₦airaland Forum

New build? 120k-150k?

where ooo?

I don't know how feasible that is..

JBoy9:
Thanks my boss. I was expecting your sarcasm as well 😂

Price range within my locality is about £120k £250k. I’m gunning for something in between [b]£120-£150k. New build preferably. [/b]The Esusu were paid in multiples of £300 so someone said it shouldn’t be a red flag as long as it’s not up to £500 per inflow

Financial market is a no no for me at the moment.

Please do I need to start talking to a mortgage advisor or wait till I’m almost there financially? Please could you recommend a bank that’s FTB friendly ? Almost 3years in the youkay

lol.. £1,500 will barely take you to Disneyland and back with kids ooo

Yeaa i heard they don't understand the concept of Esusu and some mortgage lenders will even not pass you during pre-qualification.. a mortgage broker can advise better..

JBoy9:
Hello My Elders,

Please I need your candid advice and opinions.

Firstly, I just packed an Esusu of £6,000. I intend to build this up to a more reasonable amount for deposit to get on the ladder. However, I understand Banks or Mortgage Lenders don’t understand the dynamics of Esusu and I might get disqualified if I can’t explain the source of the funds. Please how can I plough this into my deposit? I’m looking at saving up more (at least £10,000) and evidencing it from my monthly income till I signify an interest to buy a property towards the end of this year but I’m also afraid I might be asked to provide one year bank statements.

NB I lost weight working day and night to meet up with the thrift and I don’t want to spend a dime from it to embark on vacation to Florida this summer as Madam is suggesting 😂 (Baby let’s just take about £1,500 and take the kids to Disneyland. We’ll raise it back together)

Secondly I’ll be 44 this year. Please does that mean I’m no longer eligible to take advantage of LISA or ISA? Can I go for moneybox please?

Lastly, please what other advise would you give a JJC like me with regards to getting on this hard-to-get-on ladder to heaven?


semmyk
Solumtoya
Lexusgs430
Zahra29

i guess we don't have much negotiating power or leverage if it is a new build

These developers don't agree especially as they already provide incentives

Solumtoya:
I was gonna try and respond but chatgpt put it better:

"When determining your initial offer on a house, research comparable property sales in the area, assess the property's condition, and consider market trends. Aim for a competitive but reasonable offer, leaving room for negotiation. You can express your seriousness by presenting a well-documented offer and expressing genuine interest without revealing your maximum budget upfront."

I use rightmove to find out prices of similar recent houses sale in the area and price accordingly

The hatred in your heart outweighs any sense you are trying to make......

If you don't know, tribalism is worse than racism.... discrimination within the same skin cuts deeper

I hope you heal and stop making excuses for a government that has failed and is on the road to colossal failure.

OBJ & GEJ don't have 2 heads....

The same Tinubu criticized them when they were in power for things like insecurity.. now it is his turn and he is failing woefully

Every presidential candidate promised to remove subsidy but they had different execution procedures....

Person A and B can decide to go from Ikeja to VI.... Person A can pass 3rd mainland bridge while Person B can pass Eko Bridge... the experience will be different..

You don't remove subsidy all at once without providing some form of cushion effects .. it has to be done in milestones.. the country is already in deep multidimensional poverty and now 28.9% deep in inflation...

Nigerians getting killed, even children and not a single visit to Plateau State or even Abuja that is close to the Presidency...... chilling in France with the NSA who should be working on Security in the country.... the others were dancing Buga on stage.. smh

adekzy:
Why are you so bitter as if you are from the sadEast part of Nigeria.

Every presidential candidate promised to remove the subsidy and regularised the Dollar so that the forces of Demand and Supply can determine the rate rather than the CBN wasting Billions of scare dollars to defend the imaginary rate that we've been using since 2009. Emefiele+Buhari later made if worse.

Tinubu got the job he campaign for, so the bulk is on his desk!

However, The elite citizens have also moped up every available dollars save/sit idle in the bank while the industrial economy that we want to revive is crying for need.

We have created an unnecessary artificial scarcity, thereby contributing to the problem, but we all want to blame the Govt.

As at November last year, over $29billion is currently sitting idle in all domiciliary account across the country, yet we dey cry say no dollars. WHY?

Why should we dollarised our economy for non productive adverture at the expenses of our local economic drive and the mases who dont have the opportunity to edge thier naira to save in dollars.

If possible, the Govt should just "borrow" all those idle dollars temporary and return it when the economy is stable...but I doubt if they have "Political Will" as most of the politicians are also culprits.

