Charlene's FTB - Diary 2007

Tiger_greeneyes

CharleneUK wrote: »

So I'm off tomorrow! I searched online for various questions and have come up with a few of my own (there may be repeats as I've copy and pasted!) If there's anything you think I've left out, please let me know! Wish me luck.

Are you in training to become a surveyor :rotfl: That's a brilliant list :T

I hope the viewing went well, I look forward to hearing how you got on

CharleneUK

LOL, I thought the list was pretty good too! Well I've got a very disappointing update.

We went to the estate agents today, as yesterdays viewing had to be cancelled as we couldn't get anyone to watch the kids.

So we turn up at the estate agents, a financial adviser comes and sits us down..... Gets out the property details and starts his talk.

First, the house has been on the market for over 6 months, the type of construction is PRECAST concrete and was built shortly after the war. He said, basically, yes, you can get a mortgage on this, but no high street lenders will give it to you, so you won't get the "sexy rates" He also said we need to seriously think about difficulties with selling on in the future, as it WILL be a problem if buyers cannot produce a high deposit.

Basically, the property will probably end up being auctioned off, "there is no such thing as a free lunch" were his exact words. Very honest, but it kind of crushed me a bit, I felt so deflated.

He said my best bet was to go home, rework our budget, and decide realistically what we can afford and if we are willing to maybe go for a 2 bed, just for now, and re-evaluate, and that we should sign up to every estate agency going and just get them to send us a list of 2/3 bed properties under £200k and see where it leads us.

"Order in a curry, and maybe a beer if you're into that kind of thing and sit down all night, going through the pile, most will be rubbish, but you might find a few worth viewing"

So that is the end of that My aunt told me she was on good terms with the local estate agents and we may be able to get details of a property that hasn't officially gone on the market yet...... She'll be giving us the details on Saturday. I'm glad we had that talk, it's really opened my eyes to how this 'game' may play out and has made me question if we can really afford to buy a property.

Oh well, LloydsTSB just wrote this morning with a 1.99% mortgage till 2008, changing to 5.99 for another 4 years! Boo hiss!

Tiger_greeneyes

That's a shame - I know you loved the house.

However, disappointment is all part of the property game, and at least you found out before you parted with any money - it could have been so much worse.

Out of interest, are you looking in New Addington because that's where you want to be, or because of the prices there? In other words, would you be willing to move further away from Croydon to get the house you want?

For instance, there's this one in Coulsdon Woods - it's an ex-LA house and the area used to be quite nice - I don't know what it's like now but these houses are sizeable inside - if not a little 'different' looking on the outside! http://www.rightmove.co.uk/viewdetails-6833661.rsp?pa_n=1&tr_t=buy

Otherwise, there's a few in NA on the rightmove website
http://www.rightmove.co.uk/viewdetails-6352593.rsp?pa_n=7&tr_t=buy
http://www.rightmove.co.uk/viewdetails-7085517.rsp?pa_n=2&tr_t=buy
http://www.rightmove.co.uk/viewdetails-7085517.rsp?pa_n=2&tr_t=buy
http://www.rightmove.co.uk/viewdetails-6844098.rsp?pa_n=2&tr_t=buy

Or if you fancy something much bigger but needs updating...
http://www.rightmove.co.uk/viewdetails-14652668.rsp?pa_n=5&tr_t=buy

Personally, I'd be going for the one that needs work but I love character properties You'd definitely be putting value on this house, too - it's a chance to get some instant equity as well as making it your own. South Norwood is a vibrant place to live, - I lived there and loved it - I'd definitely go back again, it's got tons to offer.

All of these properties are of traditional construction (brick & tile) and whilst they're not as nice as your other one, they're all eligible for sexy rates!!!

Doozergirl

Tiger_greeneyes wrote: »

South Norwood is a vibrant place to live, - I lived there and loved it - I'd definitely go back again, it's got tons to offer.

You're joking, right? I grew up in Upper Norwood and for my entire life South Norwood could only be described as a hellhole. Woodside Green used to be okay but I wouldn't otherwise subject anybody to that. It's rough, it's ugly, it's seriously run down, and it's got nothing going for it except the train station out. I really can't think of anything I like about South Norwood.

