27th Nov 13 at 13:30

TBH I get the impression that it's not what you want at all so I wouldn't bother.

Just keep saving

Dom

Member

Registered: 13th Sep 03
User status: Offline

27th Nov 13 at 14:03