I want to be a MFW........ LP's Diary

LilacPixie

It's a very difficult on QB. I has sort of decided we would buy a 3-4 bed house driveway/garage with a nice back garden. Area is 150k+ and about 10 year old and IMO poor build quality. I know someone who slipped down stairs and went right through wall as the stairs turn and fell into the livingroom.

Now we have the prospect of buying a 2 bed property with no drive but having 2 gardens no Garage to fill with clutter because lets face it neither me or OH would actually garage the cars it would be filled with bikes and toys and paddling pools etc. Realistically we could buy a shed for that or actually some houses do have garages detatched from the houses in a row of lock ups so I guess we could either try and buy one from the current owner or shamelessly pinch my family members as my husband is the only one who actually goes in it anyway. They were built in the late 40's and too short for modern cars unless you drive a smart or a fiat 500 it seems.

I am sad I have been comparing square meter sizes. private sale one is 91 sqM, the 3 bed new build ones are 87sq m so technically there would be more house for the money nd a more solid house but we would obviously have to contend with issues around buying an older house. My friend's parents owned the house concerned until 2005 so I can remember it being rewired around 1998 because we were sitting our highers and she studied at mine because of dust and noise so that was either 97 or 98 depending if we were in 5th or 6th year. Bathroom is around same age. Kitchen is older maybe 20 years old I can distinctly remember it being fitted. It is solid pine and I would guess cost an absolute fortune at the time. am not a fan though as it makes the room seem awful dark. It did have built in appliances such as fridgefreezer and washing machine. Apparently they are still all there. Central heating dates from around time of rewire/bathroom so I fear new boiler may be needed but that couls happen in any house I guess. The couple concerned seem to just want the mortgage cleared and as little legal fees as possible.

It does have tick far far far more boxes than it crosses and the ones it does cross there is an alternative. things like it does not have a driveway but it does have a residential car park literally at the bottom of the back garden path.

Its probably hard to picture but when it was built in the late 40's the idea was to have an almost village green community feel with road around the perimiter. What is now a car park used to be the gardeners hut and a place for coal carts to turn and horses to rest I think. Probably also for access for fire brigade I guess so parking is not an issue. I just don't know there is something holding me back possibky the fact i haven't been in it for over 4 years so alot could of changed. I also feel a slight sense of trepidation like we would possibly be taking advantage of an unfortunate situation but my husband says literally neither of them can meet the mortgage payment, the split is messy and they cannot share until sale and they cannot rent elsewhere and also cover half mortgage payments. I do think us buying to cover mortgage is better than reposession for them and the future but it still seems a bit like we would be getting a house 'on the cheap' Possibly when agent fees and HIP taken out the equasion then they would be getting a decent deal too.

Queen-Bee_2

Hi again.. Just a quickie this time LP, but I know what you mean about the cheap deal business and not wanting to take advantage of someone else's misfortune.

When I bought my house, I suggested to the vendor that we get two estate agents round to value it, as if they were going to put it on the market. They were the agents that I was using myself to sell my flat and the vendor knew this (I'd done all my market research, and had chosen the most reputable and reliable, not those who promised the earth and would never deliver!!).

The vendor got in touch with the agents who duly came round and gave a value. The agents never knew I was involved with the house, just that for whatever reason the vendor had been thinking about selling it.

We then agreed a price within the range we'd been given, worked out what the agents would have charged the vendor to sell it and split the difference.

It all went very smoothly in my case, because the vendors were lovely people and we were all 100% straight with each other at times. Of course there is a lot of scope for this to go wrong, so I guess we were just lucky with each other.

It does seem that the house you're looking at has plenty of space to expand (loft, big garden etc). That sounds fab to be - mine is very constrained... My shed is brimming and the loft already converted!!

Anyway, just thought my experience might give you a couple of ideas. Good luck in whatever you choose!
QB

LilacPixie

I am so so rubbish at making a choice. My OH is all for it. I have had a play about with mortgage figures and allowing for extra heating costs and council tax we could clear the mortgage required quite comfortably within 5 years without any income changes and allowing for 10% inflation. Imagine that mortgage free 5 years. Realistically the need to replace some bits will make overpaying a ecent amount difficult to start with but we will get there i guess. One of the biggest bonuses is mortgage would be viable on only one income and would be roughly 1.3 times joint salary.

I am starting to think we would be silly not to go for it.

LilacPixie

Pah!! I am being overtaken by the MF bug. On decluttering mission and I have decided to list some stuff on ebay ( if allowed) to try 'earn' some pennies. OH I have also accepted a MS then pays £5 and I got £36.01 from another MS paid into my account on 20th of this month apparently so I need to decide where to put that though.

I am in the position that as well as my mortgage OH has some debt, some 0% some LOB 5 that is lower than mortgage APR at the moment but not once 1st June comes around. As of 1st june my mortgage reverts to tracking the LIBOR but i don't know if its 3,6 or 12 monthly one as that is not detailed in the KFI. Goole tells me its the 3 month rate but i want confirmation KWIM.

I did call their call centre to ask but I think it is offshore because no-one seemed to have a clue what i was talking about. I wrote to them last week asking for clarification of what rate I revert to and details of how to pay by standing order and received a reply today outlining their complaint handling guidlines.

The last few times i have called to make an OP with my debit card the operator has been a bit funny saying i have no need to pay as everything is up to date. It drives me up the wall

LilacPixie

Right mortgage does change to track the 3 month LIBOR so looking like I will be reverting to 3.3% or there about. Have has a provisional assesmen tof this place by and EA and he expects it to fetch around 25k more than outstanding mortgage but i didn't like him, so gonna get a few more in and see who I like best. If we do sell for figure EA suggests then we would need to extend current mortgage by roughly 20k to afford the private buy offered to us. Hugely doable but i still have reservations.

LilacPixie

Boring update. Electric bill just in. covers the last 60 days. used an average of 6 units a day I am well chuffed

setmefree2

well done on that electricity use :T

LilacPixie

I hve been quiet the last 6-7 weeks. OH has confessed to some debt well some is probably a conservative estimation.

My health still going south so the move is more needed than ever. I have some agents coming out this weekend with a view to being on the market in 2-3 weeks but only if a mortgage broker can tell us we can get a mortgage based on OH's history. I have started a post on the mortgage board but its looking unlikey.

We are talking tens of thousands of pounds s not just something that can be sorted by pulling in belts for a few months. I need to get full details for the DFWboard but it is looking like 2 years to clear.

Other thing to consider is our home is mine from before our relationship, marriage and kids so alot of me things I should continue on my MF plans nd just leave him to it, he collected this debt in the most part alone so why should I be the one to have sort it.

We have joint current account though so if he screws up ( which is possible he is financially illiterate) then it is directly affecting me rather than indirecty. I really thought we were in this together etc etc I am so so mad with him.

chirpchirp

LP, so sorry to hear about your OH. How on earth did he run up such big debts? I know how cross you must be feeling, my ex was always running up debts, would clear them then he would go and spend some more.

Is your house in joint names?

LilacPixie

Nope mine only chirp