It's cheap but I couldn't even bring myself to invest there, let alone live.

Penge is alright, you might get a flat there. It doesn't exactly exude luxury but it is very green, neat and tidy with lots of flower boxes etc and you have Crystal Palace Park too. Bromley council seem to have made a real effort with it.

Tiger_greeneyes

I'm far from joking

South Norwood has some lovely spaces - Grange Park, the Country Park, the Lakes. There's tree lined roads, Crystal Palace Park nearby, a myriad of character properties and a buzzing high street.

Admittedly there are some rough areas but for all the years I was there, I never once was the victim of any crime or yob culture - although the days when Crystal Palace were playing at home, it was a pain to get anywhere by car. It didn't matter too much though, I could walk to work in Addiscombe in half an hour - and I also had a Saturday job in South Norwood which took ten minutes to walk to.

Maybe I have distorted views because I was so happy and settled there? Who knows! I have to say I love a quiet life though, and I definitely had that there.

Maybe because you didn't live there you don't have the same viewpoint that I have? There are areas that I'd never consider living in because of my perception of them, but it may well be unfair because I've not had first hand experience of living there.

Doozergirl

We can agree to disagree , but I lived there, on and off for a period of three years, worked there briefly and I only lived about a mile away on Beulah Hill for most of my childhood so I'd like to think my perception was pretty sharp!

House prices are so far behind everywhere else but it also seems to be the only place that doesn't appear to be showing many signs of regeneration. I just couldn't recommend that anybody look at it as a serious prospect.

Crystal Palace, Addiscombe? fair enough. South Norwood? Really, what would you ever go there for? It isn't exactly a destination! :rotfl:

Tiger_greeneyes

I'm sure we can!! I've got some fantastic memories of living and working there but it seems it's like Marmite - it's a place you either love or hate!

I'd avoid Thornton Heath like the plague though

CharleneUK

That was good reading guys! :rotfl: I must admit, I share the shame view as Doozergirl about South Norwood, however, I've only lived in West Norwood, which I'm sure would get similar views, PLUS I really like Thornton Heath / Norbury, and have lived there most of my life!

Anyway, Tiger greeneyes, you're a star, thank you for those links.. I have seen that Coulsdon House actually, but didn't like the look of the outside (I'm ashamed to admit) But I really like the South Norwood one.

We were only considering Addington due to finances to be honest, I really wasn't happy to move there, but there is good news!!!!!!

Hubby and I recalculated our budget and it turns out, we can actually pay all necessary bills, everything and still have roughly £300 quid each, and pay out for a mortgage of up to £900!! This means, we may be able to stay in Croydon afterall! Not only that, we have been looking at 2 beds in the area, and a lot of them come with 2 reception rooms which I'm sure we'd be able to convert into a bedroom!? I am so excited again, and have request to arrange viewings for at least 15 properties in the area!

The LloydsTSB rates seem perfect for us, as we'd either overpay for the first year, or stash the extra cash away in a high savings account. We're also using a broker from this forum, so will see what rates he can come up with.

This is so scary, but such a learning curve as well. Thanks again for all your help guys! Lets hope I can post with some more news soon

Tiger_greeneyes

Hi Charlene, it's good to see you so upbeat again!

You've certainly got some food for thought and I look forward to hearing how you get on I'm not sure if you've heard of https://www.upmystreet.com but it can be a mine of useful information on any new area you're looking in.

Just as a point of info, I know you've worked out how much you can afford to pay for a mortgage, but lenders will only offer you the maximum loan based on your salary/ies, no matter how much more you can afford to pay on a monthly basis - if that makes sense?

I lived in Norbury for a year and hated it - but it wasn't a very nice part tbh. There are some lovely houses there though! I don't know what it is about Thornton Heath - it just looks grey and depressing to me!

The house in South Norwood - it's actually in a road I once bought a flat in. I can't guarantee what it's like now, but it was a lovely, quiet road to be in - away from the hubbub of Portland Road but within very easy reach of it - and the Country Park is close by, too.

Anyway, good luck, and let us know how you get on. I feel excited for you :rotfl:

Doozergirl

I'm glad you've found a good compromise! With 15 viewings lined up, you'll be really informed on what represents value for money and I guess we'll be hearing about your making offers soon!