The Great Flat Hunt Begins...

[coalescent]

I went to see a mortgage broker today; it was positive. Basically, if I get a joint mortgage with my Dad then they'll lend me as much as I like, at which point the limiting factor becomes the monthly payments. Buying a UKP100,000 property, it all works out at about UKP460 a month (for the first two years, after which it all goes up. But I should be earning more by then, anyway), which is affordable. Adding UKP20,000 onto the list price adds UKP100 onto the monthly payment and is the absolute upper limit of affordability.

Still, that leaves me with a decent if not spectacular range of flats to look at. This one looks promising, for instance. I'm going to try to arrange a viewing in the next day or two.

(Actually, it turns out that there are about half a dozen flats in that building for sale. That suggests to me that it's just been either converted or rennovated, which I think is another plus. It seems unlikely that all the previous residents have decided to move out en masse, after all...)

Anyway. I'm now on various mailing lists and so forth, but if anyone wants to scour the internet and recommend properties to me, they're more than welcome. :-)

Comments

[hawleygriffen.livejournal.com]

That is a lovely bay window on that one, it really is. Quite grand.

I've had a quick look round. Found some nice flats only to see they were retirement complexes. Don't think you're *quite* ready for that, yet.

http://fish4.co.uk/homes/homesforsale/view_details.jsp?advertID=10098668

Not that pretty, I know....

http://fish4.co.uk/homes/homesforsale/view_details.jsp?advertID=9093263

It's studio, though, and for that price.

http://fish4.co.uk/homes/homesforsale/view_details.jsp?advertID=10098652

This one has an actual bedroom, but again, nothing so far to match the coolness of the one you're going to see.

http://fish4.co.uk/homes/homesforsale/view_details.jsp?advertID=10441638

Top of your budget, though, and a wee bit similar to a certain other one....

This might be helpful - list of estate agents:

http://www.wheresmyproperty.com/agents/Maidenhead.htm


http://www.sequencehome.co.uk/propsearch/detail.cfm?id=16315&define_sector=sale&searchpage=salemap.cfm&return=live

This homehunting stuff is fun! Whee!

http://www.home-sale.co.uk/asp/PropertyDetails.asp?PropertyID=3803&SupplierNo=39600&RefNo=39600&Colours=39600

Hmmmm, bored now.

[fba.livejournal.com]

Whatever you do don't get a mortgage with any kind of tie in - it will cost you a fortune.

A lot of the very cheap rates have up to 7 years tie in - meaning you have to pay back any discount if you settle early - ending up that you pay more than you would with a higher rate with no tie in. Moving your mortgage is very easy now - if you have no tie ins you can move your mortgage when the discount period ends to something with a better rate. Mortages should be treated like any other loan - if you can get a better deal don't be afraid to move it to another company.

If your Dad is guaranteeing your debt - rather than having a joint mortgage - you may find your choices reduced, but this does have the advantage of the property being solely owned by you rather than a tenancy in common.

Whatever you decide on the finance side - good luck with the househunting and enjoy being a homeowner.

[fba.livejournal.com]

A quick search throws up possibilities:

From Assertahome:

http://www.assertahome.com/servlets/PropertySearchControllerServlet?action=5&page=&propId=2846166&comingFrom=searchResults

http://www.assertahome.com/servlets/PropertySearchControllerServlet?action=5&page=&propId=3232922&comingFrom=searchResults

http://www.assertahome.com/servlets/PropertySearchControllerServlet?action=5&page=&propId=3208342&comingFrom=searchResults

The first looks quite good - though the last two are pushing the budget quite a lot (remember - you don't have to offer the asking price!)

From rightmove.co.uk:

http://www.rightmove.co.uk/rm/s/rm/template/publicsite%2Cbuying%2CPropertyDetails.vm/svr/1038?p_id=1525303&pa_n=1&tr_t=buy

http://www.rightmove.co.uk/rm/s/rm/template/publicsite%2Cbuying%2CPropertyDetails.vm/svr/1038?p_id=1679426&pa_n=1&tr_t=buy

The first one is a studio - probably a victorian conversion by the looks of it - the second seems to be more modern and purpose built.

Myself I prefer older properties with character - but they can be more hassle than more modern ones which give you more options for decoration and improvement.

