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Help, first time buyer in London with £55k/year

24

Comments

  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Mark1987 wrote: »
    Even if I will leave London at some point I would like the idea to have a base here where I can come back anytime so renting the house that I buy could be a a valid option.

    If you let the house that you buy then you won't be abe to "come back anytime" as it will be somebody else's home until they either leave or you are able to legally evict them.
  • Mark1987
    Mark1987 Posts: 101 Forumite
    First Anniversary Combo Breaker First Post
    Isn't enough 1-2 months notice as it is for most of the contracts?
  • Mark1987
    Mark1987 Posts: 101 Forumite
    First Anniversary Combo Breaker First Post
    If we consider the idea that I will stay in London, how would you suggest me to proceed with house buying?
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Mark1987 wrote: »
    Isn't enough 1-2 months notice as it is for most of the contracts?

    I have to say if you presented me with a contract that said you could give a months notice then I'd tell you where to stick it.

    What would you do if the tenant said that they weren't moving once you'd given notice?
  • Mark1987
    Mark1987 Posts: 101 Forumite
    First Anniversary Combo Breaker First Post
    The notice on my current contract is 2 months for the landlord and one month for me.
    I am sure there is a why to kick them out. It is not legal staying in a house if you have to leave after a notice. It is not even so difficult to find a new house to rent in two months
  • Jimmy_Neutron
    Jimmy_Neutron Posts: 205 Forumite
    Ok, I'll ask the question seeing as you keep mentioning leaving London in the future - Why?

    Are you from London, what's making you stay there if you are not from London. If it's because you can earn more money then carry on renting to build up your savings and then when you finally do leave you'll have a much bigger deposit and a wider choice of places to live. You may earn less but your mortgage will be less.

    You never know while you are renting you might meet someone and want to live together so your combined wages/savings will get you a better property.
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Mark1987 wrote: »
    The notice on my current contract is 2 months for the landlord and one month for me.
    I am sure there is a why to kick them out. It is not legal staying in a house if you have to leave after a notice. It is not even so difficult to find a new house to rent in two months

    But what if the tenants aren't as morally minded as you and decide to play hard ball?

    So two months notice turns into however long it takes the courts / bailiffs to get them out.

    There was a huge thread on this board a few months back where the tenant had received notice as husband landlord wanted to move back in - the LL had made a right pigs ear of everything.
  • economic
    economic Posts: 3,002 Forumite
    Mark1987 wrote: »
    My rent is £1500 and the bills £150.

    Currently I have my money invested which return me roughly 4-5k net a year but the problem in my mind is that house prices rise more than 4-5k a year so every year I will always be a few thousands pounds less able to buy a house. Especially considering the fact that these 4-5k that I earn every year don't go all into my saving but I spend some of them for car repair, holidays, etc..

    If I am able to find a decent property around 250-300k, which means borrowing only 150k do you still think it is not worth?
    As I said it may happen that I will remain in London and in that case the risk I take now will be worth.

    where have you invested the 140k to get 4-5k return?
  • Mark1987
    Mark1987 Posts: 101 Forumite
    First Anniversary Combo Breaker First Post
    Jimmy_Neutron wrote: »
    Ok, I'll ask the question seeing as you keep mentioning leaving London in the future - Why?

    Are you from London, what's making you stay there if you are not from London. If it's because you can earn more money then carry on renting to build up your savings and then when you finally do leave you'll have a much bigger deposit and a wider choice of places to live. You may earn less but your mortgage will be less.

    You never know while you are renting you might meet someone and want to live together so your combined wages/savings will get you a better property.

    Because I am tired of this stressful life but I recognise that now it is a good boost for my career living here. I don't see me having family in London in the future, but I am still enjoying it now.
    No, I am EU citizen but not from London
    Yes, exactly. Saving now thinking to move to a cheaper place could be an option but as you said you don't know what happens. I am just tired to live without plans in a temporary state so if I buy I would feel like building something concrete.
  • Mark1987
    Mark1987 Posts: 101 Forumite
    First Anniversary Combo Breaker First Post
    gettingtheresometime wrote: »
    But what if the tenants aren't as morally minded as you and decide to play hard ball?

    So two months notice turns into however long it takes the courts / bailiffs to get them out.

    There was a huge thread on this board a few months back where the tenant had received notice as husband landlord wanted to move back in - the LL had made a right pigs ear of everything.

    Yes, I know. It is always a risk renting your property. Especially if they leave the house in a bad state which requires some work to fox it.
    I consider this the last option.
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