Discussion
So I'm really unsure what we need to do an flick between the two options day to day...
Currently live in a nice 2 bedroom flat in the London suburbs, purchased (share) exactly 1 year ago. Nice flat, s
t area (although there are worse around). Within the last month (often daily) I have had to put up with mass chav fights outside the bedroom window, joyridden motorbikes (mine was nicked a month ago), noise (blasting radio daily to silly am, the radio, adverts and all), setting bins on fire, a tt who keeps on parking in our allocated space (have asked, he ignores, park on the road outside and aforementioned chavs walk along the row of parked cars - one is particularly fat...)
I work 60+ hour weeks and have had enough.
Luckily my flat, despite this, has gone up 25% since purchase so I now have a decent deposit to utilise elsewhere, however, I'm still in my fix...
£5k sees me out of that but the next issue is affordability, we were wanting to move next year but at 25 next step should be a proper house, in a decent area. However, that's £400k+...as I've been in my job 18 months and had only 1 annual bonus they aren't included in mortgage calculations yet (inv. bank so substantial element of salary). So I'm limited to shy of £300k borrowing...with my £30k deposit...not enough.
Do I stick it for another year, pay of (0%) CC's and move then - could borrow £350k+ next year, or do I look to move now into a smaller 2 bed house as a stepping stone...bit incur £12k of fees and costs (most stamp and legals) to move again in 2 years...
I'm split, changing day by day on chav actions...having to be up at 5 for work it wasn't nice being woken up at 4 by a group blading a car horn then smashing up a shop...
What would you do in my circumstance?
Currently live in a nice 2 bedroom flat in the London suburbs, purchased (share) exactly 1 year ago. Nice flat, s
t area (although there are worse around). Within the last month (often daily) I have had to put up with mass chav fights outside the bedroom window, joyridden motorbikes (mine was nicked a month ago), noise (blasting radio daily to silly am, the radio, adverts and all), setting bins on fire, a tt who keeps on parking in our allocated space (have asked, he ignores, park on the road outside and aforementioned chavs walk along the row of parked cars - one is particularly fat...)I work 60+ hour weeks and have had enough.
Luckily my flat, despite this, has gone up 25% since purchase so I now have a decent deposit to utilise elsewhere, however, I'm still in my fix...
£5k sees me out of that but the next issue is affordability, we were wanting to move next year but at 25 next step should be a proper house, in a decent area. However, that's £400k+...as I've been in my job 18 months and had only 1 annual bonus they aren't included in mortgage calculations yet (inv. bank so substantial element of salary). So I'm limited to shy of £300k borrowing...with my £30k deposit...not enough.
Do I stick it for another year, pay of (0%) CC's and move then - could borrow £350k+ next year, or do I look to move now into a smaller 2 bed house as a stepping stone...bit incur £12k of fees and costs (most stamp and legals) to move again in 2 years...
I'm split, changing day by day on chav actions...having to be up at 5 for work it wasn't nice being woken up at 4 by a group blading a car horn then smashing up a shop...
What would you do in my circumstance?
Edited by kiethton on Wednesday 27th May 16:43
Edited by kiethton on Wednesday 27th May 16:46
I'm half thinking that but after suffering with little sleep it's starting to jarr.
Car isn't worth much but is now mechanically sound and good cosmetically after some considerable expense (late E39 540i sport). Sold an E92 335i to free up cash to start saving for this deposit in a previous job 3 years ago.
Car isn't worth much but is now mechanically sound and good cosmetically after some considerable expense (late E39 540i sport). Sold an E92 335i to free up cash to start saving for this deposit in a previous job 3 years ago.
Thanks all, am toying with selling the car, may have to look at doing so, values are all over the place for late E39 540i's though!
Moving back into the parents is a no-go they've given my old room away and the GF doesn't get on too well, likewise renting, dead money that will end up costing near double, month to month.
Further capital growth here is limited tbh, where I am looking is likely to be better.
