Is 50,000 sterling a ok salary in outer London area?
Nov 5th 2016, 11:59 am
#61
womble
Joined: Sep 2005
Posts: 2,675
Re: Is 50,000 sterling a ok salary in outer London area?
You guys are awesome! Thank you for all the great feedback. I'm a city person that feel equally comfortable living in the country. My game plan was to find a place in driving distance to London because of it's amazing nightlife and cultural offerings. I am totally open to the idea of doing day trips into London from a 90 minute travel time. Was definitely attempting to narrow down the trip to less than 45 minutes. But life is all about compromise and looking for the better option. Not allowing the perfect be the enemy of the good is the right approach in many cases. I have viewed several areas and researched their highpoints. Manchester is on my top 5 list. I just don't know that much about the place. I do like the fact it's close to several other cities like Liverpool, Blackpool, and a short travel distance to Ireland. Just need to learn more about the lifestyle in that area. 4 bedroom detached house for sale in Didsbury Road, Heaton Mersey, SK4 No question that the type of home one can afford for less money is impressive. Good example. 3 bedroom detached house for sale in Manor Road, Salford, M6 Manchester certainly is worth a look.
Nov 13th 2016, 3:24 am
#62
Banned
Thread Starter
Joined: Sep 2010
Posts: 1,830
Re: Is 50,000 sterling a ok salary in outer London area?
Ok. I'm really starting to feel a deep appreciation for Manchester.
3 bedroom end of terrace house for sale in Orton Road, Northern Moor, M23 , M23
It truly does have a lot to offer.
http://media.rightmove.co.uk/dir/13k...ax_656x437.jpg
I might be able to spend 150K and still purchase a very nice home. I'm starting to wonder if houses are less expensive in the UK than in America. Maybe.
3 bedroom end of terrace house for sale in Orton Road, Northern Moor, M23 , M23
It truly does have a lot to offer.
http://media.rightmove.co.uk/dir/13k...ax_656x437.jpg
I might be able to spend 150K and still purchase a very nice home. I'm starting to wonder if houses are less expensive in the UK than in America. Maybe.
Last edited by UkWinds5353; Nov 13th 2016 at 3:27 am.
Nov 13th 2016, 8:14 am
#63
BE Forum Addict
Joined: Apr 2009
Location: Scotland & Touraine [37]
Posts: 3,019
Re: Is 50,000 sterling a ok salary in outer London area?
Explain why?
Lenders in the UK won't give a mortgage if there is under a certain number of years left on the leasehold. (possibly 50)
A typical leasehold is for 100 years and if that is getting to the low side then the current owner should get a renewed lease to start the clock at 100 years again.
The majority (at least a very substantial number
) of home owners in England are on leasehold property including great swathes of London and the South-east.
Remember the lease is for the ground not the property.
It does get more complicated for flats where you have a share of leasehold and you need to ensure that there are strong rules in place for repairs and upkeep
Lenders in the UK won't give a mortgage if there is under a certain number of years left on the leasehold. (possibly 50)
A typical leasehold is for 100 years and if that is getting to the low side then the current owner should get a renewed lease to start the clock at 100 years again.
The majority (at least a very substantial number
) of home owners in England are on leasehold property including great swathes of London and the South-east.Remember the lease is for the ground not the property.
It does get more complicated for flats where you have a share of leasehold and you need to ensure that there are strong rules in place for repairs and upkeep
Last edited by cyrian; Nov 13th 2016 at 8:17 am. Reason: addition
Nov 13th 2016, 9:15 am
#64
Was in Canada, now home.
Joined: Aug 2011
Location: Devon
Posts: 3,388
Re: Is 50,000 sterling a ok salary in outer London area?
When buying a leasehold, it is important that you and your solicitor examine the conditions of the lease carefully.
There have been some cases recently when the lease contained clauses allowing for the ground-rent, which is usually very small, to grow each year, until it is several thousand pounds a year, making it impossible to resell the property.
Often, leaseholds are offered with a share in the freehold, or membership a management company or residents' association which manages the freehold. This is the best arrangement.
