To those BUYING in these difficult times....

westlondonbuyer

ChrisEvanson wrote: »

I just wanted to make the (obvious maybe) point that renting is 'dead' money - you will walk away with nothing.

Ah yes, that old line, again

It rather depends on what else you're doing with the money...and also what's happening with the housing market in your local area. My mother moved to a house in 2007 and she now wants to sell - except she's sitting on negative equity of £120k, and paid £36,000 in stamp duty. If she'd rented for the time period, she'd have paid out just £48k in rent.

TwistedPsycho

ChrisEvanson wrote: »

I just wanted to make the (obvious maybe) point that renting is 'dead' money - you will walk away with nothing. Buying will be more expensive as you are investing in the property and eventually owning it.

I want to make the more obvious point that some people might HAVE to rent because of credit issues from the last few years (there was a little problem with a recession recently) or have to move towards more affluent areas (for work perhaps) where they would not have enough equity to entertain a deposit in the new area or its surrounds.

davem7

Great thread to read so far guys, really enjoying your stories and best of luck to all

So we're starting to make some progress now Solicitor is sorted: we're paying for the searches shortly and the draft contract is being sent through. Our mortgage is approved and is being sent through in the post. I've been pretty impressed with the speed; we put in the application on Thursday, valuation was done on Tuesday and the offer should be through in tomorrow morning's post with a bit of luck!

I expect the next week or two is going to be the slowest, what with figuring out the F&F list, waiting for searches to come through etc. The best bit of news so far is that we aren't in a chain since the vendors are moving into rented. Why the place wasn't advertised as no chain I don't know, but I'm not complaining! With this in mind I have a pretty optimistic date of 14th July for exchange which I'll sound out with our solicitor next time I call. Our rental contract renews on the 17th, so it would be nice to give our 1 month on the 15th and avoid paying another month that we don't need.

All of this looks like it's coming at the right time too. We just had new neighbours in the place next door to us, and so far they've managed to successfully wake me up every day so far

ChrisEvanson

TwistedPsycho wrote: »

I want to make the more obvious point that some people might HAVE to rent because of credit issues from the last few years (there was a little problem with a recession recently) or have to move towards more affluent areas (for work perhaps) where they would not have enough equity to entertain a deposit in the new area or its surrounds.

Of course, and we can all come up with examples to support either renting or selling. One of the worrying stories I have heard twice recently is friends and colleagues selling up and moving to rented, or back to parents, then deciding to get back on the housing ladder a few months or a year later. The criteria have tightened up and they are now unable to get a mortgage. In most cases around this area, rentals are more expensive than mortgages (on like for like property) so they are having to dip into their deposit money to subsidise their rent, thus further depreciating their ability to get a mortgage.

With a mortgage they would have been slowly reducing their debt, with a rental they are going backwards.

tyler80

We're stalled right now. :-(

Searches revealed claim made against coal authority 30 years ago (very common in this area). Schedule of works drawn up but not carried out before the house was sold under right to buy, no information yet from vendors about works carried out if any. Survey didn't highlight any structural issues.

Skint_Catt

Stupid question please! Does the date of completion show in the contracts at exchange?

Thanks

C xx

Edit: No worries - solicitor found it! 5 weeks tomorrow :T

Grimbal

Skint_Catt wrote: »

Stupid question please! Does the date of completion show in the contracts at exchange?

Thanks

C xx

Edit: No worries - solicitor found it! 5 weeks tomorrow :T

wow - that's very quick progress - well done & fingers crossed you can get it straight in time for October !

Skint_Catt

Grimbal wrote: »

wow - that's very quick progress - well done & fingers crossed you can get it straight in time for October !

I hope so too! If nothing else then a space to sort out the nursery in case Giblet appears early

4 weeks since office accepted then 5 weeks to completion - 9 weeks - thank god!

tyler80

Still in exactly the same position as when I posted on the 1st July

iheartbristol

Can I assume anyone going through the process should post here?

If so OH and I put an offer down at lunchtime, just waiting on response now. Will try and keep a log of timescales etc for reference for others