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O'er the hill: Lancashire Life (Read 22975 times)

rodma

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#50 Re: O'er the hill: Lancashire Life
January 27, 2015, 12:48:14 pm
I don't believe that city-centre flats are best for that and TBH I'd rather be able to travel more etc.

in Edinburgh, a flat close to the city centre is exactly the criteria for a buy to let (unless you're on crack), since it's far more appealing to the student/graduate/young professional that doesn't own a car. that and a property with double the purchase cost (again in edinburgh) won't return double the rental income

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#51 Re: O'er the hill: Lancashire Life
January 27, 2015, 12:52:04 pm
Its not like that in Sheffield though and there are a fair few flats that been built since ours. We stayed in Edinburgh recently and I could see why that is the case up there.

I discussed this with our resident student-slum-lord Shark.

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#52 Re: O'er the hill: Lancashire Life
January 27, 2015, 01:49:00 pm
Its not like that in Sheffield though and there are a fair few flats that been built since ours. We stayed in Edinburgh recently and I could see why that is the case up there.

I discussed this with our resident student-slum-lord provider of luxury student accommodation Shark.

There are obvious risks and scare stories are numerous but in general hanging on to property if you can afford to and are prepared to deal with the hassle is a good bet. At the 5/6% gross yield you think you would be getting it is on the fringes of being a worthwhile investment if buying from fresh but you're in the position of having already bought it with the survey, solicitor and finance fees that entailed. If it keeps its nose clean in paying for the mortgage and other expenses (remember interest costs is still a deductible expense) then you get any capital gain thrown in for free and hopefully rents rise over time too whilst original capital amount is eroded by inflation. I fully admit to not understanding flats and how they are valued and run and steer clear for that reason but as I said in your shoes I would seriously consider this as an option. 
« Last Edit: January 27, 2015, 01:58:34 pm by shark »

Jaspersharpe

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#53 Re: O'er the hill: Lancashire Life
January 27, 2015, 01:57:34 pm
 :agree:

The only thing that would put me off is P-Ben's propensity for bad luck.

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#54 Re: O'er the hill: Lancashire Life
January 27, 2015, 01:59:41 pm
:agree:

The only thing that would put me off is P-Ben's propensity for bad luck.

 :)

..and we'd never hear the end of it

tommytwotone

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#55 Re: O'er the hill: Lancashire Life
January 27, 2015, 03:14:13 pm
:agree:

The only thing that would put me off is P-Ben's propensity for bad luck.

 :)

..and we'd never hear the end of it


Plus the grubby moral feeling that goes with knowing you're (most probably) denying a young person or couple their chance to get a foot on the housing ladder / start a future together. Not that this has stopped anybody has it?!








Jaspersharpe

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#56 Re: O'er the hill: Lancashire Life
January 27, 2015, 03:24:01 pm
How so? It's not as if there's a shortage of flats for sale in Sheffield.

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#57 Re: O'er the hill: Lancashire Life
January 27, 2015, 03:28:19 pm
Which is probably why P-Ben isn't that keen. Kelham island etc to my mind was massively over-developed during the housing boom with a lot of flats that I'm not convinced are very desirable properties in Sheffield. Maybe fashions will change but I suspect they will be slower to appreciate than the average terrace of a similar price.

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#58 Re: O'er the hill: Lancashire Life
January 27, 2015, 03:35:49 pm
Logically that makes perfect sense. However, as shark says, logic doesn't seem to apply to the value of flats.

tommytwotone

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#59 Re: O'er the hill: Lancashire Life
January 27, 2015, 04:11:00 pm
How so? It's not as if there's a shortage of flats for sale in Sheffield.


I was more making a point re: ownership of multiple properties, many of which are at the cheaper end of the market. I guess the Sheffield flats thing is a bad example, but I know of a good few people who've scraped together deposits despite already paying exorbitant rents, only to be beaten at offer stage by buy-to-let landlords with deeper pockets.


