Hi Guys,
I like to ask a question. My wife and i are almost 2years in the uk,we are planning on getting a mortgage by next year April, and we are hoping we would have saved £20k for deposit.
My question is at what point do I need to start speaking to mortgage broker?.

AOI2016:
Hi Guys,
I like to ask a question. My wife and i are almost 2years in the uk,we are planning on getting a mortgage by next year April, and we are hoping we would have saved £20k for deposit.
My question is at what point do I need to start speaking to mortgage broker?.

If you're under 40, put money into a LISA account (assuming you want to buy a new build)...... Start speaking to a broker/lender when your financial obligations are 90% ready).......

Jamesclooney:
Hello everyone?

Getting conflicting reports about Coventry being a ghetto/rough city to live in. Especially Holbrook area towards…Coventry Ricoh Arena (cv7 etc.). Any thoughts on buying in this area? It’s between a Coventry and Rugby. Key Factors…good place to raise a family

. This Coventry that I have been living for the past three years ? Na waooo. Even London get plenty ghetto. Although I don’t get what you mean by ghetto

..

Lexusgs430:



If you're under 40, put money into a LISA account (assuming you want to buy a new build)...... Start speaking to a broker/lender when your financial obligations are 90% ready).......

Does it mean we cannot buy old build with LISA fund?

D1uncle:

Does it mean we cannot buy old build with LISA fund?

Sorry I had a misconception about the LISA conditions........

You can actually buy an old build with LISA.......

Lexusgs430:



Sorry I had a misconception about the LISA conditions........

You can actually buy an old build with LISA.......

Right chief! You probably wanted to say one can only use LISA towards their first home (single buyer or joint).... and no more than 450k.

Hi all

Is £195 annual service charge for a new build excessive ? Does it mean it would have to be paid in perpetuity? Is there any developer that doesn’t charge this fee? Thanks

Jamesclooney:
Hi all

Is £195 annual service charge for a new build excessive ? Does it mean it would have to be paid in perpetuity? Is there any developer that doesn’t charge this fee? Thanks

Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

toms55:


Chief , how does this LISA works? Say i intend to save up to 4k P.A do i have to save the 4k at once or i make a monthly contribution towards the £4k and which LISA account do you recommend

If you have the £4k available to put in a LISA, best to put it at the start of the tax year so it will accrue interest for the whole tax year rather than drip feeding the LISA.

Goodenoch:


Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

Thanks

Goodenoch:


Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

.

Is that ground rent or really annual service charge?

Tolzeal:
.

Is that ground rent or really annual service charge?

Service charges for maintenance of common areas around the estate like playgrounds, etc. Many times, councils will refuse to adopt roads and other spaces in the estate as well for a variety of reasons so they'll need to be maintained by the residents.

For houses, there won't be ground rent since they are freehold.

Hi everyone,

I need advice on the property we are about to purchase.

I just discovered the house was sold as a two-bedroom mid-terrace house in October 2019 and renovated into a three-bedroom house.

I checked on Zoopla. The estimated house value is between 227k to 250k while the average is 230k. Rightmove's estimated value for the house is between 200k to 250k and the mid value is 225k.

I would have not offered the agreed price of 270k if I knew it was converted into a three-bedroom house.

The issue here is that we have gone a little far on the property. I have instructed a surveyor, awaiting the mortgage application offer and a solicitor awaiting our signatures to proceed.

Please I need advice to either continue with the survey, renegotiate the price with the buyer, or wait for the bank's valuation.

Thanks

Hi all, I need a little advice.
I and my wife would be 2 years in UK by October and we’re planing on getting our home next year. We would have both saved up to 20k and more by April next year on LISA, and also have a combined savings of about 30k apart from LISA, towards getting our house also.
We re confused on what to go for between a new build and an old build. We live in the north west and new builds here are a bit pricey with tiny rooms. While old builds are very much affordable (140k- 200k) for 3 beds.
Would you advise we go for an old build? I personally don’t mind.
What are the pros and cons of getting an old build? Thanks.

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alongetayo:
Hi all, I need a little advice.
I and my wife would be 2 years in UK by October and we’re planing on getting our home next year. We would have both saved up to 20k and more by April next year on LISA, and also have a combined savings of about 30k apart from LISA, towards getting our house also.
We re confused on what to go for between a new build and an old build. We live in the north west and new builds here are a bit pricey with tiny rooms. While old builds are very much affordable (140k- 200k) for 3 beds.
Would you advise we go for an old build? I personally don’t mind.
What are the pros and cons of getting an old build? Thanks.

You will always get people for and against New Builds/Old builds. I believe you should make a decision more on your personal requirements. what is the size of your family? would it grow bigger? would you like the place 3 or 4 years down the line or you will just be managing it. What you consider as small room might be just enough space for other people. You had highlighted earlier that the new builds you are seeing are pricey and have tiny rooms, if that is a deal breaker for you then go with old as they are more affordable usually more spacious. Do your due diligence if you decide on old build as some might require some TLC you which might mean budget for renovation. I have noticed that most people that have been in the UK for longer tend to prefer old build, while the newer migrant(3-4 years) go for new builds. Ee sure me say e get experience wey these old timers dey see wey we no know. On a personal note we are going for a new build now but we might likely would transition into an old build later down the line (the shine shine of new build dey enter my eyes.lol).

alongetayo:
Hi all, I need a little advice.
I and my wife would be 2 years in UK by October and we’re planing on getting our home next year. We would have both saved up to 20k and more by April next year on LISA, and also have a combined savings of about 30k apart from LISA, towards getting our house also.
We re confused on what to go for between a new build and an old build. We live in the north west and new builds here are a bit pricey with tiny rooms. While old builds are very much affordable (140k- 200k) for 3 beds.
Would you advise we go for an old build? I personally don’t mind.
What are the pros and cons of getting an old build? Thanks.

