Owning your own home

It's a bit too close to the Thames Flooding Death Zone™ for my liking..

https://maps.google.co.uk/maps?q=Rainham&hl=en&oe=utf-8&client=firefox-a&gbv=2&hnear=Rainham,+Greater+London,+United+Kingdom&t=m&z=13

But there's 6BR houses in my price range! Fucking London tax.

Pokey two beds with the same square footage as big one beds always go for more, which doesn't really make any sense.

Makes sense if you have a child.

Sheds would be the first thing to go...

Some good number crunching on the ERH MA GOD HOUSE PRICES ARE TOO EXPENSIVE thing here:
http://www.edmundconway.com/2013/10/are-house-prices-really-too-expensive/

Makes sense if you have a child.

Not with the cost of putting up a partition wall it doesn't.

Sparky Senior has been on the phone with the agent. They say that there's been two offers around £8k under asking price so far - could be nonsense, who knows? But they also said that it was bigger than my flat. I don't see how that's possible, given the shape of the building, but maybe it's true. Anyway, it's all academic because the whole market will come crashing down in a couple of years anyway.

;)

no idea what you mean by that. unless you think it's fine to sleep in the same room with your child until he/she moves out.

Buy the cheaper one bed flat and pay the piddling amount to put a partition wall in rather than pay more for a two bedder with one already in.

the cost of 'making' a second room with partition walls means it would make more sense to buy a 1bed with equal sq ft instead of paying the premium for a pre-existing second bedroom, assuming the layout allows it.

Is what I took from that statement.

Oh now I get you.

Sod it put one of these up and market it as a 2 bed;

Putting up a partition wall is a piece of cake, locating somewhere that can be easily divided is less easy- think about whether the new room will have a window, how to get into said room etc.

offer accepted! now the fun begins until completion

the high from having my offer accepted is fading fast as my mortgage adviser has just said that we have been declined for the mortgage - I don't understand why as we had the mortgagae in principle approved - any advice?

Just transferred the remaining 5-figure portion of my deposit/stamp duty, feels like I've given away a lung

the high from having my offer accepted is fading fast as my mortgage adviser has just said that we have been declined for the mortgage - I don't understand why as we had the mortgagae in principle approved - any advice?

Sorry to hear that JV.
It happened to us.
If you mortgage advisor wants to earn his commission he/she should be scouring the market to find lenders for you.
That's only if they are an independent. If your mortgage advisor is affiliated to a lender you might have to get an IFA.

A little update, after fretting about the flood risk for 3 weeks, we've decided to pull out - not an easy decision considering how much the market has moved on since we put the offer in back in July.

We were completely torn, Mrs Oat + family were for it, my friends and I were against it.

Save yourselves a huge amount of extra stress by knowing the risks beforehand. Frustratingly we found out a week before exchange.

Flood maps here:

http://www.environment-agency.gov.uk/homeandleisure/37837.aspx

The dark blue bits *without *the cross hatching are the ones to worry about.

What's the beef with potential flooding?

A little update, after fretting about the flood risk for 3 weeks, we've decided to pull out - not an easy decision considering how much the market has moved on since we put the offer in back in July.
.

boo, we would've been near neighbours.

Anywhere nice to live in Essex, with easy access to National Rail into Liverpool Street?

"Barking Riverside" which is really closer to Dagenham - tons of new housing going up, close enough to cycle into central... almost.

or if you want actual nice Essex with trains into Liverpool St - Audley End / Saffron Walden.

Sorry to hear that JV.
It happened to us.
If you mortgage advisor wants to earn his commission he/she should be scouring the market to find lenders for you.
That's only if they are an independent. If your mortgage advisor is affiliated to a lender you might have to get an IFA.

Cheers I am on the case. Hopefully we'll be able to find a lender

http://m.theatlanticcities.com/housing/2013/10/economist-who-just-won-nobel-prize-thinks-housing-terrible-investment/7240/

Just transferred the remaining 5-figure portion of my deposit/stamp duty, feels like I've given away a lung

Yeah I hated that too.

Until I stepped foot in my own house for the first time.

Feels good man.

(Until DIY consumes you)

What's the beef with potential flooding?

Timing. The government backed scheme to protect flood risk homeowners from wildly inflated insurance premiums ended in August this year. Its replacement 'Flood Re' has been deemed potentially illegal by EU law and wasn't not due to start until 2015.

It may well be sorted out in a few years, but there is so much uncertainty now, that I didn't want to be potentially locked to a property and be at the mercy of these insurance companies.

A hasty decision was called for and I and took the more cautious option. I may well regret it, but you never know.

having any water near your property makes insurance a nightmare, whether there has been a flood or not. don't think that's a bad decision.

Yeah I hated that too.

Until I stepped foot in my own house for the first time.

Feels good man.

(Until DIY consumes you)

Yeah, I'm over it now, in a weird kind of way because I've never had much in the way of savings, having chunks of money in my account feels weird, glad to be rid of it!