House Prices #3 Property market, buying and selling
- Thread starter WilmaHun
- Start date
-
- Tags
- house prices property
- Status
1
underwhelmed1985
Well-known member
Bit of advice I’m after. My current mortgage deal (5 year fixed at 1.87%) ends in June so I’ll be looking for a new deal after Christmas. Let’s say, for the sake of argument the base rate is 4% by then and add another 2.5% for mortgage deals and we’ll be looking at fixing this on around 6.5-7%. Would you fix for 2 or 5 years on this? What do you think the medium term looks like for interest rates?
hydeist
Chatty Member
For me if the new rate is affordable for you I'd fix for 5. But I'd prefer to be paying a bit more than I'd like for the extra years than take the risk that rates will become unaffordable for us.
underwhelmed1985
Well-known member
if we fixed at 7% we’d be paying £370 a month more. We could do it, providing energy prices drop back a bit. Otherwise it’ll be a stretch….literally working to pay bills when til recently we’ve been putting a combined £600pm into savings,over the next year that will drop to nothing due to the increased rates.
scary how you can go from comfortable to breadline
Hi! So haven’t been set a completion date yet but it’s likely to be within the next 2-3 weeks max. We’ve had an electrical report done (EIRC). Would you get gas done too? I’m worried it’s going to push back the sale and think we might be happy to do this when we’re in as a regular check. Help! 
Hi! So haven’t been set a completion date yet but it’s likely to be within the next 2-3 weeks max. We’ve had an electrical report done (EIRC). Would you get gas done too? I’m worried it’s going to push back the sale and think we might be happy to do this when we’re in as a regular check. Help!
When was the boiler last serviced? It should tell you on the Property Information form
We don’t actually have this information but owners said the boiler is serviced regularly
I work in conveyancing - your solicitor should be able to enquire this on your behalf. Them saying it is serviced regularly isn't really enough and they should be able to provide evidence. If they can't then you can ask them to have a service carried out (if they refuse then I would recommend getting a service carried out at your own expense, prior to exchange of contracts).
hollowcrown
Chatty Member
Ugh been two monts doing the paperwork on the flat I was trying to buy and yesterday the sellers estate agents say there's a deadline of Tuesday because the person next up the chain needs to exchange on that day because they can't wait any longer.
So a chain has just been pulled out of someone's arse because up until testerday I had been told it was chain-free.
My solicitors say the hold up is the sellers solicitors not sending things back and the fact Monday is a bank holiday just makes me think the whole thing is going to fall through on Tuesday leaving me to have to find rented accomodation again and ruining my life.
Had all the funds moved around and ready to go, I'm so gutted and feel like everything is pointless now.
So a chain has just been pulled out of someone's arse because up until testerday I had been told it was chain-free.
My solicitors say the hold up is the sellers solicitors not sending things back and the fact Monday is a bank holiday just makes me think the whole thing is going to fall through on Tuesday leaving me to have to find rented accomodation again and ruining my life.
Had all the funds moved around and ready to go, I'm so gutted and feel like everything is pointless now.
Princess of Scots
VIP Member
House prices are fuckin insane around here.
I'm still living with my parents but they're looking at moving.
One house they put a bid in sold for 26% over the asking price. Like whaaaaaat
I'm still living with my parents but they're looking at moving.
One house they put a bid in sold for 26% over the asking price. Like whaaaaaat
Itchy of Itchington
Chatty Member
We accepted an offer last week and made an offer which has been accepted but we are having to change lenders and get a new deal and our broker is on holiday until tomorrow and the stress is just aaaaaaaaahhhhh
Wee story. I was on a flexible mortgage boe + .49. Prior to the last crash my advisor suggested I come off that mortgage and fix as rates were going to increase. He found a good fixed rate and we started the process. After the 3rd letter asking for yet more proof of income I threw a paddy and said I was sticking with the flexible offset. Rates started to rise and I had regret that I hadn't persevered. A year later rates started dropping and for 10 years I paid 1% interest.
