Other investments outside of window cleaning

[RyeCleanLiam]

If you are renting , it’s a legal requirement that the  house electrics are are fully checked every socket ,light ,anything that has mains power to it every five years ,if this hasn’t been done get on to the agent you rent through , it’s a Hefty  fine if it’s not done , if you rent direct from the land lord get on to citizens advice they will tell you how best to deal with it . 

I do feel for ones trying to get on the property ladder it’s not easy , I did 3 jobs for many years to be able to get the deposit and then a mortgage, prices are higher now than when I bought my first place 35 years ago . All the best trying to get your own place . 

Thanks PJJ. Fair play my friend I take my hat off to people who have worked hard for what they have. And I don't begrudge people who have bought and rented.

Thanks for the info on the electrics etc I'll check it out. I'd say most of the electrics are original to the house from the 70s. We don't particularly have issues but there is only one plug socket in each room, that sort of thing. 

When we moved in the stairs were illegal, they had no backs to the steps and no side railings. It was only through us saying we would report it that they actually made it legal. So that is the type of letting agent they are.

We will keep trying and see where we get with buying. But at the same time we want to enjoy life too 

 

[RyeCleanLiam]

I hate to say this but I don't think they are inflated prices. I was buying oak wood today and the price has doubled in a year like all wood. Most houses are timber framed so they will need to rise for new builds. You need to try and get on the housing ladder as soon as you can afford it because house prices are not coming down. fwiw

I wasn't particularly talking about new builds being inflated but houses in general are inflated.

My mum and dad bought a house 30 years ago for £25k. My dad was earning 25 grand a year back then and the deposit was 2 grand.

Now if we want to buy a house we are looking at 10 times that amount to buy it and 15 times the deposit at least. Yet our wages are maybe 2 times more than what my dad was earning. That's inflated.

 

[Bart90]

Thanks PJJ. Fair play my friend I take my hat off to people who have worked hard for what they have. And I don't begrudge people who have bought and rented.

Thanks for the info on the electrics etc I'll check it out. I'd say most of the electrics are original to the house from the 70s. We don't particularly have issues but there is only one plug socket in each room, that sort of thing. 

When we moved in the stairs were illegal, they had no backs to the steps and no side railings. It was only through us saying we would report it that they actually made it legal. So that is the type of letting agent they are.

We will keep trying and see where we get with buying. But at the same time we want to enjoy life too 

It sounds like your safety isn't being taken that seriously if you had to ask for stairs to be fixed. That's basic stuff. I would query the electrics straight away. It's called an EICR certificate, done by an electrician every 5 years.  Have you had one visit?  Don't let it go if not, bad landlords need to be driven out the market.  What heating is in the property? Is there a boiler?  Smoke alarms should be fitted by law (should be one on each level) and it's also a legal requirement for Carbon monoxide detectors to be fitted in each room where there is a boiler or solid fuel burning appliance.

Good Luck on the house purchase. I hope it works out for you. 

 

[RyeCleanLiam]

It sounds like your safety isn't being taken that seriously if you had to ask for stairs to be fixed. That's basic stuff. I would query the electrics straight away. It's called an EICR certificate, done by an electrician every 5 years.  Have you had one visit?  Don't let it go if not, bad landlords need to be driven out the market.  What heating is in the property? Is there a boiler?  Smoke alarms should be fitted by law (should be one on each level) and it's also a legal requirement for Carbon monoxide detectors to be fitted in each room where there is a boiler or solid fuel burning appliance.

Good Luck on the house purchase. I hope it works out for you. 

Great, thanks for the info. The heating is oil fired central heating, the boiler is about 30 years old and has broken down several times, they just keep repairing it. It needs replacing. We also have an open fire. We do have smoke alarms on both floors, and one carbon monoxide alarm. I will definitely check out the electrics thing, we've been in 2 years and I've not seen or heard anything about being tested. 

The stairs weren't broken but were built in the 70s when regs weren't the same as now. They had gaps at the back of the steps and no bannister at the side. When we looked round the property we noted this and the condition of us moving is was they had to put it right. Thanks again for your help.

Didn't mean to take over this thread

 

[ched999uk]

I believe that as of April 2020 an EICR (Electrical Installation Condition Report) is legally required on all rented properties. I'm not sure if that is just for new renters/new AST or if it's retrospective! 

It is all about safety, old 1970's cable and installation can pass! It also has nothing to do with how many sockets you have.

Any landlord with any common sense would have had an EICR and a new fuse board (consumer unit) installed years ago. It's the best way to protect your tenants safety.

