How far will house prices fall [volume 5]
Discussion
ooid said:
and you can't even get rid of or replace the management company, its all up to freeholders. The whole thing was a proper joke.
Thats not true, I know this because we just fired and appointed our own management agency in a flat i own.The service charges for, particularly serviced flats with grounds and gyms etc, is a problem though, but not all serviced charges are ruinous.
gibbon said:
Thats not true, I know this because we just fired and appointed our own management agency in a flat i own.
The service charges for, particularly serviced flats with grounds and gyms etc, is a problem though, but not all serviced charges are ruinous.
Paying 150 quid a month. No frills like a gym. Just a cleaner, maintenance, buildings insurance, and someone to clear up the fly tipping, which was divided up and paid only by our block, but we suspect later billed in duplicate to the other few blocks rather than being divided up across the whole estate and refunded. This also happened with other repairs to the road which all the blocks are situated on, except we did get a refund for that.The service charges for, particularly serviced flats with grounds and gyms etc, is a problem though, but not all serviced charges are ruinous.
It's mostly for increased insurance premiums where their own contractors broke things while doing other jobs. Of course they're happy just to pay the excess, and charge us the 10% admin fee on top, to then pay away a higher premium with of course a greater sum to stick their 10% on. They also blindly pay invoices which were double charged, because it's coming out residents r pockets and in fact makes them a profit.
Currently at tribunal for works they say were required by fire regs but fire brigade deny advising this.
Large housing association. Different setup to other freeholders and management companies, as they are 'non profit' but same rules apply. They can basically charge what they want.
Edited by R Mutt on Wednesday 14th August 11:15
As long as services charges and ground rent are not a piss take, i.e. anything that is not a new build, what is so bad about leaseholds?
As a FTB in central London, I am actively looking for leaseholds in order to get more house for my money (I assume all else being equal, a freehold flat will cost more), knowing that it won't be a forever home anyway and I will sell up in the next 5-10 years.
I just make sure that I have at least 120 years left on the leasehold
As a FTB in central London, I am actively looking for leaseholds in order to get more house for my money (I assume all else being equal, a freehold flat will cost more), knowing that it won't be a forever home anyway and I will sell up in the next 5-10 years.
I just make sure that I have at least 120 years left on the leasehold
R Mutt said:
Paying 150 quid a month. No frills like a gym. Just a cleaner, maintenance, buildings insurance, and someone to clear up the fly tipping, which was divided up and paid only by our block, but we suspect later billed in duplicate to the other few blocks rather than being divided up across the whole estate and refunded. This also happened with other repairs to the road which all the blocks are situated on, except we did get a refund for that.
It's mostly for increased insurance premiums where their own contractors broke things while doing other jobs. Of course they're happy just to pay the excess, and charge us the 10% admin fee on top, to then pay away a higher premium with of course a greater sum to stick their 10% on. They also blindly pay invoices which were double charged, because it's coming out residents r pockets and in fact makes them a profit.
Currently at tribunal for works they say were required by fire regs but fire brigade deny advising this.
Large housing association. Different setup to other freeholders and management companies, as they are 'non profit' but same rules apply. They can basically charge what they want.
This sounds familiar - could you advise the name of the MC - PM if you like.....It's mostly for increased insurance premiums where their own contractors broke things while doing other jobs. Of course they're happy just to pay the excess, and charge us the 10% admin fee on top, to then pay away a higher premium with of course a greater sum to stick their 10% on. They also blindly pay invoices which were double charged, because it's coming out residents r pockets and in fact makes them a profit.
Currently at tribunal for works they say were required by fire regs but fire brigade deny advising this.
Large housing association. Different setup to other freeholders and management companies, as they are 'non profit' but same rules apply. They can basically charge what they want.
Edited by R Mutt on Wednesday 14th August 11:15
NicoG said:
This sounds familiar - could you advise the name of the MC - PM if you like.....
It's actually a housing association, but with 95,000 homes I can't really see anyone siding against them when they house a lot of London and the South East. The government needs people to build flats.gibbon said:
Thats not true, I know this because we just fired and appointed our own management agency in a flat i own.
.
Depends on the lease. Our lease had a clause, only the freeholder could appoint their own management company. For years of battle (not only me, a few neighbours who also practice law) I simply gave up, sold it and moved on..
The management company did not even have a procurement, they were subcontracting cleaners, electricians with eye watering bills.
https://www.bbc.co.uk/news/extra/pjfxZM72Gj/house-...
Bit of a long read but I found it very interesting.
Bit of a long read but I found it very interesting.
Pal of mine has broken up with his wife of 20yrs married and they now face the prospect of divorce and selling the big house.
He is currently living in rented with his new bird ( 28yts his junior!) and the wife/kids are now facing the upheaval of selling up.
His wife is insistent she doesn’t want to sell ahead of Xmas and instead wants to put the house up next spring rather than have it hang around now for 6 months, understandable.
It’s a big old drum in the depths of Surrey in what’s regarded a nice area.
Value is around 1.5mln but has sight complications in that it has some shared land between 5 houses that has to be jointly maintained and is semi detached.
I fear this couldn’t have Happened at a worse time for them and the slight whiff of divorcing Couple means bids may be low.