Just checked and the mortgage is portable and would give us more than enough to move to a smaller 2 bed semi, limit under current affordability of £325k or so... Very close to just doing it, even if for just a few years and then taking a chance to upgrade to the level beyond (£500k+) when the time for family comes and I progress my career further with proper IB bonuses...
Moving back into the parents is a no-go they've given my old room away and the GF doesn't get on too well, likewise renting, dead money that will end up costing near double, month to month.
Further capital growth here is limited tbh, where I am looking is likely to be better.
Just checked and the mortgage is portable and would give us more than enough to move to a smaller 2 bed semi, limit under current affordability of £325k or so... Very close to just doing it, even if for just a few years and then taking a chance to upgrade to the level beyond (£500k+) when the time for family comes and I progress my career further with proper IB bonuses...
Indeed it is a share so am currently restricted.
This can be lifted easily, by buying the additional share.
I could rent, if I purchased the above, but would not want to. Given the location I would not want to as rent collection/tenant desirability/repairs could be an issue.
Re. Moving further out, it's a no go. Family/friend ties plus my job (at desk for 6:30am) limits options there, it's a good job with very good prospects so really don't want to change careers an this is strictly desk based, often with 80+ hour weeks so can't be too far away
This can be lifted easily, by buying the additional share.
I could rent, if I purchased the above, but would not want to. Given the location I would not want to as rent collection/tenant desirability/repairs could be an issue.
Re. Moving further out, it's a no go. Family/friend ties plus my job (at desk for 6:30am) limits options there, it's a good job with very good prospects so really don't want to change careers an this is strictly desk based, often with 80+ hour weeks so can't be too far away
Edited by kiethton on Thursday 28th May 10:07
Examples of things that I can afford now and am considering – neither in the core target area – optionality to add some value through refurbishment but not much can be done to add significant value:
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
Sort of thing I would be targeting next year:
http://www.rightmove.co.uk/property-for-sale/prope...
plus others around Bromley/Lee/Chislehurst/Petts Wood
and what I may be able to move onto in a couple of years’ time should I get something like the first 2 and work goes well….
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
I’m currently in here:
https://www.google.co.uk/maps/place/Ranmore+Path,+...
Hope the links work...as it gets more expensive the area gets nicer, chav element down etc. always naturally target a wreck/in need of modernisation home, allow us to decorate/extend as we like without paying for the taste of others.
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
Sort of thing I would be targeting next year:
http://www.rightmove.co.uk/property-for-sale/prope...
plus others around Bromley/Lee/Chislehurst/Petts Wood
and what I may be able to move onto in a couple of years’ time should I get something like the first 2 and work goes well….
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
I’m currently in here:
https://www.google.co.uk/maps/place/Ranmore+Path,+...
Hope the links work...as it gets more expensive the area gets nicer, chav element down etc. always naturally target a wreck/in need of modernisation home, allow us to decorate/extend as we like without paying for the taste of others.
Have done, alongside Blackfen and Bexleyheath only to be ruled out by the GF as too far away from her family. I'm daily easy though but she can't get away - all I need is sub 30 minutes drive to Sundridge Park for golf.
Broad search area is pretty big and roughly bounded by Orpington/Chelsfield, Hayes, Beckenham Town Centre, south Catford (E of A21), Hither Green, New Eltham, Sidcup (W of railway line) and back to Orpington (north of Sevenoaks Way).
There are exclusion zones - St Pauls/Mary Cray for current reasons, Chinbrook estate, Downham/Bellingham and the Belmont estate area in Chislehurst...she's not picky!
Railways not too much of an issue - in by 125cc motorbike/push bike for cost/fitness/convenience reasons - currently 15 miles from work which, given hours and level of (un)fitness can't be daily, of was sub 10 miles and/or north of chislehurst hills it probably would be.