But, if you are not prepared to consider buying a leasehold at all, you will not be able to buy an apartment anywhere in England, since all apartments are leasehold. And, you will also be overlooking many good retirement communities and similar developments, where the existence of communal areas has made leasehold preferable to freehold.
There have been some cases recently when the lease contained clauses allowing for the ground-rent, which is usually very small, to grow each year, until it is several thousand pounds a year, making it impossible to resell the property.
Often, leaseholds are offered with a share in the freehold, or membership a management company or residents' association which manages the freehold. This is the best arrangement.
But, if you are not prepared to consider buying a leasehold at all, you will not be able to buy an apartment anywhere in England, since all apartments are leasehold. And, you will also be overlooking many good retirement communities and similar developments, where the existence of communal areas has made leasehold preferable to freehold.
Nov 13th 2016, 9:46 am
#65
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,540
Re: Is 50,000 sterling a ok salary in outer London area?
Yes, you have to face reality, flats and similar types of properties (developments with common areas, common car parking etc.) are almost always leasehold. As such dealing with the freeholder and the management agent can be annoying and frustrating - especially since you're the one who has paid all the money for the property, and they seem to want to assert a landlord/tenant -like relationship with you (sending you scolding & threatening letters about keeping the rubbish bins tidy etc. etc.)
Nov 13th 2016, 10:38 am
#66
Was in Canada, now home.
Joined: Aug 2011
Location: Devon
Posts: 3,388
Re: Is 50,000 sterling a ok salary in outer London area?
I've purchased and lived in two leasehold flats. The first, which I bought when I was 22, had a badly drafted lease, which caused many problems over the years when it came to maintaining the communal areas of the property. I had no problems in the second property. The wording of the lease is crucial, but apart from that I'd have no qualms about buying a leasehold property again.
Nov 13th 2016, 7:18 pm
#67
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Is 50,000 sterling a ok salary in outer London area?
I agree in regard to houses, although there are differences between the 'old' type of 999 year lease with a peppercorn ground rent and no contact with the freeholder, and the modern type which sees a builder/development company build an entire estate of houses and retain the freehold (often selling on to a property management company).
If you want to see an example of what an absolute con these modern leasehold houses can be, type Simarc Property Management complaints into Google. As is common with the newer leasehold developments, the 'tenant' (the person who owns the house but not the freehold/land) has to ask the freehold owner (in this example, Simarc) for permission to extend the house, to sublet the house, to alter the fencing or plantings etc etc etc. Simarc charge the 'tenant' for EVERYTHING, they even charge to issue a receipt for payment of ground rent. You don't pay, you don't get a receipt.
The company is known for threatening its 'tenants' if they don't play ball. The ground rent of 200 pounds per year is only the start of their fee charging practices which I regard as extortionate.
Given all the restrictions on what you can do with your own home, you'd think that purchasing a modern leasehold house would be cheaper than buying a freehold house. Not so, there's no discernible difference in the price.
I wouldn't touch a modern leasehold house. Flats are a different story, you have no choice but to accept that you'll be a tenant of the freeholder. Research the company/individual that owns the freehold, and also the company that does the property management.
If you want to see an example of what an absolute con these modern leasehold houses can be, type Simarc Property Management complaints into Google. As is common with the newer leasehold developments, the 'tenant' (the person who owns the house but not the freehold/land) has to ask the freehold owner (in this example, Simarc) for permission to extend the house, to sublet the house, to alter the fencing or plantings etc etc etc. Simarc charge the 'tenant' for EVERYTHING, they even charge to issue a receipt for payment of ground rent. You don't pay, you don't get a receipt.
The company is known for threatening its 'tenants' if they don't play ball. The ground rent of 200 pounds per year is only the start of their fee charging practices which I regard as extortionate.
Given all the restrictions on what you can do with your own home, you'd think that purchasing a modern leasehold house would be cheaper than buying a freehold house. Not so, there's no discernible difference in the price.
I wouldn't touch a modern leasehold house. Flats are a different story, you have no choice but to accept that you'll be a tenant of the freeholder. Research the company/individual that owns the freehold, and also the company that does the property management.