No idea at this stage how the finances will work out but the main priority is selling up as cash is becoming quite tight due to now running two places and of course a new far younger female in tow !
Purchase price of the house was 1.3 around 6ys ago so maybe it’s more of a break even trade although with the prospect of a no deal Brexit even that may prove tricky.
More so , the fact he will be pushing for a sale come early next year if finances get tight.
Tonker has a good read on this area so can likely add some light on how prices are selling in the Godalming area and close by.
He is currently living in rented with his new bird ( 28yts his junior!) and the wife/kids are now facing the upheaval of selling up.
His wife is insistent she doesn’t want to sell ahead of Xmas and instead wants to put the house up next spring rather than have it hang around now for 6 months, understandable.
It’s a big old drum in the depths of Surrey in what’s regarded a nice area.
Value is around 1.5mln but has sight complications in that it has some shared land between 5 houses that has to be jointly maintained and is semi detached.
I fear this couldn’t have Happened at a worse time for them and the slight whiff of divorcing Couple means bids may be low.
No idea at this stage how the finances will work out but the main priority is selling up as cash is becoming quite tight due to now running two places and of course a new far younger female in tow !
Purchase price of the house was 1.3 around 6ys ago so maybe it’s more of a break even trade although with the prospect of a no deal Brexit even that may prove tricky.
More so , the fact he will be pushing for a sale come early next year if finances get tight.
Tonker has a good read on this area so can likely add some light on how prices are selling in the Godalming area and close by.
JagLover said:
Sometimes you cant get away from service charges even in Freehold houses.
We pay £230 a year and the only thing we get in return is "maintenance" of a carpark and access road that we cross to drive to and from our garage.
Freehold houses. Only 5% of England's land contains these. Shocking stuff. Don't know how you can even call a leasehold a type of ownership. It's bloody feudalism. The poor nature of body corporate management across the UK is also symptomatic of a pattern of land ownership and rights that need to be brought into the modern world.We pay £230 a year and the only thing we get in return is "maintenance" of a carpark and access road that we cross to drive to and from our garage.
princeperch said:
https://www.bbc.co.uk/news/extra/pjfxZM72Gj/house-...
Bit of a long read but I found it very interesting.
I read that over the weekend. Not much I didn’t already know, but it is interesting to see it laid out like that.Bit of a long read but I found it very interesting.
I wonder how many people of that age realise just how hard done by they really are compared to previous generations.
Lovely house, imho, and nicely done.
https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
ooid said:
Lovely house, imho, and nicely done.
https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
Would need to see better pics / view in person to figure out whether they have scrimped on materials or not (some of those 'wooden' floors don't look great).https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
It's clearly not huge either at 1,700 sqft (classic EA wide angle pictures)
I don't know the area but I wonder if the A12 is a bit of a nuisance that close.
I suppose have a bias towards SW London - you could get a similar size property for that price in (?) Earlsfield/Southfields and live on a less scruffy road with a better commute into town.
On the south coast where i live anything around £300K or less seems to selling rapidly and even properties that have been on the market for a while are now going. £250K-£300K buys you a nice flat or a smaller house in an average area. This does not seem to be the result of advertised price reductions and suggests to me that new properties coming to market will be more, not less expensive. This also seems to be spreading up to the £600K-£900K bracket but has not reached the higher levels (£1.5M and above yet). All in all, far from negative.
kingston12 said:
princeperch said:
https://www.bbc.co.uk/news/extra/pjfxZM72Gj/house-...
Bit of a long read but I found it very interesting.
I read that over the weekend. Not much I didn’t already know, but it is interesting to see it laid out like that.Bit of a long read but I found it very interesting.
I wonder how many people of that age realise just how hard done by they really are compared to previous generations.
ooid said:
Lovely house, imho, and nicely done.
https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
floors kitchen and bathrooms look cheaply done, https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
these houses were 500k in 2014. considering lots of london is back down to 2014 prices, i wouldnt class this as good value.
z4RRSchris said:
floors kitchen and bathrooms look cheaply done,
these houses were 500k in 2014. considering lots of london is back down to 2014 prices, i wouldnt class this as good value.
Thanks Chris. The area (Redbridge, and Wanstead flats), getting quite popular though as you might know recently. Actually if you look at the stock of most of Petty Son & Prestwich, hard to find any 2-3 bed below 800k! these houses were 500k in 2014. considering lots of london is back down to 2014 prices, i wouldnt class this as good value.
How about this one?
https://www.zoopla.co.uk/for-sale/details/52127606...
Definitely needs more work, but it is at least detached and much bigger garden. oh and the garage
z4RRSchris said:
ooid said:
Lovely house, imho, and nicely done.
https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
floors kitchen and bathrooms look cheaply done, https://www.zoopla.co.uk/for-sale/details/52513338...
Considering the area, I do not think it's over-priced.. Any thoughts?
these houses were 500k in 2014. considering lots of london is back down to 2014 prices, i wouldnt class this as good value.
t hole with a dirty great big shed on the roof. in the meanwhile as someone that doesnt live a million miles from Wanstead (and in the same postcode) its a nice enough house but you could probably do better by buying further south into leytonstone and getting a much bigger garden and some decent stuff to do in the surrounding area..
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