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

LadyWithAPlan

Suffolk_lass said:

Am I right in thinking your offer (if accepted) is going to attract Stamp Duty at 5% for the part that is above £425k?

Yes at present £450 SD so not too bad but I am now keeping an eye on that
Plus if I keep under £450k I get £3k from my h2b isa govt so ...that will help with some costs

TallGirl said:

How annoying about the course but as you said you get more time to find the things you need. I have never made anything just from a piece of clothing it has always been from an actual pattern and I then have to make it longer obviously. Lovely skill to have if you can just make from something already made. My mum has a friend who is a tailor so we get him to that for us. He is ace but I am never home long enough for him to fit it on me so it can be a bit hit and miss sadly which is not his fault. 

I have a friend who is great for  quick repairs/alterations  and reasonable but to make from scratch its obviously very expensive - had her make me a dress once - she is not crazy expensive  but it takes time  so costs are in the £100s plus of course i  have expensive fabric tastes.. So making my favourite 2 long dresses myself in 8 different fabrics will be fun - I will start with cheap fabric .. plus I have asked about fabrics as I gather some fabrics sag, dont sew well, etc etc .. so learning to make the patterns is part of why I am doing the course.

TallGirl said:

Bet you are on tenderhook with the offer I played it very cool with this place and only went up by £5K each time and the estate agent got fed up and they came back with a counter offer which I accepted at £15K below asking price. This was pre-covid before it all went mad. It is nice if you can do things before you move in especially flooring and cleaning obviously. Hope you hear something soon.

How much did you go below % at first if you dont mind me asking?

I was quite calm yesterday evening  - the EA said go up in £2.5k increments (!) which seems v  v cool ... but I guess its a game ..  but not heard yet - EA had said the seller was thinking Monday night on my offer  and would say yeah or no Tuesday/ so yesterday ...but my broker said he said to them I am the perfect buyer -  I am a serious  -MIP, big deposit, FTB, no chain, can move as needed  - so that calmed me down ... this is indeed so like dating ..but  will i become more  or less attractive as a date once I have a £300k mortgage as a necklace? 

I have just looked at the video  of the house and planning where things might go .. flooring is lovely in hall and lounge but its  (clean) cream carpet in bedroom - I hate carpet and plan to have a dog ... so of course you know I will wondering if I should rip that out before I move in ..  but then its the extra cost..
So its the first time I have been dreaming about moving in ...

I have 2 trips to book in May and June - work related and work - wont be cheap initial outlay and planning to fly out early to one place and see a friend for a long weekend first local to there.. however I am thinking for the first time ouch money as in I have been able to afford to fly anywhere in the world without thinking  for years and now I will be  tying up cash so I am thankful I have finally got on the YNAB bandwagon to make me tightly watch and plan.

YNAB budget category house buy - making space work - that needs a few ££££ in ..
Looking at the video of the flat - they have a tall narrowish butchers type trolley in the inbuilt kitchen to sit on and also it gives extra workspace as the kitchen is lovely but its  long and thin and not that much workspace for anyone who really cooks -  ... kitchen is onto the deck so very light filled but I would need to purchase (or I guess make!) some similar thing - it needs to be tall for standing.. there is a long vertical radiator taking up  too much space on the wall there as well - or you could build a workshelf /breakfast bar as a cheaper option  ....  I need those welding lessons  I wanted that @Sistergold has  inspired me to look for...  i could also build a seat in the bay window )

South_coast

Have you made 100% sure there will be no restrictions on having a dog?

debtfreewannabe321

Good luck LWAP *fingers crossed* I hope they accept your lower offer and you don't need to up it...

Merlin's_Beard

I would think of the overlap as: would you be willing to pay [1 month's rent] to make life easier and allow you to get into the new place and do whatever needs doing? I think for most people the answer is yes (it definitely was for me).

It also means that if things fall through at the last minute - and they can! - you're not paying to put your stuff in storage and living in a hotel.

LadyWithAPlan

South_coast said:

Have you made 100% sure there will be no restrictions on having a dog?

err no - I raised it and EA said was ok but not seen the lease as yet - its not a big serviced flat - just a house split into 2 flats so I cant see why should be an issue and no big service charge beyond bldg insurance -

 I have read online I should ask for 3 months of utility bills  as well once offer accepted - is this good advice ?

@debtfreewannabe321 tx - no response today so far from EA but I am not calling them (so like dating this hse buying) - maybe they trying to hunt for more offers before coming back .. I can wait -  but is it weird they havent yet - at least not got a firm no ...


Conveyancing solicitor recommendations please? 
Asked a friend but hers is more of a commercial property one.. and not on loads bdg society 'panels' which turns out to be a thing . so if anyone has any suggestions please dm me ... they dont need to be London based - ideally they wont be as then cheaper

I am thinking cost about £1-1.3k? 

