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Sideysid

Friends buy £425k two-bed London flat 18 months after meeting because couldn’t get a mortgage on their own

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https://www.thesun.co.uk/money/8575729/friends-buy-london-flat-18-months-after-meeting/

Not really news worthy, but does highlight those who will be up shit creek without paddle.

Ex-council flat, in a absolutely shit area, £425k, a £40k wedge from bank of mum and dad, and £20k deposit from one of them. To top it off one of them works at an investment firm, she’s obviously got top quality advice there. A shining example of ‘how fucked are they?’

Friends circumstances can change on a whim, absolute ridiculousness probably encouraged by boomer parents.

Edited by Sideysid

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40 minutes ago, Sideysid said:

 

https://www.thesun.co.uk/money/8575729/friends-buy-london-flat-18-months-after-meeting/

Not really news worthy, but does highlight those who will be up shit creek without paddle.

Ex-council flat, in a absolutely shit area, £425k, a £40k wedge from bank of mum and dad, and £20k deposit from one of them. To top it off one of them works at an investment firm, she’s obviously got top quality advice there. A shining example of ‘how fucked are they?’

Friends circumstances can change on a whim, absolute ridiculousness probably encouraged by boomer parents.  meet Mr Top O'Themarket

Without sounding like me 'scumbag Irish' granny (TM J Sweeney 2019),it's a sign.

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Two girls - one 30, the other 28 (works in HR, eventually).

About ~5 years before massive baby panic kicks in massively.

One with a name a european name. i.e. might have to leave.

Paying £900/m in sahred house is good deal as 1) I doubt either will be in Lodnon in 10 years time.

Theres a potential loss of ~300k on hat flat. Fortunately their total cash loss will be ~60k.

I know how these set up end. One brings BF back. Friend gets drunk and has sex with BF.

 

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Cheeky little investment, nicely made. Just rent out the spare room? Chuck some unsuspecting scumbag in there five days a week “bills included” (shoulda checked the small print numbnuts) then just bang the rents up on em after they go home for the weekend?  Welcome back pal, now here’s your rent rise.. BOFF!

Edited by Wig

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7 hours ago, Castlevania said:

Speaking from experience?

Speaking from knowing how 25-35 single women operate/think/behave.

25+ + wine/prosseco + bad day at work + housemates BF staying over by himself...

 

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18 minutes ago, spygirl 🏆 said:

Speaking from knowing how 25-35 single women operate/think/behave.

25+ + wine/prosseco + bad day at work + housemates BF staying over by himself...

 

Where is this particular flat located? Asking for a friend...

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27 minutes ago, Wig said:

Where is this particular flat located? Asking for a friend...

Oh pick a big town esp. London.

Hang around at 6pm and youll see hordes of single Bridget Jone-ish types heading back to their crap flats, carrying MnS zap meals.

All you need to is to invent some barely believable plot line - Oh im the richest Lord in the UK and Im a male underwear model too. And Im looking for a girl earning 12k in an art gallery/library/primary school. And I like fat arses. etc etc etc And cats ...

 

 

 

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OK, I've been around for a while and maybe am anchored in an age of lower prices, but £425k for a council flat screams find another way/game to play!

Same with tuition fees, subscriptions to just about everything, etc.

Just takes imagination and vision, with maybe some mentoring from an "odd" relative.

Freedom v serfdom, simples!

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9 hours ago, Castlevania said:

They’ll be in for a shock when the council get around to doing some repairs to the block.

An ex's nan bought her council flat on the right to buy back in the early 2000's. Luckily I got educated from that pretty sharpish.

In her block she had a guy with mental health issues, who lived on the floor above and used to rip off the radiators and take up the carpet. As she'd bought the place she had to help foot the bill in the service charge.

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living with friends is a nightmare to much time together it starts off all great but then one starts taking the piss having friends over all the time or going out for the night constantly inviting people back without telling you and your sitting there in your pants and odd socks watching netflix when they all walk in, then eating your food and before you know it your wondering where you can bury the body 

 

**not based on a true story...

Edited by DoINeedOne

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I can see this working in a rising market if and when they can cash out with a bit of a profit in a couple of years. 

In the stagnating market, they will just watch their deposits slowly disappear while hating each other for getting into this position in the first place.

Could work out ok if they are a lesbian couple but I'd expect at least one of them in that case to look a lot rougher.

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13 hours ago, Sideysid said:

An ex's nan bought her council flat on the right to buy back in the early 2000's. Luckily I got educated from that pretty sharpish.

In her block she had a guy with mental health issues, who lived on the floor above and used to rip off the radiators and take up the carpet. As she'd bought the place she had to help foot the bill in the service charge.

I live in a middle floor council flat and I'm put off from RTB-ing it for a similar reason. The couple above me have a young 3 or 4 year old boy (well mum and stepdad). Despite being a 1 bedroom flat. The boy is pretty noisy at times and has been so even into the small hours. The worst of the noise isn't the shouting, it's things being dropped onto their floor quite hard. They have no carpets. Not great for me as I have to get up early to go to work. Fortunately things have got better and they send they seem to send the boy off to bed at a more reasonable hour. I think they will get rehoused to a larger property come the summer or autumn but one does wonder if the next tenant will be worse.

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