UmBongo's property search 2023

[UmBongo]

Update. I've rejoined the house exchange website. I should also be allowed to rejoin the housing register in the next few weeks. Perhaps the Council are sympathising with me.

One of the other neighbours seem to have made a reappearance being very noisy (was he in prison?) I think he's an alcoholic and has just got a large dog. I haven't seen the dog yet but I have heard it bark quite a lot. Sounds like a large dog, which may be against the tenancy rules. He likes to go in and out of the block in the early hours of the morning, which makes the communal door slam shut making a horrendous noise. 

On top of this the area no longer works for me since changing jobs last year. I don't know anyone else very well on the estate. If I can move closer to where my sister is (and work) then that would be good. 

[Guest]

On 06/02/2023 at 09:34, apples said:

Every private rental I've rented, I've wished it was a shell, and not "furnished" (= "stuffed with old appliances, furniture and other crap that belongs in a bin but needs to be stored, taking space"). Grass is always greener, I guess.

I'm currently paying good money for a cooker you can literally rent as a 70s prop:

Ha, snap, we also have a 1970s cooker in our private rental. When my partner's father (aged 70something) first came round he recognised the cooker and said he had that exact model when he was young.

I completely agree though, I would much rather supply all the white goods than rely on the crap that landlords usually put in.

[UmBongo]

Stamp Duty

I've been under a rock in terms of what's changed in recent years regarding Stamp Duty. 

Having consulted the HMRC website it seems that SD no longer kicks in unless the residential property exceeds a sale price of £250,000. Have I got this right?

If so then it will not affect me if I can buy within the next few months.

[Frank Hovis]

1 hour ago, UmBongo said:

Stamp Duty

I've been under a rock in terms of what's changed in recent years regarding Stamp Duty. 

Having consulted the HMRC website it seems that SD no longer kicks in unless the residential property exceeds a sale price of £250,000. Have I got this right?

If so then it will not affect me if I can buy within the next few months.

 

Yes, couldn't be clearer tbh.  Unlike pension legislation.

 

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

[Guest]

Would you be a first time buyer? If so there's First Time Buyer's Relief on stamp duty:

https://www.gov.uk/guidance/stamp-duty-land-tax-relief-for-land-or-property-transactions#first-time-buyers-relief

[UmBongo]

On 02/03/2023 at 15:43, Darude said:

Would you be a first time buyer? If so there's First Time Buyer's Relief on stamp duty:

https://www.gov.uk/guidance/stamp-duty-land-tax-relief-for-land-or-property-transactions#first-time-buyers-relief

I'm not a First Time Buyer. Had a mortgage between 2004-10. Couldn't get back onto the slipperly ladder thanks to Cameron and Osborne and their 'Help' to Buy schemes inadvertently inflating asking prices.

[UmBongo]

Just put in a competitive offer in this place:

Heavily nicotine stained 2 bedroom flat Norwich 

Pink carpets — Ooer missus! 

Every time I speak to an EA on the phone they keep wanting to sell me a mortgage. I have a mortgage in principle already. Wanted to get that sorted before property hunting. No point me wanting to look ex council houses in shitty areas. These are way over my budget at £190,000 + .

[nirvana]

32 minutes ago, UmBongo said:

ust put in a competitive offer in this place:

Heavily nicotine stained 2 bedroom flat Norwich 

Pink carpets — Ooer missus! 

what number is it? what did it sell for in the past? see here https://houseprices.io/?q=NR1+1YR

[VeryMeanReversion]

44 minutes ago, UmBongo said:

Just put in a competitive offer in this place:

Heavily nicotine stained 2 bedroom flat Norwich 

Pink carpets — Ooer missus! 

Every time I speak to an EA on the phone they keep wanting to sell me a mortgage. I have a mortgage in principle already. Wanted to get that sorted before property hunting. No point me wanting to look ex council houses in shitty areas. These are way over my budget at £190,000 + .

90 year lease seems short.

[UmBongo]

44 minutes ago, nirvana said:

what number is it? what did it sell for in the past? see here https://houseprices.io/?q=NR1+1YR

I think the person who lived there bought it brand new circa 1988 so the sold price will not be freely available

31 minutes ago, VeryMeanReversion said:

90 year lease seems short.

Yes, this might pose a problem.

[nirvana]

1 minute ago, UmBongo said:

I think the person who lived there bought it brand new circa 1988 so the sold price will not be freely available

the sold prices go back to 1995 see https://houseprices.io/?q=NR1+1YR&p=10

I know 90s prices are not relevant today but it's always interesting to see what your neighbors have paid recently

[UmBongo]

@nirvana I should have added in my previous post that the original owner would have paid around £30,000-40,000 for it at a guess. 

[Frank Hovis]

4 hours ago, VeryMeanReversion said:

90 year lease seems short.

 

4 hours ago, UmBongo said:

I think the person who lived there bought it brand new circa 1988 so the sold price will not be freely available

Yes, this might pose a problem.

