luciaadr
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Registered: 11th Aug 04
Location: Bexleyheath, Greater London
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quote:
Originally posted by deano87
....what other fees are associated with moving into your first property and what do they amount to.....
Ask your sister 
Is your sister intending to save and thereby repay the loan in 2 years, or rely on releasing equity in 2 years because the flat has appreciated in value? Being a new flat, I cant see it appreciating 10% in 2 years in order that your sister can give you the money. You can ignore the 5% discount, thats just marketing / dropping prices given the state of the market. I'd get saving now. Teh target being as much as possible. Honestly, it'll all go.
Sure if you buy a run-down place and do it up, you can often see your money back and more if you sell / re-mortgage, but a new flat will have been done to a decent standard already, so you are relying on the housing market recovering to add value, which wont happen fast.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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I think she's hoping to re-mortgage and pay back, but she stretched herself to live on her own but she has recently had a £5k pay rise.
I'm pretty sure the 5% builders discount was listed on the mortgage paperwork i.e. went towards the 'deposit' - Halifax certainly valued the property at £5k more than she paid for it.
ed - I wouldn't necessarily see it as debt as it's still a roof over your head. I don't really want anything as small as her. Not sure I could live without a garden tbh.
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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Deano, i'm not being funny but if you cannot save 10k in 2 years beween the two of you then you have no chance in hell living on your own.
My current place, 10k down and another 10k on furnature, fees, hidden costs etc. It's not cheap, especially if like me you are a bit of a snob.
Then i spend probably £800 a month on bills, not including cars.
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
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£800 must include your mortgage though? Otherwise that's ridiculous.
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AndyKent
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Registered: 3rd Sep 05
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I spend £600 and buy all my food in M&S 
That includes all utilities, TV, council tax, food, insurances, fuel and a bit of spending money. Oh, and there's services charges in there too of about £70 a month.
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
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quote:
Originally posted by Graham88
£800 must include your mortgage though? Otherwise that's ridiculous.
Yep, I'm thinking the same.
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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quote:
Originally posted by tom_simes
quote:
Originally posted by Graham88
£800 must include your mortgage though? Otherwise that's ridiculous.
Yep, I'm thinking the same.
£800  Our bills come to £1200 a month, although that does include everything (we share all costs 50/50 as we earn the same money) such as diesel, car tax, car insurance, rather than just mortgage, bills and food
With our newbuild, the builder gave us money back that would have been stamp duty (March 2010 on £138k), solicitors fees were paid mainly by builder so we ended up spending £250 on those and we got our white goods, curtains, carpets as well (Indesit fan oven, built in fridgefreezer, washer/dryer and slim dishwasher) in with the price.
Agree with others though about the furnishings, but you can get a sofa on 0% for 5 years (they wouldnt knock money off for me if I paid fully in cash so took the 0% instead), if you arent too bothered there's plenty on ebay for £250 delivered which will do for 2/3 of years. You would be surprised how expensive paint can get.
But then we were planning on buying for 2 years before we did (when we rented) and we had pretty much all the furniture we needed so we didnt have to buy it at the same time as the house itself
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
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I meant Andrew can't spend £800 on bills alone, without his mortgage included in there.
It also depends on what people class as 'bills' - for some reason, I don't include food or car fuel in my bills - to me, 'bills' purely covers the house/flat costs, such as rent, council tax, electric/gas/water and car loan.
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by Graham88
£800 must include your mortgage though? Otherwise that's ridiculous.
£29.10 - tv licence
£20.77 - life insurance
£63.58 - sky
£75.00 - mobiles
£21.00 - water
£36.00 - electric
£42.00 - gas
£27.91 - home insurance
£138.00 - council tax
petrol - £200.00
food - £200.00
all adds up.
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I'm the same as Tom, I don't count petrol or car related stuff as bills. But even so, £800 has gotta include his mortgage as I am sure he lives alone. No way could 1 person have £800 of bills & a mortgage on top, you wouldn't be able to live unless your loaded. Which when you drive a Corsa C I'm guessing he's not.
Is a TV Licence £30 a month? I thought you paid yearly and I didn't think it was that much. Sky is £65 you can go without also. To be honest owning a house really isn't as expensive as I thought going by that list.
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Fro
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Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
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Just because people don't have a flash car doesn't mean they're not loaded. I know people with large houses and 6 year old fiesta's with plenty of money. They're just prioritising. I'd rather get the nicest house I can instead of having a flash car when I move out.
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John
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Registered: 30th Jun 03
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That list doesn't include the mortgage, which could be another bag of sand on top, it's not particularly cheap either.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
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Graham... TV is £29.10 for the first 6months them drops to £12.10!
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by John
That list doesn't include the mortgage, which could be another bag of sand on top, it's not particularly cheap either.
