Lulabelle's MFW Diary

Muser1

Long time no update Lula. Hope everything is going ok? x

Secret_Saving_Squirrel

Yes, please share your progress!

lulabelle1

Hello!

Thanks for popping by....

It's been busy in the house of Lula. Everything "was" progressing with the B2L. We had a full homebuyers report done on the property with it being an old terrace... Anyway, survey came back - the house wasn't falling down but there were some bit and pieces that needed to be done and the mortgage lender wanted to hold a small retainer back until the work was completed. This basically meant that we would need to pay for the work plus fund the retainer until it was all done - so needed to find a few more thousand. Plus, getting the work done would mean not getting someone in there straight away - so more lost time and money.

We spoke to the vendor to put everything forward to them and had hoped there would be some sort of compromise that we could sort out but they basically said, either proceed at the agreed price and sort it out after completion or don't bother. I think they were most likely just trying to call our bluff as we'd been so keen.

We gave it some thought and consideration and tbh when we'd set off on this b2l venture an old victorian terrace wasn't what we were really looking for anyway. The estate agent did a great sales pitch on us (turns out that the vendor actually works for them part time) and the figs seemed good on paper. But the survey opened our eyes to current issues plus all of the potential issues down the line.

So, the upshot is that we told the buyer we were withdrawing our offer and wished them luck with finding a new buyer.

So, the search for our first B2L continues!!!!

I think we're going to try and get a small 2/3 bed modern property. The initial yield won't be as attractive but over the long term it should work out fine and be less stressful not having to worry about damp, dodgy roof timbers, crap brickwork and the roof falling down!

I'm away from Sunday for 8 days, so will start looking properly when I'm back.

Despite this setback, we're in real good spirits and won't let it put us off. If anything, it's just clarified in our minds what we really want to aim for (and steer clear of).

Not much news on on MS really - I've been saving spare money rather than OP'ing as it was needed for various things with the house - this is all now safely stashed away in savings along with the deposit money for a house.

I don't think we'll be able to get started with the MOP'ing again until we're sorted with the first property.

Hope everyone is well xx

edinburgher

I think you've made a very sensible decision Lula - knowing when to walk away is a valuable life skill

It's not like the money is going anywhere in the short term, being able to take the time you need to find something that feels like a good fit must be reassuring.

lulabelle1

edinburgher wrote: »

I think you've made a very sensible decision Lula - knowing when to walk away is a valuable life skill

It's not like the money is going anywhere in the short term, being able to take the time you need to find something that feels like a good fit must be reassuring.

Thanks Ed x

The search will continue when I'm back from my trip:)

Fortune_Smiles

Sounds like a sensible plan Lulabelle. Good luck with the continued search for the perfect B2L.

Fortune x

lulabelle1

Hi folks, hope everyone is well......

Thought I'd best pop in and do a little update.

Many changes over the last month, so long story short:
*B2L on hold, unlikely to make progress with this until the Summer
*For the time being, B2L money has gone back to the MOP's so balance is now just below 80K which makes me happy
Balance will increase significantly if I ever get on with my B2L

Erm, I think that's about it.

Best go and send in my update for the MfiT challenge xx

moneycurious

Hey lula, hope your ok, now have internet ( again!!) at home ( finally) , so will be able to keep up to speed abit better. hope your weel. have a good Christmas xx

lulabelle1

Hey money, thanks for popping by. It's good to see you!

I'm finding it very difficult to motivate myself to post at the moment.... Just seems to be spend spend spend all of the time and it's driving me nuts.

The spending is mainly due to Christmas but I do feel that many of the sensible things we've adopted over the last few years have been thrown out of the window somewhat.

DH's CC bill is huge this month - I'm pretty sure that the share price of Tesco stock must have increased massively purely based on his spending.

Lots of things need to be addressed in the Lula household sooner than later I think before I explode....

Oh well, let's enjoy Christmas first and take it from there...

xx

Fortune_Smiles

It's the same for me Lulabelle. There are always many more lilies than loaves in the Fortunate household over the Christmas period. I've just decided to enjoy it and stop worrying.

Fortune x