Friday afternoon rant

[Ed]

I hate lenders, they make life so-o-o difficult.

Sale of a property dragging on for months, buyers solicitors call me this morning and want to complete today. WTF??? Property vacant and I have signed papers, so OK not a practical problem save that I have no redemption statement. Fax the request off to the lender. It's an offset mortgage, so quotes are valid for one day only. Just called the lender, where is the redemption statement please. Go through all the stupid security questions, only to be told we can't tell you over the phone, you have to fax us. Er, I already have. Barclays payments system spits me out at 3.50pm, I'm going to run out of time. 'Too bad, Data Protection.....'

Most of these lenders haven't a clue about what the Data Protection Act really says, they simply hide behind it. So I can't send client her money cos I don't know how much I have to retain, so I get a complaint and she isn't very impressed by the princely 2.6% Barclays pay me on my client account. I can't pay off the mortgage cos the lender won't tell me how much, so Monday I have to start all over again and wait forever in their f*cking queuing system.

Great, I like inane muzak:smt020 and 'calls may be recorded for training purposes':twisted:

I'm only posting this to get my post count up, I don't like that Hovis has overtaken me:rolleyes:

[Kate Moss]

Aghh the beauty of renting remains! We looked at getting a mortgage and it's so F'in complicated and so much hastle. Good Luck!!
We are in the process of moving from a flat to a house and i can't wait. Bloody upstairs neighbour i swear has a pogo stick!! Be nice to have peace and quiet, and no headache over lenders/banks/life insurance etc bla bla bla! Still even moving from one rented property to another can be a little stressful but sounds like you have a lot to contend with.

[Jdubya]

Most of these lenders haven't a clue about what the Data Protection Act really says, they simply hide behind it.

I'm only posting this to get my post count up, I don't like that Hovis has overtaken me:rolleyes:

Exactly...thats what the wife's been telling me for years!

I fully understand what you mean Ed:twisted: :twisted:

[Steve H]

I hate lenders, they make life so-o-o difficult.

Sale of a property dragging on for months, buyers solicitors call me this morning and want to complete today. WTF??? Property vacant and I have signed papers, so OK not a practical problem save that I have no redemption statement. Fax the request off to the lender. It's an offset mortgage, so quotes are valid for one day only. Just called the lender, where is the redemption statement please. Go through all the stupid security questions, only to be told we can't tell you over the phone, you have to fax us. Er, I already have. Barclays payments system spits me out at 3.50pm, I'm going to run out of time. 'Too bad, Data Protection.....'

Most of these lenders haven't a clue about what the Data Protection Act really says, they simply hide behind it. So I can't send client her money cos I don't know how much I have to retain, so I get a complaint and she isn't very impressed by the princely 2.6% Barclays pay me on my client account. I can't pay off the mortgage cos the lender won't tell me how much, so Monday I have to start all over again and wait forever in their f*cking queuing system.

Great, I like inane muzak:smt020 and 'calls may be recorded for training purposes':twisted:

I'm only posting this to get my post count up, I don't like that Hovis has overtaken me:rolleyes:

That's Conveyancing for you. Been there, done that. ;)
Take a deep breath and relax. :thumbsup:

[Kate Moss]

you guys are putting me off all getting on the property ladder all together!

[Tomcat]

you guys are putting me off all getting on the property ladder all together!

Its worth it in the end. As is everything that's not easy ;)

I bought my house about 2 years ago, and me n kids feel much more secure then when we were renting, more of an emotional thing really but that's how I feel ..... was something I needed to do!

[G]

Aghh the beauty of renting remains!


Your joking arnt you...paying off someone else mortgage and making no money on property, you may aswell stay at home and chuck money down the toilet.

I moved out 6 months ago with my missus and it couldnt have been easier. from finding the house to moving in was 5 weeks.

Only difference i Geuss was that it was a new build property so not as difficult as having a chain type affair.

[Kate Moss]

I'm only 23 and the hole mortgage thing, especially the way it is, is quite intimidating. renting is easy and if anything goes wrong you just make a call and someone comes out and fixes it! The jargon alone scares me! Don't know what the frick they are on about half the time!!!

[tricky]

We're in the process of buying a new place at the minute.

Our solicitor is fantastic but the seller's one appears to be worse than useless.
We asked them to obtain a certificate from the original builders stating that any contamination (house was built on a brownfield site) had been dealt with to which they replied "do it yourselves".

This is after we paid £50 for an environmental report from the local council that basically said they weren't sure if there was any contamination to start with and if there was they didn't know if it it had been dealt with properly or not.

I've always thought that the whole buying/selling of houses is deliberately overcomplicated to make jobs (and money) for people (surveys, reports, indemnity insurances etc)

[Baph]

I'm only 23 and the hole mortgage thing, especially the way it is, is quite intimidating. renting is easy and if anything goes wrong you just make a call and someone comes out and fixes it! The jargon alone scares me! Don't know what the frick they are on about half the time!!!
I'm 24 & have a mortgage. Best thing I ever did TBH was buying the house. Just got to remember that if you don't pay the "rent" they take the house & you loose a lot more out of it.

