dann2707

The House Thread

301 posts in this topic

38 minutes ago, Ali C said:

We put an offer in on a two bed semi 3k over the asking price…it ended up going for 60k over the asking price!! 

That's insane!! What's happening with your sneaky familial purchase?

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7 minutes ago, monkeyseemonkeydo said:

That's insane!! What's happening with your sneaky familial purchase?

Waiting on the lawyers still, they don’t rush do they!

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40 minutes ago, Ali C said:

We put an offer in on a two bed semi 3k over the asking price…it ended up going for 60k over the asking price!! 

Jesus, I knew it was mental at the moment from looking myself but 60k over asking is insane!

We have just managed to have an offer accepted on a house at 2.5k over asking, still got a long way to go until completion, just hoping nothing goes wrong, awaiting results of survey and mortgage application.

Missed out on the first house we wanted as we didn't realise about the best and final offers, the estate agent just asked if that was all we were offering and seemed like he just wanted more money.

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We have finally found somewhere, managed to get it for 10k under asking too. We are potentially going to rent it from the seller short term as we have to be out of the current house on the 14th, so it would only be a couple of weeks while we get the contracts sorted. The survey was done last week so should get the results of that this week. 

After 7 months of searching, we are finally getting there. The market has been absolutely mad recently, we had an offer rejected that was 40k over asking for a property that we had only seen images of, the seller went for a lesser offer but from a buyer who could move faster. The market is mad. 

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Me and my wife had a bit of a "ah shit" moment recently.

There's a organization out here that helps low to moderate income people buy homes. They do this by basically selling you the home and they keep ownership of the land. This means that you get the home, it's yours, and you rent the land for about 25 pounds a month. If and when you sell the home, you sell it for the price you paid minus 75% of the increased value of the home (you buy a 100k home and when you sell it's valued at 160k, you sell it for $115 through the same organization). Also before they sell you the property they go in and fix up the place, new doors, floors and sometimes a new roof.
We saw a home being sold through this organization for 100k, the total property (with land) valued at 160k, without the land, 130k, and there was an additional 30k knocked off the price. We never intended to go for this place, and sale was already pending, but we realized we could actually apply and hope something similarly prices comes along.
So we apply for the program, do all the paper work, get accepted. And then we realize that the 30k that was knocked off the home is only for people who're a member of our local Chippewa Tribal Band (aka Native Americans).

We're still going to go forwards with the organization, but we doubt we'll get something decent for $100k these days.

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2 hours ago, JT! said:

Me and my wife had a bit of a "ah shit" moment recently.

There's a organization out here that helps low to moderate income people buy homes. They do this by basically selling you the home and they keep ownership of the land. This means that you get the home, it's yours, and you rent the land for about 25 pounds a month. If and when you sell the home, you sell it for the price you paid minus 75% of the increased value of the home (you buy a 100k home and when you sell it's valued at 160k, you sell it for $115 through the same organization). Also before they sell you the property they go in and fix up the place, new doors, floors and sometimes a new roof.
We saw a home being sold through this organization for 100k, the total property (with land) valued at 160k, without the land, 130k, and there was an additional 30k knocked off the price. We never intended to go for this place, and sale was already pending, but we realized we could actually apply and hope something similarly prices comes along.
So we apply for the program, do all the paper work, get accepted. And then we realize that the 30k that was knocked off the home is only for people who're a member of our local Chippewa Tribal Band (aka Native Americans).

We're still going to go forwards with the organization, but we doubt we'll get something decent for $100k these days.

That sounds like a great scheme and much better than the shared ownership schemes in the UK. 

We have been renting our new place for about 4 weeks, should complete next week. I'm desperate to get stuck into some DIY. So much to do. Think il be taking out shares in Screwfix with the number of tools I've got my eyes on. 

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I thought I'd post something nice and positive... I built some decking earlier this year. Never done it before so pretty happy with result to be honest!

Before:

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During:

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After:

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g666GJa.jpg

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First meeting with the mortgage advisor..

Confused Nick Young | Know Your Meme

People Are Shocked To Discover That Confused Meme Isn't Julia Roberts -  LADbible

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We've finally had our potential house valued, at first they estimated the value from looking online at other houses and how they've sold in the past. They came back with £385k which was far too high (we have to pay half to buy out Jane's brothers share). I think they assumed we wanted a higher number as usually when a house is left in a will the family will sell it but we want it lower so we can actually live in it. This house is the smallest in the area (2 bed bungalow compared with 4-5 bed houses) although it does have more land. They sent someone round to look in person and have now said the value is £320k...We thought it was a £300k house but everythings taking so long we will just accept it.

