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pdrg
Support Moderator
United Kingdom
2897 Posts |
 Posted - 23 September 2004 : 06:48:33
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wow, mr multi-property man!!
Yeah, Oxford is just disproportionately dear - used to live Cripley Rd (by rail station) for 5 yrs, left area for 1 year, came back, stunned at prices, ran away to Charlbury! Never got on the property ladder, don't see how I can any more :( Can I have one of yours? ;) |
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HuwR
Forum Admin
United Kingdom
20600 Posts |
Posted - 23 September 2004 : 07:38:46
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I was fortunate, I bought my flat in shropshire about 20 years ago, it cost me £22K and at the time I was working abroad a lot so managed to buy it cash, about 10 years ago I bought a 3 bed terrace in Oxford for £60K which I sold for £100K 5 years later (that house is now worth 225K!) and used the money to buy the flat we live in now. I currently rent out the flat in shropshire, which means I don't have to go to work to pay the morgage on this one. I would like to sell the flat and buy a house, but even with the colateral we have it is virtually impossible to buy a house in Oxford which is where we need to be at the moment. Your only chance of getting on the ladder is to buy further north.
What really bugs me is that the price my brother pays in rent would easily cover the mortgage on a good property, yet you can't borrow that much on his salary ? |
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pdrg
Support Moderator
United Kingdom
2897 Posts |
Posted - 23 September 2004 : 08:43:48
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tell me about it... |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 23 September 2004 : 11:54:20
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You know Huw, I think it might be a good idea to keep purchansing investment properties instead of buying a house. The extra flat is bringing in cash, but buying a house means that money is leaving your pocket until you sell the house, which might not ever happen if you planned on living in it permanently.
Paddy, I feel your pain. We're always moving and it seems like we'll always be renting.
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Ken
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Worldwide Partner Group
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HuwR
Forum Admin
United Kingdom
20600 Posts |
Posted - 23 September 2004 : 12:26:06
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| If/When we get round to buying a house we will most likely keep our current flat as well, it has very good income potential for renting, so we would be reluctant to sell it. I just miss having a garden, and not carry my bike up 4 flights of stairs everytime you want to go out on it would be nice to. |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 23 September 2004 : 23:16:25
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| Funny you should say that. I don't miss lugging around bags of soil and manure for my wife's gardening! |
Ken
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Worldwide Partner Group
Microsoft |
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HuwR
Forum Admin
United Kingdom
20600 Posts |
Posted - 24 September 2004 : 03:48:25
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| I don't mind that, I quite like gardening, I used to grow most of my veg when I lived in Shropshire, there's nothing quite like popping down the garden to pick your dinner. |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 24 September 2004 : 04:21:27
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| Out of curiosity, is there anything like rent control in the UK? |
Ken
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Worldwide Partner Group
Microsoft |
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pdrg
Support Moderator
United Kingdom
2897 Posts |
Posted - 24 September 2004 : 05:37:33
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local councils will have a 'fair rents' officer/adjudicator, but both the tenant and the landlord have to agree by their decision, I don't thik landlords can be forced to charge less for any specified property just because somebody thinks it should be cheaper...
Is that 'rent control'? |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 24 September 2004 : 05:42:08
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Rent control where I come from refers to a limitation on a landlord's ability to raise the rents of existing tennants. For example, annual rent increases might be limited to 6% of the current rent.
Of course after a tennant leaves, a landlord could as whatever rent the market will bear for his next tennant. |
Ken
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Worldwide Partner Group
Microsoft |
Edited by - seahorse on 24 September 2004 05:43:39 |
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pdrg
Support Moderator
United Kingdom
2897 Posts |
Posted - 24 September 2004 : 11:30:33
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| In that case, i think it is all contractual - you'll only get an 'assures-shorthold' tenancy, so it has a fixed duration (ie you renew it every year/after 5 yrs etc) and a fixed rent for that period unless the contract states otherwise. Initially it would be rare to get anything other than a 1 year assured-shorthold tenancy, and the landlord may consider allowing a 3 or 5-year if you're basically good tenents. this saves you having to do all that paperwork again, and paying all the spurious solicitors/agents fees again. You will usually have a 1-month termination clause anyway, so it's all a bit notional really, but there you go...it's keeps you feeling warm inside if yu know your roof is for the next 3 years etc... |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 26 September 2004 : 21:52:07
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quote:
Originally posted by pdrg
Initially it would be rare to get anything other than a 1 year assured-shorthold tenancy, and the landlord may consider allowing a 3 or 5-year if you're basically good tenents. this saves you having to do all that paperwork again, and paying all the spurious solicitors/agents fees again.
Sigh... |
Ken
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Worldwide Partner Group
Microsoft |
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pdrg
Support Moderator
United Kingdom
2897 Posts |
Posted - 27 September 2004 : 05:24:26
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Of course this situation came about for a reason, under old tenancy laws you had an effective right to stay put for almost ever paying peanuts, landlords used to have to take out court orders for eviction if people took the michael, didn't pay etc, then have to enforce eviction with bailiffs, police, oooh it got nasty. So the 'assured shorthold' agreements became popular as they are a separate section of tenancy law, and dependent more on the actual contracted agreement with less statutory overhead. It works out for everyone decent and honest in the long run, I suppose, as 'bad' neighbours can be moved on more easily now...
On the bright side, you'll be treated no differently as a guest to our sunny (ha!) shores. Welcome :) |
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seahorse
Senior Member
USA
1075 Posts |
Posted - 27 September 2004 : 21:37:02
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I'm in for a real education aren't I?  |
Ken
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Worldwide Partner Group
Microsoft |
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pdrg
Support Moderator
United Kingdom
2897 Posts |
Posted - 28 September 2004 : 05:15:59
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| haha only insofar as life is an education, I imagine you'll find a lot more similarities with USA than with Japan, for instance ;-) |
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