Broad search area is pretty big and roughly bounded by Orpington/Chelsfield, Hayes, Beckenham Town Centre, south Catford (E of A21), Hither Green, New Eltham, Sidcup (W of railway line) and back to Orpington (north of Sevenoaks Way).
There are exclusion zones - St Pauls/Mary Cray for current reasons, Chinbrook estate, Downham/Bellingham and the Belmont estate area in Chislehurst...she's not picky!
Railways not too much of an issue - in by 125cc motorbike/push bike for cost/fitness/convenience reasons - currently 15 miles from work which, given hours and level of (un)fitness can't be daily, of was sub 10 miles and/or north of chislehurst hills it probably would be.
Well after another crazy few weeks (riots, break-ins and far more antisocial behaviour) we are now actively hunting but there is a problem.
Our budget leaves us lacking...can afford a house/flat in need of refurb in a nice area or a nice place in a slightly better but still rough area, bad enough to not fully escape the type of problems experienced of late.
My preference is the former, having a development manager/QS dad and being raised in a building site helps, but my GF is a neat freak and can't deal with it...despite it being a blank canvas to do as we please, not paying for the tastes of others...
Saw a place yesterday which is rundown (currently low cost HMO for migrant workers) but in a great area and in budget with L/T potential beyond a refurb (sub-division to flats). She however, can't see the potential...and refuses to live in anywhere "nasty" despite saying we'll camp with parents for 2 weeks whilst I get the important bits done (walls white washed, doors made secure (rotten and broken) clean everywhere etc.) so it'll be clean and liveable but still needing work (Bathroom, kitchen etc.)...although what will be left whilst further l/t plans are drawn and funds are saved as they remain functional but not pretty....for this there is scope to do the work around us...
She doesn't seem to understand a short-term sacrifice for long term benefit....how did others talk around their partner, I'm trying but it's not working! (Yet)
Our budget leaves us lacking...can afford a house/flat in need of refurb in a nice area or a nice place in a slightly better but still rough area, bad enough to not fully escape the type of problems experienced of late.
My preference is the former, having a development manager/QS dad and being raised in a building site helps, but my GF is a neat freak and can't deal with it...despite it being a blank canvas to do as we please, not paying for the tastes of others...
Saw a place yesterday which is rundown (currently low cost HMO for migrant workers) but in a great area and in budget with L/T potential beyond a refurb (sub-division to flats). She however, can't see the potential...and refuses to live in anywhere "nasty" despite saying we'll camp with parents for 2 weeks whilst I get the important bits done (walls white washed, doors made secure (rotten and broken) clean everywhere etc.) so it'll be clean and liveable but still needing work (Bathroom, kitchen etc.)...although what will be left whilst further l/t plans are drawn and funds are saved as they remain functional but not pretty....for this there is scope to do the work around us...
She doesn't seem to understand a short-term sacrifice for long term benefit....how did others talk around their partner, I'm trying but it's not working! (Yet)
Edited by kiethton on Thursday 9th July 12:15
Sir Bagalot said:
kiethton said:
Our budget leaves us lacking...can afford a house/flat in need of refurb in a nice area or a nice place in a slightly better but still rough area, bad enough to not fully escape the type of problems experienced of late.
Location. Location. Location.Simples.
We were looking at going further out - Kings Hill but thought better of it, friends family etc. - I commute by motorbike so need to be within 20 miles or so really!
Dawg said:
Not trolling - but is your Job moveable? Personally, i'd get the hell out of London, sell the flat and use that money to get a great house in its own grounds in a nice area in another city/town/village... indeed you may make a little less elsewhere, but quality of life is what matters and where you are sounds like hell... I moved out years ago and never regretted it...
Unfortunatly not, I'll only ever be based in The City (current), West End or Docklands owing to my line of workBluePurpleRed said:
Unless your GF is contributing heavily, from what I have read of your description and the agg with parents I would be tempted to do what *you* want and see if she comes with.
The house will still be there when she has long since left.
Thankfully parental situation is now resolved and things are rebuilding very well there considering, been together getting on 5 years now....The house will still be there when she has long since left.
