Reply to: London House Prices Surpass 500,000 Pounds for the First Time

[GigiBronz]

Browns is surly much better !!

Here we'll have to agree to disagree. We like "the axe" for the cosiness of it, decent quality of eastern European ladies and it being not as business oriented as Browns. (or at least in my perception)
Most of them are Romanias so we feel at home there, they seem to more open to us as well, we talk about all kinds of things: clients, them, their life, our life . Once drunkenly setup a date with one, second day realised what I did and bailed out. Apparently she did the same with my friend so probably looking for sugar daddies. But it's probably not as fun as it seems. And I was a little church boy when I was young so somethings feels a bit wrong in my mind.

[GhostofTarbera]

That sounds about right, thanks, we were aware of some of them...were looking for a base, reasonably close to things and cheap.
I've closed my accommodation in Highgate in February and have been airbnb-ing since then. Have had some decent experiences but getting a bit tired.
Market is dead for now, bank account beaten up so calling it quits.

We're at the 8th floor so hopefully we won't hear the noise that much, I have a problem with that too.
The heating is not that great in that building and they say it gets too hot during summer. Half of it is empty I believe.
It has a gym but has been closed for the past year.

It's not ideal but has plenty of space for us, 2 large bedrooms that we can both have an office in. It's the largest we've seen so far.
Landlord it's a bit too businessy for my taste but they all tend to be around here.


We got the contract yesterday and first thing we did was to look how much would an Uber cost to "Ye Old Axe". £11, not too bad I shall say.

later edit: forgot one, there are a few estates in the area which usually is not good news. also it is Grenfell cladding safe which I guess is ok.

Browns is surly much better !!


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[ladymuck]

I have the contract to be signed but I have suggested to the landlord that we should include the terms discussed as well. He went AWOL so I am trying to understand if it is legal loophole that he wants to go for or just busy... trying to weight the other side as well...

Would you happen to know the building since you lived not very far away? Got mixed reviews so far, underfloor heating not very powerful, it gets a bit hot during summer. But for this surface couldn’t find much in the area. Overall seems decent place.

I don't think you've sent me the new pad details but it sounds like Tarbs has covered it though - he lives in CW so is far better placed to comment than me.

Sometimes, "estates" get a bad name for historical reasons and it's often hard to shift. I didn't have any issues when I lived down Dockers Tanner Road years ago.

[GigiBronz]

Couple of points

You are 20 mins walk away from DLR/Tube

In normal times, the 135,277,D7 are mostly full by the time they get to your stop (morning rush hour) so you might have to wait for a few

Right on the water, so again in normal times, you get loud party boats till 1am (can make your room move loud)

Next to the “space” do a great burger

Near the sailing club, good cheap drinks

Handy for masthouse riverboat if commuting into the city (not running in lockdown

No good pubs near by

That sounds about right, thanks, we were aware of some of them...were looking for a base, reasonably close to things and cheap.
I've closed my accommodation in Highgate in February and have been airbnb-ing since then. Have had some decent experiences but getting a bit tired.
Market is dead for now, bank account beaten up so calling it quits.

We're at the 8th floor so hopefully we won't hear the noise that much, I have a problem with that too.
The heating is not that great in that building and they say it gets too hot during summer. Half of it is empty I believe.
It has a gym but has been closed for the past year.

It's not ideal but has plenty of space for us, 2 large bedrooms that we can both have an office in. It's the largest we've seen so far.
Landlord it's a bit too businessy for my taste but they all tend to be around here.


We got the contract yesterday and first thing we did was to look how much would an Uber cost to "Ye Old Axe". £11, not too bad I shall say.

later edit: forgot one, there are a few estates in the area which usually is not good news. also it is Grenfell cladding safe which I guess is ok.

[GhostofTarbera]

Couple of points

You are 20 mins walk away from DLR/Tube

In normal times, the 135,277,D7 are mostly full by the time they get to your stop (morning rush hour) so you might have to wait for a few

Right on the water, so again in normal times, you get loud party boats till 1am (can make your room move loud)

Next to the “space” do a great burger

Near the sailing club, good cheap drinks

Handy for masthouse riverboat if commuting into the city (not running in lockdown

No good pubs near by


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[GigiBronz]

I would want the extra bits you've negotiated included in an addendum to the contract. I don't know if that's necessary but it makes sure nothing gets missed.

I also wouldn't want a break clause that means you're stuck there for longer than half the tenancy duration. So, assuming 2 month's notice, a 12 month tenancy ought to have 4+2 months break clause. Not a legal requirement, just a preference. I sign in two year chucks on my place and so have a 10+2 months break clause.

Break clauses work both ways unless you're in breach of contract.

I have the contract to be signed but I have suggested to the landlord that we should include the terms discussed as well. He went AWOL so I am trying to understand if it is legal loophole that he wants to go for or just busy... trying to weight the other side as well...

Would you happen to know the building since you lived not very far away? Got mixed reviews so far, underfloor heating not very powerful, it gets a bit hot during summer. But for this surface couldn’t find much in the area. Overall seems decent place.

