Advice on house hunting Page 115

  • Page

    of 129 First / Last

  • Sharz 9 May 2017 12:27:04 1,640 posts
    Seen 8 hours ago
    Registered 2 years ago
    We pay 23% of our combined net pay on the mortgage payments. This is on a fixed 5 year mortgage, will be fun to see how that percentage changes in 5 years when rates have gone up.
  • cjb_bjc 9 May 2017 14:13:59 1,834 posts
    Seen 3 days ago
    Registered 9 years ago
    Is this gross or net?
  • Zomoniac 9 May 2017 14:17:56 9,286 posts
    Seen 5 hours ago
    Registered 13 years ago
    Currently 19% of our combined post-tax income. Will be going up to about 35% from next month with a monthly overpayment. We did a spending freeze on all niceties for about 8 months recently to save for the wedding and it was eye opening how much we put aside, so much normally spent on frivolous crap, so now routing a good chunk of that into the mortgage.
  • TheSaint 9 May 2017 14:33:24 17,267 posts
    Seen 1 hour ago
    Registered 12 years ago
    How do you define 'frivolous crap' though?
  • Saucy 9 May 2017 15:15:59 2,729 posts
    Seen 3 days ago
    Registered 7 years ago
    We pay 20% but also try and overpay, but nothing is arranged, but transfer in what we think we can afford each month.

    I'm sure if we had a direct debit set up we'd overpay more, but nice to have a bit of freedom. I'm fairly sure my definition of 'frivolous crap' would differ from my wife's

    Edited by Saucy at 15:20:42 09-05-2017
  • Zomoniac 9 May 2017 15:32:19 9,286 posts
    Seen 5 hours ago
    Registered 13 years ago
    Frivolous crap is me buying every game I like the sound of to put on a shelf, her stockpiling clothes she'll never wear, us eating out all the time, those sorts of things. Nice things, which we completely gave up and will go back to to a degree, but getting into budget shopping, batch cooking, not buying games unless I intend to play them immediately and working on the backlog instead has been surprisingly enjoyable. Now that I do have the money to spend I don't really want to as it seems harder to justify now I know that I'm just as happy not doing it.
  • Dougs 9 May 2017 17:20:27 82,332 posts
    Seen 51 minutes ago
    Registered 14 years ago
    We pay about 25% of our combined post-tax income. It's more than I would like but needed to push it to get the house we have. Haven't managed any overpayments though, and largely flit between just in the black and overdrawn, with a small credit card payment. It I'd what it is, kids and living is expensive.

    Sounds sensible Zom.

    Edited by Dougs at 17:20:52 09-05-2017
  • GuybrushThreepwood 10 May 2017 11:17:14 602 posts
    Seen 1 hour ago
    Registered 5 months ago
    Update on my situation.

    I told my estate agent (been using them for 3 months and had a handful of viewings) that I would be going elsewhere in a month as I wasn't getting the footfalls.

    Just had and accepted an offer which is great news as I was starting to panic about all the outgoings I was facing with two houses (renting the other that we live in). No idea what's involved in the next stage as I've never sold a house, but pleased.

    I had thought of moving back to it, but it would mean uprooting the kids from school and then doing the place up which would take money I don't have (my parents are also over the road!). Also I have memories associated with the place that I want to forget and move on from and going back would always remind me of those times. Sold for 13k less than we had it initially on the market for, but the initial price was 10k more than I thought it was worth (but what do I know).

    Young family are buying it with a view to doing it up and selling it at a profit. They've done it before with other places, so they know what they are doing and a 4 bedroom in the same area sells for about 100k more than I am selling it with 3 beds.
  • robc84 10 May 2017 21:31:19 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    We decided to accept the offer. Pushed back a couple of weeks on the date as a compromise.

    Really need to find somewhere now....
  • Dougs 10 May 2017 21:34:19 82,332 posts
    Seen 51 minutes ago
    Registered 14 years ago
    Good decision. Don't settle though, if one doesn't present itself, it's worth holding out. No regrets and all that.
  • robc84 10 May 2017 21:40:43 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    Yeah I know. We are viewing 3 at the weekend.

    Fingers crossed!
  • ZuluHero 10 May 2017 22:04:42 5,603 posts
    Seen 2 hours ago
    Registered 11 years ago
    I'm still looking too, it all feels hopeless. Put an offer on a place last week, over asking price, but someone else offered more. Partner is annoyed with me, but it was in a crap area and needed loads of work. It was over the ceiling for the area as it was so wasn't worth more to me.

    Gonna have a 2nd viewing of another place we liked, still not in a great area, mostly council houses, but it's near town. We're just going to see if it works for us.
  • robc84 10 May 2017 22:42:43 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    @ZuluHero

    Good luck mate!
  • Dougs 10 May 2017 23:04:30 82,332 posts
    Seen 51 minutes ago
    Registered 14 years ago
    It's not called LLL for nothing imo... You can change a house but not the area. Only worth it if there are clear signs that the area is improving...
  • robc84 10 May 2017 23:06:07 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    Yep, keep saying that to my mrs.

    'But it's well in our price range'. There's a reason...
  • ZuluHero 11 May 2017 08:01:59 5,603 posts
    Seen 2 hours ago
    Registered 11 years ago
    @robc84 you too! hopefully this time next year we'll be looking back laughing at all this. That doesn't help the stress now though ;)
  • Flying_Pig 12 May 2017 15:32:39 15,269 posts
    Seen 4 hours ago
    Registered 12 years ago
    House is officially on the market (we've got a sign up and everything!), with 3 viewings lined up for the weekend.