So Mr Thread, your bitterness will only gives you HBP if you don't disect the real issue without sentiment and emotion.

and dancing Buga while the country is burning and children are being killed for ransom.. shameful

hustla:
...And they are still sponsoring toke makinwa on trips in broad day light

We are not ready ..

I don't even know where to start from

how do I reply this?

best out of the hard choices?


Scarcity of almost everything.... including your local currency, Naira

Purchasing power gone

Insecurity driving away your ability to increase FDI

Weakest Naira ever

Unemployment at a record level, and what did they do? revise the Unemployment rate

Multi-dimensional Poverty with more middle class being eroded

Increased debt burden and higher debt to revenue ratio

Loss of more multi-national companies due to cost of operations and lack of £$

Inflation at another level... 28.9% an 18-year high record Dec 2023

Currency Shortages

14m Nigerians descended into poverty in 2023 due to diminished purchasing power resulting from high inflation, as reported by the World Bank.

I can go on and on but I need to work..

dustydee:
I have been seeing similar comments. Please what magic do we expect anyone in power to do to salvage the situation? I believe the path he has chosen is the best out of the hard choices available. Things may be hard now but in my opinion, we will come out better.

£ 1 : 1,800 Naira

What a country....

If you voted Tinubu, ................................................

Make i no just type

thanks, will check it out and the transport cost to London

twizzie:
Check this out.https://www.nuliving.co.uk/beechwood/
Just about 30mins to Fenchurch Str from Basildon

that's new to me.. never done that before,.. is that really a thing?

Bourne007:
Of course there are no issues. Just that if you have the keys, what difference will it make.

If I remember correctly, you will also need to activate your new address with royal mail so it's officially recognised.

you have a point sha

Lexusgs430:
Her story vs the real story...... 😂

i don't think she planned for it that way

her story says an extended family member was helping out but the economy has been tough.. she also lost her dad..

So her options are tight.. painful .. final year student..

Lexusgs430:
Why would I want to rely on the generosity of others (hoping they come through).....

This is strictly based on my opinion.......

cold world

sad story... love that she still has some hope though

justwise:
Have a look at this https://www.birminghammail.co.uk/news/midlands-news/international-bcu-student-with-just-28462197

tbh i remember when people were going at you for being direct on this topic... about people coming without plan or without actual funds for deposit, etc.

A lot of people just feel they will survive and manage Or as per naija way, "nothing fit stop us from coming"

justwise:
They played a stupid game and now enjoying stupid price.

A year or two ago i was removing a lot of posts from people asking for school that does not ask for deposit or accept low deposit. I banned countless number of people advertising or asking for proof of fund link.

People cheated themselves from CAS to visa application and now chicken has come home to roost and we are acting sympathetic? Nah!

Experience is the best teacher.

https://politicsnigeria.com/nigerian-phd-student-dies-in-the-uk-amidst-reports-of-recent-nigerian-deaths-abroad/

sad

From my experience, None!!!!!

Cashback is the negotiating tool they use.. and that can be used for whatever you want

Santa2:
For those that purchased recently or have experience buying new builds from developers, Do they usually discount on the price, (asides the cash back they would give towards completion i.e flooring, kitchen/bathroom upgrade etc). Cos me I dey always ask for discount ooh but none of them have bulged so far. Would be nice to know if anyone was able to secure a discount in the asking price of their New build property.

oh that's true, thanks

Estroller:
Check the first page of the thread, semmyk curated a list there.

hi hi,

Please can anyone list out some quality mortgage advisors?

I have one but the lady is a bit slow in responding and writing up an AIP.

Does AIP take time to develop? I have house viewing and i'm seriously looking at moving this year by God's special grace..

If mortgage advisor is dragging, what would solicitor then do?

I just need a list of alternatives so i can change mortgage advisor if she keeps dragging her feet.

Thanks.

This!!!!!!!!!!!!!!!!!!!!!!!!!

pure joy yoo!!!!!!!

Viruses:
Abi na you try
When mine was returning, I made sure all my brothers, sisters, spouses and children got at least one item, some got more and my mum pack goodies for her neighbours in the market.

The smile on their faces gave me more joy than what the change I used to buy those things would have given me if it was sitting in my account.

https://www.moneysavingexpert.com/mortgages/mortgage-guide/ .. interesting article

congrats bro... you deserve the rest ooo.. pls how much is ILR now? did you do priority?

BouharryArtikou:
Good morning great people.
Please, now that UK settlement has finally arrived. ILR Alhamdillahi.
Please, which countries can I visit visa-free to go and cool off small?
Anyone with experience?

