Best option finically

mrtaylor272

100% do not buy to let , maybe shared ownership is best in your situation and plan to buy the full share down the line 

Yazmina

Sarah1Mitty2 said:

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

The problem with that is that if prices crash or even correct substantially that flat will become your reality for a very long time as you go into negative equity, best to keep your powder dry and keep clear of a falling market.

Or look into what you can do now, with the idea in mind that this will be your home for the next 5 - 10 years. Even if it is a leasehold, you'll have your own home. 

Schwarzwald

Sarah1Mitty2 said:

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

The problem with that is that if prices crash or even correct substantially that flat will become your reality for a very long time as you go into negative equity, best to keep your powder dry and keep clear of a falling market.

With that perspective one you should never buy or make a move. Yes prices could crash, but who knows?
Could also counter argue that your dry powder is losing value as we speak with inflation, etc, but these are not comprehensive perspectives.
therefore, your argument doesnt really count tbh, you can always say that, just be aware of the general risks of the current macro and avoid a stupid move, but dont get so fearful to not make any move at all

MobileSaver

Sarah1Mitty2 said:

sim2335 said:

best option meaning I save and buy that could be when I’m 40 if prices not gone up

don`t throw any of your savings into the property market at this stage, keep saving

So for how many years do you think the OP should keep paying their landlord's mortgage instead of their own? 5 years? 10 years? 15 years?

Schwarzwald said:

Sarah1Mitty2 said:

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality

The problem with that is that if prices crash or even correct substantially that flat will become your reality for a very long time as you go into negative equity, best to keep your powder dry and keep clear of a falling market.

With that perspective you should never buy or make a move.

That is the fundamental flaw with @Sarah1Mitty2's perspective. When house prices are rising they are telling everyone not to buy in a bubble, when house prices are falling they are telling everyone not to buy in a falling market... the rest of us can see the absurdity but the HPC crowd still don't get it and then wonder why they end up in their fifties renting a bedsit in an undesirable part of the city.

Mutton_Geoff

MobileSaver said:

then wonder why they end up in their fifties renting a bedsit in an undesirable part of the city.

Talking of which, where is Crashy?

sim2335

Thanks for the input, I’m gona try, for a flat, that’s my only and best option.

Other then fiancé that’s lots of reason I need to move out.

Can’t fit a double bed in my room.

Never lived outside parents house.

I want to move out.

I agree progress is  better then nothing

For example I would love a different job doesn’t mean I shouldn’t work until I get a different one.

74jax

sim2335 said:

Thanks for the input, I’m gona try, for a flat, that’s my only and best option.

Other then fiancé that’s lots of reason I need to move out.

Can’t fit a double bed in my room.

Never lived outside parents house.

I want to move out.

I agree progress is  better then nothing

For example I would love a different job doesn’t mean I shouldn’t work until I get a different one.

I'm now confused?  Fiancé?  You have always posted about you can't get to meet anyone but now there's a Fiancé?  In which case what is her income and deposit situation, so we can fully advise. We were only advising on the finances you gave for yourself.  

sim2335

74jax said:

sim2335 said:

Thanks for the input, I’m gona try, for a flat, that’s my only and best option.

Other then fiancé that’s lots of reason I need to move out.

Can’t fit a double bed in my room.

Never lived outside parents house.

I want to move out.

I agree progress is  better then nothing

For example I would love a different job doesn’t mean I shouldn’t work until I get a different one.

I'm now confused?  Fiancé?  You have always posted about you can't get to meet anyone but now there's a Fiancé?  In which case what is her income and deposit situation, so we can fully advise. We were only advising on the finances you gave for yourself.  

Spelling error, I mean finances.

74jax

sim2335 said:

74jax said:

sim2335 said:

Thanks for the input, I’m gona try, for a flat, that’s my only and best option.

Other then fiancé that’s lots of reason I need to move out.

Can’t fit a double bed in my room.

Never lived outside parents house.

I want to move out.

I agree progress is  better then nothing

For example I would love a different job doesn’t mean I shouldn’t work until I get a different one.

I'm now confused?  Fiancé?  You have always posted about you can't get to meet anyone but now there's a Fiancé?  In which case what is her income and deposit situation, so we can fully advise. We were only advising on the finances you gave for yourself.  

Spelling error, I mean finances.

Sorry the fiance and double bed just made sence.. 😂 

Sarah1Mitty2

Schwarzwald said:

Sarah1Mitty2 said:

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

The problem with that is that if prices crash or even correct substantially that flat will become your reality for a very long time as you go into negative equity, best to keep your powder dry and keep clear of a falling market.

With that perspective one you should never buy or make a move. Yes prices could crash, but who knows?
Could also counter argue that your dry powder is losing value as we speak with inflation, etc, but these are not comprehensive perspectives.
therefore, your argument doesnt really count tbh, you can always say that, just be aware of the general risks of the current macro and avoid a stupid move, but dont get so fearful to not make any move at all

No, that isn`t correct, but as I stated when interest rates are coming off historical lows for the first time in many people`s working lifetimes after being at rock bottom for so long that isn`t an ordinary event and people should wait to see where interest rates settle in my opinion, it`s not as if there won`t be plenty of flats for sale in future is it! Inflation is also devaluing your house or flat as interest rate rises make mortgage debt more expensive.