Lexusgs430:


Be careful when you tick locked garage etc etc ..... If vehicle is stolen at home and the insurance assessor checks your property and vehicle was parked on the road........

Your insurance would be voided......... Oti je gbèsè ní yín ...... Ka shiga bashi......... eji m ụgwọ........ 😁🤣😜

Some insurance companies even ask you for proof of your locked garage. One should avoid telling lies to reduce insurance premium.

One way that helps, according to folks, is by getting a quote on Admiral website and then calling them to discuss and negotiate the premium and bring it down.

If you're buying a car like these of £10k+,
1. Better to buy from a Dealer, ensure it has like 10 to 12 months MOT.
2. Run a vehicle check on the vehicle to avoid surprises. CarVertical is a good company that provides this service.
3. Investigate imported cars well or just avoid them.
4. Check the MOT History, looking out for any inconsistencies in Mileage, recurring advisory, etc.
5. Very IMPORTANT: Request a Warranty from the Dealer. You may be required to pay for it, but try and get like a 1 or even 3 year warranty. Imagine the peace of mind that comes with knowing that your dealer will fix (parts and labour) any single issue that comes up for the next 3 years. They may charge as much as £500 per year but it's worth it.
6. To get better value for money, be flexible with Mileage. A 40k mileage and a 60k mileage will typically have price difference but will serve most times similarly.

Tier4Dependant:


How about Nissan Qashqai, 2015 upwards, Do you reckon it’s a good buy?

Many of these Japanese car are quite reliable so you'd get great money's worth from them without the hefty price tag. These are cars that you mught be able to flog till 200k miles. Nissan might not be on top of the list but fair enough.

donald197:
Thank you very much

Also, if you're financing the car, don't use the dealers or comparison sites, etc. Their rates are quite high (28% to 40%+). If you can't get single digit from your bank, use an App called Carmoola and thank me later. You'd get like 14% there and the best user experience ever.

donald197:
Good morning elders, I am shopping for mid range SUV. please who has a review for Hyundai Tucson 1.6 Tgdi 2021?

It's a very decent car. Another good one is the Mazda CX5

gergemam:


Not Auction 😞

The Price as shown by the Agent Online is 55K quid and new build around the area is from 100K quid.

Daddy no go there oooooo... 🥺🥺🥺

Please what location is this? I need to check it out

And no LISA isn't compulsory at all.

EJIOGBENIMI:
Hello house. I’ll be 1 year in the uk by ending of next month. I opened Moneybox today and I funded my LISA with 3,500. I also put an order for a weekly deposit of £45 and monthly boost of 1000.
I am totally green when it comes to buying a property in the uk.
I don’t have a credit card. No other source of income aside from my salary.
What other things can you suggest to boost my chances of meeting up with the requirements of buying my first property in 1 year time?
My target is to save abt 40k in addition to my LISA contribution. Planning to buy home in Scotland.

If you read through this thread and ask questions there, you'd be just fine:

https://www.nairaland.com/7534564/living-uk-propertymortgage-related

Lexusgs430:



I have lived in a new build property..... Once NHBC insurance was about to expire, sold it and moved into a proper house.........😭🤣😁

Now you're talking. You enjoyed the sweetest 10 years with warranty till the house was becoming Old (Build) and ran away.

mohtunrahyor:



Hi Solumtoya, I would like to know if the £370 you paid for the snagging list includes VAT and if you can recommend the company. Thanks

Yes, VAT incl, however, the Snagging Inspector you use depends on your location. I'd advise you use a Comparison website like CompareMyMove or just google Snagging Inspectors near you, then check their reviews online. Better still, get a recommendation from Home owners around.

I used Snagbuddy Ltd. They tried, won't say they were fantastic but they got the work done and were highly recommended by my neighbours.

