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April 7 2020 5.27am

Buying a flat now

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View Tim Gypsy Hill '64's Profile Tim Gypsy Hill '64 Flag Stoke sub normal 28 Mar 20 10.00pm Send a Private Message to Tim Gypsy Hill '64 Add Tim Gypsy Hill '64 as a friend

Originally posted by leejaneagles

So it looks like Id have to wait around 18 months rather than 6? That could make a big difference in my decision as Im more than ready to move on now, hence being so close to completion. I could hang in another 6 of course, what with being on lockdown for probably 3 anyway. A year and a half is a long time though.

That is all still assuming my circumstances wont change though. Of course Id have to kiss goodbye to everything if my Company did go under.

Edited by leejaneagles (27 Mar 2020 6.07pm)

If you want the property, buy it. If you are not sure, don't. If you wait now, you may never buy a property. There is always a reason not to buy. Your job, for example, is as safe now as it will ever be. Prices of property fluctuate. ALL of them. You property will be equal value to any other property of the same value if prices fall or rise. It really doesn't matter, unless you default. It seems to me that you have a secure job, so if you want to move to independence, do it. You really have nothing to lose.

Be daring, ride the wave, get where you want. You have youth on your side.

Good luck.

 


Systematically dragged down by the lawmakers

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View Jonnyg121's Profile Jonnyg121 Flag Tunbridge Wells 28 Mar 20 11.55pm Send a Private Message to Jonnyg121 Add Jonnyg121 as a friend

I went through a very similar predicament recently. I was close to buying a 2 bed flat, which would have been a first time buy.

My offer on the property was accepted around 7 weeks ago, but earlier this week, I decided to pull out. I did try and renegotiate with the seller, but this was rejected.

My advice would be, try and picture the worst case scenario in relation to the Coronavirus outbreak. If you lost your job, what would be the next steps? How long could you pay the mortgage for without a job? I think the best option for you would be to see if it's possible to pause the sell temporarily. That way you can get a better understanding of the impact of this virus on 1) your job/industry 2) the housing market.

I decided to pull out because my partner is at risk of losing her job, and if property prices fall quite sharply in the short term, I would be left with a property I paid too much for, and would probably struggle to sell.

 

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View PalazioVecchio's Profile PalazioVecchio Flag south pole 28 Mar 20 11.58pm Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

Originally posted by Tim Gypsy Hill '64

If you want the property, buy it. If you are not sure, don't. If you wait now, you may never buy a property. There is always a reason not to buy. Your job, for example, is as safe now as it will ever be. Prices of property fluctuate. ALL of them. You property will be equal value to any other property of the same value if prices fall or rise. It really doesn't matter, unless you default. It seems to me that you have a secure job, so if you want to move to independence, do it. You really have nothing to lose.

Be daring, ride the wave, get where you want. You have youth on your side.

Good luck.

if you had heeded that advice in 1989, you would curse its author.

You could have bought a house for, say, 100k and by 1996 the house could be worth only 55k. Meanwhile your mortgage provider still wants 100k from you.

Your mate buys an adjacent property in 1996 and pays off his mortgage faster than yourself, even with your seven year head-start.

nobody has a crystal ball. But the Corona will be knocking this property market harder than a Tyson Fury punch.


Edited by PalazioVecchio (29 Mar 2020 12.05am)

 


from the Etihad, Emirates, Molyneux, London Stadium, turf moor & Anfield to Old Trafford.....Raptors on the Road

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View the.universal's Profile the.universal 29 Mar 20 12.06am Send a Private Message to the.universal Add the.universal as a friend

Originally posted by PalazioVecchio

if you had heeded that advice in 1989, you would curse its author.

You could have bought a house for, say, 100k and by 1996 the house could be worth only 55k. Meanwhile your mortgage provider still wants 100k from you.

nobody has a crystal ball. But the Corona will be knocking this property market harder than a Tyson Fury punch.

Can I ask, whats your interest in London house prices? You seem to be very knowledgeable and into it as a subject.

 


Vive le Roy!

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View PalazioVecchio's Profile PalazioVecchio Flag south pole 29 Mar 20 12.53am Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

Originally posted by the.universal

Can I ask, whats your interest in London house prices? You seem to be very knowledgeable and into it as a subject.

a love of all things economic history.

imagine buying 2 workman's cottages in 1900. First in a Welsh mining town, second cottage in Battersea. Both for a comparable purchase price.

now compare the two prices today.

 


from the Etihad, Emirates, Molyneux, London Stadium, turf moor & Anfield to Old Trafford.....Raptors on the Road

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View Harpo's Profile Harpo Flag Oxfordshire 29 Mar 20 10.18am Send a Private Message to Harpo Add Harpo as a friend

Originally posted by leejaneagles

So it looks like Id have to wait around 18 months rather than 6? That could make a big difference in my decision as Im more than ready to move on now, hence being so close to completion. I could hang in another 6 of course, what with being on lockdown for probably 3 anyway. A year and a half is a long time though.

That is all still assuming my circumstances wont change though. Of course Id have to kiss goodbye to everything if my Company did go under.

Edited by leejaneagles (27 Mar 2020 6.07pm)


And that's the issue. If you lose your job your flat is at risk of repossession.

Right now that is a risk I would go nowhere near.

If you have a good relationship with your parents, maintain it until the market settles.

 

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View askyourself's Profile askyourself Flag 01 Apr 20 10.24am Send a Private Message to askyourself Add askyourself as a friend

Another aspect:
My daughter was moving from her flat this month. It has all been put on hold as the removal company and storage company are not permitted to work.

 


We move in the direction of our thoughts.
Just think a little.

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