Been in our home since May...absolute house of horrors...

Crashy_Time

Squirtle17 wrote: »

I started renting a flat two years ago for £695 a month. In the two years I lived there my rent rose twice, ultimately ending up as £730 a month. When I moved out the flat I was renting was advertised for £735 and has now been let. Near identical flats in the same building are now being advertised and let for up to £775 a month.

I feel pretty comfortable now my mortgage is fixed for the next 5 years.

You should check back in a year or so and see what they are renting for then IMO, and also see if your property has gone up in value or not.


https://www.mirror.co.uk/news/politics/brexit-blamed-eu-workers-uk-13582804


Rent hikes now are a reaction to landlords becoming a tax target, but a rent increase doesn`t mean much if there is no one in the flat?

Crashy_Time

missprice wrote: »

I think it's rare that tenants are moved on every 6 months. But it can and does happen. And that insecurity would make me ill.
Just a possibility that it could happen and I could not live there, so I bought a house about 16 years ago with a 20 year mortgage, so I have had the benefit of living in a nice house (crap area) that no one could ever throw me out of.

That security has made my life better, the fact I bought in a crap area meant it was cheap. No rent could have come close to the mortgage payments.

I don`t understand how living in a crap area can make anyone`s life better TBH. I was once given two years notice (very nice area) that the landlord would probably be selling to a developer, but the developer would probably let us stay on a bit longer as well. The six month thing is total myth, probably started by mortgage providers :rotfl:

a1y5on

This is the quandary we are having at the minute! Offer accepted on a lovely house in a lovely area that as soon as we walked in we knew we wanted. Survey comes back and highlights issues that we are still getting quotes on but think we be a couple of grand to fix and vendor is not willing to negotiate at all as the survey said was worth the offer price. At first we were adamant we wouldn’t pay to fix things they hadn’t maintained (I mean, why repair your damaged flat roof when you can drill holes in the ceiling where it’s leaking to make it easier for the water to get through :eek:) but my house has sold and we haven’t seen any others we like. That’d mean us potentially moving out, renting and wasting money that we could instead use to fix this house.

Davesnave

a1y5on wrote: »

This is the quandary we are having at the minute! Offer accepted on a lovely house in a lovely area that as soon as we walked in we knew we wanted. Survey comes back and highlights issues that we are still getting quotes on but think we be a couple of grand to fix and vendor is not willing to negotiate at all as the survey said was worth the offer price......

Quite right too, Why should they reduce the price when the surveyor you employed agrees it's worth what you are paying, warts and all?


If you want a house with no issues at all within your budget, you'll probably have to compromise on size or area.

missprice

Crashy_Time wrote: »

I don`t understand how living in a crap area can make anyone`s life better TBH. I was once given two years notice (very nice area) that the landlord would probably be selling to a developer, but the developer would probably let us stay on a bit longer as well. The six month thing is total myth, probably started by mortgage providers :rotfl:

The six month thing is not a myth. The contract you sign usually ends in 6 months, then continues with a new 6 months or rolling monthly. At any point within the contract you can be asked to leave. Wether you leave or stay til the bitter end with bailiffs etc doesn't matter.
A crap area generally gentrifies over time, hence chunks of London now becoming more expensive. Can't actually say that happened in my area but it's better than it was. Also once you shut your doors who cares what's outside. So I got a really nice house for my money. And at way less than any rent costs.

a1y5on

Won’t let me quite through my phone for some reason.

Totally get what you’re saying Davesnave. Our issue is the survey also says that you should get quotes and may wish to renegotiate so I think they’ve just put something in to please everyone.

Had a quote today which wasn’t too bad and will probably mean we still go with the house.

Davesnave

a1y5on wrote: »

. Our issue is the survey also says that you should get quotes and may wish to renegotiate so I think they’ve just put something in to please everyone.

The comment is there because in some circumstances renegotiation is a realistic option. For a house that has not sat on the market for ages and ticks most people's boxes, it might not be realistic at all. Either way, it's bottom-covering by the surveyor.

Crashy_Time

Davesnave wrote: »

I never claimed that. It was you who suggested that a problem or two with the plumbing could be resolved by upping sticks.

I remember interest rates @ 15%. We still paid the mortgage and wages climbed to compensate. Prices followed suit, so debt was inflated away.

But we are rather far away from 15% at present!

A 1% rise in rates will see people in difficulty, the times past that you talk about have absolutely no bearing on todays economic world.

Crashy_Time

missprice wrote: »

The six month thing is not a myth. The contract you sign usually ends in 6 months, then continues with a new 6 months or rolling monthly. At any point within the contract you can be asked to leave. Wether you leave or stay til the bitter end with bailiffs etc doesn't matter.
A crap area generally gentrifies over time, hence chunks of London now becoming more expensive. Can't actually say that happened in my area but it's better than it was. Also once you shut your doors who cares what's outside. So I got a really nice house for my money. And at way less than any rent costs.

https://www.gov.uk/government/publications/uk-house-price-index-summary-september-2018/uk-house-price-index-summary-september-2018


Sales transactions are down about 17% for England, a crap area that attracted buyers when prices were shooting up won`t attract them when they are shooting down, because people do care what is going on outside their front door, especially when the house is not the cash machine they once thought it was. In the real world landlords hold on to good tenants, or else what would be the point of being a landlord? Throwing people out every six months incurs a lot of costs, for the landlord.

Loanranger

Crashy_Time wrote: »

A 1% rise in rates will see people in difficulty, the times past that you talk about have absolutely no bearing on todays economic world.

Not if they have taken advantage of the very low interest rates they have enjoyed for past ten years and paid down large chunks of their mortgage.