Owning your own home

The paces you mention seem to be cooling off now, I think the area will improve as jobs move to the Stratford International Quarter in the next ten years. Also, Antic have beaten off the UCKG dodgy church to buy the old cinema in Walthamstow, brilliant news.

^^Do you have that much cash?

If so then buy three or four on buy to let mortgages.

The biggest part of a return on investing in property [in London's famous London] is always the growth in value, so get as much value as you can. The rental yield will still be better than leaving the money in the bank but isn't the big money spinner.

All this said, if I had £210 bags I'd invest in a Cinelli Laser and a fucktonne of pills and trips.

Woolwich.

Loogerbarooga

Junction?

Look at crossrail, it will get the same property bounce as the JLE did.

Hayes & harlington ftw!

£210k isn't a lot for a one bed in a desirable area unless that's cash I wouldn't have thought.

But some of the ex-LA flats on Church Hill Road in Walthamstow I've seen going for around that, and they're near the 'village' and the station and could potentially be quite nice.

Forest Gate too - I've just heard there's a posh bakery opening on Woodgrange Road to complement the coffee shop and Antic pub. Looks like we're getting there at just the right time.

Bristol!

In other news, I now have no bathroom in my bathroom, and and entire bathroom in boxes in my dining room.

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Rainwater damage in our kitchen - what should I request the insurance company to do to put it right? It's come down along the soil stack - workmen broke the stack exit on the roof - and has pooled about an inchworths on the kitchen floor. It's not very nice stuff - dirty and full of bugs.

Ideally they'd discombobulate the entire kitchen, sanitise everything, then put it all back together, because we don't know where this stuff has got to. Anyone have any advice on what to demand?

workmen broke the stack exit on the roof

So I'd have thought your insurance company would expect them to pay. Unlikely you'll get a whole new kitchen though. Anything that's damaged should be repaired/replaced but the first thing you want to do is stop the leak and let everything dry out!

Loogerbarooga

I agree with this. Loughborough Junction is now an island of non-gentrified real estate surrounded by ludicrous areas. Sub 10 minutes to the river by a train service that is on an upgrade path. Cyclable to anywhere in town in less than half an hour.

Loads of places to go out, eat, play nearby. Good schools nearby and a brilliant hospital down the road.

Only downside is @itsbruce.

Oh, hi Bruce.

#Winks

All I can say is, sometimes you have to be very pushy, and possibly get additional estimates to quote what is required to put it right.

Were the workmen working for you, or another neighbour, or landlord?

has anyone ever extended the underlying lease on a share of freehold property? How hard is this, and did you encounter any issues along the way?

@hoops
That's a screenshot from the movie 'Saw' isnt it?

Indeed. It's difficult to be pushy for something you aren't sure about though - I'm not sure what is reasonable in this case. I don't want a new kitchen - I just want things back to the way they were, i.e. the smells gone, and I'm confident the kitchen and its contents are sanitary.

Workmen were working for the freeholder - 50s ex LA block of flats.

Sniff And after all the work I put in checking out that hospital...

thanks for your thoughts guys. the other option i have is that I put the 50k that would be the deposit on the BTL into my main residencial mortgage and get an offset mortgage in march. london is predicted for flat growth in the main next year so hopefully if I did that its not like id be missing out on much capital growth...

decisions, decisions...

I haven't done this, but did own a share of freehold until recently. If you own the freehold I'd have thought this should be simple, presumably needing little less than an agreement with the other owners (and it's in all your benefit to do it).

Sounds like a question for a solicitor but they should be able to draft a new lease which just refers back to the current one but with an extended term on it and this should be relatively inexpensive.

The vendor I just bought my flat from did this. I researched a lot before making my offer as originally the vendor was reluctant to sort it herself. It's a relatively simple process provided the other freeholders want to extend as well. How many freeholders are there? The more there are the more complex it will be.
If you all want to extend then you simply charge yourselves £1 for the lease and get the paperwork written out for a new 999 year lease.
The only issue you could encounter is if any of the other freeholders don't want to renew (because they never plan to sell or some other reason) they are entitled to charge marriage value for your effective uplift.

PM if you want the details of the guy who did ours, he was efficient and cheap. Especially compared to some quotes I had.

Yes, thanks, do pm me his details.

I'm just a little hesitant in case of any issues, so am waiting for a letter from the freeholders stating they have no issues with us extending as soon as we buy.

Do all the other freeholders have to renew at the same time, or do they just have to agree to let us do it?

the other option i have is that I put the 50k that would be the deposit on the BTL into my main residencial mortgage

I think everybody here thought this was an enquiry about your own residence. Buy-to-let? >>>>>>>>>>>>>>>>>>>>>>

(Chevrons about as polite as I can manage about this).

Oh, fuck it. This is the "Owning your own home" thread, not "How to be a more efficient leech"

Probably not everybody here since it was reasonably clear from the original post...