 

[Spit & polish]

@RyeCleanLiam shared ownership maybe? had a friend start on it his gone from 1 bed flat in rough area to a 4 bed in better area.

Also sometimes does a place have a garage that can be converted thats normally a cheap option to gain space, up north alot of basements but they can be moneypits.

Also not much knowledge of your area but alot of character properties it seems but within 10 miles their was a few to choose from, some of these old places have outbuildings that you could convert or if a big enough garden (have a home office type building built and use as a bedroom.).

Good luck hope you find somewhere.

 

[Pjj]

It sounds like your safety isn't being taken that seriously if you had to ask for stairs to be fixed. That's basic stuff. I would query the electrics straight away. It's called an EICR certificate, done by an electrician every 5 years.  Have you had one visit?  Don't let it go if not, bad landlords need to be driven out the market.  What heating is in the property? Is there a boiler?  Smoke alarms should be fitted by law (should be one on each level) and it's also a legal requirement for Carbon monoxide detectors to be fitted in each room where there is a boiler or solid fuel burning appliance.

Good Luck on the house purchase. I hope it works out for you. 

The problem with all this legislation is there is no one to enforce it , my property is with a very good letting agent and they are right on the ball everything is done as it should be , there are still way to many landlords renting out properties for cash in hand with none of theses things done and no intention of doing it the  tenants are often afraid to complain as they will find themselves evicted and the place given to someone  else and there are no contracts so they are between a rock and a hard place , theses landlords seam to get away with this I know of several in my own town that behave in this manner and two of them are multi millionaires this is how they have got ware they are . It makes my blood boil .

 

[Pjj]

I believe that as of April 2020 an EICR (Electrical Installation Condition Report) is legally required on all rented properties. I'm not sure if that is just for new renters/new AST or if it's retrospective! 

It is all about safety, old 1970's cable and installation can pass! It also has nothing to do with how many sockets you have.

Any landlord with any common sense would have had an EICR and a new fuse board (consumer unit) installed years ago. It's the best way to protect your tenants safety.

All rental properties have to have the electrics tested , but many landlords just don’t care and don’t bother 

 

[Jonny 67]

If you are renting , it’s a legal requirement that the  house electrics are are fully checked every socket ,light ,anything that has mains power to it every five years ,if this hasn’t been done get on to the agent you rent through , it’s a Hefty  fine if it’s not done , if you rent direct from the land lord get on to citizens advice they will tell you how best to deal with it . 

I do feel for ones trying to get on the property ladder it’s not easy , I did 3 jobs for many years to be able to get the deposit and then a mortgage, prices are higher now than when I bought my first place 35 years ago . All the best trying to get your own place . 

Correct. A new law requires landlords to have an electrical safety certificate every five years. This law came into force in 2021, April if my memory serves me right....

 

[Pjj]

Correct. A new law requires landlords to have an electrical safety certificate every five years. This law came into force in 2021, April if my memory serves me right....

Yes I had to have my place done , it needed a new consumer unit which was replaced .

 

[Part Timer]

35 years ago you could buy a 3 bed semi anywhere , except London, for less than £50k. Mortgages at the time were 10% deposit, 3.5 times husbands salary, 1.5 times wife's salary. Buy to let greed, with the benefits society, has made housing far to expensive for those wanting to get on the property ladder.

There will be a correction , when I don't know, hopefully soon as currently it's obscene. Easy fix would be a max 3% cap on rent to purchase price for the private sector and 2% on social. This would make it far less lucrative to those with money to fleece those with not.

 

[Iron Giant]

Don't get me started on property. We would love to have bought but it's just out of reach for us. We are lucky in that we rent a 4 bed semi for a pretty reasonable rent compared to current prices. But at the same time the boiler is 35 years old, the tiles in the bathroom need replacing, the electrics are unsuitable for the modern age etc. Things we wouldn't put up with if it was our own house. 

We live in an area of Yorkshire which is higher priced than the rest, many have bought second homes. We would need a £50k deposit to get what we would like. Try saving that up while paying rent and bringing up children. My mum and dad, previous generation to me bought their first house for £25k.

Even if I could just about afford to buy at these inflated prices I'm not sure i'd want to, it's unjust.

