Bills - how much?

user1977

Miranda25 said:

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

Generally you'd be able to sell your house. Repossessions are really quite rare (about 1% or so of mortgages end in repossession). The lender would prefer to sit back and let you sell rather than them have to deal with it.

Also, if your concern is merely "leaving the UK", you don't need to sell your property before you do that.

What is your home country, and don't most of these concepts also apply there? Or are you totally naive about what it costs to run a household there too?

bouicca21

I have a 3 bed flat in  London, purpose built, well insulated.  My essential outgoings, including ground rent and service charge, are around £450 a month.  That includes mobile phone and broadband.   I don’t overheat my flat, I have a dirt cheap phone plan, my broadband connection is pretty basic.  I know someone whose service charge is 4 times higher than mine - that’s because they have fancy stuff like a gym and a concierge, and they have lifts.

As for what you do if there is a major problem, like when I found myself paying 15% interest on my mortgage under the late Mrs Thatcher, you cope because you have to.

Miranda25

[Deleted User] said:

This is an odd thread.
Why so much emphasis on getting into debt ?
Why would you need to leave the country quickly ?
It almost reads like a fantasy thread.

Once you're a home-owner your priorities are the house, luxuries aren't (holidays, non essentials etc) a priority and they'll not be giving you a financial return at the end of 5/10/15/whatever years.

Bricks and mortar are what you should be investing your hard earned money in, after all, you've worked hard and earned it, paid it into your 'investment' (your house), focus on that 'return' that you're earning and not on the other factors.

As a tenant you have some figures to work on, keep doing your due diligence.

Just consider different situations before making life decision :-))

Emphasis about getting into debt? Cultural differences:-)) People in the UK used to be in deep debt for ages. People from other cultures might be less used to it. Hence think about it carefully if it is worth to go into debt and make the house priority.

What kind of financial return in 5-10-15 years please? You need to have 2nd house then where you can live?

CSI_Yorkshire

Miranda25 said:

What kind of financial return in 5-10-15 years please? You need to have 2nd house then where you can live?

Somewhere between -100% and +500%.  Probably not between -100% and 0% but you never know.

No, most people in the UK don't own two houses just so they can sell one.

Miranda25

markin said:

Council tax can go up after a being re-assessed after a sale.


You can look up the expected energy use by reading the EPC.  (energy certificate) And also asking the seller what the yearly bills are.
https://find-energy-certificate.service.gov.uk/find-a-certificate/search-by-postcode?lang=en&property_type=domestic


The type of heating system will be a large part of if a house/flat is expensive to heat for its size, A modern Gas boiler cheapest then night storage heaters on an E7 tariff, the worst being simple electric panel heaters, oil filled radiators, or clay heaters in a poorly rated property. 


If you get a 2 double bedroom house/flat you can take in a lodger if you need.

You can usually take a 6 month repayment holiday if you have a job loss before they start trying to reposes the house/flat.

Thank you, this is useful information.
I did not know about 6 months repayment holiday. I expect it is for everyone? Not like - only for people who would satisfy conditions ABC....

Miranda25

user1977 said:

Miranda25 said:

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

Generally you'd be able to sell your house. Repossessions are really quite rare (about 1% or so of mortgages end in repossession). The lender would prefer to sit back and let you sell rather than them have to deal with it.

Also, if your concern is merely "leaving the UK", you don't need to sell your property before you do that.

What is your home country, and don't most of these concepts also apply there? Or are you totally naive about what it costs to run a household there too?

Bills are cheap in my home country, we do not care about them, we just pay them.

Thank you for all the info - you gave me a bit a peace of mind.

Miranda25

bouicca21 said:

I have a 3 bed flat in  London, purpose built, well insulated.  My essential outgoings, including ground rent and service charge, are around £450 a month.  That includes mobile phone and broadband.   I don’t overheat my flat, I have a dirt cheap phone plan, my broadband connection is pretty basic.  I know someone whose service charge is 4 times higher than mine - that’s because they have fancy stuff like a gym and a concierge, and they have lifts.

As for what you do if there is a major problem, like when I found myself paying 15% interest on my mortgage under the late Mrs Thatcher, you cope because you have to.

£450 a month including gas-water-electricity please?

Yes I also viewed some new-build flats with gym and a concierge and probably will continue to do so (in case if cannot afford the house) because:
this is the only way how I can avoid having ground rent and all the issues which would arise on selling the flat with ground rent in the future.

Do you think interest rate could go up that far as become 13-15% now?

[Deleted User]

Miranda25 said:

user1977 said:

Miranda25 said:

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

Generally you'd be able to sell your house. Repossessions are really quite rare (about 1% or so of mortgages end in repossession). The lender would prefer to sit back and let you sell rather than them have to deal with it.

Also, if your concern is merely "leaving the UK", you don't need to sell your property before you do that.

What is your home country, and don't most of these concepts also apply there? Or are you totally naive about what it costs to run a household there too?

Bills are cheap in my home country, we do not care about them, we just pay them.

Thank you for all the info - you gave me a bit a peace of mind.

Wow, where is that ?
How can utilities be so cheaply supplied ??
How soon can i come and buy somewhere there ?
And, why on earth would you want to, even consider, leaving that behind ???
You'd be able to amass far more wealth and security in your home country than here.

markin

[Deleted User] said:

Miranda25 said:

user1977 said:

Miranda25 said:

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

Generally you'd be able to sell your house. Repossessions are really quite rare (about 1% or so of mortgages end in repossession). The lender would prefer to sit back and let you sell rather than them have to deal with it.

Also, if your concern is merely "leaving the UK", you don't need to sell your property before you do that.

What is your home country, and don't most of these concepts also apply there? Or are you totally naive about what it costs to run a household there too?

Bills are cheap in my home country, we do not care about them, we just pay them.

Thank you for all the info - you gave me a bit a peace of mind.

Wow, where is that ?
How can utilities be so cheaply supplied ??
How soon can i come and buy somewhere there ?
And, why on earth would you want to, even consider, leaving that behind ???
You'd be able to amass far more wealth and security in your home country than here.

Could be many places in Europe, I often read comments from people saying they have GB fibre to the home for a silly price like £10 a month, And probably EU funded. If you sold up and moved to Poland for example you would probably live like a millionaire.

Miranda25

[Deleted User] said:

Miranda25 said:

user1977 said:

Miranda25 said:

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

Generally you'd be able to sell your house. Repossessions are really quite rare (about 1% or so of mortgages end in repossession). The lender would prefer to sit back and let you sell rather than them have to deal with it.

Also, if your concern is merely "leaving the UK", you don't need to sell your property before you do that.

What is your home country, and don't most of these concepts also apply there? Or are you totally naive about what it costs to run a household there too?

Bills are cheap in my home country, we do not care about them, we just pay them.

Thank you for all the info - you gave me a bit a peace of mind.

Wow, where is that ?
How can utilities be so cheaply supplied ??
How soon can i come and buy somewhere there ?
And, why on earth would you want to, even consider, leaving that behind ???
You'd be able to amass far more wealth and security in your home country than here.

I am not leaving behind. I have a property back home. But my job is in the UK.