Also - remember to factor in the ground rent and maintenance charges in your monthly budget!

[coalescent.livejournal.com]

The first looks quite good - though the last two are pushing the budget quite a lot

Heck, the first one is pushing the budget...

the second seems to be more modern and purpose built

And also really not in a nice part of town (the one eve found on Brunel road has a similar problem)...

remember to factor in the ground rent and maintenance charges in your monthly budget!

Maintenance charges I'd already taken account of. What's ground rent?

[(Anonymous)]

"The first looks quite good - though the last two are pushing the budget quite a lot

Heck, the first one is pushing the budget..."

But it does look pretty! and having a seperate bedroom and living room is surely a good thing?

[coalescent.livejournal.com]

But it does look pretty!

And that, as we all know, is the most important factor...

Anyway, it's not as pretty as the one with the big bay window. :-p

and having a seperate bedroom and living room is surely a good thing?

Having a separate main room and kitchen is a good thing. I don't much care if the main room is a combination bedroom/living room.

[despotliz.livejournal.com]

Ground rent, IIRC, is the money you pay to whoever owns the land the house is built on. Don't know how much it's likely to be, as I remember our ground rent bing something trivial like £4 a year. But it could be higher.

Take all this with a pinch of salt of course, since I don't have a house. And plan on buying on in the north, where £100k will get you a nice two bed semi at least, if you don't mind living in the suburbs.

[fba.livejournal.com]

What's ground rent?

When you buy a flat you don't actually buy the property - you buy the leasehold - i.e. the right to live there. The property is normally owned by a holding company or houseing association to whom you pay ground rent. This is usually nominal - but can be significant - depending on the type of property and the type of company/individual that owns it.

[ajp.livejournal.com]

All I can say is be thankful you don't live in Winchester. You can't buy anything for less than £140k here. Which means you have to be earning in excess of £35k before you can buy - if you don't already own property.

And £140k wouldn't buy you much...

Sticks

[(Anonymous)]

Could you not live out of town, in the sticks somewhere? After all, you do have that shiny new car to drive, and you don't need to worry about drink-driving on nights out. Anyway, that might be cheaper.

Re: Sticks

[coalescent.livejournal.com]

I could, and it would be, so it's not an option I've absolutely discounted...but I think I'd rather somewhere central if possible.

Besides, let's face it, this is me we're talking about: Buying somewhere in a cheaper area just means I'll buy a bigger place, not that I'll spend less money.

I have also thought of moving in the direction of Oxford or Reading. The advantage is that both towns have more going on than Maidenhead; the disadvantage is that it becomes harder to get to work, or Oxford, or London, or some combination thereof. Or I have to live in Reading. Right now, I'm pretty well situated.

Re: Sticks

[fba.livejournal.com]

I wouldn't have thought it was significantly harder to get to Oxford or London from Reading as opposed to Maidenhead.

Personally speaking right now sticks in good - I got fed up with living in Oxford after 3 years - less people, less traffic, cleaner air. less stress.......

Re: Sticks

[coalescent.livejournal.com]

I wouldn't have thought it was significantly harder to get to Oxford or London from Reading as opposed to Maidenhead.

London, no. Oxford, yes, because there isn't a motorway. There's a decent A road, but it has a bad habit of getting a bit bunged up.

Re: Sticks

[fba.livejournal.com]

We talking A34? Whenever I have driven between Oxford and Reading I've always used the back roads. Less traffic, more fun driving and shorter. In fact the only difference between the way I drive to M'head and the way I drive to Reading is whether you go through Henley or go past it.....

Re: Sticks

[(Anonymous)]

Besides, let's face it, this is me we're talking about: Buying somewhere in a cheaper area just means I'll buy a bigger place, not that I'll spend less money.

But getting more for your money would still be a good thing, wouldn't it?

Re: Sticks

[coalescent.livejournal.com]

Sure. But it's a trade-off - size of property vs location. For me at least, I don't think size is automatically going to win.

Re: Sticks

[snowking.livejournal.com]

I'll let Tim know. He'll be chuffed.

Ooo! Good luck!

[applez.livejournal.com]

Flat hunt! flat hunt! flat hunt!

OK, that's enough feral for one posting I guess.

Honestly, good luck, I know you'll find a nice spot somewhere, and then I can visit. ;-p

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