Future Proofing my life: Deposit saving then MFW journey in under 13 years

LadyWithAPlan

Grocery challenge 43.96 of £170
Looks good but I was away seeing family last week so no real spending beyond trains etc.
Also am away now this week so beyond cabs as in countryside I will be hopefully limited food wise spending.

Sold 2 things on ebay profit should be £58.64 + local What's app group sold a thing for  £40 
So free money £115.30 of £130  target

Seen a fiver upper flat twice I am thinking about.. May put in a low offer. 

Suffolk_lass

Ooh, exciting times - and well done actually selling stuff. It is something I am rubbish at

LadyWithAPlan

Suffolk_lass said:

Ooh, exciting times - and well done actually selling stuff. It is something I am rubbish at

Thanks. I am pretty rubbish too but I kept reading on many diaries a constant trickle of items and extra cash so it's got me moving.
Plus all that extra money is headed for the house so.. Last time I managed a big haul was when I moved after being in a flat for over a decade and sold £1600 so it helped me move 

Think the hard part is starting so I batch as in do a load at one time. 

Got a few more items definitely sold so at least another £60 coming.
Plus will get some clothes on and also try FB marketplace. 

So looks like I am at £70120 so creeping up, waiting on an invoice

Not put an offer in as yet. Thinking Friday. A friend suggested I show Proof of deposit with my low offer  - is that just screenshots of my savings  with my acct details moved? 

Suffolk_lass

It has been a while since we moved but I have never considered showing any proof when making an offer. I have never heard of it being asked for either. Personally it has always been a good faith thing. Different in Scotland or buying from auction where the times are fixed for completion.

With the exception of the couple who broke up on the exchange of contracts day and pulled out, and the couple who actually had to sell two properties to buy our last house (12 weeks instead of the promised 6) - all has gone well. I don't think the market is as "hot" in London as it was, if the property pages and time on Rightmove are to be believed.

Providing you have your mortgage offer, that proves the financial due diligence has been undertaken (because your lender will want to see proof, to confirm the offer)

LadyWithAPlan

@Suffolk_lass I have not got my mortgage offer in place as was waiting to see if I want to buy now or wait.. I have spoken to a couple brothers avd if all looks doable as the paperwork, earnings etc are in place and I have no debt and a v high credit score 

LadyWithAPlan

Just wrapped 4 ebay items - so a further £72.98 after fees and postage.

So free money £180 of £130  target

Grocery challenge 63.87 of £170
I am finally back home after being away so further grocery spend is 
£4 snack whilst checking in at hotel
£2.09 snacks - those sweets ..argh
£4 too good to go
£9.82
plus todays big lidl shop to do

It looks low as I have a separate entertainment budget ..

I am thinking of putting a low offer in tomorrow on  that doer upper. Have thought all week so .. the work worries me less than the light as its lower ground but does have a conservatory - that desperately needs replacing ... I also need to check she has planning permission for the conservatory

Suffolk_lass

Lots of techniques to improve the light in a lower ground floor flat, around repainting, reflective surfaces, using light bright colours and if you can, increasing window size, removing/reducing vegetation that is encroaching on your light, raising ceilings, using light window coverings or privacy film - can you tell our house was dark?

Not sure what permitted development is in flats but it used to be 17% of the overall property footprint or a conservatory did not necessarily need PP. 

LadyWithAPlan

Suffolk_lass said:

Lots of techniques to improve the light in a lower ground floor flat, around repainting, reflective surfaces, using light bright colours and if you can, increasing window size, removing/reducing vegetation that is encroaching on your light, raising ceilings, using light window coverings or privacy film - can you tell our house was dark?

Not sure what permitted development is in flats but it used to be 17% of the overall property footprint or a conservatory did not necessarily need PP. 

Thanks - wow your house must have been dark!! The shared garden is a few steps above the conservatory so you need some of the overgrown vegetation  .. but at moment it is completely overgrown. I am definitely thinking the lounge windows onto the conservatory will need replacing  - it is a structural wall probably but would like to widen the window as well..

i will need to check on the planning as  well... Ex housing association so bound to be some issues

Suffolk_lass

We bought an ex local authority house in the next town centre (for cash from a windfall) eight years ago. There were limitations on us carried forward from the woman who had bought it under right to buy. I can't remember if it was a covenant but I believe it was for another four years after we bought it and something to do with renting it out. I have to say, with the exception of one brick planter at the front, it was very well built. We have since refurbished the kitchen (floor outstanding) bathroom, replaced windows and doors and have two happy lodgers in with DS (we gifted him 25%!). It is probably the best built house.

Our dark house is thatched - I think white window surrounds is the biggest difference (and we have not put in a conservatory because of the reduction of light that would result in the room behind. Reflective surfaces does not work with the old style here but might for you

LadyWithAPlan

Suffolk_lass said:

We bought an ex local authority house in the next town centre (for cash from a windfall) eight years ago. There were limitations on us carried forward from the woman who had bought it under right to buy. I can't remember if it was a covenant but I believe it was for another four years after we bought it and something to do with renting it out. I have to say, with the exception of one brick planter at the front, it was very well built. We have since refurbished the kitchen (floor outstanding) bathroom, replaced windows and doors and have two happy lodgers in with DS (we gifted him 25%!). It is probably the best built house.

Our dark house is thatched - I think white window surrounds is the biggest difference (and we have not put in a conservatory because of the reduction of light that would result in the room behind. Reflective surfaces does not work with the old style here but might for you

Thanks! This is full of period features and has a lot of character. - shared garden though ... I will check on any weird covenants as I assume she has bought it as a right to buy as well. So that is v useful to know.

It is 1910 and managed to not get bombed although most of the street did in WW2 as it is in East London..

I put a verbal offer in of £375k last night  (and doing paperwork now for official offer) - it is on market now for £425k - from 450k as been on for 4 + months. So much work to do though. As in wiring, new conservatory and thus new windows in lounge, floors need redoing and also replacing/repairing, plastering, new bathroom, painting the kitchen or new cupboard doors at least,  (and  ideally later knock thru Kitchen and lounge for light reasons but that will cost a load  even if possible as structural wall)). I think minimum spend before I move in is £20k 

I may go up to 380k but I am not prepared to hit even 400k  - she has been there for 40 years,  and the estate agents are renowned for overpricing..
I have seen something else for 475k that is done - freehold and a garden with office studio  - a bit further out ... the EA called me on that so if I cant get this E London one for £375/380 - I will offer £430 -ish as a start for the N london one.. as no work to do
Luckily I love where I live so in no hurry .. and there are many many flats in London.. So for £375k I wil take on the adventure 

I spoke to another mortgage broker and the figures for me buying at 375k to even 450k work ... but if I can not over stretch myself to much that would be best