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What a great day.
Just spent four long hours trying to buy a house.
Success!
Just have to find £1700 a month for the next 7 years!
I am now the proud owner of two properties, just need to start looking for a third one to buy in about three years time and I can start thinking about retiring!
Today is a good day to buy!
(5% fixed over the entire term with no penalty for over payments of the capital)
I may have to up the rent on the other place to help pay for this one, but that's life.
I told Michelle, but she was shopping and seemed more interested in clothes than in house purchases.
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Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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Dalek Dave wrote: I am now the proud owner of two properties
No, the bank is the proud owner for the next 30 years. 
Out of curiosity, what (if applicable) are your property tax rates? Take a look at this map.[^]
I live in Columbia County, on the right edge, near the middle. Property taxes as percentage of home value: 1.44%
Not sure what Full Value Tax Rate[^] exactly means ("Tax rates in each county are based on combination of levies, for county, city, town, village, school district, and special district purposes"), but it's over 20% in Columbia County.
Marc
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Property taxes (called "Rates") were removed in the UK by his beloved Thatcher and others who had expensive houses, and replaced with a Council Tax which was fairer in that if you had a big house you paid less than under Rates, if you didn't you paid a lot more. After a number of small riots, we ended up with a sliding scale system where the amount you pay is proportional to the size of the house you live in, but still a lot cheaper for large houses and more expensive for smaller ones. And which rises above inflation every year just to annoy people.
Never underestimate the power of stupid things in large numbers
--- Serious Sam
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Well, yes, I WILL be the proud owner in 7 years 
There are no taxes due on the purchase (I negotiated a purchase price of £120,000, thus fall below the threshold of Stamp Duty (See Here[^])
I paid the difference in cash for other stuff to avoid (not 'Evade' that would be illegal) the tax.
Michelle will do the conveyancing for free (It is her job as a paralegal) and I have drawn up the payments schedule and legal documentation.
It is relatively simple (pun intended), as I am buying one of my parent's properties at a concessionary price in order to stop them being caught under CGT and IHT taxes.
So long as she lives another 7 years then we avoid over £40K of tax.
---------------------------------
Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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Dalek Dave wrote: Well, yes, I WILL be the proud owner in 7 years
Nice! Congrats! ![Jig | [Dance]](https://www.codeproject.com/script/Forums/Images/jig.gif)
Marc
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If you plan to repay within 7 years, would it not be better to get a baseline tracker or a discount period mortgage rather than fix at 5%?
I know 5% is still a pretty good rate but couldn't you get something closer to 2% for the first few years (allowing you to clear more of the capital quicker)?
Guess it all comes down to how quickly you think rates will rise in the future and by how much?
--
The Obliterator
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I am buying off my parents.
They need the income, and I will be inheriting the money one day anyway.
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Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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Oh, sorry thought you might be able to take advantage of the bank slightly.
In that case 5% is very reasonable for both parties!
--
The Obliterator
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Dalek Dave wrote: Just have to find £1700 a month for the next 7 years!
More than 2000 € ! Please don't ask me. 
Veni, vidi, vici.
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Dalek Dave wrote: I am now the proud owner of two properties
Dalek Dave wrote: just need to start looking for a third one to buy
Just curious what you will then gain?
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Rental Income.
I rent out my apartment for £650 pcm, I could rent this house out for £850-£900 pcm.
Money for old rope.
---------------------------------
Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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Looks like someone played around with the balance sheet.
Congratulations Dave! ![Beer | [beer]](https://codeproject.freetls.fastly.net/script/Forums/Images/beer.gif)
"Bastards encourage idiots to use Oracle Forms, Web Forms, Access and a number of other dinky web publishing tolls.", Mycroft Holmes[ ^]
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Thanks, it is the first House I have ever bought, only ever lived in apartments before.
I have lived in the house for just over a year now and decided that we would like to buy it rather than rent it off my parents.
I can honestly say it will be tough to buy, we will only just be able to afford it, but it is well worth the hard slog to own a house.
(I could have sold my apartment and used the cash, but I want to have a property portfolio so that I do not be poor in my dotage).
---------------------------------
Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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Sounds tough. I don't own a house yet. I looked around for some apartments and pretty soon realised they are out of my reach. So buying a house it totally out of question.
"Bastards encourage idiots to use Oracle Forms, Web Forms, Access and a number of other dinky web publishing tolls.", Mycroft Holmes[ ^]
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Thanks Mike, looking forward to finding those huge monthly payents!
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Obscurum per obscurius.
Ad astra per alas porci.
Quidquid latine dictum sit, altum videtur .
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It's easy as long as you have good tenants that pay and stay.
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Congrats Dave!!!![Rose | [Rose]](https://www.codeproject.com/script/Forums/Images/rose.gif) 
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This is how you count from 1 to 5 in Japanese
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Moshi moshi - shameel desuka?
Never underestimate the power of stupid things in large numbers
--- Serious Sam
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Are Japanese programmers outlaw?
Or, worse, are they VB coders?
Veni, vidi, vici.
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CPallini wrote: are they VB coders
No, VKanji...as opposed to VKatakana#
Never underestimate the power of stupid things in large numbers
--- Serious Sam
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Phil Everly[^] has moved to a more lyrical place.
They are dropping like flies these days, it would seem...
Never underestimate the power of stupid things in large numbers
--- Serious Sam
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Another victim of the cigarette industry...
Does anyone think that today, such a product would be allowed if it were new to the market? A product that is addictive, delivers a minor drug thril and results in cancer, COPD, ill health, poor fitness, bad breath, etc etc etc?
Ban cigarettes. Perilod. Right now, over night, all govts of the world that take themselves seriously should ban them. 99% of smokers would agree, and probably as many non smokers.
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