You are here: Home > Message Board > General Talk > Buying a flat now
March 20 2023 9.45am

Buying a flat now

Previous Topic | Next Topic


Page 4 of 6 < 1 2 3 4 5 6 >

 

View cryrst's Profile cryrst Flag The garden of England 15 May 20 7.59pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Badger11

According to Zoopla my flat has dropped about 70k since I last checked which as about 6 months ago. it doesn't bother me as I don't plan on moving.

Just go back online, add a toilet or a balcony and you'll be back up there

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Elpis's Profile Elpis Flag In a pub 17 May 20 10.13pm Send a Private Message to Elpis Add Elpis as a friend

If your buying an investment I would hold off for a year maybe two .The market will drop with the up coming recession that was due even without the virus

If your buying a home though I would go ahead .interest rates are on the floor and prices will recover ,they always do .

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View leejaneagles's Profile leejaneagles Flag 18 May 20 6.03pm Send a Private Message to leejaneagles Add leejaneagles as a friend

Hey all. I only just realised there were new posts in this topic last night, so was going to say thanks for the advice and currently there has been no movement.

However, got a phone call about 20 minutes ago from the Agent. The Estate Agents are now back open and the Seller is very keen to exhange. I said to give me until tomorrow to sleep on it.

I think Iím leaning towards cancelling. Iíve been somewhat assured of my job but in the same token currently on a 3 week furlough. Itís not that I couldnít afford the mortgage payment on a furlough (though I wouldnít be able to afford much else that month) so that hasnít influenced me a great deal to be honest.

I do think it seems a very unstable time to buy and it I default within 18 months on a 35 year mortgage I can only imagine my life would be seriously screwed up for sometime in the financial sense? I might even be paying it back for life? Not sure how that works though to be honest.

The Agent did say thereís a lot of movement since they reopened and they arenít predicting a crash but I donít trust them at all.

Iím not so much worried about my property being worth less in 12 months because Iím guessing it will be worth the same again in 5 years, itís just all the uncertainty about life in general at the minute.

A bit of a headache! But there are people in much worse situations than me.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
Tom-the-eagle Flag Croydon 18 May 20 6.37pm

Originally posted by leejaneagles

Hey all. I only just realised there were new posts in this topic last night, so was going to say thanks for the advice and currently there has been no movement.

However, got a phone call about 20 minutes ago from the Agent. The Estate Agents are now back open and the Seller is very keen to exhange. I said to give me until tomorrow to sleep on it.

I think Iím leaning towards cancelling. Iíve been somewhat assured of my job but in the same token currently on a 3 week furlough. Itís not that I couldnít afford the mortgage payment on a furlough (though I wouldnít be able to afford much else that month) so that hasnít influenced me a great deal to be honest.

I do think it seems a very unstable time to buy and it I default within 18 months on a 35 year mortgage I can only imagine my life would be seriously screwed up for sometime in the financial sense? I might even be paying it back for life? Not sure how that works though to be honest.

The Agent did say thereís a lot of movement since they reopened and they arenít predicting a crash but I donít trust them at all.

Iím not so much worried about my property being worth less in 12 months because Iím guessing it will be worth the same again in 5 years, itís just all the uncertainty about life in general at the minute.

A bit of a headache! But there are people in much worse situations than me.

Agents are full of sh@t. They canít say that prices will fall as thatís basically going to kill there business.

If I were you, I would be tempted to renegotiate the price due to recent circumstances. Maybe if you could get 10% off the price then it would be worth it.

Best of luck whatever you do

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

Alert Alert a moderator to this post Quote this post in a reply
View leejaneagles's Profile leejaneagles Flag 18 May 20 7.17pm Send a Private Message to leejaneagles Add leejaneagles as a friend

Originally posted by Tom-the-eagle

Agents are full of sh@t. They canít say that prices will fall as thatís basically going to kill there business.

If I were you, I would be tempted to renegotiate the price due to recent circumstances. Maybe if you could get 10% off the price then it would be worth it.

Best of luck whatever you do

Thanks. I was considering the renegotiation. Any advice for how to go about that? Or should I just phone the agent and say offer them this?

I was of the opinion that even if they would eventually accept 10% less, right now they wouldnít and they wouldnít accept it from me anyway as it would look like Iím messing around.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
Tom-the-eagle Flag Croydon 18 May 20 8.01pm

Originally posted by leejaneagles

Thanks. I was considering the renegotiation. Any advice for how to go about that? Or should I just phone the agent and say offer them this?

I was of the opinion that even if they would eventually accept 10% less, right now they wouldnít and they wouldnít accept it from me anyway as it would look like Iím messing around.