Estroller:


Of course external walls will be blocks and bricks, the wood/plasterboard reference from Lexusgs430 was actually for the inner walls/partitions. I be old build advocate too, so maybe my bias is shining through. 😁

You want to drag me into this academic exercise of new build vs old build comparison. For a Nigerian who just entered UK, there will be little appeal for old builds. But Brits love Old Build and Lexusgs430 and y'all are now oynibos so... But I will never understand it o

Most people that lash New Builds have never lived in one. My friend who loved Old Build moved from his Old Build to a New Build and he was so impressed with the Efficiency, peace of mind, quality and overall "fresh air" (pun intended).

Sometimes I see it like Island vs Mainland. Those in the Mainland always bash Island but later on, many of them move to Island and never go back while people hardly move from Island to Mainland despite all the Island wahala.

Lexusgs430:


I beg to disagree....... How would you want to compare proper blocks vs exterior bricks & plasterboard + wood ......🤣😄

Ah you need to update that information. I was shocked too when I saw the process of the newer houses being built in my development. It's actually exterior bricks, proper blocks in the middle, then plasterboard. Inner walls are just wood and plasterboard, I think.

You can't imagine the thermal insulation this gives the home

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

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.

profemebee:
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??

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

seunoj:
New build vs Old build?
Which is better from a first time buyer and not investor perspective

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!

Estroller:


He's responsible for both from the day he takes the keys and he'll still be living in his rented house until he moves so he's responsible for those at the rented address as well. The only exception will probably be broadband.

Not in my experience. I only start paying for Council Tax from the day I move in. I can't pay for Council tax for an empty house and also my residential home at same time. I collect keys and keep paying Council Tax for my current home, then start paying for the new home the date I move in. I may be wrong o, folks can correct me.

As for the Utility Bills, kinda same. Electric and Gas, Water won't really accumulate till you move in so yeah, they overlap but it doesn't really matter.

Broadband, TV License, etc definitely don't overlap.

Meogom:


You can search for Easy insurance (https://www.eazyinsure.co.uk/terms_conditons.php), they are brokers and they got me a good deal, far better than I got from those compare websites. You could give them a try.

Merry Christmas folks

This was good info. I'm working with them now and they got me £1600 but they're still trying to get something better, fingers crossed.

UPDATE: I didn't use them. I was able to get a cheaper one of £1400 on comparethemarket.

profemebee:
thanks for this.. This is something we need to tell FTB ooooo... so they're prepared

From your example, for the initial 1st month (Feb 2024) there will be no mortgage payment except for Council tax.. so you just pay the normal rent and bills for where you live..

Then use the Feb 2024 to sort mail redirection, billers, etc

For the opening and closing meter readings for electricity/ gas in both the new property and the rented property, i guess this is how it works:

Rented property: Take closing meter readings on the last day of "living" in the rented place... meaning you leave before the next day

Mortgage property: Take opening readings on the day you go to the house even if you've not moved in?

Nah, they backdate the amount to the date you completed o. So it might not be the normal monthly payment. Might be higher or less. Rent and Mortgage payment will typically overlap unless you plan it very tightly. Council Tax and most utility bills won't overlap

Barclays have crashed their rate massively. Now the cheapest 2 year deal in the market. If you have uncompleted offer, time to reapply and lock in this.

profemebee:
hi hi,

what a great set of intelligent and resourceful minds..

I already feel like I own a home lol

For each of us that help out with answers and support, may thy wishes and prayers be answered too...

I will have questions from time to time..

1.This building and life insurance that is tied to mortgage... is it the same as the normal life insurance we all know?

2. What if one already has life insurance before doing mortgage? will one need to do another for the mortgage?

3. Do I need to go thru a real estate agent to kick-start or i can just start looking for a good home i'm interested in?

4. What if i use a real estate agent but i like a house that isn't on sale by that real estate agent? Can i still use their mortgage advisor?

Life Insurance is a personal decision and wasn't compulsory. If you have one, fine, it's really for you and not the Mortgage.

