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Author Topic: Buying a house  (Read 487 times)
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Kayef
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« Reply #20 on: October 19, 2009, 04:52:44 PM »

Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p

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Saif-ur-Rahman
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« Reply #21 on: October 30, 2009, 11:06:55 AM »

Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p



Would you accept IOU's?
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Kayef
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« Reply #22 on: October 30, 2009, 12:17:56 PM »



Anyone wanna buy 4 bedroom flat in central london, a minutes stroll from regents park. 500k.
huge potential for buy to let, rental income of 35-40k annually.

cash only :p



Would you accept IOU's?

LOL
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Saif-ur-Rahman
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« Reply #23 on: October 30, 2009, 12:29:03 PM »

^ Well you did say cash, and my comment wasn't just a joke, there is a seriosus thought you can take from it.

If you look at our currency, it is essentially an IOU, have you noticed what it reads on the notes under where it says 'Bank of England'?

"I promise to pay the bearer on demand the sum of..."


What do these IOU's or promise notes amount to?

As the bearer of such a note, if I were to go to a Bank and demanded the sum of the note, what would they give me?
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Zak1983
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« Reply #24 on: November 01, 2009, 07:38:05 PM »

First thing to do is get your mortgage in principal sorted, before even looking for a property!
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AK
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« Reply #25 on: November 01, 2009, 08:49:14 PM »


First thing to do is get your mortgage in principal sorted, before even looking for a property!

Even then it doesn't mean much these days. 

I had a mortgage in "principle" sorted in May, placed an offer which was accepted, put in 25% deposit on a 300k house, and then the b******s at the bank decided they needed more deposit off me, which I couldn't have provided at the time.  crybaby2 Lost my dream house, just because the bank decided that it was too risky?!

I had the perfect credit score, little outgoings and savings to show it. And despite my rather large deposit, they wanted more! Undecided Angry
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« Reply #26 on: November 01, 2009, 09:03:32 PM »

^That's well harsh.


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« Reply #27 on: February 05, 2010, 10:31:21 AM »

Hi,

Buying a property isn’t as easy as people think. It takes time and also a lot of effort. If you are in a position of comfort then I would recommend it. The prices are still low in parts of the UK the lowest it’s been for a VERY long time. This is the best time to buy a property, because there are signs of recovery now. The only problem like many have identified is that the banks are asking for a big deposit and then you will be placed on a fixed rate depending on the bank for the first 2 years and then placed onto a variable rate, which at the moment is VERY low. The chances of staying low for the next 2 years have a slim chance and I think it will only rise from now on in.

My friend purchased a property in East London, Dagenham for over 240k 3 years ago, now the house value I would say is 160k max. Two bedroom property with a garage. He cannot afford to sell it as it will not even be close to break even.

Purchase a property that needs work and you get a bargain and spend around 30-40k doing it up and you are sorted. OR just live with your parents all your life. (Credit Crunch Tip  Grin)
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Ali
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« Reply #28 on: March 13, 2010, 11:29:13 AM »


First thing to do is get your mortgage in principal sorted, before even looking for a property!

Even then it doesn't mean much these days. 

I had a mortgage in "principle" sorted in May, placed an offer which was accepted, put in 25% deposit on a 300k house, and then the b******s at the bank decided they needed more deposit off me, which I couldn't have provided at the time.  crybaby2 Lost my dream house, just because the bank decided that it was too risky?!

I had the perfect credit score, little outgoings and savings to show it. And despite my rather large deposit, they wanted more! Undecided Angry

It's not always the Banks either - Just before I got married, I had a Mortgage arranged, put down an offer for a town house (I had plans to convert the ground floor garage into a studio flat - would've covered 90% of my repayment!). My offer was accepted. The property was new in the market, I was apparently one of the first amongst a few people to view the property.

The estate agents were keen to refer me to a mortgage provider, I listened to what they had to offer, it was no way near what I had already arranged previously, so I told them that I will sort out my mortgage. I don't think that went down too well with them. When my surveyors tried to gain access to the property the agents turned around and told them that my offer was placed on hold.

When I contacted the agents, they told me that a guy placed an offer a month prior to me and apparently he wanted to go ahead - Lie! They apologised and told me although my offer was accepted, the landlord felt obliged to sell to the other person since he made an offer before me. I put myself in the landlord position, if I was selling a house what would be most important to me? Money and a quick sale! ... And so I offered an additional 10K for the property but the agents were reluctant to do anything, they were not even willing to convey my proposal to the landlord.

I had little time before I was getting married, and so out of haste I placed an offer on another property not as good but I needed a place before I got married. Again, the agents wanted me to arrange a mortgage through them but I told them that I have one already arranged. This time around when my surveyors requested access to the property they were told the place was occupied by squatters and were unable to gain access.

- This was yet another lie by the agents, because I sent a friend to arrange an appointment to view the property, he too made an offer, slightly higher than what I did, they invited him back to the office to arrange a mortgage he too told them that he already has access to funds for the purchase. Few days later he was told the property was taken off the market due to squatters gaining access!
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Kamal
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« Reply #29 on: March 13, 2010, 06:49:07 PM »


First thing to do is get your mortgage in principal sorted, before even looking for a property!

Even then it doesn't mean much these days. 

I had a mortgage in "principle" sorted in May, placed an offer which was accepted, put in 25% deposit on a 300k house, and then the b******s at the bank decided they needed more deposit off me, which I couldn't have provided at the time.  crybaby2 Lost my dream house, just because the bank decided that it was too risky?!

I had the perfect credit score, little outgoings and savings to show it. And despite my rather large deposit, they wanted more! Undecided Angry

It's not always the Banks either - Just before I got married, I had a Mortgage arranged, put down an offer for a town house (I had plans to convert the ground floor garage into a studio flat - would've covered 90% of my repayment!). My offer was accepted. The property was new in the market, I was apparently one of the first amongst a few people to view the property.

The estate agents were keen to refer me to a mortgage provider, I listened to what they had to offer, it was no way near what I had already arranged previously, so I told them that I will sort out my mortgage. I don't think that went down too well with them. When my surveyors tried to gain access to the property the agents turned around and told them that my offer was placed on hold.

When I contacted the agents, they told me that a guy placed an offer a month prior to me and apparently he wanted to go ahead - Lie! They apologised and told me although my offer was accepted, the landlord felt obliged to sell to the other person since he made an offer before me. I put myself in the landlord position, if I was selling a house what would be most important to me? Money and a quick sale! ... And so I offered an additional 10K for the property but the agents were reluctant to do anything, they were not even willing to convey my proposal to the landlord.

I had little time before I was getting married, and so out of haste I placed an offer on another property not as good but I needed a place before I got married. Again, the agents wanted me to arrange a mortgage through them but I told them that I have one already arranged. This time around when my surveyors requested access to the property they were told the place was occupied by squatters and were unable to gain access.

- This was yet another lie by the agents, because I sent a friend to arrange an appointment to view the property, he too made an offer, slightly higher than what I did, they invited him back to the office to arrange a mortgage he too told them that he already has access to funds for the purchase. Few days later he was told the property was taken off the market due to squatters gaining access!

You know what Saif, untill your offer has been accepted by the owner of the property...

I dont think there is much that you can do  Sad  the Estate Agents, just do what ever they want.
 
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