I donít think it looks like you are messing around. Everything has changed since you offered on the property.

Iíd be inclined to say something along the lines that you have been hearing reports that the property market may fall by around 20%, however you would proceed if the vendors would meet you half way, otherwise thereís no point in you purchasing.

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

Alert Alert a moderator to this post Quote this post in a reply
View leejaneagles's Profile leejaneagles Flag 18 May 20 8.11pm Send a Private Message to leejaneagles Add leejaneagles as a friend

Thanks. I will certainly think long and hard about this because the worst thing would be to get them to accept a renogotiated price and then for me to decide it still isn't for me.

My current thinking is leaning towards total cancellation to be honest. My reasons for that aren't even so much based on price or a potential crash.

I'm thinking if I'm furloughed now and Projects in my industry start drying up, furlough could lead to redundancy. That combined with a market crash and a equity deficit would mean even if I had to give the property to the bank, I'd still owe them potentially thousands.

Does anyone see anything illogical with that? Am I right in thinking that even after all that, I'd have one of the worst credit ratings for several years, maybe even decades just because of the fact I couldn't continue to afford my mortage.

Other aspect is in normal circumstances I lost my job, I would like to think the maximum I'd be unemployed is 6 months. So theoretically I'd need 6 months of mortgage savings in case I lost my job. Not only do most people not have that immediately when they move in (myself included), I'm not even sure in current climate if that would be enough.

I mean, we haven't had a Depression in a Century. If I'm the modern day version of down the dock-yards, with 150 other people competing for a lower paying version of my job, i could be out of a job for a year or more, or even get a job that isn't a high enough salary to cover.

Sorry for long post, thinking out loud.

One thing I can clear up - It doesn't NEED to be this place. That's not to say it isn't the best one I've viewed and I was genuinely so excited and happy to move in but I'm not an overly emotional person when it comes to bricks and mortar, and I can imagine there are other 2 bedroom flats in green areas with a nice view out there. If this one had a pool or something I may be thinking differently

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Flag The garden of England 18 May 20 9.28pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by leejaneagles

Thanks. I will certainly think long and hard about this because the worst thing would be to get them to accept a renogotiated price and then for me to decide it still isn't for me.

My current thinking is leaning towards total cancellation to be honest. My reasons for that aren't even so much based on price or a potential crash.

I'm thinking if I'm furloughed now and Projects in my industry start drying up, furlough could lead to redundancy. That combined with a market crash and a equity deficit would mean even if I had to give the property to the bank, I'd still owe them potentially thousands.

Does anyone see anything illogical with that? Am I right in thinking that even after all that, I'd have one of the worst credit ratings for several years, maybe even decades just because of the fact I couldn't continue to afford my mortage.

Other aspect is in normal circumstances I lost my job, I would like to think the maximum I'd be unemployed is 6 months. So theoretically I'd need 6 months of mortgage savings in case I lost my job. Not only do most people not have that immediately when they move in (myself included), I'm not even sure in current climate if that would be enough.

I mean, we haven't had a Depression in a Century. If I'm the modern day version of down the dock-yards, with 150 other people competing for a lower paying version of my job, i could be out of a job for a year or more, or even get a job that isn't a high enough salary to cover.

Sorry for long post, thinking out loud.

One thing I can clear up - It doesn't NEED to be this place. That's not to say it isn't the best one I've viewed and I was genuinely so excited and happy to move in but I'm not an overly emotional person when it comes to bricks and mortar, and I can imagine there are other 2 bedroom flats in green areas with a nice view out there. If this one had a pool or something I may be thinking differently

Best first dressed mate. It's not like your buying a tv. If you are having doubts and the happy butterflies of a new start have stopped fluttering then I reckon hold fire. There will be other properties and chances to buy. Get your job sorted first. Being repossessed isnt nice, I've been there.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View the.universal's Profile the.universal 18 May 20 11.31pm Send a Private Message to the.universal Add the.universal as a friend

Originally posted by leejaneagles

Thanks. I will certainly think long and hard about this because the worst thing would be to get them to accept a renogotiated price and then for me to decide it still isn't for me.

My current thinking is leaning towards total cancellation to be honest. My reasons for that aren't even so much based on price or a potential crash.

I'm thinking if I'm furloughed now and Projects in my industry start drying up, furlough could lead to redundancy. That combined with a market crash and a equity deficit would mean even if I had to give the property to the bank, I'd still owe them potentially thousands.

Does anyone see anything illogical with that? Am I right in thinking that even after all that, I'd have one of the worst credit ratings for several years, maybe even decades just because of the fact I couldn't continue to afford my mortage.