[ladymuck]

So the other one did not go through... holding deposit in, the agent tried us for a week to get the value up. We continued to say no so ... (personal opinion is rogue agency tactics to tire tenants and make better for the industry)

Now we found another one, all cool and dandy. It is unfurnished and we have agreed through written communication that we'd have a budget and we'd pick the furniture out of common agreement. And few other minor clauses. Gone through holding deposit, offer accepted, references...

The contract sent over is a standard one, but considering that I initially made the offer with "subject to terms of the contract" and it was assumed tentative to the end point, do I have to make sure that all the clauses agreed are in the actual contract or they can be agreed outside of it and legally biding?

Had 4 beers today, feeling a bit lazy so maybe someone here knows the answer off top of their head...

I would want the extra bits you've negotiated included in an addendum to the contract. I don't know if that's necessary but it makes sure nothing gets missed.

I also wouldn't want a break clause that means you're stuck there for longer than half the tenancy duration. So, assuming 2 month's notice, a 12 month tenancy ought to have 4+2 months break clause. Not a legal requirement, just a preference. I sign in two year chucks on my place and so have a 10+2 months break clause.

Break clauses work both ways unless you're in breach of contract.

[GigiBronz]

How long is your break clause ?

6+2 months, he tried us with long term but we negotiated to pay depreciated value of furniture investment instead of long term...

2 bed 2 bath, orion point(interesting building), 80sqm, decent view although not great, furnished. parking included. not great deal but not bad either £1675pcm.


does your reply mean that he can ignore the contract even with the clause agreed?

[GhostofTarbera]

How long is your break clause ?


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[GigiBronz]

So the other one did not go through... holding deposit in, the agent tried us for a week to get the value up. We continued to say no so ... (personal opinion is rogue agency tactics to tire tenants and make better for the industry)

Now we found another one, all cool and dandy. It is unfurnished and we have agreed through written communication that we'd have a budget and we'd pick the furniture out of common agreement. And few other minor clauses. Gone through holding deposit, offer accepted, references...

The contract sent over is a standard one, but considering that I initially made the offer with "subject to terms of the contract" and it was assumed tentative to the end point, do I have to make sure that all the clauses agreed are in the actual contract or they can be agreed outside of it and legally biding?

Had 4 beers today, feeling a bit lazy so maybe someone here knows the answer off top of their head...

[GigiBronz]

So easy walk under the Thames to Greenwich then

Turn right from mudchute towards the best Thai restaurant in the city kinkao (excellent siting out side on a warm sunny day) has a bar area if you are not eating also, drop in for a beer in my local “the ferry house” another nice bar + food and beer garden when COVID is over, when you get to kinkao you can walk for about a mile next to the river way up past mast house pier

I think we'll enjoy it here as well, CW is a lot better than people make it. And for current prices it is a steal.

Holding deposit put in yesterday, now waiting to see how things go... I've pm'ed you the property, feel free to share your thoughts.

Does anyone know if that scheme the agencies were using with taking holding deposits from everyone then seeing who you could forfeit first? Do they still do that?

[GhostofTarbera]

It feels ok so far, I have an airbnb in Madchute and have been wandering the streets these days, don't know. A bit soulless as well but we are young and restless. Hope to make an experience out of it.
Above all it is reasonably cheap. The other guy cooks well so I'd be able to sail through the period without selling my soul for 45k FTC in a dinky company...

I would have avoided the Wilde Wide East but Isle of Dogs seems a bit better than the rest.
I've PM'd you the ad, seems a steal for that price but don't know yet what the estate agent might have in it's sleeve so we'll see on monday. Fingers crossed...

So easy walk under the Thames to Greenwich then

Turn right from mudchute towards the best Thai restaurant in the city kinkao (excellent siting out side on a warm sunny day) has a bar area if you are not eating also, drop in for a beer in my local “the ferry house” another nice bar + food and beer garden when COVID is over, when you get to kinkao you can walk for about a mile next to the river way up past mast house pier


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[GigiBronz]

What kind of dog sized flat can 500 grand buy in London these days anyway?

Can a Chihuahua fit comfortably in one of them?

Asking for a friend (Churchy)

As long as you do not plan to swing it by the tail...

I am surprised as well how people commit to 600-800k flats with 100k per month, if you fall off that train (which how we were discussing in "state of the market", it's not a lot) you can't cover the mortgage by working at tesco. Your boss will know also that you are a simp with high mortgage and you'd be the first to get the nod when something needs doing...

[Andy2]

2) based on rental yield, I googled the values for the area, they seem to between 3.1% and 4.1%. last sold price £850k in 2015, house price inflation for prev 5y is 5.37%(zoopla estimate for area). 3.1% yearly yield is £2313pcm. 4.1% is £3060pcm. there are management feels on top(15% for london) of that service charges for flat, potentially 300-400pcm. other repairs usually are 0.5-1% per year. so there isn't much yield at all.

you are right. Yield drops down a lot depending upon service charges , which vary a lot.

[AtW]

What kind of dog sized flat can 500 grand buy in London these days anyway?

Can a Chihuahua fit comfortably in one of them?

Asking for a friend (Churchy)