As someone who's 58, I'd love to share a few things based on experience, which might help those buying a leasehold flat (which is what most flats are). Not to spoil anyone's dream but so you have your eyes open and check figures and legal documents. 1: first up, you're not buying the flat forever, you're buying a lease, which means the flat is yours for a certain number of years, usually around 100. After this it reverts back to the freeholder (the freeholder owns not only the land but the building your flat is in). 100 years is OK if you're only staying there for 5 years or so. But if it's less than 100, and you stay longer (because moving is expensive and a hassle) the clock is ticking, and once your lease gets down to 80 years or less you will need to extend it otherwise the flat is hard to sell. And lease extensions cost A LOT. (multiple thousands). 2: Ask who the freeholder is. Not something most first-time buyers think of. Research them, as a lot are bastards to deal with or take no interest in the property when things like building works need to be done, or rip you off with charges etc. 3: Like Harleigh says, check the service charge. It can add £100 a month or more on to your monthly bills. It's not unusual to find flats that have even higher charges because at some point in the past the freeholder mismanaged it. Also check what it covers (e.g. frequency of cleaning communal areas, what they are and aren't responsible for, does it include a sinking fund for major works). 4: Check how much is in the sinking fund, when the next cyclical repairs are due, and that the fund will cover it - especially for flats in older houses such as Victorian where windows are near the end of their lifespan and may need replacing. Your survey should pick this up, and that's your cue to check how much is in the sinking fund/major works fund. Otherwise you could end up with a huge bill and a nasty shock. 5: Last, and maybe most important, if you ever do run into problems with the freeholder, over repairs, charges, major works, whatever, the law is almost entirely on the side of the freeholder. Although the lease is a supposedly legally binding document, and says they have to do certain things, a lot of it is a matter of interpretation. If it ever gets to a dispute, first of all it is hugely time-consuming and energy-draining to challenge them as they will either relentlessly pursue whatever it is that they're doing, regardless of how much it might cost you as the leaseholder or, conversely, will be absent and almost impossible to engage with. If it gets as far as taking them to a tribunal, this costs you not only your legal fees but theirs too. You need a very strong case, and even then the odds are it will go against you. You may hear that there is a process called a section 20 consultation before they are allowed to do anything that will cost leaseholders money, during which you can raise questions and objections (should you have any). There is, but it is only a box-ticking exercise. The process states that they have to have 'due regard' for your objections, but as long as they simply say they have had due regard, they can then go ahead and do whatever they like. As I said, I don't want to rain on anyone's parade, but over the years myself and many friends have had problems with freeholders. When I first bought we didn't have platforms like this and the ability to share all this information so freely. Now that we can, I just want to pass on some knowledge and experience and help maybe a few people check things you might not have thought of and save you from stress further down the line. (This comment is almost as long as the video LOL!)
Jacqui Gibbons: Very good comment Jacqui. I am a Leaseholder and the Freeholder used to be the local Council but when they decided to transfer all their housing stock to a Housing Trust a few years ago, that is when it all went pear shaped and beyond. I have caught them out when they actually slipped up a few times now and saved myself £100s but it never ends. They just get more devious and sneaky. They informed me when the lease gets down to 80 years it will need renewing and it will not be cheap. However it makes a great selling point. The Freeholder even claims I have to pay for the lease, my own solicitors or conveyancers and the Freeholder's solicitors fees too? I am amazed that is right, proper and legal? There is of course a Leasehold Advisory Group that reply eventually.
I’m 27 , about to buy my first flat - I only started full time working in the last 12 months and mange’s to save £15k. (I only qualified in my field at 26) . Although it’s 1 bedroom flat I’m very proud to say I’ll be a home owner in my 20s
As a graduate my first job wage was £19k..My first house was £30,000. it used to be 3 times your salary mortgage back in the day. Checked the value now its £370,000. Graduate salaries now is till low. its not like most earn £100,000 a year (wages never caught up with inflation) so sad ...for the younger generation
'The cost of buying your own property is more than the price you see on right move' - best advice EVER! I just brought a house and could not agree more!
I'm 27 living in Hackney got my first house last month paid in cash I feel so happy for myself and my achievements watching this random video. So glad I made good decisions about my finances that changed me forever💗
Congrats! Big achievement at such a young age. I bought my first flat in South London aged 27 for a great price, then sold it six years later after it had risen in value by a little over 60%! It wasn’t easy (a lot of sacrifice and discipline with saving and investing), but if you have a long-term horizon, then it is definitely worth it!
Wow that is AMAZING! As much as I’m north London ‘til I die I’ve seen so many great property opportunities and success stories yonder on the south side of the river 😂😂
I bought my first flat in London at 26 and it ALWAYS takes longer than you think. Thank you for sharing all of the intricate details of the house buying process. I think buying a house is one of the best ways to preserve and increase your wealth nowadays, as you don't have to throw money down the drain in rent. I know some people argue that buying a house can be a money sink and that is true if you buy a fixer upper, but going from paying £1400 a month in rent in Camden to half that for my own flat still in central-ish London, I'd much rather spend money on my own house!
