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Probate house sale - and then what?


UmBongo

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goldbug9999
1 minute ago, UmBongo said:

I could theoretically buy the flat for cash. However, I don't like the flat enough to do that. The soundproofing is poor, the road going through the estate is a tricky to navigate due to the parked cars everywhere. 

But with right to buy you get like a 60% discount on market value right ?, so you could make a tidy profit reselling it.

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On 14/02/2021 at 15:25, UmBongo said:

The sale of my late parents' house is drawing towards completion. Exchange of contracts has been done. Fingers crossed, all will be done in the next few weeks.

I am a little at odds as to what to do next. I am currently in a rented council flat that I'd actually like to move away from, ideally in the summer or autumn.

Logical step is to use the inheritance to put down as a deposit on a very modest house or flat. I have been touch with an IFA for mortgage advice. A modest house will be around the £140-150k mark, flats £100-130k mark in my preferred area.

Or should I just wait out the housing market and instead top up my ISA, savings and open up an index tracker fund with Vanguard? :/ Hoping for a massive HPC doing the latter. 

Imagine how you will feel if you buy and there's a crash vs how you will feel if you don't buy and prices/mortgages/job situation moves such that you can no longer buy. I know which I'd choosebut we're all different and it does depend on how many years mortgage, how pleasant your job is etc.

The other situations are you buy and prices increase or you don't buy and there's a crash. Neither of those are going to make you unhappy.

PS If a freehold house is an option, screw flats unless it's 999 years lease with peppercorn rent and even then you'll get done for maintenance and management fees. Council flats may well drop 60% too so even if you can get that discount and cash it [you can't AFAIK - time limits, not 60% etc] it may go tits up as a plan.

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3 hours ago, goldbug9999 said:

But with right to buy you get like a 60% discount on market value right ?, so you could make a tidy profit reselling it.

My parents bought their council house in 1982 and this is the same house that's being sold. I've technically already benefited by RTB policy. I'd rather just move away from this place when the time comes. If I do RTB it I'll have to live there for another 5 years + there's a few other bits of red tape too.

54 minutes ago, BWW said:

PS If a freehold house is an option, screw flats unless it's 999 years lease with peppercorn rent and even then you'll get done for maintenance and management fees. Council flats may well drop 60% too so even if you can get that discount and cash it [you can't AFAIK - time limits, not 60% etc] it may go tits up as a plan.

I could probably afford a 1 bedroomed house, will go for freehold if I possibly can. I've been looking at flats for sale this week on RM and those £1,500 annual service charge + £350 ground rents are eye watering.

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goldbug9999
7 minutes ago, UmBongo said:

My parents bought their council house in 1982 and this is the same house that's being sold. I've technically already benefited by RTB policy. I'd rather just move away from this place when the time comes. If I do RTB it I'll have to live there for another 5 years + there's a few other bits of red tape too.

Fair enough, although you could just what the benefit chuggers do and rent it out on the sly for cash for a few years B|. But yeah fair point about the hassle. Just be sure you don't end up back in private rented because its nothing like a council house, you are treated like fucking scum.

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Well, the three piece suite and poufee have been collected! Took ages to shift that. Glad that's now gone. All of the white goods have now gone, so it just leaves us with the items we can easily carry out of the house.

I think it was some traveller types who collected the three piece. I was expencting a Transit type van but the two guys turned up in a Volvo V40! xD Sofa on the roof rack and then the two armchairs upside down on top of it. It looked a bit like those overload trucks you might see in Africa or India.

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Green Devil
9 hours ago, UmBongo said:

Well, the three piece suite and poufee have been collected! Took ages to shift that. Glad that's now gone. All of the white goods have now gone, so it just leaves us with the items we can easily carry out of the house.

I think it was some traveller types who collected the three piece. I was expencting a Transit type van but the two guys turned up in a Volvo V40! xD Sofa on the roof rack and then the two armchairs upside down on top of it. It looked a bit like those overload trucks you might see in Africa or India.

I got rid of an enormous wardrobe recently to a traveller type lady amd her daughter. They pulled in a ford focus. I said are you bringing a van, no they said, were sticking it on the roof. Yeah, no bars, just on the roof, they spent 30mins loading and adjusting the straps 😂😂

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  • 1 month later...

Completed. Keys handed to the estate agent.

It's a weird feeling no longer having anything to with a house you have been familiar with all your life. :o

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11 hours ago, UmBongo said:

Completed. Keys handed to the estate agent.

It's a weird feeling no longer having anything to with a house you have been familiar with all your life. :o

I only look back on two houses with fondness, and one flat.  One I grew up in, one I spent most holidays at, and one I lost in the divorce.  Still odd when I see any of them in photos.

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