No major contribution unfortunately but need the borrowing capacity to purchase anywhere (don't take bonuses into account).
We have (on her suggestion) have agreed to split any equity remaining in proportion to the sum of initial contribution and ongoing cost, including all bills, taxes, mortgage payments etc, to be documented legally.
e.g.: Together for 5 years with £100k final equity
Initial deposit - person 1 50k, person 2 - 5k
£1kpm mortgage - person 1 £750, person 2 - £250
Person 1 total - £95k (86.4% of final equity)
Person 2 total - £15k (13.6% of final equity)
Finally, the share has sold!!!! - well 6 of the 10 people said to me they would be wanting it...good times!
Only thing is due to the non-communication and 'due process' somebody else is now buying the place I had placed under offer....typical!
Short of gazumping them I'm struggling to find somewhere to move to...
Only thing is due to the non-communication and 'due process' somebody else is now buying the place I had placed under offer....typical!
Short of gazumping them I'm struggling to find somewhere to move to...
With this sale now dragging (slowly! - 3 months and counting) through the conveyancy process I'm now forced to move out
Was assaulted last night in the car park by one of the chav's that has been causing issues previously, with a metal pole and all for using my own parking bay and my mum using an unoccupied visitor bay when over for dinner - council wont give him a parking space (that we pay for) so he just uses other peoples...thankfully managed to deflect most of it but its not the point - as my GF got away she ran over another chav's 8-pack of beer and he's said they'd both be back for me tomorrow....Police have been brilliant on the other hand, giving me time to pack the stuff up and move stuff out before arresting them....
All my stuff will be packed up and sent to storage over the next few days and I'll move in with the GF's parents temporarily - lets just hope the solicitor pulls their finger out!
Now very tempted to utilize the salmon fillet that's been left frozen in the freezer for the past year - only after I'm gone of course....
Was assaulted last night in the car park by one of the chav's that has been causing issues previously, with a metal pole and all for using my own parking bay and my mum using an unoccupied visitor bay when over for dinner - council wont give him a parking space (that we pay for) so he just uses other peoples...thankfully managed to deflect most of it but its not the point - as my GF got away she ran over another chav's 8-pack of beer and he's said they'd both be back for me tomorrow....Police have been brilliant on the other hand, giving me time to pack the stuff up and move stuff out before arresting them....
All my stuff will be packed up and sent to storage over the next few days and I'll move in with the GF's parents temporarily - lets just hope the solicitor pulls their finger out!
Now very tempted to utilize the salmon fillet that's been left frozen in the freezer for the past year - only after I'm gone of course....
Thanks all, sale went through about 2 weeks ago after taking 9 months in legals....I am so glad to be out of there although hoping to be away form the inlaws soon! (current place is getting refubished before we can move in).
Now getting myself stuck into this little job: http://www.pistonheads.com/gassing/topic.asp?h=0&a...
It's in Beckenham if you know it, on a private road but with access from another that is actually tarmac. Given the cost of refurbishment we didn't lever ourselves too much to get this place (<£300k) as the refurbishment at ~£20k will take the remaining capital but should be worth a good chunk more when we're done with it - full modernization and split to a 2 bed/2 bath
On property prices they are crazy!
I'm now 26 so not the 25 as of last year, but do work for an IB in the city so don't do too badly for my age...long hours though!
Now getting myself stuck into this little job: http://www.pistonheads.com/gassing/topic.asp?h=0&a...
It's in Beckenham if you know it, on a private road but with access from another that is actually tarmac. Given the cost of refurbishment we didn't lever ourselves too much to get this place (<£300k) as the refurbishment at ~£20k will take the remaining capital but should be worth a good chunk more when we're done with it - full modernization and split to a 2 bed/2 bath
On property prices they are crazy!
I'm now 26 so not the 25 as of last year, but do work for an IB in the city so don't do too badly for my age...long hours though!
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