Real Estate Agents, and even Mortgage Brokers/Advisor, are not compulsory. I never really used a Real Estate Agent and I could really done without a Mortgage Advisor too. The only compulsory party is really the Solicitor. For your comfort, I'd advise to use any good Mortgage Advisor though to cross the ts and dot the "i"s.

courage54:
I will be 2 years in UK by September this year. When can I start the process?

You can start looking at rightmove to see prices and be sure you have 5% to 10% deposit ready. You can start to check different Towns/Cities, etc. It took me almost a year to decide on a Town, looked through 4 different Towns/Cities. You can also have a conversation with a good Mortgage advisor to ensure your Credit file is in a good state, confirm your affordability, etc. Since you will typically need 2 year residency, you can use the preceding months to get everything ready

bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?

People have done justice to your questions so I will just throw in my opinion. These are personal opinions so seek professional advice or look at your situation closely before making any move.

1. That's totally subjective. An apartment in Leeds can be good or bad for you so one can't tell. I generally avoid buying Apartments for residential purposes for several reasons but they are great for renting.

2. Hmmm... The numbers. A 379k house on a 22 year 90% Mortgage at 5.53% is £2,200 monthly. Almost half of your income seems quite high and will be a struggle for most people. I used 22 year mortgage because I was guessing your age. If the buyer is 30, for instance, and does a 40-year mortgage, repayments could be as low as £1,700 monthly.
The second point is "Leasehold", as you can tell, most of us are not fans of leaseholds. I would avoid them if I can.

3. Service Charge of almost £1k per annum is already high. Anticipate it going higher in future. My service charge is less than £10 monthly. My friend's service charge was raised from about 3k to about 5k per annum. You have no control over that. But if you see a good deal, you have to stomach the service charge las las.

4. Better service, but typically higher costs

jedisco:


Hehe.. u nd this quote.. thankfully my rent was on the lowside and increase just once. But over 4 years, money wey I give my landlord go reach for deposit for many places.

When I moved to the UK, I was in the South and felt I would eventually settle in the Midlands when I get to a particular point in my career. When I got to that career point, the inertia of moving became obvious mainly cos I had built a good network and began to enjoy the area. Even now, there was another excuse to wait as I might be leaving the UK but got fed up of waiting for different things while property prices rise and bit the bullet.

A friend of mine just left the UK for Canada. He bought his house here some 3 years back. He rented it out and last I heard, he was trying to sell it. So, for anyone who is holding out because he intends to relocate, remember a house is an asset which you can sell. Just ensure you buy at a good price so you can easily sell without loss if need be.

arthurwillia:


Wow thank you
I’m currently in Bedford and started Lisa, 2 bed houses are like 250k and above. Is it something you’ll advise someone earning 35k to venture into and then rent to lodgers?

Are you in the north?

It's your choice actually.

The numbers: 35k is about £2.3k monthly. £250k house with a 10% deposit, if you stretch the tenure, you'd be paying about £1,200 monthly. That's half of your salary on Accomodation.

Not exactly ideal.

Have you considered buying in a closeby City like Northampton instead? You can get a 2 bed for half the price or even buy a 3 bed with change

Pearlyfaze:


We have 11 months left on our visa and the contract was exchanged yesterday. We clocked two years in the UK in December 2023. For Barclays, as long as you are on a skilled worker visa and have been two years in the UK, Just bring 10% and collect House.

Congratulations! I didn't know Barclays would give to someone with less than a year. I know two people who clsimed to have been denied for this reason.

With interest rates dropping, if you get a Mortgage Offer, keep checking the lender's website and reapplying whenever the rates drop till you finally complete.

When I got my offer in October, it was about 6%+, I kept checking and saw it drop in November and reapplied and got 5.9%. 2 weeks to my Completion, I saw it drop again to 5.53% and reapplied to lock that in. Each time I reapplied, my monthly payments were dropping by about £100.

In my opinion, (not financial advice), this may not be the best time for 5 year or 10 year fixed deals. 2 year deals should be max so by 2026, predictions speculate that the interest rates should be lower and stable. Of course, no one knows though.

jedisco:


Solicitor fee seems a bit high.

