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New flat
Sometime in the dim, distant past, about a year ago, I posted about an off-plan flat in Liverpool that Scouse and I had paid a reservation fee on. If we'd known the rigmarole ahead, we probably wouldn't have done it!
I was on Zoopla, doing my usual thing of looking at flats over there that were in our price range, when the advert for a development on the Mersey waterfront caught my eye. Construction was supposed to begin at the start of 2014. Unbelievably cheap prices, which should have given me a clue :lol: As it happens, we were one of the first cabs off the rank so we got to choose exactly the one we wanted. I won't bore everyone with all the details (and believe me, they are boring), but one year later construction has finally started! I had my doubts more than once through the past year, while Scouse got to the stage where he was convinced we'd done our money. Completion date is supposed to be December 2015, wish us luck! :eek: |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444188)
Sometime in the dim, distant past, about a year ago, I posted about an off-plan flat in Liverpool that Scouse and I had paid a reservation fee on. If we'd known the rigmarole ahead, we probably wouldn't have done it!
I was on Zoopla, doing my usual thing of looking at flats over there that were in our price range, when the advert for a development on the Mersey waterfront caught my eye. Construction was supposed to begin at the start of 2014. Unbelievably cheap prices, which should have given me a clue :lol: As it happens, we were one of the first cabs off the rank so we got to choose exactly the one we wanted. I won't bore everyone with all the details (and believe me, they are boring), but one year later construction has finally started! I had my doubts more than once through the past year, while Scouse got to the stage where he was convinced we'd done our money. Completion date is supposed to be December 2015, wish us luck! :eek: |
Re: New flat
It sounds cool! Good luck and I wouldn't be at all bored by details!
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Re: New flat
Originally Posted by spouse of scouse
(Post 11444188)
Sometime in the dim, distant past, about a year ago, I posted about an off-plan flat in Liverpool that Scouse and I had paid a reservation fee on. If we'd known the rigmarole ahead, we probably wouldn't have done it!
I was on Zoopla, doing my usual thing of looking at flats over there that were in our price range, when the advert for a development on the Mersey waterfront caught my eye. Construction was supposed to begin at the start of 2014. Unbelievably cheap prices, which should have given me a clue :lol: As it happens, we were one of the first cabs off the rank so we got to choose exactly the one we wanted. I won't bore everyone with all the details (and believe me, they are boring), but one year later construction has finally started! I had my doubts more than once through the past year, while Scouse got to the stage where he was convinced we'd done our money. Completion date is supposed to be December 2015, wish us luck! :eek: |
Re: New flat
Originally Posted by paulry
(Post 11444235)
Well done! :thumbsup: This kind of thing is often a good investment: Paying 2013 prices for something you complete payment for in as good as 2016. How cheap is unbelievably cheap?
The flat was 110,000 pounds, which was a good price by Liverpool standards and dead cheap compared with Perth property prices. I honestly don't think we'd get any change out of AU$1.5 million for a similar waterfront flat here. Which, I hasten to add, would have been entirely unachievable for us. We paid another 5,000 pounds for an underground parking space. It's one of the two biggest flats in the development, although to me it's still quite small. 2 bedrooms, 2 bathrooms, 1001 square feet. But as Scouse keeps saying - they haven't built it yet. |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444286)
It does make us sound like we were rather astute, Paul, but in fact we were just part lucky and part stupid. True! The scheme was like nothing I'd ever heard of and we only found out the full extent bit by bit. We've already paid 35% of the total price, and are due to pay another 25% in 2 weeks (subject to solicitor and architect sign off).
The flat was 110,000 pounds, which was a good price by Liverpool standards and dead cheap compared with Perth property prices. I honestly don't think we'd get any change out of AU$1.5 million for a similar waterfront flat here. Which, I hasten to add, would have been entirely unachievable for us. We paid another 5,000 pounds for an underground parking space. It's one of the two biggest flats in the development, although to me it's still quite small. 2 bedrooms, 2 bathrooms, 1001 square feet. But as Scouse keeps saying - they haven't built it yet. We moved into a 950 sq ft 2 bed flat for the last 5 months in the US, I loved it, so easy to keep. You'll have a great time! |
Re: New flat
Originally Posted by Sally Redux
(Post 11444259)
It sounds cool! Good luck and I wouldn't be at all bored by details!
