die hard doonhamer Posted September 19, 2023 Share Posted September 19, 2023 Put an offer in on a house today. The wait to hear back is horrible. 1 Quote Link to comment Share on other sites More sharing options...
Gnash Posted September 19, 2023 Share Posted September 19, 2023 1 minute ago, die hard doonhamer said: Put an offer in on a house today. The wait to hear back is horrible. It's worse when you find out you were outbid by £70k. 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted September 19, 2023 Share Posted September 19, 2023 1 hour ago, die hard doonhamer said: Put an offer in on a house today. The wait to hear back is horrible. Agreed. 1 hour ago, Gnash said: It's worse when you find out you were outbid by £70k. I'm not sure about this. I'd rather miss out by £70k than £1k. 1 Quote Link to comment Share on other sites More sharing options...
Central Belt Caley Posted September 19, 2023 Share Posted September 19, 2023 53 minutes ago, Todd_is_God said: Agreed. I'm not sure about this. I'd rather miss out by £70k than £1k. I agree with you, when I got my flat I increased my offer at the closing date by £500 and I found out that was what swung it for me. If I’d missed out for the sake of a couple hundred quid I’d have been devastated. 1 Quote Link to comment Share on other sites More sharing options...
Gnash Posted September 19, 2023 Share Posted September 19, 2023 1 hour ago, Todd_is_God said: Agreed. I'm not sure about this. I'd rather miss out by £70k than £1k. Initially. Then you realise you'll have to bid £70k more on the next one, or downscale to a shoebox. 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted September 19, 2023 Share Posted September 19, 2023 I was beaten by £500 on an offer last year, only to end up paying fully 20% less - on a reduced asking price - two minutes along the same street about six weeks later. A bit more work was needed on walk-in but it turned out to be an extremely fortunate turn of events. 1 Quote Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted September 19, 2023 Share Posted September 19, 2023 45 minutes ago, virginton said: I was beaten by £500 on an offer last year, only to end up paying fully 20% less - on a reduced asking price - two minutes along the same street about six weeks later. A bit more work was needed on walk-in but it turned out to be an extremely fortunate turn of events. Are you getting @TxRoverin to estimate and do all the work? 1 Quote Link to comment Share on other sites More sharing options...
TxRover Posted September 19, 2023 Share Posted September 19, 2023 43 minutes ago, Sergeant Wilson said: Are you getting @TxRoverin to estimate and do all the work? Well he can’t get an Estonian architect, Bulgarian bricklayer or Polish plumber anymore, so he needs to look somewhere. I know some Mexican construction workers who’d like a break somewhere cooler, how are the post-Brexit visas doing? 0 Quote Link to comment Share on other sites More sharing options...
101 Posted September 20, 2023 Share Posted September 20, 2023 10 hours ago, TxRover said: how are the post-Brexit visas doing? Given all trades are on the Shortage occupation list then that gives you a clear idea. 0 Quote Link to comment Share on other sites More sharing options...
die hard doonhamer Posted September 20, 2023 Share Posted September 20, 2023 16 hours ago, die hard doonhamer said: Put an offer in on a house today. The wait to hear back is horrible. First offer accepted 3 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted September 20, 2023 Share Posted September 20, 2023 16 minutes ago, die hard doonhamer said: First offer accepted 2 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted October 21, 2023 Share Posted October 21, 2023 Anyone thinking of buying a new-build home ? https://www.theguardian.com/lifeandstyle/2023/oct/21/cracked-tiles-wonky-gutters-leaning-walls-why-are-britains-new-houses-so-rubbish "In a new-build housing estate on the edge of Peterborough, where rows of identical redbrick homes march along a freshly tarmacked street, Orlando Murphy stands outside a house wielding a long telescopic pole with a camera on the end. A few doors down, builders in hi-vis vests look on with expressions of concern, as he casts his camera across the roof and points it towards the gutters, like a metal detectorist looking for treasure. The bounty he is seeking is not golden coins, but evidence of bodging. “Cracked tiles, guttering on the wonk, pooling water, dodgy fascia boards,” Murphy says, reeling off the common issues. “The things they get away with are absolutely shocking.” 0 Quote Link to comment Share on other sites More sharing options...
Savage Henry Posted December 7, 2023 Share Posted December 7, 2023 Just renewed at 5.1% with Nationwide on a 5-year fix. Manageable monthly payments, but a kick in the pants after two years at 1.8%. 1 Quote Link to comment Share on other sites More sharing options...
ICTChris Posted December 8, 2023 Share Posted December 8, 2023 I’m moving to France. https://www.frenchpropertycentre.com/property/rl-bvi72984/ 2 Quote Link to comment Share on other sites More sharing options...
alta-pete Posted December 8, 2023 Share Posted December 8, 2023 10 hours ago, ICTChris said: I’m moving to France. https://www.frenchpropertycentre.com/property/rl-bvi72984/ Good. f**k off. Spoiler 0 Quote Link to comment Share on other sites More sharing options...
Moomintroll Posted January 8 Share Posted January 8 2 hours ago, CamronGardner said: Buying a house involves a maze of decisions, from mortgages to insurance. Yet, post-purchase, managing your property becomes pivotal. Cut the shite bot, show us the link. 0 Quote Link to comment Share on other sites More sharing options...