Nov 14th 2016, 3:23 am
#68
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Thread Starter
Joined: Sep 2010
Posts: 1,830
Re: Is 50,000 sterling a ok salary in outer London area?
I don't want a leasehold. I'm willing to pay extra to avoid them. We have them in the States as well. Not the worse situation to have one especially if you plan to be in the property for a minimum amount of time. But if there is an intention of willing the property to family later-on, then a leasehold is not the best option. Thanks for the heads up.
Nov 14th 2016, 3:33 am
#69
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Thread Starter
Joined: Sep 2010
Posts: 1,830
Re: Is 50,000 sterling a ok salary in outer London area?
Yes, you have to face reality, flats and similar types of properties (developments with common areas, common car parking etc.) are almost always leasehold. As such dealing with the freeholder and the management agent can be annoying and frustrating - especially since you're the one who has paid all the money for the property, and they seem to want to assert a landlord/tenant -like relationship with you (sending you scolding & threatening letters about keeping the rubbish bins tidy etc. etc.)
Last edited by UkWinds5353; Nov 14th 2016 at 3:38 am.
Nov 14th 2016, 3:47 am
#70
Banned
Thread Starter
Joined: Sep 2010
Posts: 1,830
Re: Is 50,000 sterling a ok salary in outer London area?
I agree in regard to houses, although there are differences between the 'old' type of 999 year lease with a peppercorn ground rent and no contact with the freeholder, and the modern type which sees a builder/development company build an entire estate of houses and retain the freehold (often selling on to a property management company).
If you want to see an example of what an absolute con these modern leasehold houses can be, type Simarc Property Management complaints into Google. As is common with the newer leasehold developments, the 'tenant' (the person who owns the house but not the freehold/land) has to ask the freehold owner (in this example, Simarc) for permission to extend the house, to sublet the house, to alter the fencing or plantings etc etc etc. Simarc charge the 'tenant' for EVERYTHING, they even charge to issue a receipt for payment of ground rent. You don't pay, you don't get a receipt.
The company is known for threatening its 'tenants' if they don't play ball. The ground rent of 200 pounds per year is only the start of their fee charging practices which I regard as extortionate.
Given all the restrictions on what you can do with your own home, you'd think that purchasing a modern leasehold house would be cheaper than buying a freehold house. Not so, there's no discernible difference in the price.
I wouldn't touch a modern leasehold house. Flats are a different story, you have no choice but to accept that you'll be a tenant of the freeholder. Research the company/individual that owns the freehold, and also the company that does the property management.
If you want to see an example of what an absolute con these modern leasehold houses can be, type Simarc Property Management complaints into Google. As is common with the newer leasehold developments, the 'tenant' (the person who owns the house but not the freehold/land) has to ask the freehold owner (in this example, Simarc) for permission to extend the house, to sublet the house, to alter the fencing or plantings etc etc etc. Simarc charge the 'tenant' for EVERYTHING, they even charge to issue a receipt for payment of ground rent. You don't pay, you don't get a receipt.
The company is known for threatening its 'tenants' if they don't play ball. The ground rent of 200 pounds per year is only the start of their fee charging practices which I regard as extortionate.
Given all the restrictions on what you can do with your own home, you'd think that purchasing a modern leasehold house would be cheaper than buying a freehold house. Not so, there's no discernible difference in the price.
I wouldn't touch a modern leasehold house. Flats are a different story, you have no choice but to accept that you'll be a tenant of the freeholder. Research the company/individual that owns the freehold, and also the company that does the property management.
Nov 19th 2016, 1:40 am
#71
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Is 50,000 sterling a ok salary in outer London area?
I don't want a leasehold. I'm willing to pay extra to avoid them. We have them in the States as well. Not the worse situation to have one especially if you plan to be in the property for a minimum amount of time. But if there is an intention of willing the property to family later-on, then a leasehold is not the best option. Thanks for the heads up.
Flats will almost certainly be leasehold.
As you are looking for a house, this really isn't even a consideration as freehold is virtually a given.
