Buying / Renting / Sharing Housing | Page 2 | The Popjustice Forum

Buying / Renting / Sharing Housing

Discussion in 'Off Topic' started by scottdisick94, Oct 29, 2019.

  1. I’ve changed the title!

    It will be interesting to see whether the pandemic reduces London house prices a bit if people don’t have to live there for their jobs. The prices really are obscene and completely inaccessible in comparison to just 20 or 30 miles further afield.
    Last edited: Jun 25, 2020
    jordxn, Kyle. and bestinase like this.
  2. When you find out your landlord never registered your flatshare as a house in multiple occupation (HMO), meaning you could claim back up to 12 months' rent -

    Carlo, Jamie, Smooth Criminal and 8 others like this.
  3. So the weirdest thing, or maybe not as I’m not clued up on this... we’re in the process of moving house.
    I rent a room off a friend, and she’s sold up and found somewhere else for us to live. All well and good, but then my friend’s solicitor sorting out the sale, wants me to sign a contract to say I will definitely move out on the day the sale goes through.
    Now we don’t have any rental contracts or anything, and I have somewhere to go if we’re not moving straight into the new house, so I just thought it was a strange ask.
  4. The majority of people I know in London have given up on ever buying a home, and the few who have were able to do so only with outside help (e.g. parents or inheritance)

    I'm just about ready to buy now (thank you, 10 months of almost no social life) but I'm in a dilemma about when to go ahead in case prices do crash in a couple of months' time.
    Andrew.L likes this.
  5. Ok this thread could be very useful - I am hoping to buy a flat later this year as I've been lucky to be able to save quite a bit during lockdown and now have enough for a deposit (I'm not in London nn), but I'm woefully uneducated on what the process is like and even looking at MoneySavingExpert etc I'm not really sure where to start. I have a Lifetime ISA which I opened last year and I'm not able to cash this out until June 2021 so I'd ideally be looking to buy somewhere this summer. What I'm not sure of is how far in advance to start speaking to solicitors/mortgage advisers, going to viewings, or at what order these things are supposed to happen in! Any guidance people have from going through themselves would be much appreciated.
  6. 1. Speak to a mortgage broker and get an agreement in principle so you know your budget.
    2. Once you’ve got this, you can start the viewings (that’s the fun bit).
    3. When you find the one, start the negotiation with an offer.
    4. When your offer is accepted, get the seller to take it off the market.
    5. Only now do you appoint your solicitor. Get quotes from at least 3. They’ll get on with the conveyancing which takes ages - especially on a leasehold flat. Make sure you keep on them, fill in anything they send you promptly, and check all documents thoroughly for mistakes.
    6. After many months of that, you’re ready to exchange. Once you’ve exchanged, neither side can pull out without paying a very large sum of money to the other.
    7. You complete the sale after that. I asked for a completion date a month after exchange date, as I needed to give my landlord 4 weeks notice. But you can actually exchange and complete on the same day.
    8. Once your solicitor confirms the completion of sale, pick up the keys from the estate agent and move in.

    That’s how it works in England anyway. It’s a needlessly longwinded process, so be patient.

    And believe me, buying somewhere is a lot less stressful than selling somewhere in the middle of a pandemic.
    Lander, Kyle., Solenciennes and 2 others like this.
  7. Personally I would wait until later in the spring/summer. The stamp duty holiday is meaning people are going a bit mad with buying and selling, and prices are fairly inflated considering what's going on (which was the whole idea of the holiday, really). If you wait until that's ended I think prices will level off a bit. It's London housing, so it's never going to crash totally, but I think there's going to be a lot of people simply not interested in either renting or buying studios/smaller 1 bedrooms anymore because they're valuing space and quality of life, and that's probably where a lot of the dropped prices will be.

    This is just all anecdotal from someone who's a been watching the market closely for the past year, obv.
    Mike likes this.
  8. @bestinase thanks for the advice! I'm buying in Glasgow rather than London, but I'd imagine the trends are pretty much the same. I was hoping for the pandemic situation to improve a fair bit before I start looking seriously anyway, so summer looks like a reasonable aim.
  9. The talk of conveyancing taking ages is giving me flashbacks to last year when we told our solicitor to drag their feet a bit so we didn’t have to pay out rent on our apartment and a mortgage only for them to turn around about 5 weeks later and tell us everything was ready for us to exchange and complete.

    Me at the end of Feb: Aim for exchanging at the end of May
    Solicitor: Ok
    Solicitor at the start of April: Ok so we’re ready wbu?

    Given how long we’d been told it takes on average and the fact we had just entered a fucking global pandemic, I’m still amazed at how quickly they sorted it all. Thankfully the pandemic allowed us to kick the ball further down the road until we were in a better position.
    Andrew.L likes this.
  10. I mention checking everything the solicitor sends you thoroughly because:

    a) my solicitor had the wrong purchase price on the draft contract
    b) the knackered old lean-to wasn’t on the floor plan and
    c) my solicitor managed to send me the seller’s brother’s council tax bill as part of the leasehold information!!!!

    (she wasn’t the sharpest mind)
  11. Solenciennes

    Solenciennes Staff Member

    My landlord gave me permission to have a pet dog today, a month after we asked and got the dog anyway. Great!
    Lander, Carlo, Vasilios and 3 others like this.
  12. Literally everyone involved in property is a fucking idiot. I have yet to deal with a single competent estate agent, management company, developer, conveyancer, or freeholder. A hellscape.

    Sorry to anyone here that works in property but... this is my experience.
  13. I wouldn’t worry, it’s quite standard to do this to avoid squatters as you could just refuse to leave!
    Andrew.L likes this.
  14. I’m currently at the point where the surveys are being done on the house I’m buying on the 19th of January, then it’ll move into exchange of contracts from my understanding. All being well, does anyone know how long this might take?
    Last edited: Jan 10, 2021
  15. Honestly it can take anything from a few weeks to a couple of months, just depends on whether people pull their fingers out or not!
    Lander likes this.
  16. yeah this.

    You never know what the survey will pick up on.

    if the survey comes back with no major issues, I think that’s the last of the big hurdles.
    Last edited: Jan 11, 2021
    Lander likes this.
  17. They’ll be pulling their fingers out alright...
  18. I’d recommend watching Panaramas special on shared ownerships on Iplayer as it’s a bit shocking. Also for anybody looking into a new build defiantly check the small print on yearly management fees on top of your council tax. It seems to be a thing now on new developments and these can go up every year.
  19. An apartment in my building has just closed for around £725,000 - but sold for £90k-ish in the 90s, £185k-ish in 2006, and £395k-ish in 2013. I just don't understand where these increased valuations have come from. Who is buying them?!
    Jordtayylor likes this.
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