Both the legal beagles on here (well, this thread at least) have heard what I was like with the solicitor when I was buying my house.

On tricky's point, the one's driving the house market prices are the Estate Agents. They decide what a house is worth (what they think they can sell it for) and get a commission on that value. Cut them out, and the world would be a happier place!

[chazzyb]

On tricky's point, the one's driving the house market prices are the Estate Agents. They decide what a house is worth (what they think they can sell it for) and get a commission on that value. Cut them out, and the world would be a happier place!

I don't agree. Ultimately, any market is driven by what people will *pay*, not what the seller (agent?) decides. A good agent will suggest a price someone will pay, reasonably . A duff agent may pitch the price too high, attract the (greedy?) seller and have trouble shifting the place.

No, I'm not an estate agent. Thank god!

[chazzyb]

Baph - you are indeed wise/lucky/employed to be on the property ladder at 24. Well done. I worry sometimes how my kids will deal with it when they need to leave home (may be earlier than they'd like ;-)). On the other hand, Student Loan Company dues may well do 'em in, just when they need all the dosh they're earning. 8-(

[dizzyblonde]

I bought my house when i was 23 and the house market wasn't doing that well for 35k. it was wise for my annoyingly right mother to push me to do it after a few years of renting naff properties. I had it up for sale for a while last year but decided to pull the plug for various reasons. \one of which was the much more expensive bigger house that i was after got snapped away from me before mine. I'm glad it did cause mortgates went up and i probably would have dealt myself a bad card. So I re-mortgaged instead and started to do this one up slowly-very slowly!
I really am lucky in a way to be on my own with kid and mortgage, Its horrible for most young people who are trying to buy their first home, especially when they can't even afford to buy my modest abode at the value it is now 90k. i would not advise anyone to stretch beyond their means, but do advise against renting, if you can afford it ,buy, its an investment for your future. ps now 30

[2mths]

27 and owned mine for near 5 years (bought at 22 i think). In some ways I wish I'd bought earlier than that, I'd have doubled my money by now. At the same time I know I'm lucky to have got my foot on the bottom rung when i did. I probably couldn't afford my house now.

I rented for my brief time at Uni and whilst it was ok and I'd do it if I were renting with someone else to save cash. But ownership is the way forward for me. I get in, close that door at my home really is my castle. Shame the law won't let me put razor wire round the perimeter.

The flip side is that whilst always old before my time house ownership does sort of age you by giving you more responsibilities, reducing flexibility to move around or just drop everything and bugger off abroad. So I think people shouldn't necessarily rush to buy, but live and enjoy the freedom, but be saving a little in the background so when they want what ownership offers, they've a chance to achieve it.

[tricky]

Dont get me started on estate agents !!!!

I also have a problem with mortgages and the whole thing.
I mean I have to borrow an enormous amount of money in order to buy a human basic requirement i.e. shelter. I have to spend the majority of my working life paying for it and the bank who lent me the money make more profit out of me than I borrowed in the first place.

How can that be right !

[Stingo]

Ok everybody...now...after three...

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2
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3
...In with anger(breathe in)...and out with love.(breathe out)...


Now, who's turn is it to be cabin boy tonight? Hm?:makelurve:

[tricky]

Now, who's turn is it to be cabin boy tonight? Hm?:makelurve:

Promise you'll be gentle cap'n :lol:

[dirtydog]

It's all well and good people saying renting is a waste of time and you should buy for the investment etc etc

I ahve never been in the position to be able to buy a house and am unlikely to be in that position anytime soon. Yes what i pay in rent would more than likely pay a mortgage but it's getting the mortgage that's the problem.
But then even if i could afford to buy i'm not sure i would.
As said all the jargon used confuses the cr*p out of me to

[CoolGirl]

Dont get me started on estate agents !!!!

I also have a problem with mortgages and the whole thing.
I mean I have to borrow an enormous amount of money in order to buy a human basic requirement i.e. shelter. I have to spend the majority of my working life paying for it and the bank who lent me the money make more profit out of me than I borrowed in the first place.

How can that be right !

but think longer term - paying off your mortgage and sitting on an asset that size (ahem) has got to be a better investment than paying money into thin air on rent. I was lucky enough to buy when I was 26 and the market had bottomed out, but unlucky enough to have to buy my ex-partner out at the top of the market - 3 times the orginial mortgage. Fortunately I'd worked my butt off to nearly treble my income in the meantime, but it meant starting over! If house prices hadn't rocketed I'd have paid it all off by now. I'd do it again, cos at the end of the day it's all mine now - none of this being given short notice to move out or landlors that take ages to fix things.

S'life tho, innit.