When I think back, we were naïve to say the least. Plonked a 2,000 pound reservation fee on something we'd only seen described in words. No plans, no fitout info, nothing. We went with the real estate agent's recommendation for a solicitor, which was an absolute disaster. If we knew nothing about the development and developer, they knew even less. They were hopelessly out of their depth and we changed to another one, who were far better. For ages, we just couldn't get our heads around how it all worked. Finally the penny dropped (on our heads and it was a bloody big penny). Where we thought we were buying a nice flat to live in, in reality we'd bought into a speculative investment - great rewards if it came off, fingers, toes and all body hair badly burnt if it didn't. A brief synopsis, which should explain why I have no fingernails left. The development had been started pre-GFC , with some works done including the 3 floors of underground parking and 4 stories of steel frame. The developer went bust in 2007, a receiver was appointed, and the site's been dormant since then. The current developer is funding the build through investors'/buyers' money (ours!) After we signed the contract, we found out that the pre-existing works didn't have a structural warranty (now sorted). Liverpool City Council threatened to revoke planning permission (now sorted) About every 6 weeks, for a year, we've been told by the developer that 'we're due onsite in 10 - 14 days'. You can imagine the phone calls and emails I've been making. Lots of other stuff which I've probably blanked out :lol: It's underway now, site clean up finished, all utilities connected, work huts up and scaffolding and safety railing installed. Fingers, toes and eyes crossed :fingerscrossed: |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444286)
It does make us sound like we were rather astute, Paul, but in fact we were just part lucky and part stupid. True! The scheme was like nothing I'd ever heard of and we only found out the full extent bit by bit. We've already paid 35% of the total price, and are due to pay another 25% in 2 weeks (subject to solicitor and architect sign off).
The flat was 110,000 pounds, which was a good price by Liverpool standards and dead cheap compared with Perth property prices. I honestly don't think we'd get any change out of AU$1.5 million for a similar waterfront flat here. Which, I hasten to add, would have been entirely unachievable for us. We paid another 5,000 pounds for an underground parking space. It's one of the two biggest flats in the development, although to me it's still quite small. 2 bedrooms, 2 bathrooms, 1001 square feet. But as Scouse keeps saying - they haven't built it yet. I bet you can't wait to take posession! :D |
Re: New flat
Originally Posted by old.sparkles
(Post 11444281)
:fingerscrossed: For good (and quick) builders then - Good luck S and SoS
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Re: New flat
Originally Posted by spouse of scouse
(Post 11444295)
I don't mind giving the details Sally, but you'll have to tell me if I become a pain in the arse. In fact, when I start rambling about it, I'm a pain in my own arse.
When I think back, we were naïve to say the least. Plonked a 2,000 pound reservation fee on something we'd only seen described in words. No plans, no fitout info, nothing. We went with the real estate agent's recommendation for a solicitor, which was an absolute disaster. If we knew nothing about the development and developer, they knew even less. They were hopelessly out of their depth and we changed to another one, who were far better. For ages, we just couldn't get our heads around how it all worked. Finally the penny dropped (on our heads and it was a bloody big penny). Where we thought we were buying a nice flat to live in, in reality we'd bought into a speculative investment - great rewards if it came off, fingers, toes and all body hair badly burnt if it didn't. A brief synopsis, which should explain why I have no fingernails left. The development had been started pre-GFC , with some works done including the 3 floors of underground parking and 4 stories of steel frame. The developer went bust in 2007, a receiver was appointed, and the site's been dormant since then. The current developer is funding the build through investors'/buyers' money (ours!) After we signed the contract, we found out that the pre-existing works didn't have a structural warranty (now sorted). Liverpool City Council threatened to revoke planning permission (now sorted) About every 6 weeks, for a year, we've been told by the developer that 'we're due onsite in 10 - 14 days'. You can imagine the phone calls and emails I've been making. Lots of other stuff which I've probably blanked out :lol: It's underway now, site clean up finished, all utilities connected, work huts up and scaffolding and safety railing installed. Fingers, toes and eyes crossed :fingerscrossed: Good grief, tense though. Reading it was bad enough, let alone living it! They do say no pain, no gain. |
Re: New flat
Originally Posted by Sally Redux
(Post 11444294)
About 20 years ago, they started developing a marina area in Eastbourne, where my mum lives. We went out to look at the development and adjudged it would just be a bleak white elephant. Well it's become absolutely great over the years, such a good buzz with all the boats and has some nice little shops and restaurants while being close to the main town. Anyway, my point is that these developments seem to take off really well (Quayside in Gateshead has too) and the property really appreciates in value.
