Dr Gloom 22149 Posted July 31, 2014 Share Posted July 31, 2014 Main thing to remember is these people do this shit day in and day out. This is to them what picking piss soaked grannies up from Asda is to CT, or sharing a fondue on the banks of Lake Geneva is to Chez. Piece of piss. pure poetry Link to comment Share on other sites More sharing options...
Tom 14013 Posted July 31, 2014 Share Posted July 31, 2014 Aye, if we're being honest, the best case scenario is Stevie comes out of this absolutely fine and says something fucking mental to the doctor. Link to comment Share on other sites More sharing options...
Kid Dynamite 7170 Posted July 31, 2014 Share Posted July 31, 2014 Anyone know anything about solicitors/mortgages? The estate agent 'recommended' a solicitor for us to go through. We've had them do some paperwork and stuff and now the mortgage approver says they are too small to deal with as they only have 1 SRA rather than 2. They want £258 for them to go through their own solicitors? Am I within my rights to ask the estate agent to foot at least part of that bill as they pointed me in that direction in the first place, the bastards. Link to comment Share on other sites More sharing options...
Inochi 0 Posted July 31, 2014 Share Posted July 31, 2014 The estate agent will be getting paid to recommend that solicitor. His recommendation is based purely on this fact. Get your own solicitor. Friends and family would offer more trustworthy recommendations. Link to comment Share on other sites More sharing options...
Kid Dynamite 7170 Posted July 31, 2014 Share Posted July 31, 2014 The price was much of a muchness hence is going with the recommendation. If the estate agent has been paid a commission then I expect a refund for the £250 as the solicitor isn't up to the task I hired them for Link to comment Share on other sites More sharing options...
ewerk 31203 Posted July 31, 2014 Share Posted July 31, 2014 I'd imagine they've recommended this solicitor before without issue. It may just be your bank being arseholes? Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 (edited) I'd imagine they've recommended this solicitor before without issue. It may just be your bank being arseholes? My thoughts too. Incidentally I'm buying a house at the moment and can confirm lenders are tossers at the moment. Mine wouldn't lend me twice joint salary with a 40% deposit without a canny few preconditions. In total we had around about 5 hours of interviews and negotiations at the bank. Took so long we nearly lost our house. Ridiculous. A lot has changed over the past few months and I expect the market to stall pretty shortly. I just can't get my head around London house prices on rightmove either. Madness. Edited July 31, 2014 by Renton Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 31, 2014 Share Posted July 31, 2014 That's insane. I guess the bank sees the market going down too otherwise 40% virtually eliminate their risk, no? Link to comment Share on other sites More sharing options...
Park Life 71 Posted July 31, 2014 Share Posted July 31, 2014 My thoughts too. Incidentally I'm buying a house at the moment and can confirm lenders are tossers at the moment. Mine wouldn't lend me twice joint salary with a 40% deposit without a canny few preconditions. In total we had around about 5 hours of interviews and negotiations at the bank. Took so long we nearly lost our house. Ridiculous. A lot has changed over the past few months and I expect the market to stall pretty shortly. I just can't get my head around London house prices on rightmove either. Madness. Get another bank. Link to comment Share on other sites More sharing options...
Kid Dynamite 7170 Posted July 31, 2014 Share Posted July 31, 2014 I'd imagine they've recommended this solicitor before without issue. It may just be your bank being arseholes? It's the post office. Possibly, but they have the best deal by a decent margin and I'm in 2 minds to either kick up a stink or just swallow the £250 and get the move over and done with Link to comment Share on other sites More sharing options...
Dr Gloom 22149 Posted July 31, 2014 Share Posted July 31, 2014 I've been calling the london property bubble popping for years but if the biggest economic slump since the Great Depression couldn't do it, what will? Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 That's insane. I guess the bank sees the market going down too otherwise 40% virtually eliminate their risk, no? No risk whatever for the bank, ateotd my impression was they don't want the business. The deal is a lifetime tracker and to be fair they're making very little money out of it over 21 years. They really shouldn't offer it in that case though. Acceptance letter came today though thankfully. Been a ball ache like. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 31, 2014 Share Posted July 31, 2014 (edited) Well in that case I can understand it. If they are not making money off it then the cost of lending through transaction and admin costs means they will want to have 0% risk. You're obviously getting a good deal but they are also lending a significant amount. With the background risk to the price level in the market it make sense for them to be reticent. It can't be a common deal if the payback over time doesn't significantly exceed the initial loan Edited July 31, 2014 by ChezGiven Link to comment Share on other sites More sharing options...