This might help .. interesting read for property market in 2024

https://joseph-mews.com/uk-property-investment/where-to-invest/

lots of calculations to be done.. will look out for these areas, thanks

Zahra29:
Not public funds, it's just a guarantee by the government to give lenders the confidence to reinstate 95% loans as most were withdrawn during the COVID crisis. Most lenders have stricter residence requirements and other eligibility criteria for their 95pc loans, which you should qualify for.

10% deposit is cheaper if you have this. However play around with some online monthly calculators as you might find that the difference in monthly repayments is minimal, and the extra 5% can be added to your outlay for the house purchase, refurbishments etc. or used as cash savings. You can also opt to overpay once you get the mortgage to increase your equity.

Just wanted to add that if you're looking at commuting towns around London, perhaps also have a look at Surrey and/or Sussex e.g. Coulsdon, Purley, South Croydon etc. Approx 20- 30 mins to mainline London stations and you can use your oyster card, or you can go further out e.g. Horley, Horsham, Guildford etc which have direct trains to London in 40 mins or less. There are lovely, family friendly areas, great schools in these towns, some can be quite expensive but you should be able to find something very decent in your price range.

Thanks for the wise words.. will put all that into consideration

Ticha:
There will be flood map of areas near bodies of water so you can check to see what the flooding probabilities are, ask if there's been flooding in the last 25 years and the solicitor should do the same as well as point out flooding risks if there are any. Plus that's what we have house insurance for - to cover all those things that we cannot always fully account for.

You don't need a car in St Neots. Everywhere is walkable and there are regular buses to Cambridge, Bedford, MK and Oxford - the Oxford bus dey take forever sha.

thanks for this..

will speak with one today, but is the govt scheme a public fund scheme? just asking

The Mortgage advisor i earlier spoke with advised we go for 10% deposit as it makes our monthly mortgage payment cheaper

Zahra29:
You're married to a citizen plus you have a very good household income - you have more options ,for example you should be able to access a 5% deposit mortgage which under the govt scheme covers houses up to £600k. Speak to a whole of market broker...

thanks Ticha

I tried to email you but i'm not sure how it works on Nairaland.. pls did you get any email from me?

I also checked St.Neots but the house had a lake nearby and i wasn't sure.. this is re-assuring, thanks

We don't have a car as we live in London, but will eventually have when we leave London... do you think not having a car initially will be a struggle in St.Neots?

Ticha:
Email me and I'll send you my London spreadsheet. It details all the towns and cities within a 90 minute commute into the London mainline stations. We ended up living in St Neots. You will have to increase your transport cost but that can be offset with the house buying costs.

midlands to London na die... one will be tired by the time one gets to work

Estroller:
For the commute, the Midlands, you'll be spoilt for choice, don't know about the transport cost though.

40 60 quid a day on transport already defeats the purpose.. .ahhhh

thats quite a lot ooo... and then travel time.. i checked Luton but it was so far

Solumtoya:
You should have so many options. A lot actually, you just have to be creative with your search. Eg. Kent, Luton, etc.

If you don't mind spending a little more on transport, you can even check Milton Keynes.

With 400k, you can get a lot in the above mentioned areas.

Some people go as far as Bedford, Northampton, Rugby, Peterborough and other "Commuter Towns" as they're called. In these, 350k will get you a mansion, lool. You'd be in London in an hour but you'll spend like £40 to £60 daily on transport.

lol.. like 1hr 30mins max by train and £25 per day transport cost max

Solumtoya:
What's your definition of "far from London"?

thanks for all the responses..

I ask a lot of questions.. pls bear with me.. e joooo ooo..

bro, i have been searching for new build within the LISA max cap of £450k and it is hard to find because i need it to be close to London cos of work

I wish the LISA max cap was increased..

What areas outside London can one research one that isn't far from London commute for work??

Solumtoya:
Age old argument that won't ever be agreed on.

From my experience, I can tell you with my chest that for a Nigerian Immigrant, First time buyer; New Build is way better if you can afford it. They're not very cheap in some locations, but boy are they worth it! I always intended to write a comparison but it would look too biased because the pros of New Builds will look so long!

lol spend which money??

my Tenancy says:

"Any time after the expiry of the fifth month of the Term the Tenant may
invoke this break clause by providing not less than one month's written
notice to the Landlord."

This means after the 5th month in a 12-month rent period, i can give one month notice i want to leave right?

deept:
Usually your solicitor should have a target completion date if the sale is straightforward. You can work around that date with a one week, two week overlap to move etc.

If you have a contract with your landlord, you will have to pay rent on what's left on the contract, however, if you have an AST or rolling contract just give the landlord the required notice. You hardly move house without having some sort of liability for both properties at the same time.

On a lighter note, spend this money