Surely your landlord is legally bound to ensure things are up to standard electrics for one, I was told by a sparky that in the event of fire that if we kept the old consumer unit which was 60 years plus the insurance wouldn't pay out, not sure if that's true or not, we had an old black board with fuses with like dominos and even though a quick test was a pass on upgrading the consumer unit problems were discovered with our electrics the sockets were still on the skirting boards and the electric would trip often downstairs 

 

[RyeCleanLiam]

Surely your landlord is legally bound to ensure things are up to standard electrics for one, I was told by a sparky that in the event of fire that if we kept the old consumer unit which was 60 years plus the insurance wouldn't pay out, not sure if that's true or not, we had an old black board with fuses with like dominos and even though a quick test was a pass on upgrading the consumer unit problems were discovered with our electrics the sockets were still on the skirting boards and the electric would trip often downstairs 

This is the type of letting agent we are dealing with:

The hot water is still run off a tank. After moving in we discovered the tank was barely big enough to give water for one hot shower before it went cold. I got in touch and said the shower isn't fit for a family home and families shouldn't in this day and age have to put up with this kind of system. The lettings agent got in touch with the landlord and and it transpires the landlords are tight and weren't willing to pay for an electric shower fitted. In the end we agreed for the lettings agent to get a price for a new shower fitted and we would decide if we would pay for it fitted. The price came in at £700, in the end we decided that we were willing to pay £500 to get one as we were looking to stay a while and needed a hot shower for all of us. So in the end we paid £500 the landlords £200. We could have got it done and signed off by my father in law for just the price of materials but he wasn't one of their approved contractor so they wouldnt have it.

Their approved contractor came to fit the shower. The price quoted was for a 10 kw shower and 10 mm cable. Upon coming home I found out their approved contractor had fit a 7 mm cable. They ran the cable in the attic and laid it on insulation. Absolute cowboys. They were made to come and redo the wiring by me properly. 

The lettings agents from our experience find the cheapest tradesman they can.

 

[RyeCleanLiam]

I believe that as of April 2020 an EICR (Electrical Installation Condition Report) is legally required on all rented properties. I'm not sure if that is just for new renters/new AST or if it's retrospective! 

It is all about safety, old 1970's cable and installation can pass! It also has nothing to do with how many sockets you have.

Any landlord with any common sense would have had an EICR and a new fuse board (consumer unit) installed years ago. It's the best way to protect your tenants safety.

Yes I've never said the electrics weren't up to standard I just said they weren't fit for the modern age because they were fitted in a time when people didn't have as many electronics so didn't need as many sockets. Most of the rooms only have one socket, and in really bizarre places. This forces you to run extensions on extensions or add socket adapters which isn't exactly safe.

But the reason I used this as an example, was not because I was saying it wasn't safe. But I was making the point if we could afford to buy a house we wouldn't put up with this we would get it sorted to how we want. But because we are stuck renting and the landlords don't care we have to out up with it.

 

[Spit & polish]

London and other cities also have foreign investment which reduces the amount of property available. Add on the fact that the population grows & immigration far faster than we build homes, you get a lack of supply.

I see photos by accident of a friend of a friend at a property show abroad and it had a development near me in the background that was about 18 months old its only been shown in local paper about 2 months back, so before being mentioned here investment from europe was been looked at.

I will look at rentals and doing up places as if i fall of a ladder tomorrow i can earn without needing to physically do the work.

 

[Jonny 67]

London and other cities also have foreign investment which reduces the amount of property available. Add on the fact that the population grows & immigration far faster than we build homes, you get a lack of supply.

I see photos by accident of a friend of a friend at a property show abroad and it had a development near me in the background that was about 18 months old its only been shown in local paper about 2 months back, so before being mentioned here investment from europe was been looked at.

I will look at rentals and doing up places as if i fall of a ladder tomorrow i can earn without needing to physically do the work.

Doing up houses can be lucrative if you get the right one. It can also be very frustrating and stressful if you get it wrong....

 

[Iron Giant]

This is the type of letting agent we are dealing with:

The hot water is still run off a tank. After moving in we discovered the tank was barely big enough to give water for one hot shower before it went cold. I got in touch and said the shower isn't fit for a family home and families shouldn't in this day and age have to put up with this kind of system. The lettings agent got in touch with the landlord and and it transpires the landlords are tight and weren't willing to pay for an electric shower fitted. In the end we agreed for the lettings agent to get a price for a new shower fitted and we would decide if we would pay for it fitted. The price came in at £700, in the end we decided that we were willing to pay £500 to get one as we were looking to stay a while and needed a hot shower for all of us. So in the end we paid £500 the landlords £200. We could have got it done and signed off by my father in law for just the price of materials but he wasn't one of their approved contractor so they wouldnt have it.