Kid Dynamite 7170 Posted July 31, 2014 Share Posted July 31, 2014 Tracker will still be 2% above base rate though? Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 31, 2014 Share Posted July 31, 2014 I thought the points above base depended on the bank / loan? Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 Well in that case I can understand it. If they are not making money off it then the cost of lending through transaction and admin costs means they will want to have 0% risk. You're obviously getting a good deal but they are also lending a significant amount. With the background risk to the price level in the market it make sense for them to be reticent. It can't be a common deal if the payback over time doesn't significantly exceed the initial loan Yeah, it's a lifetime tracker 1.5% above base. A single fee of 1k, then no more hassle for the life of the loan. Interest rates would need to go up a lot for the best fixed rate deal to be worth it , by which time the deal would be expired and need renegotiation anyway. My previous mortgage was lifetime tracker just 0.25% above base. Was northern rock. Couldn't take that with us as unsurprisingly deals like that bankrupted them. Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 I thought the points above base depended on the bank / loan? It does. 60% loan to value is the magic number. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted July 31, 2014 Share Posted July 31, 2014 We are looking at the same, could make the deposit higher than 40% by getting somewhere smaller or push to the max and get somewhere with enough space for 4 of us. In Central Paris that's not a lot either. Same situation as you as we both work. Doing it in the new year so time to reflect on it. Link to comment Share on other sites More sharing options...
Meenzer 15718 Posted July 31, 2014 Share Posted July 31, 2014 I've been calling the london property bubble popping for years but if the biggest economic slump since the Great Depression couldn't do it, what will? Yeah, we assumed it'd go pop last time, hence sitting here still renting. Oh well. It's Dutch tulip mania writ large, but what politician is ever going to say "well, we basically need to fuck over a whole generation of homeowners to get back to any kind of sanity, sorry"? Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 Yeah, we assumed it'd go pop last time, hence sitting here still renting. Oh well. It's Dutch tulip mania writ large, but what politician is ever going to say "well, we basically need to fuck over a whole generation of homeowners to get back to any kind of sanity, sorry"? It would have to come from a market failure though, surely? Not sure politicians have much say or influence in it, ultimately. Link to comment Share on other sites More sharing options...
ewerk 31203 Posted July 31, 2014 Share Posted July 31, 2014 It's the post office. Possibly, but they have the best deal by a decent margin and I'm in 2 minds to either kick up a stink or just swallow the £250 and get the move over and done with £250 is fuck all tbf over the lifetime of the deal. If it's gets you the house you want then do what they ask and question it later. Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 We are looking at the same, could make the deposit higher than 40% by getting somewhere smaller or push to the max and get somewhere with enough space for 4 of us. In Central Paris that's not a lot either. Same situation as you as we both work. Doing it in the new year so time to reflect on it. Central Paris sounds a bit more exciting than Tynemouth! The 40% deposit we put down is no coincidence, it allowed us to release equity for building work. The new house is a wreck and I can't change a light bulb. I don't think putting more money down gets you better offers though. Link to comment Share on other sites More sharing options...
Dr Gloom 22149 Posted July 31, 2014 Share Posted July 31, 2014 I got lucky by buying my first property back in 2004, thanks mainly to parents helping with the deposit, before prices went completely insane. I was worried even then about being stuck there when the market eventually crashed and thought at the time we got lucky when we sold it two years later for a big profit but prices have just kept going. It's completely ridiculous when you look at the fundamentals. Defies logic. Got mates who kept putting it off until prices started to fall, it never happened and they have now stretched themselves to breaking point for a one bedroom flat in Sydenham. I think if it was me today I'd just rent. But rents aren't exactly cheap right now either. Fuck knows what the answer is. It's a classic lack of supply and might take some colossal global economic tremor for the foreign investors propping it all up to withdraw. Link to comment Share on other sites More sharing options...
Kid Dynamite 7170 Posted July 31, 2014 Share Posted July 31, 2014 £250 is fuck all tbf over the lifetime of the deal. If it's gets you the house you want then do what they ask and question it later. Aye, I'll lean on the estate agent and try them first. They were the fuckers who recommended them and no doubt received a commission. It's a 90% mortgage over 28 years so £250 is a drop in the ocean Link to comment Share on other sites More sharing options...
Renton 22001 Posted July 31, 2014 Share Posted July 31, 2014 No security in renting either, which must be a huge concern if you have a family. Link to comment Share on other sites More sharing options...
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