Think the whole "generation rent" thing is a massive issue that none of the political parties want to touch with a bargepole.

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#60 Re: O'er the hill: Lancashire Life
January 27, 2015, 10:41:56 pm
Crawshawbooth is a quiet and unassuming place. Nice valley location with some good countryside around. It's probably quite a local village for local people, but I've only been through a few times. Nice reservoir for walks and picnics not far away. Rawtenstall has some good pubs too and isn't far.

We're seriously entertaining somewhere in Rossendale. Commute times looked like 27mins without traffic and 33 with this morning at rush hour. Does that seem reasonable Andy?

Thanks for your help

Depends wherabouts in Manchester you are commuting to and at what time. M60 can be an absolute nightmare at times. A56 from Rawtenstall to the M66 at Ramsbottom can be a crawl. I live in Ramsbottom and commute to Belle Vue (Park and ride to work) daily. My brother commutes from Helmshore and drives along the back roads to Ramsbottom to pick up the M66 there. This is a good option to those in the know.
If you head up towards Bacup, (which I would not advise, it's very local) it may be quicker to go through Whitworth into Rochdale and pick up the M62 from there.
Hope this helps.

Paul B

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#61 Re: O'er the hill: Lancashire Life
January 28, 2015, 05:16:54 pm
Which is probably why P-Ben isn't that keen.

Its not that really, in fact I think despite the large number of flats that flew up not so long ago, Kelham Island is finally starting to develop as expected. I've seen lots of change since I've lived here.

Whether property value increases at the same rate as a terrace I haven't a clue. Some of the properties in the older buildings are VERY nice. Some of the newest flats are VERY small.

I'm mainly not keen due to time and hassle (and lack of free income for trips and general flexibility). Nat has a new job (at a higher level) = very busy. I'm fairly damn busy, we're going to relocate etc. and I still want to go climbing. Faff can be offset by allowing a letting agency a slice of things but then the cost-benefit is skewed the wrong way [IMO].
Management charges are also not ideal, they're quite large and they often have 'adjustment charges' which basically mean they've screwed up or something expensive went wrong and here's the bill!

Buying property is a very sensible long term plan but I want to be able to enjoy myself, travel freely etc. (even the possibility to travel without having TWO mortgages to pay). Maybe I'll look back and wish I'd rented my flat in Sheffield, however, I doubt it; if I'm to try and gain financially though property it'll more likely be through developing something from a sh*thole to habitable by being a tight-arse.

Depends wherabouts in Manchester you are commuting to and at what time.
Hope this helps.

I'm not, it'd be Langho/Whalley. Its a 9-5 job with some flexibility on times but not too much. Any clues on the commute based on that?

Ta all.
« Last Edit: January 28, 2015, 05:31:41 pm by Paul B »

Graeme78

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#62 Re: O'er the hill: Lancashire Life
January 29, 2015, 03:51:29 pm




Depends wherabouts in Manchester you are commuting to and at what time.
Hope this helps.

I'm not, it'd be Langho/Whalley. Its a 9-5 job with some flexibility on times but not too much. Any clues on the commute based on that?

Ta all.

Langho/Whalley, Helmshore would be ideal, straight on the A56, left at Padiham, Bob's your uncle. Crawshawbooth and that way one will mean either a trip through Burnley or through Rawtenstall to the work. Rawtenstall can be a pain at rush hour. No experience of Burnley. There are rumoured to be nice places in Burnley, which may cut down  on journey time. Avoid Accrington like the plague, either to visit or live in.

Paul B

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#63 Re: O'er the hill: Lancashire Life
February 24, 2015, 11:29:31 am
What are peoples thoughts on Chatburn? (Teaboy has commented elsewhere).

I note there is a railway through the village but this doesn't seem to be a huge line and having spent a while in the house (shielded by an arch of terraces) we didn't notice any noise.

The house in question is currently gas heated, would 2k be a reasonable estimate for installing a log burner?