 

I would suggest reading this carefully.

At present, as the table belows (links from the linked page) extension costs are fairly low at 90 years remaining, £8.5k, but start to shoot up when the lease has reduced below 80 years to £17k and start climbing form there.

Having a 90 year lease remaining is not a problem as long as you take action to extend it within a reasonable time.

If you do buy it then I would suggest your setting aside £10k to extend that lease from 90 years to 180 years almost immediately, or maybe even do that as the second part of the purchase.

Also note that, per the article, the legislation is changing though the suggestion is that it will change in the favour of the leaseholder (you) and not the freeholder. 

 

 

https://www.moneysavingexpert.com/mortgages/extend-your-lease/

[UmBongo]

My offer got refused. Explained to the EA that I won't be increasing the offer on account of the 90 year lease. Fine with that, I will consider other properties.

[eek]

4 minutes ago, UmBongo said:

My offer got refused. Explained to the EA that I won't be increasing the offer on account of the 90 year lease. Fine with that, I will consider other properties.

Keep it on the backlog and go back in a months time.

[Frank Hovis]

32 minutes ago, UmBongo said:

My offer got refused. Explained to the EA that I won't be increasing the offer on account of the 90 year lease. Fine with that, I will consider other properties.

 

Thanks for the regular updates, I never realised that I could be so interested in the Norwich property market!

[JoeDavola]

1 hour ago, UmBongo said:

My offer got refused.

Not surprised, I mean you can't be especting them to literally give these flats away can you?

Nobody will ever sell these wonderful properies for less than they are worth.

[UmBongo]

Had a look at a 2 bed 60s/70s build on Saturday. This one had a 938 year lease. Nice flat with a balcony off bedroom 2 and an en bloc garage. 

What I disliked about it was the cars parked out on the roadside. It was a mess. The garages are perhaps so narrow that modern cars probably won't fit. One problem for the freeholders need to consider. It also had ageing electric heaters and likely no gas to the development. 

I've enquired about another flat similar to the one linked above but on the 2nd floor. Sort lease once again - 89 years. I might investigate the lease extension angle as per @Frank Hovis 's useful link. At least it has gas central heating, fairly modern inside (bathroom needs doing at some point) and a parking space. 

[UmBongo]

Put in an offer in on the flat mentioned above (last paragraph) and had it accepted. 

Initially my offer was refused. Too low obviously. Vender wanted another £3-4000. I doubled down, stuck to it explaining the reason of the 89 year lease. EA went back to the vendor.

EA comes back to me and explains to me that reluctantly accepts my offer as it is the last flat to be sold in his rental portfolio and "He's under pressure by his family to get it sold". 5.8% off the asking price, however the sweetest bit is that he will foot the bill for the replacement of windows. 

[King Penda]

On 13/03/2023 at 12:00, Frank Hovis said:

 

Thanks for the regular updates, I never realised that I could be so interested in the Norwich property market!

And it’s brutalist flats ?

[One percent]

37 minutes ago, UmBongo said:

Put in an offer in on the flat mentioned above (last paragraph) and had it accepted. 

Initially my offer was refused. Too low obviously. Vender wanted another £3-4000. I doubled down, stuck to it explaining the reason of the 89 year lease. EA went back to the vendor.

EA comes back to me and explains to me that reluctantly accepts my offer as it is the last flat to be sold in his rental portfolio and "He's under pressure by his family to get it sold". 5.8% off the asking price, however the sweetest bit is that he will foot the bill for the replacement of windows. 

You missed a trick. You should have said, oh dear, the market’s shifted since i made the offer, I need another 10 percent off.  

[UmBongo]

On 13/03/2023 at 12:00, Frank Hovis said:

 

Thanks for the regular updates, I never realised that I could be so interested in the Norwich property market!

 

31 minutes ago, King Penda said:

And it’s brutalist flats ?

Talking of which I nearly accepted a council tenancy in this development 6 years ago (a similar block towards the back).

Suffolk Sq, Vauxhall Street, Norwich (1) by Matt W, on Flickr

[UmBongo]

Solicitors instructed. AIP with mortgage almost there.

[UmBongo]

Update: Mortgage offer OK. Survey done. It has highlighted broken balustrading on the balcony which is a Health and Safety issue on a second floor flat. Worst case scenario will be that it will get fixed by the vendor's contractor post completion but this seems a bit iffy to me. Wouldn't the freeholders insist on one of their contractors to repair it? 

Gas safety certificate issued in early January. New consumer unit fitted in 2021.

Flat is tenanted so hopefully she has been served 2 months notice to quit. If all goes OK I'm hoping for completion in July.

And then I can fuck off the 'Shameless' Estate 

[Wight Flight]

6 minutes ago, UmBongo said:

Flat is tenanted so hopefully she has been served 2 months notice to quit. If all goes OK I'm hoping for completion in July.

Don't place too much reliance on the tenant leaving on time.

Have a plan B.