Moving Home - Zoopla Hurts!

sugarwalsh

Thanks dopester for explaining - I couldn't quite understand it but now I think you are on to something!

I'm glad you are of the helpful mindset - I have been looking at a lot of the posts on the forums and often find the op has asked for help and just gets insulted for not looking into things properly etc. We are all responsible for our own actions, but sometimes we make mistakes and that shouldn't be punished, we are all only humans after all!

That all said, I think the op asked about the other flats and was told this wouldn't happen. Shocking and if so I think there must be a case there somewhere??

MAybe it is time to approach a solicitor - at least have a look at the original contract etc to see what the sellers declared?

Megan

HJS86

Hi all
Thanks for your comments.

I wouldn't know where to start with contacting a solicitor and don't really think we have a leg to stand on.
We had an evaluation by nationwide who reduce the price to the £80k we paid so its not like Barratts set an unrealistic price at the time?
I don't know how or why the others suddenly dropped to £51k? And I'm not sure what good it would do. Even if we went to the papers with our situation, it won't change our circumstances as Barratts are hardly going to come round with a cheque and it could be detrimental to our already difficult selling situation as it would highlight the problem to potential buyers in the area.

1 bed flats in the area are selling and a couple have very recently sold for more than ours is on the market for so all hope is not lost. Ours has been bk on for a week now, though no calls yet

Dazedandconfused

HJS86 wrote: »

Hi all
Thanks for your comments.

I wouldn't know where to start with contacting a solicitor and don't really think we have a leg to stand on.
We had an evaluation by nationwide who reduce the price to the £80k we paid so its not like Barratts set an unrealistic price at the time?
I don't know how or why the others suddenly dropped to £51k? And I'm not sure what good it would do. Even if we went to the papers with our situation, it won't change our circumstances as Barratts are hardly going to come round with a cheque and it could be detrimental to our already difficult selling situation as it would highlight the problem to potential buyers in the area.

1 bed flats in the area are selling and a couple have very recently sold for more than ours is on the market for so all hope is not lost. Ours has been bk on for a week now, though no calls yet

was theirs a flat in a house though or a block with housing association?

I really feel for you but I just read this thread and I hope I'm wrong but I feel you are being wildly unrealistic.

I also live in the west mids and was actually looking in your area for rentals for a friend tonight so I know the market.

I bought my 3 bedroom house last year for 90k - the lady I bought it from bought it in 2007 and paid 127k for it. I've kept an eye on the market (purchasers anxiety lol) and prices def aren't going up. A few doors down from me they are selling and it has just gone on as sold. They were asking offers over £107k but I don't know what it's sold for yet but theirs has a parking space which is an advantage over mine.

I'm sorry but there is no way I'd pay more than 60k for yours at the moment and if I knew it was in a block full of rentals prob even less if I made an offer at all. I can see flats on the market still from before when I bought my house.

It's terrible that people are in negative equity but this is a reality and in your position I'm not sure what I'd do. If you ride it out I think it will be a long time before prices go back up to the level you purchased at. If you accept negative equity here might you have negative equity in your next house given that prices are still dropping.

It's a bleak picture really. I have a friend who is currently selling and their house has been on the market for 2 years and I think they've only had about 5 viewings (and the pictures aren't bad or anything) its just overpriced but still less than they paid and they didn't buy when prices were at their highest.

HJS86

Hi there,

We probably are being unrealistic, but what choice do we have? Its devastating knowing the true scale of the situation we are in. I was reading old posts last night from when we were going through the housing scheme application and we were so full of hope that it was all going to be ok.

The bottom line is, the housing scheme was the only way we were ever going to get on the property market as at the time we brought I was a temp and therefore we had to apply for the mortgage based solely on my husband's wage and we didn't have a deposit. Waiting to save up wasn't an option as our families were at war and putting increasing pressure on our relationship. I am certain that had we not moved when we did, we would not be together as the situation was turning so nasty.