In one of the upstairs rooms there's some peeling of wallpaper (on the roof), not near to a window and with a modern loft conversion on the floor above. Is this indicative of bad wall papering, a past leak, or a bigger problem?

If we do offer on this property it'd be subject to survey.

Also, as bidding will only go in one direction, how low do people generally kick of preceedings? We were thinking around 5% below ask.

I hate this game.

(ps - we've accepted an offer on our place, it was online for 8 days with 3 viewings in that time).

Teaboy

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#64 Re: O'er the hill: Lancashire Life
February 24, 2015, 12:03:37 pm
we didn't notice any noise.

Nothing to worry about then  :)

Quote
The house in question is currently gas heated, would 2k be a reasonable estimate for installing a log burner?

Have you lived with a wood burner before? They are a pain in the arse, have you got somewhere to store the wood? they're dirty, they take a while to light, longer to heat up and then you have to have somewhere to dump the ashes. If you do want one I guess the most important factor is the state of the chimney (has it been blocked, does it need lining etc.)

Quote
In one of the upstairs rooms there's some peeling of wallpaper (on the roof), not near to a window and with a modern loft conversion on the floor above. Is this indicative of bad wall papering, a past leak, or a bigger problem?

Could be any of these, condensation etc. have a look in the roof space above to see what's happened. If its all dry up there and the wood is not damp or rotten should be ok. If you are concerned about the wood then you can usually get a wood survey for free.

Quote
If we do offer on this property it'd be subject to survey.

Surveys are generally useless even the more expensive ones. Go in the roof space and check out the roof, look as closely as you can at the chimney breast and check out the pointing flashings on them. Check for bowing and cracks (unlikely to be an issue on an old stone built terrace) and also windows, remove some light switches/plug sockets to see how old the wiring is, if you do all that you'll probably do more than a survey would.

Quote
Also, as bidding will only go in one direction, how low do people generally kick of preceedings? We were thinking around 5% below ask.

Tricky, it largely depends on the sellers situation.

Quote
I hate this game

Don't personalise it, it's a transaction so when people try to eat you down on price it's not and insult. Likewise don't feel bad about what you offer.

Paul B

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#65 Re: O'er the hill: Lancashire Life
February 24, 2015, 12:38:24 pm
As far as I can tell there's no way I'm seeing more than I have with regards to loft space as its a (well) converted room. All boxed in, all insulated. The room in question (with the paper) is below this. Having spoken to the agent (and them to the vendor) the paper was there when they moved in, 15 years ago.

Its had a full re-wire.

With regards to a log burner, no I haven't. I've lived with Economy 7, now that's truly a pain in the arse as it's useless. Yes, there's a store on the side, and a man-shed.

The seller is in a pretty good position having bought another house already which they're renovating. Once done (~2 weeks) they are OK to move.

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#66 Re: O'er the hill: Lancashire Life
February 24, 2015, 12:43:22 pm
Personally I found wood burners great, clean and no hassle.. mine only needed emptying twice a year (run on good dry wood every day in winter)...

For the survey - I would suggest a valuation (the cheapest to satisfy the mortgage co) and an engineers report from a local surveyor... Gives you much more information - and is normally calibrated for local houses (IE surveyors from building society may see very few stone houses in lancs etc..).. Works out about the same/little cheaper than a full survey (valuation c.£100, eng report £3-400)

Teaboy is right to a point - it is a transaction - but if you (or they) are too much of a cnut then it can force either to back out. Depersonalise, but be sensible... 5% below is fine - tell the estate agent. If you hear back straight away yes or no it means you were either too high (yes) or too low (no). If it takes a while and its a no - then that means you're close and they are thinkign abotu it. Estate agent will also suggest what the vendors will accept etc..

Mine was on for 145 - I offered 135 - we went back and forth a couple of times and settled on 139...

Dependant on survey/engineers report you can then re-negotiate if the wallpaper/patch is an issue etc...

