Reducing an already agreed price

MovingForwards

@Crashy_Time I'm jointly and severally liable for the rent, council tax and utilities, any agreement of apportionment of these is between my flatmate and I, if one don't pay it's down to the other to do so to avoid any of the companies coming after both of us. I've seen you comment of this point before.

I can calculate my figures on today's prices, then recalculate them each time anything changes in price, as I've done all the time since saving to get me to this stage. I've also worked it all out based on huge increases of everything.  I have a lot of wiggle room with my outgoings, so a 'serious structual or roof repair' or anything else doesn't worry me, repairs / maintenance are to be expected being a home owner and only comes through neglect of a property. 

Next?

Crashy_Time

MobileSaver said:

Crashy_Time said:

 a serious structural or roof repair will cost you a lot more than a years rent probably?

Oh please, that old chestnut for the HPC brigade when all other scare-mongering options have been exhausted! In over 30 years of home ownership (all of older properties) I have never once had to pay out for a "serious structural or roof repair" or for a new boiler either.

So does it follow that those keen to follow your example shouldn`t cost for this potentially happening, or what is your view?

Crashy_Time

MovingForwards said:

@Crashy_Time I'm jointly and severally liable for the rent, council tax and utilities, any agreement of apportionment of these is between my flatmate and I, if one don't pay it's down to the other to do so to avoid any of the companies coming after both of us. I've seen you comment of this point before.

I can calculate my figures on today's prices, then recalculate them each time anything changes in price, as I've done all the time since saving to get me to this stage. I've also worked it all out based on huge increases of everything.  I have a lot of wiggle room with my outgoings, so a 'serious structual or roof repair' or anything else doesn't worry me, repairs / maintenance are to be expected being a home owner and only comes through neglect of a property. 

Next?

Your first paragraph is just standard shared flat arrangement, someone leaves you get someone else, although obviously at this stage that is easier maybe to say than do, but if your flatmate did a runner you could give two months notice, move somewhere cheaper and not pay very much at all? So you are hedging on rates staying pretty low it seems, and repairs and upkeep being negligible or at least manageable, so how about if you still want to live there in the future? You said you want to own something in retirement, so if you are 20 or 30 you are betting on an area less desirable than where you live now being somewhere you still want to live in 10, 20,30 years time? Don`t you think less desirable areas become even more undesirable in economic downturns or are you forward predicting on the fortunes of the area as well?  It just seems a very strange time to be absolutely desperate to get attached to a mortgage in a less desirable area than you live now, the renters can leave quickly, you have to wait for a buyer?

[Deleted User]

Im a BTL investor and pulled out last month. Too risky.

My son is a FTB and is watching and waiting. 

HOWEVER ..... I bought the house Im in 20 years ago. It was a one off new build on the estate I was already living. A once in a life time and I would never move. I was thinking what if Covid 19 had happened when I was buying this house? Would I have pulled out or tried to re negotiate and risk losing it ? NO WAY would I. Id have never let this house go ever. Even when I got divorced I begged borrowed and stole ( not literally lol ) what I could to buy out my ex and keep this house. I wouldn't have cared if it dropped in value or I lost “a bargain”. None of that would have mattered because this was always going to be my forever home. Its seen out the last financial crisis and is worth 250% of what I paid in 2000. 

I can therefore see both sides of what one should / could do in this economic uncertainty 

snollygoster7

I am in a similar position and my buyer is happy to wait for lockdown to be lifted & pay originally agreed price (as things stand anyway). Exchange is ready to go. However my purchase is way off and in a long chain. I am downsizing, by some 40% (price). 
I will seriously consider moving in to rented for a while and see how the market reacts. However, I would feel terrible about pulling out of the purchase as the seller is elderly and wanting to move nearer family and has already discount the property by 10%. BUT, anyone anywhere in that chain could have a change of heart considering what is going on at the moment and I couldn't blame them for that.

MovingForwards

@Crashy_Time you are reading things into my posts that I'm not saying. I'm also not near the age range you said, therefore a home in retirement is something I need to consider.

I've never said I'm hedging my bets on rates staying low, I've openly admitted mine are not. Even if mine stayed the same, or increased, it doesn't bother me, it's all been considered.

Nor have I said the area I'm buying in is undesirable; the area I currently rent in is. 

Also, I never said I don't expect a bill for my property, but merely pointed out maintaining it is part and parcel of ownership.

I don't get why you are so against people owning their own homes and wanting to put roots down.

If someone wants to rent, that's great, if someone wants to buy, that's great. Personal choice is a wonderful thing.

Crashy_Time

MovingForwards said:

@Crashy_Time you are reading things into my posts that I'm not saying. I'm also not near the age range you said, therefore a home in retirement is something I need to consider.

I've never said I'm hedging my bets on rates staying low, I've openly admitted mine are not. Even if mine stayed the same, or increased, it doesn't bother me, it's all been considered.

Nor have I said the area I'm buying in is undesirable; the area I currently rent in is. 

Also, I never said I don't expect a bill for my property, but merely pointed out maintaining it is part and parcel of ownership.

I don't get why you are so against people owning their own homes and wanting to put roots down.

If someone wants to rent, that's great, if someone wants to buy, that's great. Personal choice is a wonderful thing.

I`m not, I am against the recent meme that high house prices are somehow of any benefit to ordinary people.

Crashy_Time

Densol said:

Im a BTL investor and pulled out last month. Too risky.

My son is a FTB and is watching and waiting. 

HOWEVER ..... I bought the house Im in 20 years ago. It was a one off new build on the estate I was already living. A once in a life time and I would never move. I was thinking what if Covid 19 had happened when I was buying this house? Would I have pulled out or tried to re negotiate and risk losing it ? NO WAY would I. Id have never let this house go ever. Even when I got divorced I begged borrowed and stole ( not literally lol ) what I could to buy out my ex and keep this house. I wouldn't have cared if it dropped in value or I lost “a bargain”. None of that would have mattered because this was always going to be my forever home. Its seen out the last financial crisis and is worth 250% of what I paid in 2000. 

I can therefore see both sides of what one should / could do in this economic uncertainty 

Debt levels owed by individuals in general and required by individuals to buy are nothing like 20 years ago, there is absolutely no comparison that can be made except some sort of appeal to emotional attachment that frankly I don`t think exists much outside showroom brochures and TV ads TBH.