h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

I have come across a couple of UK real estate terms I don't understand. What is an onward chain? Apparently not having one is a good thing. Also, I understand freehold and leasehold, but what is a shared freehold? And what is the normal required down payment? 25%?

Ta.

The having no onward chain I understand - it's when you can buy without having to wait for someone to buy your present house. In a chain, if one link breaks the whole thing can collapse leaving everyone back at square one.

I could make guesses at the others... better to wait for someone who knows what they're talking about though.

I've only done it once. No chains were involved and after visiting the solicitor, and the Building Society for the mortgage everything just happened. I don't remember any down payment.

Thinking of buying over here?

Let's say I'm exploring my options. And before my buddies there start running in panic away from the island, if it happens it will be a few years. I'm old, but not old enough to retire.

well I'ed be pleased for one if it comes about



RJR

I'd be pleased, for another .

I wouldn't.

I kept thinking about the prices in London and figured there wasn't any way I could afford it. Then I started looking at house prices elsewhere and I might be able to manage a house in a village or even in one of the other cities. If I wait until full retirement age, I will have a comfortable income. Someplace smaller would probably be better anyway. Then I could have a car, for example. And a vegetable plot.

The worst thing is that I couldn't take my pets. Unless I have misunderstood. They're my kids. I'm very attached to them.

*wonders if the hOme Secretary has special immigration rules aplying to hillbillies*

what pets do you have? cus we have a thing called quarenteen and its different lenths of time for different animals..... but its 6 months for dogs if thats helpful

If you were to buy in Scotland, there are no chains. Tenders go to sealed bids; whoever offers most gets the property.

So Glad You Asked:

As I understand it "freehold" means you have title to the land and buildings in "fee simple", as opposed to a leasehold.

A "flying freehold" means your building's upper floor may overhang the property of another...

Dang lawyers...what's a "fee simple"...well...it appears to be the next best thing to the Queen's radical title, or allodium, over all real property in England...

http://en.wikipedia.org/wiki/Fee_simple

Looks like a shared freehold is a condominium association with the same nightmarish problems they have in Missouri...Humans..spiteful, bickering little pissants..

http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2004/09/08/phelol08.xml&sSheet=/property/2004/09/08/ixpright17.html

If you could get something with two bedrooms, I bet you'd have lots of visitors...

Well, I assumed that a freehold meant you could move into it and a leasehold meant that the property had sitting tennants. So I guess I'll need to clarify that, also.

I would definitely need two bedrooms.

Of course it would be simpler to lease something for a year or two and then have plenty of time to look for a place to buy. That would also let me make sure I want to stay. I could rent out my house here so I'd have it to move back into if I decide ~not~ to stay.

Actually, I might need three bedrooms. I can already think of three almost certain visitors who have kids.

The attached would tend to indicate that U.K. mortgages for up to 90% of a property value are not uncommon...

http://www.spf.co.uk/9.7.html

However, I dimly remember, from business university, that other factors such as current market conditions, income, location, age, other assets and past credit relationships may be taken into account in granting credit...

Banking is banking. I can't imagine qualifying for a mortgage would be much different than it is here.

Oh well. It is a ways off. I was just trying to get an idea of how much cash up front I'd need to pull it off. So I can manage to have that much when the time comes.

As your CPA, I will present my final bill, for financial advice, in person, when we come to visit... You may wish to then apply my bill for services toward my rent...may I assume that southern biscuits and gravy for breakfast will not present a problem? One of the shortest books in the world appears to be the "English Book of Good Breakfasts"...

Ditto that. =)

I can't believe I am on at 1am answering questions on real estate. Hypatia, when we meet, I want you to put me down, please.

OK. A freeholder is basically the owner of the land that the property sits on. Freehold ownership is perpetual ownership, leasehold is time specified. So I could own a house and its freehold then sell it on, keep the freehold and sell it on a 99 year lease (for eg). We also have virtual freeholds which are 999 year leases. When the lease ends, the property ownership reverts to the freeholder.

The property chain, as already explained, is the number of contracts waiting to complete before you can take ownership.

Mortgages in the UK are ridiculous. You can mortgage to any multiple of your income (or so it seems). It used to be 3X but now that property prices have gone berserk, people can get anything from 6X income to a 'buy to let' or 'let to buy' - where it used to be mortgages were capped at 25 years, you can now get an open ended mortgage and your kids will, it seems, inherit it from you alongside the house.

hell and handbasket come to mind.

Hypatia,

How exciting!!

Good luck and enjoy your search!
Christiane AR1