Their approved contractor came to fit the shower. The price quoted was for a 10 kw shower and 10 mm cable. Upon coming home I found out their approved contractor had fit a 7 mm cable. They ran the cable in the attic and laid it on insulation. Absolute cowboys. They were made to come and redo the wiring by me properly. 

The lettings agents from our experience find the cheapest tradesman they can.

I feel you I really do and this I know happens in the town I live in with private landlords and letting agents,

Some letting agents and Estate agents are as dodgy as they are portrayed when buying our house we hit a point were we knew the estate was happy to lie to us and get people on behalf of the seller to lie to us as well, she was struggling to care for her dad who had moved in with her, we knew the things that needed doing and the seller had no issue in wanting to get things sorted, the issue was that certain jobs could have been claimed to have been done but may never have been or not been done as they should, the estate agent always said they could get the work done cheaper. 

 

[scottish cleaning service]

I wasn't particularly talking about new builds being inflated but houses in general are inflated.

My mum and dad bought a house 30 years ago for £25k. My dad was earning 25 grand a year back then and the deposit was 2 grand.

Now if we want to buy a house we are looking at 10 times that amount to buy it and 15 times the deposit at least. Yet our wages are maybe 2 times more than what my dad was earning. That's inflated.

If you look at a 200 year chart on house prices in Uk then it just goes up. With the world printing so much money then inflation will head alot higher. The rich seem to get richer and are putting money into bricks and mortar adding to the rise. We need interest rates to go up and that will halt the rise but it means paying more for a mortgage so catch 22.

 

[dazmond]

How many bank accounts do you guys have?I have 4 at the moment....

1. personal current account for customer BACS payments,standing orders,direct debits,etc

2.savings account(for tax... payment on account,etc)

3.savings account(emergency fund)

4.savings account(nest egg account)

I'm toying with the idea of getting some premium bonds....

 

[Bart90]

35 years ago you could buy a 3 bed semi anywhere , except London, for less than £50k. Mortgages at the time were 10% deposit, 3.5 times husbands salary, 1.5 times wife's salary. Buy to let greed, with the benefits society, has made housing far to expensive for those wanting to get on the property ladder.

There will be a correction , when I don't know, hopefully soon as currently it's obscene. Easy fix would be a max 3% cap on rent to purchase price for the private sector and 2% on social. This would make it far less lucrative to those with money to fleece those with not.

Worth pointing out that interest rates peaked at 14% in the 80's so mortgage payments could be very high even though prices were low. On that 45k mortgage, you'd be paying £525 interst only.....the equivelent of £1,600 in today's money. How did people afford it?  I genuinely don't know.  

The main issue is not the BTL market in my opinion. You will always have people who can't or won't buy for other reasons then house prices so you will always need the PRS. Some people don't want the responsibility of home ownership, others like the flexibility of renting, it also allows people to relocate across the country much more quickly.  Landlords who comply with legislation and offer good homes are doing a good service to those people that want to rent.   Not all are greedy, and there's nothing wrong with them making a profit; they take on the risk, so I don't have a problem with them profiting.  The whole market boils down to supply and demand, massive population, and we're all stuck on an island together with limited space. I don't think it's helped we've allowed immigration to be uncontrolled for two decades either.  Just my thoughts for what it's worth!

 

[ched999uk]

Worth pointing out that interest rates peaked at 14% in the 80's so mortgage payments could be very high even though prices were low. On that 45k mortgage, you'd be paying £525 interst only.....the equivelent of £1,600 in today's money. How did people afford it?  I genuinely don't know.  

Most of the 80's mortgage interest rates were above 10%, they only dropped in 92 down to about 6%. I know a fair few who had problems but mainly due to corporate moves and needing to sell at the worst of times. In the 70's the rate was still 8% plus!!! It's only since about 1993 that rates dropped below 6%.

These were times when 110% mortgages could be had!!! add to that self certification mortgages where you just said how much you earned!!! It was a real growth time for house prices...

There are so many factors over the last 40 years that have allowed house prices to rise way out of step with wages has created the system we have. Problem is if anything 'corrects' the prices hundreds of thousands of people will default on their mortgages as there would be so much negative equity. So then the banks would go under and that takes the economy under too, so if house prices drop dramatically the country will be in so much trouble it's not something that 'they' can allow to happen!!!!

I can't really see a solution other than doing what Japan do and having 100 year mortgages!!! But western culture doesn't work the same way!!!

Only way to get a cheaper house is to move North!!!