Basically It's all luck. Thete is no way of knowing what the right solution long term is. If you need the security of knowing what your payments are going to be, fix for as long a period as you can and live your life, if you have flexibility in your finances then maybe just find a good flexi mortgage and take the good with the bad
Basically It's all luck. Thete is no way of knowing what the right solution long term is. If you need the security of knowing what your payments are going to be, fix for as long a period as you can and live your life, if you have flexibility in your finances then maybe just find a good flexi mortgage and take the good with the bad
Definitely! They are going up and I doubt they will be as low as they are now for a while. If you look at historic rates, they have never been as low as they have been the last few years. Fixing at 3-4%now for 5 years I think is the best option. I mean no one can predict the future, but if you can afford the rates at the moment then fix for as long as you can, at least you know you can afford it rather than running the risk. Theres speculation that rates could be between 7-10% by the end of next year
liltatling
VIP Member
I was contacted by my solicitor two weeks ago advising that my buyers solicitor has raised enquires and they were seeking my response.
A few of the enquires are relating to work which was done prior to my purchase and I don't hold any documents/info about them.
Since my reply to the solicitor I have found out I possibly may need to take out indemnity insurance to cover for any building regs I don't have.
For those in the know - is this correct?
I was going to contact my solicitor to see if any further enquires have been raised or to see if I need to take out this insurance. Is 2 weeks to soon to contact my solicitor about this?
A few of the enquires are relating to work which was done prior to my purchase and I don't hold any documents/info about them.
Since my reply to the solicitor I have found out I possibly may need to take out indemnity insurance to cover for any building regs I don't have.
For those in the know - is this correct?
I was going to contact my solicitor to see if any further enquires have been raised or to see if I need to take out this insurance. Is 2 weeks to soon to contact my solicitor about this?
underwhelmed1985
Well-known member
Pretty standard practice, the house we bought a few years back didn’t have the fensa certs for the windows so the seller paid about £35 for indemnity insurance.
nothing to worry about ime
The market still seems quite crazy around me. Some of the properties that have been lingering on Rightmove for months are finally being reduced, but anything decent is selling within a few days, if they even make it online.
I thought my luck had changed as I finally had an offer accepted on a place I loved. Unfortunately I was then told by the EA that the property flooded in 2018 (conveniently they 'forgot' to disclose this before I offered...). There's been a lot of remedial/preventative work done since - the flooding was caused by a lack of drainage in the garden which has now been completely redone and a proper drainage system put in place. I have a feeling it might be ok in the future but I can't get over the worry of it flooding again and so I think I'm going to have to pull out. It's crap as I loved the flat and I'd stupidly let myself get emotionally invested.
Someone reassure me this is the right thing to do?
I thought my luck had changed as I finally had an offer accepted on a place I loved. Unfortunately I was then told by the EA that the property flooded in 2018 (conveniently they 'forgot' to disclose this before I offered...). There's been a lot of remedial/preventative work done since - the flooding was caused by a lack of drainage in the garden which has now been completely redone and a proper drainage system put in place. I have a feeling it might be ok in the future but I can't get over the worry of it flooding again and so I think I'm going to have to pull out. It's crap as I loved the flat and I'd stupidly let myself get emotionally invested.
Someone reassure me this is the right thing to do?
Are there other properties in the area and can you ask a few householders whether their properties flooded at the same time. If not that would suggest that it wasn't an environmental issue but was the drains. During the process your Solicitor will be able to get the documents for the work carried out but you could request you see them now plus the insurance status of the building. You could also ask the EA to put it down in writing.
You can also check it the local council has a flood map. If they do, you can view when the property was flooded for the last time.
If you buy the property and there are risks of flooding, your insurance can refuse to cover you or make you pay an eye watering premium.
My friend bought a flat in the city center 4 years ago in a safe area but with global warming the place is now flooded every single year. She can't afford to move out because no one wants to buy in her area. So she can't use the sale to buy in a better place.
If you buy the property and there are risks of flooding, your insurance can refuse to cover you or make you pay an eye watering premium.
My friend bought a flat in the city center 4 years ago in a safe area but with global warming the place is now flooded every single year. She can't afford to move out because no one wants to buy in her area. So she can't use the sale to buy in a better place.
I could definitely ask neighbours! There are two flats on the same floors within the building, gardens separated by a wall so would be interesting to see if the other also flooded.
I’m tempted to request all the documents and get a specific flood survey now just to see where things stand, but I know myself and don’t want to get too set on the idea of this flat and then find out things aren’t great…
Thanks, I’ll check the council website. They did release a report last year when there was fairly severe flooding in the borough and based on that, the flat didn’t flood and the road isn’t considered a strong flood risk by the council.
That’s what I’m worried about, I’ll probably only stay in the flat for 5-8 years and don’t want to get stuck with a property I can’t sell. It’s a popular area and there always seem to be buyers here, but will they run a mile when they hear it’s flooded before (like I’m considering now)?
- Status