General Chat

Heather, glad you went back and are sticking with your original offer..... if its meant to be it will happen!! Lots of love and luck Diana xx

Well went back to see it again. It seems smaller! Worked out the cost of adding new 2 storey extension (subject to the conservation people agreeing!) and decided wed stick to our first offer and let fate take a hand. Since then been looking in local paper and you can get something same size much cheaper BUT in an area that we wouldnt live anyway. I think thats it, no doubt we wont get it and thats fair enough, we save our life savings which would have been deposit and look for something else over next few years. Thanks for your input guys, I do appreciate everyones comments.

Enter the voice of doom and gloom..... I am pretty sure we are heading for a Property crash soon. As the price of houses rises and rises, more and more people are out of the game, particularly first time buyers. No first time buyers means no-one else can move up the ladder. It is the interests of the Financial Institutions to conceal this fact, because they all make big bucks whether or not people are evicted etc. Evictions are up to 5,000 a month now - the BS and Banks dont care, cos they made you take out Mortgage Protection insurance for the mortgage they gave you that you couldnt reasonably have been expected to pay! DON'T up your offer. You may very well find (as I did) that being gazumped is only a temporary problem - the people who gazump you can't get a mortgage! If you have to get a bridging loan for this, then back off - that way lies financial disaster. If you are meant to have this place, you will get it. Olde Crone

Heather, just one other thing. Don't forget that if you are letting it, you will need to pay tax on the income received. Also, you may be liable (I believe) for capital gains tax when you either sell it on or move into it. AL

Yes, the old feet are icy cold now after Ive read some websites about the expected housing market crash. oh dear.

Heather, I gave you my opinion on this last week and I am sticking to that. You are sounding like my husband today. lol Good luck in what ever you decide to do. M.

Karen, the owner is in the depths of Africa and communicating only by occasional email - so no chance there.

The anoying thing for me Heather is I had that foresight & Mum wouldn't listen. BTW that £75,000 was after the property crash. In West London right by Heathrow, I hate to think what they are going for now, they were lovely large masonettes. Vivienne xx

Heather, you are sooo like I would be in your shoes. It is a dificult decision to make and i am not able to ofer advice. Except to say, good luck, go with your instinct, but don't get carried away and ofer more than you can afford, taking materials for renovation into account. and for those who advised she could always sell it, don't forget capital gains tax. Ann Glos

Heather, The world can probably be divided into two categories - those who take risks and CAN sleep at night, those that CAN'T sleep at night at the thought of taking risks. I fit in the latter - do you too?? Jay

Merry, thanks for that - Im feeling a bit miserable that I always seem to look at all the negatives instead of rushing in like these peeps on property developer programmes, getting themselves well in the poo and then coming up smiling with £XXXXX in their pockets. Gillian - yes, when I allow myself I get quite excited at the thought. I can imagine all the tourists that mill about that places saying, oh how lovely etc etc and me thinking yes, and its mine. But, this may be all pie in the sky if we are outbid anyway. Lady, my mum and dad always told a similar story. They were moved out to the London suburbs in the 50s to a council estate. Now at the time, just up the road in Chislehurst (now known as Millionaires Row) they were building new huge 4 bed bungalows. Dad had received some compensation for an industrial accident which blinded him in one eye and was keen to place the £500 on a large bungalow being built. Mum said no as that would be all their money gone. Roll on 35 years. Bungalow is now worth £1.5 million and on top of that they have sold off half the very large plot and another house has been built on it. If only we had the vision of hindsight, eh?

Not giving advice......just to say if it doesn't work out, I promise something else WILL come along. They always do! (PS - you sound just like I would be!) Merry

heather have sent you a pm. sorry I haven't replied sooner keep getting interuppted. catherine xx

Something for you to think about. When I was 15 Mum & Dad had the chance of buying their privately rented masonette for £1000. They didn't have to put any money upfront, just sign the papers & keep paying the same rent untill it was paid for. I was about to leave school, so there would be a bit more money in the pot. My Mum was like you & wouldn't take the chance, so they carried on as tennants until first Dad died in 1984 & then Mum in 1994 when the masonette sold for £75,000!!!!!! Vivienne xx

Don't think you would have a problem with a mortgage Heather, they're falling over themselves to give buy to let mortgages. Vivienne xx

Gillian, havent got time to do the figures as they want the offer in what 24 hours now. Hubby working. Ive rung the agents own financial services bloke who said he couldnt see a problem. Catherine - why is it 'oh dear' - what am I missing please!!!!

Many thanks people - I dont know what Id do without you lot as as sounding board. PHOENIX, you would drool at the cottage, you would know where I meant as we were near it when we did our lightning tour of the abbey last year. Well, gird me loins and stay calm, we can manage this and if not, we can always resell the place, cant we. Think of me guys.

Has the agent told you your offer is the highest? Oh dear!

Yes Jess, I do remember. Im thinking 1. Ive got to stop being a scaredy cat. People thicker and poorer than me would go ahead blindly and not think about any sort of down side and in the majority of cases would come out smiling. 2. Im not being pressured by the agent to up the price - it is a fair price, although Im aware the property is fairly rare. Having done all that say we get the place and then cant arrange a mortgage - how embarrassing would that be.

Hi, Heather. I've just popped in for a few minutes and seen this thread. To be honest, I smell bullsh*t from the agent; it reeks from a mile off! Not sure I'd go for it; he/she might well be bluffing, just to get a higher price. The cottage sounds lovely. However, I'd suggest you just go with your instincts; they say these things happen for a reason! Whatever you decide, good luck! x