I just bought a house!

Jay794 said:
Deposit is £60,000 but thats only because thats that we'd saved up for. No idea what the lowest we could get but because of that the mortgage we're getting is awesome, less than £300 a month, minimum fee's for a 20 yeay mortgage
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That's a fantastic position to be in. Fair play!!!
 
Thanks Ahleckz, no need to be petty, my original offer was accepted, however all this has happened since then.

Guys, it's not happening anymore, the house is probably going to be repossessed, still looking though, will update again when I've got the keys in my hand for the next house lol
 
Ah damn it.

Was just about to pop in and suggest you laying in cat6 to every room in the house before you decorated.

Ooh, and channel in everywhere you intend to have flat screens too.

Pretty moot now, with the latest developments :(
 
Jay794 said:
Best part is, in a few years it will be worth way more than what I paid for it
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That's surely logical with any house price since house prices do increase. But then to buy a new place you'd be looking to pay more for it.

Unless of course you mean it as a fixer upper. Then it's like any other run down house (ala Homes Under the Hammer) plumbing, electrics, wallpaper and paint and you're looking at a £20k (pretax and prefees) profit for 3months work. As a random example from the show.

Jay794 said:
The area of Chesterfield I will be living in is not chavvy at all, theres no council houses in the area, tbh it looks like its full of old people, so as long as I keep the noise down I doubt we'll have much trouble
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Depending on age of property could be housing authority owned. Which itself is basically could be the same chav scum but renting from a private scheme instead of a council scheme. I think most new builds (atleast here in Edinburgh) a percentage has to be affordable or for housing authorities.

The Granton and dock's redevelopment in Edinburgh is mixed between private and authority housing and there's no way to tell the difference. As such there's many horror stories of the flats not selling so more were given/sold to housing authorities meaning what should have been a private stair has been filled with the local junkies and inbred families causing all sorts of problems.

While the Quarter Mile development has it's own affordable housing section, which was a block or two off at the far edges. Well atleast the last time I looked at the site plans.

What I am trying to say is you should've looked into what area you were moving into as you can't always judge a book by the cover.



Sorry to hear it fell through.
 
The area isn't the problem, it was the seller, he still owes a ton on the mortgage so it's going to be repossessed lol

Going to keep my eye out for it on the auction sites now though, see if I can pick it up cheap, and I'll get the keys there and then
 
Jay794 said:
Bad news kids,

Got a call this morning saying that the owner still owes a lot on the house and it's going to be repossessed, only hope now is that I can pick it up in the auction really cheap, doubtul though as I have no idea who's auctioning it off.

Got another place in mind though, met the owner too so I may be able to pick that up cheap and it doesn't need any work doing to it
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Doesn't make sense to me. Why would a bank reposess when there's the possibility of a contract to sell the property, against which they have 1st charge? That would mean less chance of them recovering a larger % of the debt I'd have thought.
 
Property I'm trying to buy is a repo. It was with an estate agents though, and didn't go to auction.
 
Yes, property prices always go up.... ahem... until they come down.
Don't bank on your house rising in value over the next 10 years. More likely going to slowly drop in the meantime.

Which would explain why people like the guy who was trying to sell couldn't as he's up to his eyeballs in debt.
 
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