£943
graham, the hardest part i found was actually getting the money to buy the house.
average 18-20k deposit for a 10% mortgage, probably 1500 quid solicitors fees, survey fee (ours cost 450 quid, we had an in-depth one) and other little payments here there and everywhere.
i'm comfortable in my house now, got quite a lot of disposable income each month (only because i live with the missus), if i was single, it'd be much harder.
fuel bills should be included as part of your monthly outgoings because it's vital to keep on top of your money when you're a homeowner. i budget 200 quid but probably use about 40 quid a week.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by fro-dizzle
Just because people don't have a flash car doesn't mean they're not loaded. I know people with large houses and 6 year old fiesta's with plenty of money. They're just prioritising. I'd rather get the nicest house I can instead of having a flash car when I move out.
exactly fro. my dad lives in a 5 bedroom house but drives a mondeo estate with 171k miles on it he just has no need for a flash car and would rather invest his money into his house which he will get back if/when he sells.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by fro-dizzle
Just because people don't have a flash car doesn't mean they're not loaded. I know people with large houses and 6 year old fiesta's with plenty of money. They're just prioritising. I'd rather get the nicest house I can instead of having a flash car when I move out.
That's true the statement was a bit harsh it was more aimed at the fact Andrew claims to have loads of money all the time....
Oh & entirely agree, when I come to getting a house the car will have to go and something economical will come my way to save money, house is much cooler.
quote:
Originally posted by Daniel_Corsa
Graham... TV is £29.10 for the first 6months them drops to £12.10!
Cool. I was gonna say £30 a month is steep lol
quote:
Originally posted by Ben G
quote:
Originally posted by John
That list doesn't include the mortgage, which could be another bag of sand on top, it's not particularly cheap either.
£943
graham, the hardest part i found was actually getting the money to buy the house.
average 18-20k deposit for a 10% mortgage, probably 1500 quid solicitors fees, survey fee (ours cost 450 quid, we had an in-depth one) and other little payments here there and everywhere.
i'm comfortable in my house now, got quite a lot of disposable income each month (only because i live with the missus), if i was single, it'd be much harder.
fuel bills should be included as part of your monthly outgoings because it's vital to keep on top of your money when you're a homeowner. i budget 200 quid but probably use about 40 quid a week.
Yeah I was saying it's alot cheaper than I thought in terms of owning it with someone else. Because I can take everything that gets paid out but only have to pay half, so it's not nearly as bad as I thought. Not saying it's a walk in park at all. I know you are on about the same money as me Ben so it's a good comparism...
Someone was telling me you can only get 20% mortgages nowadays, financial crisis and all that, so I was thinking I was gonna need like 30-40k for a half decent house on this side of the water I might be moved out by the time I'm 30 lol.
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Oh look, Andrew chatting shit as per.
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Claire
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Registered: 19th Jan 03
Location: The Sarrrf
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Stamp duty doesn't apply to first time buyers or properties under £125,000
My solicitor was about £550 + £300 for search fees
Valuation survey is often included in the mortgage but you may decided to have a more in depth survey done depending on the property. I had a home buyers survey which is middle of the road as the house is not too old. It cost £350 but expect to pay between £200-£800. I wouldn't get this through your mortgage company as they tend to be expensive!
I also used a financial advisor who handled everything for me - her fee was £250 but it was well worth it!
Other costs included moving services such as phone, Internet, sky etc.
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by Graham88
I know you are on about the same money as me Ben so it's a good comparism...
Someone was telling me you can only get 20% mortgages nowadays, financial crisis and all that, so I was thinking I was gonna need like 30-40k for a half decent house on this side of the water I might be moved out by the time I'm 30 lol.
i was going to put that i know you're on good money so it shouldn't be too hard
you can definitely get 10% mortgages as we have one, but the fixed rates are usually 6% or more (our's in 6.05% iirc) which is a hefty sum considering BoE rates have been 0.5% for ages.
it is tough but you can still have nice things with a nice house.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Still at home 
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I'm renting now, still saving but don't regret renting, big learning curve and won't be a shock when I do get my own place. And I've lasted a year without strangling the Mrs, not gonna pretend I haven't had my hands round her necks a few times just never squeezed
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by Graham88
when I come to getting a house the car will have to go and something economical will come my way to save money, house is much cooler.
Funny how things change, this is exactly what I'm trying not to do want to keep the car
[Edited on 24-05-2013 by Graham88]
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baza31
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Registered: 19th Apr 03
Location: yorkshire
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I think people only struggle because no one saves any more . Tbh if you don't have at least 15% in the bank do you think that buying a house is the best idea ? This is when people start struggling working from behind all the time
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John
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Registered: 30th Jun 03
User status: Offline
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I was buying my first house when this started and I've just got my second. It's even more expensive the second time.
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whitter45
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Registered: 15th Nov 02
Location: Norton
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problem with a flat is you are limiting your potential resell audience
Also does it have any maintenance fees etc.
I would also be wary of new build as most have resell clauses meaning you can only sell to FTB, or people who live in the area, or have an earning limit etc if you come to sell
Might sound a bit harsh but for that sort of money you are likely to get some interesting neighbours also
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