I am team old builds...... 😂

Santa2:


You will always get people for and against New Builds/Old builds. I believe you should make a decision more on your personal requirements. what is the size of your family? would it grow bigger? would you like the place 3 or 4 years down the line or you will just be managing it. What you consider as small room might be just enough space for other people. You had highlighted earlier that the new builds you are seeing are pricey and have tiny rooms, if that is a deal breaker for you then go with old as they are more affordable usually more spacious. Do your due diligence if you decide on old build as some might require some TLC you which might mean budget for renovation. I have noticed that most people that have been in the UK for longer tend to prefer old build, while the newer migrant(3-4 years) go for new builds. Ee sure me say e get experience wey these old timers dey see wey we no know. On a personal note we are going for a new build now but we might likely would transition into an old build later down the line (the shine shine of new build dey enter my eyes.lol).

We can never compare proper bricks vs plasterboards.......🤣😁

Lexusgs430:


I am team old builds...... 😂

Yes o! Older houses every single time. Just bought a 160 year old house! Can't wait to move in and start the refurbishment.

Ticha:


Yes o! Older houses every single time. Just bought a 160 year old house! Can't wait to move in and start the refurbishment.

You would never be afraid to lean against the walls.......😂🤣

Ticha:


Yes o! Older houses every single time. Just bought a 160 year old house! Can't wait to move in and start the refurbishment.

Hope you have enough money for the renovation or time to diy it yourself.

Older houses, though lovely and generally have more land, need a lot more tlc.

Not usually a problem but tradesmen, if they even bother to show up, have being daylight robbers. Materials cost too is

Signed

Someone who naively underestimated the cost.

shaybebaby:

Hope you have enough money for the renovation or time to diy it yourself.

Older houses, though lovely and generally have more land, need a lot more tlc.

Not usually a problem but tradesmen, if they even bother to show up, have being daylight robbers. Materials cost too is

Signed

Someone who naively underestimated the cost.

I'm very excited and looking forward to if sef.

Ticha:


I'm very excited and looking forward to if sef.

Haha. Hope you make the home of your dreams and don't forget to take before and after pictures.😃

Santa2:


You will always get people for and against New Builds/Old builds. I believe you should make a decision more on your personal requirements. what is the size of your family? would it grow bigger? would you like the place 3 or 4 years down the line or you will just be managing it. What you consider as small room might be just enough space for other people. You had highlighted earlier that the new builds you are seeing are pricey and have tiny rooms, if that is a deal breaker for you then go with old as they are more affordable usually more spacious. Do your due diligence if you decide on old build as some might require some TLC you which might mean budget for renovation. I have noticed that most people that have been in the UK for longer tend to prefer old build, while the newer migrant(3-4 years) go for new builds. Ee sure me say e get experience wey these old timers dey see wey we no know. On a personal note we are going for a new build now but we might likely would transition into an old build later down the line (the shine shine of new build dey enter my eyes.lol).

Thanks for the detailed explanation bro.
I personally would not mind an old build tho.
When we talk of renovation, what the average range of renovating a 3 bed. I know it’ll depend on so many things in the home tho. Are we looking at like 30k upwards?

Ticha:


Yes o! Older houses every single time. Just bought a 160 year old house! Can't wait to move in and start the refurbishment.

Whao. Congrats.
Can I message you please?

shaybebaby:

Hope you have enough money for the renovation or time to diy it yourself.

Older houses, though lovely and generally have more land, need a lot more tlc.

Not usually a problem but tradesmen, if they even bother to show up, have being daylight robbers. Materials cost too is

Signed

Someone who naively underestimated the cost.

The renovation costs were way overhead your bugdet right?

alongetayo:


The renovation costs were way overhead your bugdet right?

Not all old builds require renovation.

alongetayo:


Whao. Congrats.
Can I message you please?

Yep go ahead!

alongetayo:


Thanks for the detailed explanation bro.
I personally would not mind an old build tho.
When we talk of renovation, what the average range of renovating a 3 bed. I know it’ll depend on so many things in the home tho. Are we looking at like 30k upwards?

Depends entirely on the house you buy. Just like buying a used car. The amount it'll take to fix a Range Rover that has been abused will be massively different from the cost to fix a Toyota that has been scrupulously serviced. You can buy an old build that's basically turnkey - for instance if it was just refurbished or has been maintained and updated over time. If you're buying an Edwardian-era property with subsidence, plumbing the hasn't been updated since its construction, terrible insulation, no double glazing, etc., that'll very likely be months and several tens of thousands in cost.

In short, you need to assess each house on its own merits and go with a builder if you can, or note down issues and get quotes before making an offer so you can factor the costs into what you're willing to pay upfront.

I’d never understand how or why you can find a nice 2 or 3 (maybe more) bed house in this UK with just ONE bathroom and toilet. Beats me honestly *rant over shuts door quietly *