Owning your own home

Actually looking on what's now for sale on my road, the LTV is likely to be in the low 70's!!!

Don't fuck it up, May.

This is across the road from me. I bought my two bed maisonette with own garden for £240k last year

http://www.rightmove.co.uk/property-for-sale/property-60257030.html

IMO, the idea of renting from your partner really doesn't work.

When I was first looking to buy, many years ago, this was my initial idea. I was living with my gf in her flat share (ie one room) at the time and decided that I could afford to buy somewhere and she could move in and pay me rent. But then, what happens when we redecorate? When the boiler needs fixing? Etc etc. As I own the place, I have to bear those costs.

So we got a deed of trust drawn up to reflect the fact that I'd paid the deposit and would get this back if we sold. Gf didn't want to sign it though and I couldn't be bothered to make an issue of it.

We are still together 20 years later so it has long since become irrelevant. And we live in a different house.

When I last remortgaged I was with Nationwide and stuck with them as they gave me the best deal due to valuing my property higher than any of the other providers and hence a better LTV.

Didn't require any additional paperwork to renew.

Mate, everyone on her is so not chill or feeling the love.

I put down 85% of deposit and pay equal amount into the house. We didn't sign a jot. I'm chill af about it, lifes too short to worry about these things.

Bed bugs on the other hand, I feel zero love for

I felt like that once and lost a fucking massive pile of money.

Thing is, I didn't know we'd be breaking up a couple of years down the line. Not many people do see it coming.

It pays to plan for shit like this.

Agreed. Other half split up with her previous partner and was suddenly homeless. So she was keen to have a deed of trust to ensure that if we ever split up, she gets a fair share of what she's contributed towards.

I think I'd be fair should that situation arise, but best to have it laid out clearly just in case.

You don't see it coming but it's foolish not to anticipate it to some degree.
We also didn't sign a jot but split everything 50/50 so it's fairly straightforward. Haven't lost a massive pile of money... yet. But the whole not signing anything does rather depend on continuing goodwill - if you or your partner are not the sort to stay on amicable terms with exes, get it done properly. For example otherwise you're both jointly and individually liable for the whole lot, ie. if your partner moves out and just decides to stop paying (especially if they paid little deposit) it's your problem.

I recently got a 5 year fix from Halifax at 3.14% with 1% cash back (85% LTV), but I did it through a broker. Worth chasing for better deals even from the same lender.

Why not invest in a residential property? The values can occasionally drop short-term but generally rises of 7-9% a year are normal and you can often offset any small drop by buying sensibly and/or making improvements.

Plus you get somewhere secure to live with no threat of eviction, generally a lower monthly payment than renting and you can avoid the ERP.

Look at the price reduction on this place, seems a bit strange? If the rent paid is anything to go by, I'd be tempted to buy it and let it rented out until I got kicked out from my current place...

http://www.zoopla.co.uk/for-sale/details/40611627?search_identifier=44d275d54289252afe02b90ef7deb0fe#F8P8xd62JV5TGbty.97

It was just a thought, I wouldn't be able to get a buy to let mortgage anyway I don't think being a 1st time buyer... also if I had 200k in cash, I'd rather put it towards a nicer place...

Anyone lives in Enfield?? A friend lives there and keeps telling me I should move there... then I found this...

http://www.zoopla.co.uk/for-sale/details/40536750#DzjxD1v4T8ZBKSvV.97

Then she said it's the bad side of Enfield... not too far from work so it is an area I'd seriously consider...

then I found this...

You'll have a good storage shed for the n+1 collection at least.

Is that smoke damage on the bay window tiling?

Like most London boroughs, Enfield varies. There are places like Broad Walk in Winchmore Hill with its multi-million mansions through to the less well off areas east of the A10.

There are a few town centre type areas - Enfield Town, Southgate and Edmonton Green are the main ones. Trains go into either Liverpool St or Moorgate/Kings X depending one which line you're on and mostly connect with the Victoria line at some point which gives reasonable coverage of London I guess. If you drive, getting out of London is pretty straightforward - the M1 and M11 aren't far away although Enfield itself gets very congested at times.

I'm in Bush Hill Park which is what might be described as the "good side of Enfield". I think the main distinction is probably that east of the A10 you get a large area of council and ex-council housing estates which have a reputation for being deprived and run-down. I'm not sure it's quite as bad as people make out but having spent some time up near Enfield Lock there weren't a great deal of local amenities there.