Apparently it doesn't even matter it turns out, we can just agree a price between family rather than having to go by the valuation so according to Jane her brother will accept the 300k number if it means we can get a house to ourselves, he's a workaholic electrician and not short on cash and just wants to pay off his mortgage so we're going to set up our own mortgage and he gets the £150k share. We're happy as this means we get a £300k+ house for £150k.

At the moment we're still waiting on lawyers to finalise things but we're hoping we can get all the paperwork done by next year and start actually making this house ours.

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That is seriously awesome news! B)

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Incredible news! 

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Similar situation to Ali here. Family friend who lived down the road from the farm died a few weeks ago (he was 103) and he left a clause in his will that would give my father in law a discount on buying his house from his family when he died due to all we've done for him over the years and it backs onto one of our fields (see screenshot and crude drawing). 

After it being valued at £385,000 we've been told we can have it for £285,000 (could be slightly less) and his daughter just wants it gone fully furnished so the plan is for all the family to club together to put a lump down on it then hopefully me and the wife get a mortgage to cover the rest and we move in. Needs a bit of work doing, mostly removing old person decorating, but it's pretty much ready to go. 

Been living on top of each other here for 7yrs now so fingers crossed we can sort it and finally get our own space again. 

Trying not to get too excited but it all seems really promising. 

Screenshot_20210923-160222_Maps.jpg

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Looks and sounds good! What are the square patches in the back garden? Guessing the 103 year old didn't have two trampolines back there...

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4 minutes ago, monkeyseemonkeydo said:

Looks and sounds good! What are the square patches in the back garden? Guessing the 103 year old didn't have two trampolines back there...

I'm pretty sure it's where he had a caravan for his mother in law to live in years ago. 

Scandalous to think he bought it in the early 70's for about £5000...

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Just sent everything i needed to over to the mortgage advisor, having not logged in to my banking on an actual computer for the better part of 3 years that posed quite a task.

I assume that was the most difficult of my hurdles to clear right?

 

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roflcopter-2.jpg

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101-1018544_image-lobster-dog.png

Lobster dog is unsure...

 

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Had another meeting with the mortgage advisor, I nearly fainted

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2 hours ago, Davetrials said:

Had another meeting with the mortgage advisor, I nearly fainted

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?

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it just keeps totting up

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Not sure if this is the best place for this question but it is somewhat house related and seems to be one of the more active topics at the moment. 

We are in the process of redecorating our living room and the plan is to put the TV on the wall and hide all power and HDMI cables in the wall and route them to a media centre on the opposite side of the wall. The hiding of the cables seems straightforward enough, channel out the walls and insert cables into trunking, terminate at wall plates and then replaster. My concern is the reliable length you can run an HDMI cable. I imagine once the cable has followed the path of the wall around the outside of the room we will be pushing 7 or 8 meters if not more. Is this going to be too long and if so what are my other options, I have seen HDMI to ethernet converters would this be a better solution? I'm quite comfortable terminating cat6 cables so this would be preferable to HDMI. 

Thanks for any advice. 


Joe

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Looks like 4K might be an issue but 1080p should be fine. 

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On 9/16/2021 at 11:43 AM, Ali C said:

We've finally had our potential house valued, at first they estimated the value from looking online at other houses and how they've sold in the past. They came back with £385k which was far too high (we have to pay half to buy out Jane's brothers share). I think they assumed we wanted a higher number as usually when a house is left in a will the family will sell it but we want it lower so we can actually live in it. This house is the smallest in the area (2 bed bungalow compared with 4-5 bed houses) although it does have more land. They sent someone round to look in person and have now said the value is £320k...We thought it was a £300k house but everythings taking so long we will just accept it.

Apparently it doesn't even matter it turns out, we can just agree a price between family rather than having to go by the valuation so according to Jane her brother will accept the 300k number if it means we can get a house to ourselves, he's a workaholic electrician and not short on cash and just wants to pay off his mortgage so we're going to set up our own mortgage and he gets the £150k share. We're happy as this means we get a £300k+ house for £150k.

At the moment we're still waiting on lawyers to finalise things but we're hoping we can get all the paperwork done by next year and start actually making this house ours.

Not to be a party pooper but your going to need a lot of legal work as technically you are buying a £150k house but your also doing your partner out of a £150k inheritance, and to say if you was to break up she has now lost that money as you have now leveraged her £150k with a mortgage? just something to bare in mind.  

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I'm not quite sure what you're meaning. We're due to be getting married at some point (been waiting until we get a house) so no plans on breaking up (but I guess there never is). She wants a house, I want a house, we both want to live together so it makes sense to inherit this house and give us both exactly what we wanted. I'm sure if she had just inherited money it would've gone on a house for us plus I'm pitching in half of the 150k from inheritance from my parents and some savings. 

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Always worth having it stated who owns what shares of a property just in cases... We know too many people where just assuming it will be ok has gone wrong after a split or death. Especially as you aren't married yet and there is a large amount of capital in it. 

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