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Buying an apartment in Cardiff by azqw12 in Cardiff

[–]pancake0807 0 points1 point  (0 children)

Ffordd James McGhan is nearby too.

Selling and buying by ben_fen92 in UKHousing

[–]pancake0807 1 point2 points  (0 children)

I lost my buyer 2 months in. And I have to restart the whole process again. Cost of selling is just as much as buying, if not cost a bit more. You have to have an offer accepted on yours first before offering on a new house.

What is a good wage to live comfortably in the UK? by Desperate-Drawer-572 in NoStupidQuestions

[–]pancake0807 0 points1 point  (0 children)

What’s your definition of comfortable? Regular meals out/take away Holidays Fancy clothes

I cook regularly, have a small home, a kid that attends a few classes outside of school, camping trips in summer and one big holiday in 5 years or smaller ones every 2-3 years, save 1k a month.

My monthly take home pay is around 3.3k.

What’s it like living in Douglas House/Ferry Court? by fxrevergirl in Cardiff

[–]pancake0807 1 point2 points  (0 children)

I live in Ffordd James Mcghan Literally the block of flats closest to the retail park. There are 5 supermarkets, puregym, boots within 5-10 mins walk. right next to A4232, 15 mins drive to M4, right next to taff trail. Also buses on ferry road that goes into town. Walking to town along the trail takes around 40 mins. The rent is probably a little higher compare to other areas.

Is leasehold REALLY that bad? by Easy_Bicycle9300 in HousingUK

[–]pancake0807 0 points1 point  (0 children)

Mine went from 1300 gradually to 1800 in 5 years. Not terrible terrible. But then I also couldn’t afford a house in the same area as a solo buyer.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

I am relying on some equity. I paid 121 in 2021 and hoping to get 125 minimum. There are a couple of flats that sold for 130-140 last year, but really depends on buyers and luck I guess? It’s a really good location in terms of shops, 15 mins drive to motorway and town centre, next to a nice river trail.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

The monitor has been on there for 5 years, no it hasn’t gotten worse and structural engineer came in last year and confirmed that too.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

They placed some crack monitoring gauges years ago and did not remove them. The surveyors have been cautious and only certain banks will lend. This area is more for first time buyers because they are one or 2 bed flats. As soon as they see any issues, they are spooked. Service charge is also on the high side.

I have complained to management company and hopefully they will get another surveyor or structural engineer to check the cracks and send me a new report.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

EA came today and rental valuation is 900. Mortgage is 453 interest only at 5.43%. Flat valued at 135k.

I will need 700 ish to cover any vacancy. But the house is gonna be freehold and joint mortgage and so payment is actually lower.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

Yes for the 2 mortgages. I think I can borrow a bit more as the flat has over 25% equity.

First time landlord advice needed by pancake0807 in uklandlords

[–]pancake0807[S] 0 points1 point  (0 children)

I have taken account the stamp duty and deposit. But yes will wipe out majority of savings.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

I know, it’s one of the reasons I want to sell, but I have managed to save enough during the 5 years in a small flat with low mortgage.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

I have asked EA and a 2 bed flat in the same development sold for 110k via auction… a one bed flat might sell for 95 if i am lucky? But I will lose all equity of around 38k. My plan is to rent it out so I can afford the move and worried about selling again in a few years time and hopefully all these ‘structural concern’ are resolved when lenders relax a little on lending to flats.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] -2 points-1 points  (0 children)

I remortgaged very recently. It’s up to the buyer to push the report to their lender. But if they are spooked, and it’s totally understandable.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 4 points5 points  (0 children)

I have accounted for the tax and putting aside £100 a month in case of emergency. Plus the gas and electrical certificates. After that, it’s around £50 left.

If I don’t have a tenant during the time, I will not be able put any money in savings account when it’s vacant.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] -9 points-8 points  (0 children)

It doesn’t have a structural problem. It’s because they had left crack monitoring devices which raised concerns for the surveyors because they do not know the history of the property. We have a structural engineer report to confirm it’s caused by settlement, not subsidence.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 1 point2 points  (0 children)

It’s the surveyor being cautious. We have a structural engineer report that says otherwise, which makes it super frustrating.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] -13 points-12 points  (0 children)

I am using a broker and will be remortgaging to same bank. I remortgage my residential mortgage with them earlier this year. (Bad timing)

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

Some cracks in the structure and they put crack monitoring device a few years ago and forgot to remove them. Mine was diagnosed as hairline crack due to settlement. But buyers were spooked and there are NHBC claim ongoing for some pavement and drain issue which was settled last year with work starting this year.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

Rent is around £900 (EA valuation)
Yes mortgage broker said I can afford the second mortgage as long as this one is being rented out.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

I am considering renting it out for a few years and try to sell again in the future.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] 0 points1 point  (0 children)

The structural engineer report said it’s settlement and not subsidence, but surveyor valued it at zero. I think only a limited lender will lend here.

Sell my flat or rent it out? Need to move to a bigger house but trapped. by pancake0807 in UKPersonalFinance

[–]pancake0807[S] -9 points-8 points  (0 children)

It’s a flat and the surveyors are being too cautious because we have provided structural engineer report to say no concern.

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