(no subject)

[abigailbrady]

Had a note from underlying-landlord through door today. The site is being redeveloped and I will need to find somewhere else to live by the end of December 2008. This is a shame, because I was actually quite liking it here.


I will have to think about this for a bit. I found the idea of buying somewhere to live at what was hopefully going to be the top of the market absurd; but house prices are starting to fall already in London, and Waltham Forest looks really quite affordable (as well as being handy for work and for friends). But I'd be surprised if they bottomed out by December; and I don't want to lose out on a bear market. I had been saying that I would see how the market looks like towards the end of the year and decide then; I guess this is still the plan.

Suggestions anyone?


Update: Actually, looking at the other pieces of paper more carefully, they in fact want me out by September the 17th. Confusing. Will phone.

Comments

[tearsofzorro.livejournal.com]

*Not someone with a mortgage so take under advisement*

On the other hand, keep your eyes peeled; if you see a place that you like and is at a price that you're willing to commit to, take it.

Negative equity is going to be a fact of life for the next while, no matter when you want to buy, but bear in mind that not all residences are equal, so if there's one on the market today that suits you, and is at a price that you can handle paying a mortgage on, then seriously consider taking it and not looking back at what might have been because even if you try to play the markets to get a lower price, it may not be for a place of the same quality.

Also, with inflation as pretty much a given, the negative equity will only hang over you for a few years, meaning that so long as you can keep up the mortgage repayments during that time, you'll be grand.

Also, one of the reasons I'm saying all of this is so that you don't have to leave it to the last minute; December is one of the busiest, most tiring and most stressful months of the year, and tracking down, negotiating, buying, moving into and furnishing a new house is not going to ameliorate that situation.

At any rate, g'luck.

[owlfish]

Of course, negative equity only really matters if 1) You're trying to sell or 2) You're in danger of foreclosure.

[tearsofzorro.livejournal.com]

And that comment succinctly sums up a lot of what I was trying to say in that big longwinded post. Thanks. :)