First time buyer: one bedroom in London

jimbog

Sorry to hear that. Your flat will come along soon - what is meant for you won't pass you by!

Crashy_Time

redefinr wrote: »

Just flagging a really bad experience with https://www.doorsteps.co.uk

I called today (after a week) to follow up my offer I made on Tuesday to find out the flat now has been sold. Apparently, the seller has never received my offer (which she personally told me she was happy with it) and I have never been notified if actually someone made a higher offer (which I doubt it happened). They were rambling on the phone without finding an explanation to what could have gone wrong, in the end they said somebody will call me to follow up. What a massive waste of time.

Nearly giving up on this trying to buy a property.

Not as if there are not hundreds of similar flats for sale though is it?

redefinr

There is literally no new properties coming up it's quite uninspiring.

This just got reduced though and now is within my budget:

https://www.rightmove.co.uk/property-for-sale/property-56725140.html

It's quite a big space. The only downside it's right in front of the Pentonville Prison and I'm not sure I will be happy to face a huge brick wall everytime I come out the house :S

VincentVincent

Your downsides are likely what most others think which is why it's been on sale for over a year. Even if you can look past these issues, unless you want to risk having the same struggle selling it in the future then it's not worth considering.

Crashy_Time

VincentVincent wrote: »

Your downsides are likely what most others think which is why it's been on sale for over a year. Even if you can look past these issues, unless you want to risk having the same struggle selling it in the future then it's not worth considering.

It has already had a 50k price drop, would another 25-50k off the price sell it do you think?

redefinr

I would definitely get it for £50K less. I seriously doubt it will go lower than that though - Islington's quite 'popular'.

Crashy_Time

redefinr wrote: »

I would definitely get it for £50K less. I seriously doubt it will go lower than that though - Islington's quite 'popular'.

Of course, not at any price though it seems?

redefinr

I was almost fed up with the situation and I saw very very few properties coming up in the last few weeks.

But.....just today I got a call from the EA regarding one of the first house I was really interested...which basiclaly hasn't sold in the end....this one:


https://www.rightmove.co.uk/property-for-sale/property-72540922.html


I loved this property so I think I will literally put all my effort into this now.


I have a quick question: because I'm self-employed, if I decide to buy and rent it out for the first years... will it be considered as a taxable income? Will my mortgage be considered as an 'expense'?

hazyjo

You can't just let out a property. You will need at least CTL (although they may insist on a BTL mortgage). By asking for either so soon after purchasing, especially if you're not even planning on living in it, it will more than likely be refused.

need_an_answer

You also need to consider that if a BTL mortgage is required because you wish to rent out the property,you will then usually need a minimum of a 25% deposit