Do you thing the sum paid for snagging was worth it?

In double minds- found a few things myself which the builders would sort.

My Solicitor's fee was definitely high (even though it includes about £500 for Land registry and Engrossment, still high). I noticed late so I just went ahead. If I changed Solicitor, I would have saved over £1k.

Short Answer to Snagging: Yes, it was worth it.

Long answer: It depends on how perfect you want your house, how much you trust your builder and how much you truat yourself.

My Snagging Inspector came with a drone to check the roofing sheets and found a few issues (cosmetic). Came with a Heat Sensor to check for insufficient insulation and spotted a few. Loosened the bath tub covers to check the pipes beneath and legs and spotted a few issues. Used a Spirit Level Plumb to check straightness of walls, found a few wonky walls and stair poles. Checked the soil beneath the interlocking and turf, etc.

These and many more are things I would never have thought to check so yeah it was money well spent. In 99% of cases like mine, they find nothing so serious. So many of the issues she spotted are being fixed while others are things I don't mind and won't bother stressing over.

So, yeah, 99.9% of people will just pay that money to be told the house is okay apart from cosmetic issues but I didn't wanna risk being the 0.1% who had a major issue.

P.S.: They found about 85 issues, the site manager and I agreed to ignore about 20 and the remaining 65 or so are mostly already sorted now

KOVIC19COVID20:



Where did you go?
You left us for too long.
The ‘indomie generation’ on this thread will not remember you.

Only the oldies such as:
Fatima04
Mamatukwas
Lexusgs430
Justwise
Semmyk
Mimmylyrics
dduchess90
Aprokogirl
Solumtoya
Aphrodite
etc

Will remember the great Omopapa.
Welcome back boss.

Should I tell you what has changed?
When you left this thread, £1 = N480


Today, £1 = N1,506.00 (and rising).

Kaabo

I'm honored to be mentioned among the elders.

mohtunrahyor:


Hi, is the building & content insurance price for monthly or yearly payment?

Yearly

ukay2:


Quite a lot with new built...

Mine is 2017 built 4 bedrooms detached house with garage.

I was lucky the sellers left nearly-new dish washer, washing machine, big american fridge and Enforce anti-buglar security alarm system for us.

The only expenses we paid were
-Solicitor =£1,350

-Estate management= £250 per annum

-Land registration fee... I think £450... can't remember exact amount

-building and content insurance... £80 per year (used my admiral car insurance company as additional insurance to my car)

Mortgage level term life insurance cover with the Royal London insurance (wife and l) = £40 pcm

Nice!

I won't say New build costs are a lot as such. You have to remember the builders throw in a huge incentive so one gets as much as £20k, I just added mine to my deposit, that way I could buy carpets, washer-dryer by myself at a good bargain in the stores and then use the buidler for turf, etc.

Apart from the incentives, buying a house of like 2015 to 2020 would have been my preferable option.

Tier4Dependant:


Chai 11k plus. And this one no follow inside deposit ooo

No too think am, like I said. The carpets, for instance, I have the option to pay it over 3 years, interest-free, Zero deposit... Many of the other fees were not paid at once, they happen over a few months typically. Even I can't believe I spent this much but it just happened a day at a time.

tushqueen:
And asides from money for the deposit, I have read about other hidden costs required to buy a house. Would people who bought recently mind giving us a clue how much the hidden costs are?

Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Tolzeal:
Congratulations to everyone.

Can you please new owners help us with more details .

- Like Area of purchase.
- Average price.
- Average deposit.

That would come handy.
Thanks

What area are you considering? Prices vary vastly depending on what you're looking at. The easiest way to guage is by looking at rightmove or zoopla websites.

As for the deposit, a good advice would be to hit the market and start searching once you have 5% deposit of the average price in the area. Most Lenders would require a minimum 10% deposit from Visa holders. However, if you're buying a New Build, you may be gifted a 5% by the builder so that's a possibility.