We moved into a 950 sq ft 2 bed flat for the last 5 months in the US, I loved it, so easy to keep. You'll have a great time! One encouraging thing, the development's sold out - one 2 bedroom 1 bathroom flat came back on the market (buyers probably couldn't take the pressure) - it's over 300 square feet smaller than ours, and is oriented to the City rather than the river, and it was 143,000 pounds. So that's good! |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444295)
I don't mind giving the details Sally, but you'll have to tell me if I become a pain in the arse. In fact, when I start rambling about it, I'm a pain in my own arse.
When I think back, we were naïve to say the least. Plonked a 2,000 pound reservation fee on something we'd only seen described in words. No plans, no fitout info, nothing. We went with the real estate agent's recommendation for a solicitor, which was an absolute disaster. If we knew nothing about the development and developer, they knew even less. They were hopelessly out of their depth and we changed to another one, who were far better. For ages, we just couldn't get our heads around how it all worked. Finally the penny dropped (on our heads and it was a bloody big penny). Where we thought we were buying a nice flat to live in, in reality we'd bought into a speculative investment - great rewards if it came off, fingers, toes and all body hair badly burnt if it didn't. A brief synopsis, which should explain why I have no fingernails left. The development had been started pre-GFC , with some works done including the 3 floors of underground parking and 4 stories of steel frame. The developer went bust in 2007, a receiver was appointed, and the site's been dormant since then. The current developer is funding the build through investors'/buyers' money (ours!) After we signed the contract, we found out that the pre-existing works didn't have a structural warranty (now sorted). Liverpool City Council threatened to revoke planning permission (now sorted) About every 6 weeks, for a year, we've been told by the developer that 'we're due onsite in 10 - 14 days'. You can imagine the phone calls and emails I've been making. Lots of other stuff which I've probably blanked out :lol: It's underway now, site clean up finished, all utilities connected, work huts up and scaffolding and safety railing installed. Fingers, toes and eyes crossed :fingerscrossed: |
Re: New flat
Originally Posted by paulry
(Post 11444296)
At that price it definately looks like a fab investment and 93 square metres is a good size for a two bedroom flat. I reckon you've done very well. :cool:
I bet you can't wait to take posession! :D |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444302)
That's so nice to hear Sally, thanks! Re the development in Eastbourne, it's so hard to judge in the early days isn't it? I like the sound of your 'easy to keep' flat, Scouse will be able to get through his jobs more quickly and take me shopping :lol:
One encouraging thing, the development's sold out - one 2 bedroom 1 bathroom flat came back on the market (buyers probably couldn't take the pressure) - it's over 300 square feet smaller than ours, and is oriented to the City rather than the river, and it was 143,000 pounds. So that's good! Easy is the way to go, more time to have fun doing things together (or shopping) :) |
Re: New flat
Originally Posted by spouse of scouse
(Post 11444305)
Cheers Paul, yes, looking forward to it very much. Well, I am. The other half won't let himself get excited until we get the keys. Meanwhile, I'm planning colour schemes, furniture etc :cool:
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