Moving Home - Zoopla Hurts!

HJS86

Hi Guys

Just a little update.

This 1 bedroom ground floor flat further out of town has just sold.
Am waiting for it to go public on the land registry to see how much for, but could be over £80k by the looks of the advert.

http://www.rightmove.co.uk/property-for-sale/property-34867961.html

Any thoughts?

Running_Horse

LawrenceatZoopla wrote: »

our automated valuations may be imperfect

True.

LawrenceatZoopla wrote: »

they generally provide a very good starting point and the more data that is provided, the more accurate the output.

Not true.

HJS86

Hi all

Another property in our town has just sold for £65k...lots of movement in the last few days. One for £80k, one for £50 and this one for £65.

http://www.rightmove.co.uk/property-for-sale/property-19357236.html

Any thoughts?

twirlypinky

we're in a similar situation to you, ours is up for 89k, the mortgage is for 91.5k but we've been told to expect offers of 85k, so we're in negative equity. We've almost saved 5k, which will cover moving costs, so now ALL our savings are over paying them mortgage, so we'll reduce our interest paymetns (why give the bank anymore than we have to!) and it'll be less complicated when we eventually sell. At the moment we wouldn't accept an offer of any less than 87, because we couldn't gather enough cash to pay moving costs and pay the negative equity back.

we're not buying again yet though, we're going to rent nearer to work for a bit while we a)save another deposit b)find out what's going on with my job and c)decide where on earth we actually want to live anyway.

HJS86

Hi twirlypinky

Thanks for your post, good luck with everything!

Are you going to rent your property out whilst you rent elsewhere?

Our mortgage advisor told us it would be better to have a larger deposit than try and pay down the mortgage, though didn't give us a reason for this.

We're throwing everything we have at the deposit at the moment in the hope that when the time comes, we'll be accepted onto the negative equity mortgage. The more we save, the less negative equity we're in.

Is so hard raising the money, you begin to realise how much houses are when you're not just paying your mortgage payment but realising how much money you've actually borrowed. £80k becomes a very real figure!

twirlypinky

I don't personally see what difference it makes with the deposit/negative equity. When we sell the house we have to pay back the difference, end of. If we start paying back that difference now, we can at least reduce some of the interest.

We're not going to rent ours out, we can't with our mortgage. Also, tbh, we just want rid of it now. We need to move about 25 miles nearer to where we both work. Were just going to rent a little one bed flat near work and save £400 a month on petrol alone. We're happy to rent until we're ready to buy again.

Good luck with yours, i hope it all works out. I'm going to have a look into the things you've talked about.

GDB2222

HJS86 wrote: »

Hi all

Another property in our town has just sold for £65k...lots of movement in the last few days. One for £80k, one for £50 and this one for £65.

http://www.rightmove.co.uk/property-for-sale/property-19357236.html

Any thoughts?

How do you know how much it actually fetched? £65k was the asking price.

HJS86

GDB2222 wrote: »

How do you know how much it actually fetched? £65k was the asking price.

Hi there

i don't know that this is what they went for, what I'm happy about is that one bed flats in our area are moving, when most are saying that no one is looking at flats anymore as houses are so cheap.

I'm waiting for the deals to complete so I can check on zoopla what they actually sold for, will help in the spring when we're putting ours back on.

HJS86

Hi

Does anyone know how long it takes for zoopla to post how much flats have sold for?
None of the above have appeared yet.
Thanks

googler

They update the site monthly, so an update at 1 Sep has the sales up to 1 Aug.

Therefore at least 1 month behind the conveyancing solicitor sending a return to Land Registry or Registers of Scotland.