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#67 Re: O'er the hill: Lancashire Life
February 24, 2015, 12:47:40 pm
Quote
In one of the upstairs rooms there's some peeling of wallpaper (on the roof), not near to a window and with a modern loft conversion on the floor above. Is this indicative of bad wall papering, a past leak, or a bigger problem?

When the loft was converted the joists will/should have been upgraded which can disturb the ceiling below especially around the periphery of the room where they're fixed.  Longshot but could also possibly be condensation from the conversion, plaster drying out, etc.

Quote
Also, as bidding will only go in one direction, how low do people generally kick of preceedings? We were thinking around 5% below ask.

I'm sure you've thought of this but check what similar properties in the area have sold for and base what you're prepared to pay and where you start your bidding on that. 

Paul B

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#68 Re: O'er the hill: Lancashire Life
February 24, 2015, 12:53:11 pm
I should stress that this isn't like there are huge patches of wallpaper hanging down, its heavily rippled for about 2 inches along the whole length of the room where the ceiling meets an internal wall.

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#69 Re: O'er the hill: Lancashire Life
February 24, 2015, 01:14:43 pm
Ah missed the bit about the loft room, if the room above is ok it's hard to imagine that there'll be anything too horrific in the 8 inches between it and the ceiling below. It does bring to mind one thing though (and I'm sure you've checked this) is the loft room a proper conversion (fire doors, low windows etc) as I've seen some estate agents still advertise loft rooms as bedrooms when they are not, according to building regs.

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#70 Re: O'er the hill: Lancashire Life
February 24, 2015, 01:27:07 pm
Ah missed the bit about the loft room, if the room above is ok it's hard to imagine that there'll be anything too horrific in the 8 inches between it and the ceiling below. It does bring to mind one thing though (and I'm sure you've checked this) is the loft room a proper conversion (fire doors, low windows etc) as I've seen some estate agents still advertise loft rooms as bedrooms when they are not, according to building regs.

 :agree:

have a search through local building standards and check that it is even allowed to exist as anything other than storage, i.e. has been converted as warrantable work that the local council have been made aware of. if not, it may be worth putting in a cheeky offer on that basis

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#71 Re: O'er the hill: Lancashire Life
February 28, 2015, 02:49:57 pm
All the paperwork is there for the loft.

The vendors are playing fairly hardball by perverting our last offer at ask subject to survey and it being removed from the market with no further viewings (submitted fri AM), by firstly, holding onto that offer and allowing further viewings (which turned out weren't in a position to buy) and then now (Sat PM), by saying they want to continue to market the property until our survey is complete.

We've pushed back on that and are waiting a reply because as far as we can see it, we carry all the financial risk (and the risk of wasted time) while they can fish about for more money which seems a bit poor.

Thoughts?

As I said previously, you're not going to see the loft space / beams due to the conversion, it has been re-wired. The roof line and level looks reasonable, there's no signs of cracking etc. We're finding it hard to want to progress without the survey whilst at the same time, the pressure to do so triggers a few alarm bells!

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#72 Re: O'er the hill: Lancashire Life
February 28, 2015, 04:28:45 pm
The vender should be accepting it's sold subject to contract if they've accepted your offer. I would be walking away if they are trying to better your offer while you are having it surveyed.

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#73 Re: O'er the hill: Lancashire Life
February 28, 2015, 04:35:48 pm
The vender should be accepting it's sold subject to contract if they've accepted your offer. I would be walking away if they are trying to better your offer while you are having it surveyed.

Yup - they're pissing you about. This all sounds a bit odd to me...

rodma

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#74 Re: O'er the hill: Lancashire Life
February 28, 2015, 05:18:59 pm
The vender should be accepting it's sold subject to contract if they've accepted your offer. I would be walking away if they are trying to better your offer while you are having it surveyed.

Yup - they're pissing you about. This all sounds a bit odd to me...
Sounds like they know there's a problem that even a crap surveyor would pick up

 

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