Random win £14
No idea which comp it came from as have not been doing much but a kilo of coffee beans arrived randomly  today -no note - value online is £14   Luckily I have a coffee bean grinder - when I used to do lots of comps it was the greatest part having random boxes arrive with prizes
It all adds onto my  million pound income s/sheet - I have started tracking from Jan 2024  income (not spend) including interest earnt, invoices paid and wins/cashbacks etc to see 

Vinted purchase ...  oops 
So despite saying I want to sell things on vinted .,.. I bought a dress instead on vinted  .. I had seen this fabulous long dress at a vintage shop but too small (size 6) and zip broken - gorgeous red colour and satin fabric looked v expensive and well cut  - they wanted £25!  It's a well known brand  and I have a few of their dresses just all knee length ... so  i found the same dress in a bigger size (2 sizes up)  - i had taken pics of the front so I was clear what it looked like and made an offer and got for £15 plus postage etc so £18.10 -
I rarely do this  - never seen a dress in a charity shop and  then found it online before - but I could see the too small dress would be amazing if it was a bit bigger and didnt need a replacement zip  and I can always get my friend to take it in slightly at waist  if  its too big and  I dont want to ruin it - its satin.. its a make I like a lot  and have a few in a different style they do ... I always buy one fabulous dress every spring so this is my 2024 addition to my wardrobe..

The only other time I have done this is with a far more expensive designer..I bought one dress, then got the same in a different colour and then a shorter version in a 3rd colour... when a design fits well why fight it  

Merlin's_Beard said:

I would think of the overlap as: would you be willing to pay [1 month's rent] to make life easier and allow you to get into the new place and do whatever needs doing? I think for most people the answer is yes (it definitely was for me).

It also means that if things fall through at the last minute - and they can! - you're not paying to put your stuff in storage and living in a hotel.

The falling through - you mean like delays after exchange ? Yes I would have to wait - 2 lots of removal men is 2 x month rent so ..

Suffolk_lass

Sorry to keep mentioning stamp duty but the first time buyer zero rate stops at £425k, not £450k. I just checked gov.uk residential property rates

TallGirl

i do remember the getting the offer accepted stage it is frustrating. I paid 3.75% below the asking price which had just been dropped from £425 to £400k. I do hope you hear soon but it could be they keep it on the table and wait for more offers. Depend how long it’s been for sale for too. 

I would vote for one extra months rent too for the ease and you might be in a long chain and have no say in what date you can move. In the scheme of what you are spending it’s a small amount. 

LadyWithAPlan

Suffolk_lass said:

Sorry to keep mentioning stamp duty but the first time buyer zero rate stops at £425k, not £450k. I just checked gov.uk residential property rates

No worries SL - good to have you all here to keep me on my toes! 

I know SD is £425k over for FTB  - so on current offer I would owe 5% over so £500 ish - each amount more I offer it goes up 
£450k flat Is £25k  over £425k zero rate  threshold so £1,250 SD I am assuming if I have to pay that (I can’t see me going that high on this flat 

my £450k second threshold which may be confusing everyone is I have the old H2B isa - so I get a 25% uplift on my savings there from the govt if I buy up to /under £450k in london 
- I get nothing if flat purchase price is over £450k - they not moved the threshold on this in years which is insane with house prices - maybe next budget 
(I gather same with the Lissa which martin Lewis is fighting  only those people get a penalty!) I just don’t get the extra 

I put in the max £1200 Dec 19 and the max £200 a month since - so it’s sitting at £11883 today - I believe from Google that  the govt extra is on the balance not what I have put in
£11400 added since 2019 -  has been terrible monthly interest but now runs at £21-22 per month . Still not market rates though 

However better to be safe on the uplift so I am planning the standard £200 in March April and May - all to ensure I get £12k actually contributed (not including interest) and get my paws on that £3000 extra from the govt 
they have finally changed the ‘you can only have one cash one s&s isa rules ‘ just as I don’t need them (!) 

@tallgirl ah I had not thought re their chain end as I am ftb 
I think given the 2 day silence they probably trying to rustle up more offers - maybe then go to a silent bid - I am chanting I will get my perfect flat and if this is it then it will be ‘beauty benefit good ‘ for all - and that of course includes me not stressing out and having a huge monthly bill 

good to know re your pricing - as I am quite ignorant on asking price vs reality of price paid

I will ask when they call how long on mkt - I know this EA has taken it over from another EA as it wasn’t selling - I can’t see how to work out /google that info 

a fabulous friend has found me some comps around the same area so I have emailed to ask if I can view this weekend - pointless to just wait 

Busy week work wise but I do want to go see that E london area I don’t know well for flats as well though the far N London area I am looking at works 

no gym again .. the evenings I go to bed by 10.30/11 and leave my mobile in the lounge - I sleep much better and wake up naturally much earlier - 6.30 this morning 
I would have gone to gym but college this afternoon and my work to do list is long so gonna start now before 8am 
I will wt least be walking today at college rather than just sat in front of my laptop 

I will take laptop to college as bound to be done pick up work 

redofromstart

Have you looked at the listing history on Zoopla? That sometimes gives more info about previous sale prices and timings than Rightmove. Sometimes googling the address can also find cached information about previous sales. 

Always an exciting time but it is stressful and hard to know what to do when when you haven't bought before. Have you offered subject to including anything you want them to leave (eg curtains and floor coverings?)  

Watty1

I think there is a lot of us waiting to hear from EA!