    We just need to keep everything super tidy (not easy with 2 young children!) and hope someone wants it.

    I've also had a look at local solicitors to handle the conveyancing - I've got 3 quotes (all pretty close), but they're all between 2-3k excluding Stamp Duty, which is quite a lot more than I was expecting :(
  • robc84 12 May 2017 15:35:16 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    Looking at a couple of houses this weekend that are in really good locations, but in need of a lot of work.

    They are already at the higher end of our price bracket, but once they are brought up to date they will be worth a fair amount more than the work will cost.

    Problem is, especially in one of them, the work is not insignificant. It needs rewiring, heating put in, new kitchen, bathroom etc. I've got willing helpers who can help with stuff like plastering, putting down flooring etc, but its still going to be a fair cost. But they have the potential to be really great houses, and as I say location is great on both.

    Bit of a risk though. I could probably hold back about 10k from equity and savings to get me started, but that won't cover everything so I'd have to make sure I was continuously putting more away for the next job!
  • GuybrushThreepwood 12 May 2017 15:36:19 602 posts
    Seen 1 hour ago
    Registered 5 months ago
    @Flying_Pig to sell?

    Quotes i got were around 500.
  • robc84 12 May 2017 15:37:12 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    @Flying_Pig

    The tidy house thing is a nightmare with 2 kids. Each weekend was a major operation to get it ready for viewings :)

    I've reached out to a few solicitors, only heard back from one so far. Was around 2.5k excl. stamp duty. Seemed a bit high so I'm going to have a call around.

    Good luck!
  • Flying_Pig 12 May 2017 15:40:59 15,269 posts
    Seen 4 hours ago
    Registered 12 years ago
    Thanks :)

    I was expecting to pay about 1,500 (+ Stamp), but all 4 quotes I've gotten are very similar. I've tried to focused on local firms (had a nightmare last time using a firm based 100 miles away), but I'll have a look at those online conveyancing firms and see if they're very different.
  • Dougs 12 May 2017 15:41:04 82,332 posts
    Seen 51 minutes ago
    Registered 14 years ago
    robc84 wrote:
    Looking at a couple of houses this weekend that are in really good locations, but in need of a lot of work.

    They are already at the higher end of our price bracket, but once they are brought up to date they will be worth a fair amount more than the work will cost.

    Problem is, especially in one of them, the work is not insignificant. It needs rewiring, heating put in, new kitchen, bathroom etc. I've got willing helpers who can help with stuff like plastering, putting down flooring etc, but its still going to be a fair cost. But they have the potential to be really great houses, and as I say location is great on both.

    Bit of a risk though. I could probably hold back about 10k from equity and savings to get me started, but that won't cover everything so I'd have to make sure I was continuously putting more away for the next job!
    I think that is the only way forward, to get the type of house and location you want. It won't be easy in the short-term, but when all is done, it'll be worth it...

    How's your wife's project management?!
  • robc84 12 May 2017 15:45:28 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    @Dougs

    Yeah, to be honest, they are almost the 'next step' houses that we would be looking at in 6 or 7 years time. They also don't come on very often. I'm guessing the owners have died or moved into homes or something.

    I'm hoping I could chuck 10k at it straight away to get it livable, then gradually start doing the rest over the next couple of years. I'll get a better idea after looking at them I guess.

    She's pretty good, and if she's not, she'll learn to be :)
  • robc84 12 May 2017 16:08:27 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    @Flying_Pig

    I was expecting about 2k plus stamp. I think it varies a bit by region though right? I'm waiting on a couple more quotes.
  • robc84 12 May 2017 17:23:34 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    Got a few more quotes now, and the cheapest so far is 2,300 (incl VAT) plus searches, stamp duty etc.

    Generally, there is not much between them though.
  • elstoof 12 May 2017 17:39:07 18,138 posts
    Seen 2 hours ago
    Registered 12 years ago
    Get a quote from matrix legal, very reasonable and good service
  • robc84 13 May 2017 07:57:21 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    Is it normal practice to make a payment on account to your solicitors at the start in respect of searches etc?
  • monkehhh 13 May 2017 08:01:33 4,680 posts
    Seen 4 hours ago
    Registered 9 years ago
    @robc84 we paid a bit upfront for all that jazz (selling a flat is expensive because of all the lease shite involved). Check that your final bill deducts anything you've paid upfront.
  • robc84 13 May 2017 08:08:15 11,503 posts
    Seen 3 hours ago
    Registered 5 years ago
    @monkehhh

    Cool thanks. One of the ones that sent a quote sent all the paperwork we need to fill out. That's a lot of fucking paperwork.
  • monkehhh 13 May 2017 09:32:30 4,680 posts
    Seen 4 hours ago
    Registered 9 years ago
    @robc84 yeah, lots to fill out but most of it isn't very taxing. The hardest stuff for us was hunting down various electrical / building / etc. certificates because we were selling somewhere that was only a few years old.

    I think the most annoying bits were being presented with a fresh bit of paperwork that could've been dealt with weeks earlier and being asked for paperwork that we'd already provided.

    Just be organised and keep your cool :)
  • Page

    of 129 First / Last

Log in or register to reply

Sometimes posts may contain links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.