'WellDel Posted January 9 Share Posted January 9 Looking for some advice on owning a 2nd property and tax implications etc, if anyone on here has any experience. Long story short(ish). Daughter is currently living in a rented flat but the owner lives abroad and the letting agents are cnuts, with a whole host of issues needing resolved that they constantly drag their heels on. Rental prices are getting eye-watering and she/we are loathe to line the pockets of greedy landlords for properties that are nowhere near worth the money. She made some silly financial decisions while a student that makes it difficult for her to get a mortgage just now, but with ours having only a couple of years to run we are considering buying a flat for her in our name, which she can take on once she is able to gain a mortgage in her own right. It wouldn't be buy to let, I know from reading a few articles that you can obtain a 2nd mortgage to allow family etc to live in it for no financial gain, but have no idea about any taxation or other implications involved in owning a 2nd home. Also read recently that some local authorities looking to start applying higher Council Tax on 2nd homes. 0 Quote Link to comment Share on other sites More sharing options...
alta-pete Posted January 9 Share Posted January 9 Yup, you're going to run into some eye-watering second home LBTT implications I'm afraid. Council Tax, for now, remains as for a single home. https://www.savills.co.uk/resources-and-tools/lbtt-calculator.aspx 0 Quote Link to comment Share on other sites More sharing options...
Left Back Posted January 9 Share Posted January 9 (edited) 36 minutes ago, 'WellDel said: Looking for some advice on owning a 2nd property and tax implications etc, if anyone on here has any experience. Long story short(ish). Daughter is currently living in a rented flat but the owner lives abroad and the letting agents are cnuts, with a whole host of issues needing resolved that they constantly drag their heels on. Rental prices are getting eye-watering and she/we are loathe to line the pockets of greedy landlords for properties that are nowhere near worth the money. She made some silly financial decisions while a student that makes it difficult for her to get a mortgage just now, but with ours having only a couple of years to run we are considering buying a flat for her in our name, which she can take on once she is able to gain a mortgage in her own right. It wouldn't be buy to let, I know from reading a few articles that you can obtain a 2nd mortgage to allow family etc to live in it for no financial gain, but have no idea about any taxation or other implications involved in owning a 2nd home. Also read recently that some local authorities looking to start applying higher Council Tax on 2nd homes. Assuming the flat will be in Scotland When you buy it you'll pay extra LBTT (6% for a second home). You'll have to do self assessment and pay tax on any rental income, which you can't offset against mortgage interest these days unless you setup a limited company as a rental vehicle. You'll legally be a landlord so you'll have to comply with all relevant landlord regulations, gas safety checks, EICR cert, Legionella risk assessments, smoke alarms, registering with the local authority, public liability insurance etc. As a landlord you can offset these costs against rental income but if you aren't charging rent you'll have to pay for them all. When you sell the flat you'll be liable to CGT on any profit as it isn't your primary residence. I'll take your word for it that you can get a second mortgage for no financial gain. Typically mortgage companies want 125% of the mortgage payment covered as rental income before they'll lend to you. The higher Council Tax thing is irrelevant as long as you're renting it out on a normal tenancy for someone to live in (rather than short term let or a genuine second home you use for a few weeks a year). The tenant is responsible for the Council Tax at the normal rate (including whatever discounts they might get for being single occupant etc.). When she moves out the clock then starts ticking on Council Tax. Some authorities currently give 6 months free if you're planning to re-let it then hike it up. As you're aware though all this might be changing but as long as it's rented there should be no Council Tax implications for you. I'm not an accountant, laws are subject to change, this does not constitute advice and you can't sue me etc, etc... ETA be prepared to take some flak for joining the ranks of the greedy scum of the earth landlords Edited January 9 by Left Back 0 Quote Link to comment Share on other sites More sharing options...
'WellDel Posted January 9 Share Posted January 9 1 hour ago, Left Back said: Assuming the flat will be in Scotland When you buy it you'll pay extra LBTT (6% for a second home). You'll have to do self assessment and pay tax on any rental income, which you can't offset against mortgage interest these days unless you setup a limited company as a rental vehicle. You'll legally be a landlord so you'll have to comply with all relevant landlord regulations, gas safety checks, EICR cert, Legionella risk assessments, smoke alarms, registering with the local authority, public liability insurance etc. As a landlord you can offset these costs against rental income but if you aren't charging rent you'll have to pay for them all. When you sell the flat you'll be liable to CGT on any profit as it isn't your primary residence. I'll take your word for it that you can get a second mortgage for no financial gain. Typically mortgage companies want 125% of the mortgage payment covered as rental income before they'll lend to you. The higher Council Tax thing is irrelevant as long as you're renting it out on a normal tenancy for someone to live in (rather than short term let or a genuine second home you use for a few weeks a year). The tenant is responsible for the Council Tax at the normal rate (including whatever discounts they might get for being single occupant etc.). When she moves out the clock then starts ticking on Council Tax. Some authorities currently give 6 months free if you're planning to re-let it then hike it up. As you're aware though all this might be changing but as long as it's rented there should be no Council Tax implications for you. I'm not an accountant, laws are subject to change, this does not constitute advice and you can't sue me etc, etc... ETA be prepared to take some flak for joining the ranks of the greedy scum of the earth landlords Thanks for your reply, lots of good info that will help going forward. My point on mortgage for no gain came purely from a quick search on the Halifax mortgage calculator which gave the option of buying a 2nd home, then when it came to whether it would be buy to let, an info box instructed you to select 'No' if you were planning to let family live in it. I know that's at the most simplistic level of the overall purchase and responsibilities involved, and that taxes etc would be involved, but led me to believe there is a specific mortgage tool for this purpose rather than btl. The fixed rate on what's left of my own mortgage ends in the coming month or so, think I'll set up an appointment with a mortgage adviser in branch and discuss what our options are. Given her low credit rating, perhaps a guarantor or joint mortgage of sorts with my daughter could be an option? A lot to consider. Thanks again for your help. 0 Quote Link to comment Share on other sites More sharing options...
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