So, this apartment was a blessing at the time and therefore we cant regret the decision we made as we're now blissfully happy in our relationship. But that doesn't change the fact that we're ready for children and have a 1 bed apartment we cant sell even though we've reduced it already to £6,000 less than we paid for it. Its just money at the end of the day, were not bothered about going into negative equity, we'd just like to be able to move.

Our only option now is to leave it on for £73,950 which is our break even point, and then in March 2012 reapply for the Nationwide negative equity mortgage. If accepted we can lower the price to £65,000 which hopefully will be enough for the flat to sell.

When you're dead you don't take the money with you, so the fact we made no profit and actually a loss isn't a big deal. Whats important in life is the relationships you have and that you're able to live comfortably. We're not prepared to stay in a one bed apartment and put off having children for the sake of a few thousand pounds, so if negative equity is the price to pay, we'll gladly pay it if Nationwide gives us the chance.

It will only be like we've rented for the past 2.5 years anyway if you want to put it into 'dead money' terms. No biggy.

Its a sad situation but not the end of the world. I see property as a home, not a money making scheme. We'd just like the oppertunity to move and get on with the rest of our lives, which includes lots of good times, gardening (cant wait) and some little bundles

HJS86

Sorry, yes their's was a flat in a house. How would a prospective buyer know that the other flats were rented?

sugarwalsh

HJS86
Well done for remaining so positive and understanding 'the bigger picture'! I think all too often we forget what is really important to us. I have everything crosssed for you that there will be a solution in the end. Wishing you good luck with pursuing your dreams.

Megan

brit1234

HJS86 wrote: »

It will only be like we've rented for the past 2.5 years anyway if you want to put it into 'dead money' terms. No biggy.

Renting is no real stigma anymore. You can rent, save and buy when the market is right It allows you to live in big homes or better locations than you could afoord with a mortgage.

Renting is not dead money.

kk20

zoopla is a crock of !!!!. Zoopla reckons our house is worth about 200k. The last house to sell on our street was in 2004 and that was me purchasing it. Estimated market value in this climate is about 250k based on other streets similar to ours. If zoopla has bad info then it can only give you a bad result.

rozeepozee

HJS86 wrote: »

Well we thought that because we'd managed to get it at £80,000 even though it was originally on for £106,000 that we'd been the lucky ones and had managed to buy it at the bottom of the market. But obviously we were only half way down the fall!

The fear of missing the boat is just a case of pure impatience really lol, we're desperate for children and our current living quarters just arent big enough to accomodate all that a baby would bring. We're obviously looking at this fantastic buyers market at the moment with our buyer's hats on, when in reality, were a seller at the moment.

We'll sit tight then (argh how many years?!) We just wanted to buy a huge house on our funds in this great buyers market, that we know in a few years time will be out of our price range due to it all recovering. Wishful thinking.

So the others in our area who are over priced... they wont be going anywhere either. Kinda makes me feel a little better! We're all stuck together! lol

Looking at it from a different angle, we have twins and are still sleepng with them at 18 months so, unless you buy into all that needing a fully kitted out nursery rubbish, don't let a lack of a bedroom stop you starting a family

Dazedandconfused

brit1234 wrote: »

Renting is no real stigma anymore. You can rent, save and buy when the market is right It allows you to live in big homes or better locations than you could afoord with a mortgage.

Renting is not dead money.

Not saying that renting is a stigma at all but save and rent seriously I just could not do that in my area. I had a few years back with mum and dad saving for my place. If I had rented any longer I would never have been able to afford to buy. Can def see the pros of renting though - much easier to move, don't have to pay for buildings/ fixtures and fittings repairs. Less worries about negative equity.

A house up the road for me is a rental and it's the same layout as mine and mine is £250 less a month mortgage than the rent.


I feel for you I really do. I think if you can have a baby then consider it. If people waited these days until they could afford kids noone would have any.

Just had a look in your area and yes this is on an estate but it's less than 2 miles away an extra bedroom and 60k

rightmove.co.uk/property-for-sale/property-34222013.html?premiumA=true

this one is also a 2 bed

rightmove.co.uk/property-for-sale/property-34222013.html?premiumA=true

edit: am too new to post links