Other aspect is in normal circumstances I lost my job, I would like to think the maximum I'd be unemployed is 6 months. So theoretically I'd need 6 months of mortgage savings in case I lost my job. Not only do most people not have that immediately when they move in (myself included), I'm not even sure in current climate if that would be enough.

I mean, we haven't had a Depression in a Century. If I'm the modern day version of down the dock-yards, with 150 other people competing for a lower paying version of my job, i could be out of a job for a year or more, or even get a job that isn't a high enough salary to cover.

Sorry for long post, thinking out loud.

One thing I can clear up - It doesn't NEED to be this place. That's not to say it isn't the best one I've viewed and I was genuinely so excited and happy to move in but I'm not an overly emotional person when it comes to bricks and mortar, and I can imagine there are other 2 bedroom flats in green areas with a nice view out there. If this one had a pool or something I may be thinking differently

I agree with your logic for cancelling. Risk on the downside seems to greatly outweigh potential benefits.

Itís good you can be clinical about your feelings, Iranís just a flat, there are plenty if others.

 


Vive le Roy!

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View leejaneagles's Profile leejaneagles Flag 20 May 20 1.22pm Send a Private Message to leejaneagles Add leejaneagles as a friend

So itís done. Pulled out today and within a second the Estate Agent said doesnít matter they have another offer and that was that. Expected a much longer conversation so that shocked me but just shows they were continuing on despite us agreed anyway.

Firstly Iíd like to thank everyone that has taken the time to give advice on here. It all really helped. You canít get non-bias advice from friends and family, no matter how well meaning they are so Iím glad I had the brainwave of asking my Palace family! However, not being footie related I expected 1 or 2 replies max so thank you all very much for the pages of help.

Moving onwards. I figured Iíll wait and see what happens with Covid, my job and the market and all things being well, was thinking of looking again in December.

I know there wonít be a vaccine by then but does that sound about right for the market falling? Itís around 6 months. I donít know how quickly these things happen. Could it be they drop in the next week or should I be waiting 12 months+ to see a difference?

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Rubin's Profile Rubin Flag 20 May 20 2.01pm Send a Private Message to Rubin Add Rubin as a friend

Originally posted by leejaneagles

So itís done. Pulled out today and within a second the Estate Agent said doesnít matter they have another offer and that was that. Expected a much longer conversation so that shocked me but just shows they were continuing on despite us agreed anyway.

Firstly Iíd like to thank everyone that has taken the time to give advice on here. It all really helped. You canít get non-bias advice from friends and family, no matter how well meaning they are so Iím glad I had the brainwave of asking my Palace family! However, not being footie related I expected 1 or 2 replies max so thank you all very much for the pages of help.

Moving onwards. I figured Iíll wait and see what happens with Covid, my job and the market and all things being well, was thinking of looking again in December.

I know there wonít be a vaccine by then but does that sound about right for the market falling? Itís around 6 months. I donít know how quickly these things happen. Could it be they drop in the next week or should I be waiting 12 months+ to see a difference?

I think you have done the right thing, and I'm relieved for you to see the decision you have made after reading your original post back when you started the thread. As a first time buyer, there's no doubt you will get a better deal by waiting. Even if the worst happens regarding you ending up losing your job etc., meaning that you are left unable to get a mortgage, that is a better position to be in than having a mortgage and no job. I'd imagine the estate agent said what he said in order to get you to panic and reverse your decision.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Badger11's Profile Badger11 Flag Beckenham 20 May 20 2.06pm Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by leejaneagles

So itís done. Pulled out today and within a second the Estate Agent said doesnít matter they have another offer and that was that. Expected a much longer conversation so that shocked me but just shows they were continuing on despite us agreed anyway.

Firstly Iíd like to thank everyone that has taken the time to give advice on here. It all really helped. You canít get non-bias advice from friends and family, no matter how well meaning they are so Iím glad I had the brainwave of asking my Palace family! However, not being footie related I expected 1 or 2 replies max so thank you all very much for the pages of help.

Moving onwards. I figured Iíll wait and see what happens with Covid, my job and the market and all things being well, was thinking of looking again in December.

I know there wonít be a vaccine by then but does that sound about right for the market falling? Itís around 6 months. I donít know how quickly these things happen. Could it be they drop in the next week or should I be waiting 12 months+ to see a difference?

Keep saving the bigger the deposit the better the mortgage deal you will get when you are ready to buy.

 


One more point

Alert Alert a moderator to this post Edit this post Quote this post in a reply

 

Page 4 of 6 < 1 2 3 4 5 6 >

Previous Topic | Next Topic

You are here: Home > Message Board > General Talk > Buying a flat now