FTB - Walked away

Taiko

Unfortunately, the desperation is there.

I have always wanted to buy, rather than rent. To me, renting is dead money. Admittedly, I wasn't planning to buy just yet, as I still live at home with my mother. Part of her divorce agreement was that when my younger sister moved out (she lied and got housed by the council, with the help of my father) the property would be sold and the proceeds split between them.

This all started happening in September, which is when I began my search. On Saturday evening, after I'd viewed for the first time, I was physically assaulted at home by my father, resulting in a broken jaw. It has left me in a mindset of wanting away as fast as I can now. I'll admit to being too picky over things, and probably reading too many of the guides posted.

There was just that air about my EA though that didn't really make me trust them completely. I did make it clear to them though that I would call them by the end of the day, as I wanted to re-check all my figures with the new details, but I was at work.

Being reflective (thank you Guinness), I did really like the flat. There was a bit that needed to be done and looked into, but given the circumstances, which the EA was aware of, I think maybe it could have been handled better.

I basically need to reevaluate the whole situation, as admittedly I'm still 100% against renting with the deposit that I do have.

Doozergirl

Taiko wrote: »

Unfortunately, the desperation is there.

I have always wanted to buy, rather than rent. To me, renting is dead money. Admittedly, I wasn't planning to buy just yet, as I still live at home with my mother. Part of her divorce agreement was that when my younger sister moved out (she lied and got housed by the council, with the help of my father) the property would be sold and the proceeds split between them.

This all started happening in September, which is when I began my search. On Saturday evening, after I'd viewed for the first time, I was physically assaulted at home by my father, resulting in a broken jaw. It has left me in a mindset of wanting away as fast as I can now. I'll admit to being too picky over things, and probably reading too many of the guides posted.

There was just that air about my EA though that didn't really make me trust them completely. I did make it clear to them though that I would call them by the end of the day, as I wanted to re-check all my figures with the new details, but I was at work.

Being reflective (thank you Guinness), I did really like the flat. There was a bit that needed to be done and looked into, but given the circumstances, which the EA was aware of, I think maybe it could have been handled better.

I basically need to reevaluate the whole situation, as admittedly I'm still 100% against renting with the deposit that I do have.

Don't be pushed by them, do things in your own time.

Be aware though that pushy, shifty or inept EAs are unfortunately par for the course, but the houses they are 'selling' don't actually belong to them - so separate 'house' and 'agent' in your mind. They are not the same thing, not actually linked in any way except a couple of photos in the local paper and the fact they have a key

property.advert

Seriously watch out for flats and service charges and always, always get to grips with what sinking fund they have. If they do not have one, pretty much walk away unless it is fairly new and not a conversion. If you don't know what one is, learn.

You also need to come to grips with the mathematics of service charges. At 5% interest, £1000 a year payment is the same as paying a mortgage on an extra £20,000. If house prices rose 10% a year, then you would be losing out on £2000 a year increase in property value, net £1000 per annum.

Seriously, you have to do the mathematics on flats and service charges.

zzzLazyDaisy

property.advert wrote: »

Seriously, you have to do the mathematics on flats and service charges.

Having lived in a flat, I agree with this. You can often get a small two bed house for the same or similar price as a flat, once you take into account the additional maintenance charge of the flat.

But I'd also agree with other posters - by the sounds of it you need to move quickly. Buying is never quick, and you risk your judgement being clouded by the situation you are trying to get away from. If you are living with your mother at the moment, you probably don't have a lot in the way of furniture etc? If that is the case, there are always plenty of people looking for lodgers. In most areas you'd get a room including bills for less than the cost of the monthly service charge; as a lodger you are not tied in to any particular time period (unlike renting which is a minimum of 6 months). This would give you a breathing space and chance to look around for somewhere that suits you. You might also feel more secure if there are other people around.

property.advert

Never buy under pressure unless you are supremely confident and experienced.

C_Mababejive

I am at a loss as to why people get involved in buying flats. I mean,isnt it enough you pay a mortgage and live stacked on top of eachother without having to pay a couple of grand a year service charges which can be a bit open ended??

poppysarah

Some flats near me charge about £1k a year. There's 120 flats.
That's for the lawns to be mowed and the foyers swept twice a month.

Taiko

With the furniture issue, my mother had decided I could take the things already in the house. She would move up north to be with my grandfather, who isn't doing too well. I done all the measurements and it would work for that. It's also pretty new too, and in great condition.

The flat I saw didn't actually have a grassed area, it was literally a small car park for a few flats, and a rubbish area. Nowhere near 120 flats as previous people have posted!

The lodging idea is one I'm actively considering too. Whatever happens, I need to disappear >.<

petebeale

- Extractor fan switch was taped over, which indicated to me that there was a problem. Having asked for information on Friday, I was told they would contact the seller. They hadn't.


Hi Taiko,

Often people tape over extractor fans as the fins on the outside rattle in the wind sometimes - it could be no more than that!