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We've put in a load of offers around asking price but keep getting outbid.
Yesterday some old friends who are looking in the same area got in touch having had an offer accepted. They had a third person who was going to go in on the house but has pulled out. They've asked if we want to take her place.
The house is awesome. Much nicer than we could afford on our own but what are the pitfalls of being tenants in common? If we want to get our own place in a few years and we want to re-mortgage and buy as the four of us, using the equity of the first house, is this possible?
Will this leave us in a weak position if we leave with only the value of half a house?
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We're looking to head to Bristol at the moment. There's no way we'll ever own a house in London. Plus our ageing families are in Bristol and Devon.
There's lots going on in Bristol music/arts-wise and the amount of good food and local breweries about and the relatively small size of the city mean that there's a lot to explore.
Now, if we can just keep our jobs...
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Just spotted this and am heading to Bristol tomorrow.... Hmmm.
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Hey Jonny! I have a very similar BSA from 1938. It still has the original mudguards and rod brakes. Needs a lot of love which I've entirely failed to give it. It's too small for me or I'd consider putting together something similar to your build.
Some bad pictures to be found here but I don't want to spam your thread.
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Yeah, they'll only use 2 incomes with the mortgages we're applying for. But we're not borrowing to the highest levels we can and, between the four of us, the repayments are so low that we'll be able to save a lot towards the next place.
Agreed on all the bullet points. We need to sit down with a solicitor.
All the info is with the mortgage broker. Looks like we're going ahead. There's a double garage and, as three of us are musicians, it's going to get converted into a studio (rehearsal rather than recording) and bike workshop. I may have to start a current project thread. Getting ahead of myself now. Squeaky bums all round.