West of the A10 there are probably more victorian and 1930s properties and the areas tend to be more expensive. Probably because of the better reputation and maybe also due to local community pulls (there's a significant Greek and Turkish community in and around Palmers Green for example).

If you're considering it, have a wander around the area and see what you think. Take the bike - this should be a nice comprehensive tour of the various areas I reckon: https://ridewithgps.com/routes/15086638

Thanks, I think my friend said the A10 is the line devides the good and bad or sth... What I will do then is to book a couple of viewings and make a day out in the area all at once... and the cash in that roast dinner my friend has promised me for years but never happen...

She is a bit posh, a lot older and fmaily and lives are pretty sorted type, so maybe her bad is kinda good for me. I don't know... Thanks again anyway.

Which property and what window do you mean?

I dont really believe these property pics to much anyway...

@rogan
If I may speak from mine and my other half's experience.

Prior to me buying into the flat, she owned it with a friend. They put down inequal deposits (12k vs 9k - it was 2009!) and owned the flat as tenants-in-common and had a deed of trust drawn up. As they were paying 50/50 on the mortgage and the maintenance of the falt, the deed said that if/when they sold they would first receive their initial deposit amount back, then any increase in value (profit) would be shared equally.

So when I bought in, due to the intricacies of mortgages, essentially my other half and her friend sold the flat to me and my other half. Their profit from the sale was fairly hefty, so the friend received just over 100k and my other half received just under 100k (in-equal deposits returned). I put in 0 (I know, I know), and we intended on having a deed of trust drawn up so that if something bad happened to the relationship then she would receive her just under 100k back first then split the profit 50/50. However because we went with the mortgage provided conveyancer, getting a deed of trust drawn up proved to be a little difficult, and in the end we didn't get it done. Our thinking was, she had the more to lose (much more) and she trusts me that if we were ever to break up, I wouldn't me a massive cunt about it. We were already pretty set that we were going to get married even though we were not yet engaged, so that made it easier, and I know there's no way even if the relationship goes sour that I could fuck her over, no amount of money is worth fucking someone over, that's just they type of person I am, and she knows that about me.

In your particular example, if you're needed to get the mortgage, but no deposit is required then the renting setup obviously isn't going to work.

I would recommend that as suggested by others, you get a deed of trust drawn up that says if the worst happens, she receives her deposit back, but here's the clincher: You need to decide how much you're paying each, not just mortgage, but upkeep too. Open a joint account, and pay in your standing order every month. The mortgage gets paid from the joint account, and you use the surplus for house expenditure, if you're not paying in equal amounts I'd say don't use the joint account for things like grocery shopping, meals out, and drinks because then you're paying more for nearly all aspects of life, rather than just the house. Using the amounts you're paying in, you work out what % of the profit you will each receive if/when you sell. I think if that's really that unsatisfactory to either her or the parents, maybe they want to consider guarantors instead of getting you involved.

Oh gosh, I think we're going to have to do something similar when we move (I've been 'renting' so far) except the deposit situation will be more like £0 vs £450k ¯_(ツ)_/¯

Samsies.

Although obviously not the same and not getting married anytime soon! ;P

But I obviously get the points others have made @andyp et al. I just figure I'm 27 and I trust the doris and me to be able to work it out.

Anyway. Found a fucking mouse in the bathroom last night. Bedbugs and mice ffs :'(

Sure it isn't fleas? Mice carry fleas.

"in soviet russia... "

etc.

@Tenderloin you are 27?!

get a deed of trust drawn up that says if the worst happens, she receives her deposit back

I think it's better to have one that says you get back in proportion to what you put in.

This one caught my sis out. She and her ex split the mortgage but she put down all the deposit, about 40K.

They split up after 2 years during which the house had gone up by 60K. She took back her 40K and they split the profit in half.

Guessing about 10K each in mortgage payments, she made 30K on a 50K investment (still not bad) while he made 30K on a 10K investment.

If the market falls, the deposit - putter would be worse off with this arrangement, but it's still fairer than the other way which would have the person without the deposit taking a bigger loss to protect the other's deposit.

TL;dr the person with the bigger stake should get a bigger share of any profit or loss.

I think it's better to have one that says you get back in proportion to what you put in.

This is what I was getting at before. It would have been better for you sister, but worse for the BF. That doesn't necessarily make it more fair.

(although all other contributions being equal I'm more drawn to this option).