Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Buying a flat

  • 30-12-2014 4:18pm
    #1
    IamtheWalrus
    Closed Accounts Posts: 6,075 ✭✭✭


    I am living in London for 5 years now and would like to buy a flat.

    I am a contractor. In the last 2 years, I have had unbroken contract stints (the previous 2 years I had 2 breaks, one 3 month and one 4 month).

    I am paying silly rent on my 1 bed flat.

    Can anyone tell me the pro's and con's of buying a flat in London? I am likely to get into negative equity?

    Am I right in saying that all I need to be concerned about is paying my mortgage? I have a deposit and stamp duty already saved.

    Is there anything else I need to take into account?


Comments

  • #2
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭BrokenArrows


    You will need to be concerned with the leasehold and management fees for the apartment complex.


  • #3
    IamtheWalrus
    Closed Accounts Posts: 6,075 ✭✭✭IamtheWalrus


    BrokenArrows wrote: »
    You will need to be concerned with the leasehold and management fees for the apartment complex.

    Can you elaborate on that please?


  • #4
    Mint Sauce
    Registered Users, Registered Users 2 Posts: 29,293 ✭✭✭✭Mint Sauce


    IamtheWalrus wrote: »
    Can you elaborate on that please?

    Annual fees for maintance of communal areas, services etc. Can vary depending on appartments/complex. As for negative equity, did London ever experience a drop, only a slow down I think.

    Dont forget council tax, although assume you have already been paying that, plus solicitor fees.


  • #5
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    I think that as a contractor you may have to fork out a larger deposit rather than a salaried worker. I have no solid info as I won't be going down your route for another 12 months or so but it's the info received from colleagues.


  • #6
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭BrokenArrows


    IamtheWalrus wrote: »
    Can you elaborate on that please?

    Basically in the UK owning property does not mean you own the land that it sits on. This is more common in apartments.

    hoa.org.uk/advice/guides-for-homeowners/i-am-buying/leasehold-v-freehold-whats-the-difference/


  • Advertisement
  • #7
    Playboy
    Registered Users, Registered Users 2 Posts: 2,923 ✭✭✭Playboy


    These guys might be able to secure you a bigger mortgage by using your day rate in calculating your repayment capacity.

    http://www.contractormortgagesuk.com/


  • #8
    Louche Lad
    Registered Users, Registered Users 2 Posts: 1,095 ✭✭✭Louche Lad


    There's a lot of useful stuff on this UK forum: http://forums.moneysavingexpert.com/


  • #9
    NoCrackHaving
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭NoCrackHaving


    Mint Sauce wrote: »
    Annual fees for maintance of communal areas, services etc. Can vary depending on appartments/complex. As for negative equity, did London ever experience a drop, only a slow down I think.

    Dont forget council tax, although assume you have already been paying that, plus solicitor fees.

    Early 90's property crash was fairly heavy 20-30% of value knocked off in London from 88/89 peaks and didn't recover until 95.


Advertisement