The pisstakes of moving house

[tris-]

ARGGGHGHGHGHGFUCK.
i cant remember the last time i moved house as i was only 4 but my fucking word im really glad i cant.
the guy who is buying ours is just to let it out. we told him it is going to take 3 months to sort it and he said he was happy.
3 months on and 1 day before doing the contract shit, the bastard says fuck it im pulling out, its taken too long.
his motherfucking solicitor only asked YESTERDAY for some paperwork which my mother rushed out to take to the right places today. she did it in like 4 hours.
so with only 1 day to go, everyone is asking WHY NOW? we have tryed to save him by taking off £1000 from the price and leaving in the cooker. he said he was very tempted and would think about.

how the hell do you cope with this? my mother is having a breakdown and its driving me crazy having to live in this ONE BEDROOM FLAT any longer (14 years has been long enough). if he does pull out, we may never sell it because no one is really buying these flats.

anyone got info on what i can do apart from resorting to drugs

 

[nath]

Sounds like a scam to get her to reduce the price...

 

[tris-]

you know what? thats exactly what i said. but we dont give a shit anymore anyway we just wanna move damn it!

 

[Tom]

Why don't you let it yourself, and move anyway? Or is the mortgage too high?

 

[Will]

Dammit, I've been putting off thinking about finding a new place to live, and now you've reminded me all about it.

 

[tris-]

good idea Tom, but the mortgage is still many thousands of pounds

 

[Tom]

Yes, but if you get a tenant to pay the mortgage, and bugger off to your own house with your mum, the outgoings are the same - and you can always put it on the market and forget about it when required.

 

[Wij]

I'm not sure you can count rent earnings directly into the amount you are allowed to borrow on a new mortgage. Otherwise everyone would own 30 houses

Shit like that happened to me. When it's tens/hundreds of thousands of pounds at stake people act like bastards. The guy who originally wanted to buy mine had put in offers on two places and only decided which one he wanted at about the contract signing stage. Obviously I wasn't aware.

One house I tried to buy the woman messed me about for months before deciding that since house prices had gone up in the mean-time she'd rather put it back on the market for more.

The house I eventually moved into was stripped bare before I moved in. Utility room units. Every curtain. Every light-fitting. Every railing. The loft-ladder.

House-moving is shit, never expect better.

 

[dysfunction]

A flat my uncle bought they also took everything including the lightbulbs...

 

[Turamber]

I'm not sure you can count rent earnings directly into the amount you are allowed to borrow on a new mortgage. Otherwise everyone would own 30 houses

It does count - income is income is income. Anyway, most people go for non-status mortgages these days, they are extremely competitive and there is a lot less screwing about to get them.

I have a couple of a clients who have played the property market very nicely over the past few years. They buy houses and flats, do them up, rent them out, remortage after a few years and then put the extra funds into buying new property. It's fine as long as the housing market continues to be strong, but it's possible that it could weaken just when you are at your most extended cash wise. That would be *bad*, and the main reason why the rest of us don't have thirty plus houses. One of the guys does indeed have that number of properties, with a value of about £1.5 million on todays market.

 

[Ch3tan]

Exactly what my dad and my uncle do for a living Turamber, they have around 30 properties as well. Houses, flats and shops. THey have done everything over the last 15 years, and have now paid off all but one loan from the bank, the amount of income from the rent is ridiculous. Everyone should do it. Worth the really hard times when all the rent was just going to pay off the massive bank loans they had.

 

[`mongoose]

As long as you can get a tenant in to cover the costs of the mortgage your sorted bud.

If you can prove that you can cover the mortgage on the flat the banks will happily give you another mortgage for another property.

I have a friend who owns about 3 houses - I'd do it if I weren;t too bone idle to mess about with the hassle of renting stuff out and was prepared to take the risk of a house sitting empty with no tenants for a while.

M

 

[Lazarus]

tris-

where are you living - house selling/buying laws are different between England & Scotland

 

[DaGaffer]

Yes, but if you get a tenant to pay the mortgage, and bugger off to your own house with your mum, the outgoings are the same - and you can always put it on the market and forget about it when required.

Right now this depends where in the country you are; don't forget the rental income is taxed, so unless you're in an area with relatively cheap house prices, but lots of rental demand (e.g. a university town) 'buy to let' doesn't actually make you enough money to cover the mortgage. Of course, you're still making money through the equity, but if you don't have the cashflow that's a bit of a moot point.

Oh and tris, he's definitely playing games with you; he's a landlord, he rips people off for a living - tell him to fuck off, if he wants the place he'll settle.

 

[itcheh]

You're only taxed on rental income if it exceeds the payments on your mortgage - i.e. you are making a profit.

Tris - might be worth looking into a bridging loan - that way you can tell him to fuck off and not be rushed into completing in order to move into your next proprty. The banks will be more than happy to tell you more.

 

[Vae]

You're only taxed on rental income if it exceeds the payments on your mortgage - i.e. you are making a profit.

Wrong - You're only taxed on rental income less the expenses which would include the interest on the mortgage but not the capital element of the mortgage payment.

 

[Turamber]

You're only taxed on rental income if it exceeds the payments on your mortgage - i.e. you are making a profit.

Sorry, that is inaccurate. The interest element of the mortgage repayment is allowable for tax purposes -- not the capital element of the repayment.

 

[Jupitus]

Vae and Turamber in agreement shocker

 

[Vae]

Well is that any suprise given our jobs! Turambers just slow at posting

 

[Turamber]

I'm just busy doing some actual work

Oh, and chatting up the new secretary

 

[itcheh]

My bad - thanks guys - I knew I had explained it badly ...

 

[Gef]

Christ talk about trying to worry a man, I just put an offer in on a house, first time buyer, currently in the survey stage. I really havent got a clue whats going on, its shit, its like 'here sign these forms leave the rest to us'.

Ah well fingers crossed!