Thank you so much for this! I’m a 24 year old single woman planning to buy my first property, and it’s beyond useful to find advice from someone in the same boat as me 🙌🏽
Mortgage application fees just vex me. Council tax don’t miss a beat!!! The odd thing about buying a house is you save and save for years - then all of a sudden you are spending like crazy.
Back when I bought my first flat there wasn't anywhere to get info like this, except talking to parents, elders or if you had any friends who had already done it. We were completely in the dark about the process. There wasn't TH-cam and or even the internet! It's great to see someone of 24 clued up about money and, better still, sharing your knowledge with others. Love it.
So helpful and broken down so well, I’m a first time buyer at 27 and I’m hoping 2021 will be the year! Your video gave me the confidence that will make it possible! Thank you so much 🙏🏽
Missing the friends birthdays is a bit sad. When you die, i don't think you'll be thinking about how much savings you have, you'll be thinking about all the fun memories...
It’s easier when your friends are on the same journey as you though! I surrounded myself with likeminded people to make the sacrifices sting a little less. Also you want to miss as few as possible so it’s motivating to grind a little harder ☺️
You're talking as if they wont have a birthday next year and for several decades to follow. Enjoy the birthdays and then also enjoy being broke too. Nothing good in life comes without trade-offs
@@myafrosheen Well not to be pessimistic... But they might NOT have a birthday next year. Life is not guaranteed unfortunately. I’m all for people hustling and having ambition, but it’s important to enjoy life lol. We’re not here for long - Surely the pandemic has really emphasised that?
I really like how you explained everything so simply and has really inspired me to go ahead with my plans for buying a home which I thought would take me forever. Thank you! You’re amazing keep up the inspiration and motivation 🙏🏽
For people who didn’t get the Help to Buy ISA before it ended, there’s now the Lifetime ISA (I have one). You can save up to 4K per year in it (max £1k per year bonus) and the bonus gets paid in as you save (usually about 4/6 weeks after you’ve made the deposit).
Awesome video and great info! The only thing I'd say is to be aware that a Conveyancer and Property Solicitor are not the same thing. 7 times out of 10 the process can be handled by a conveyancer but if anything gets complicated or issues arise with the property, you'll then have to take it to a property solicitor as well. They are more expensive but the knowledge and experience you get from them gives a lot more piece of mind about the process getting done quicker and being right first time.
Hahahahahahah what did you end up getting!? I was sucker for Morphe brushes until their recent scandals... MAC brushes are great and I still have my first ever Real Techniques brushes still going strong ✨
This is very interesting. There are so many great tips and great advice. I thought I’d share few things that may help: insuring your property is not compulsory neither is taking out life insurance. Some lenders require it but not all. There are lenders that can lend between 4-6 times income. There is no threshold to how much deposit your parents can gift, Harleigh is correct about the gifted deposit letter. There are lenders that do not charge valuation fee or arrangement fees, however arrangement fees are on fixed rate. There are great lenders for those who have different types of income such as self employment or contractors. The commenter is correct about leasehold. There is a more through valuation report than what is offered by mortgage lenders. These are the things a mortgage adviser should tell you or give you some idea about.
My Flat Tour video is now uppp! 🏡 th-cam.com/video/LZcKDZXsJGI/w-d-xo.html *NEW* Homeownership Truths and Costs! th-cam.com/video/CMEEywmo2Og/w-d-xo.html
wow, i always used to see you around my area and randomly just came across your channel! congratulations girl and thank you for the detailed advice 👏🏽🖤
Such a good video - and I loved the insight that you need to be smarter with your money, move it around for the best deal, invest, basically do what you can so that you know what you are doing with YOUR money! And I love a good money spreadsheet too! Thanks for sharing this video!
Brilliant! Very clear, very personal, very easy to understand. Not only did you share all the valid points and pitfalls you gave advice on the things to expect outside of the mortgage process, things about determination and aftermath! Every young person should be encouraged by this. Looks like you may have found another very relevant source of income!! I will be showing this to little sis without delay! Thanks!
Thanks sooo much! You don’t know how helpful this was honestly! Other videos like this often sound too confusing but yours was nice and concise! Subscribed! You talked a little about small investments in the beginning of the video, could you please make a video more on this, and how to make your savings stretch. (apart from just doing basic saving lol - if that makes sense) would really appreciate it X
Sis you paid a lot of money when you moved in. That’s one thing my estate agents encouraged me to go for a freehold. I’ve saved since I was getting my child benefits 😀. Congratulations. If you ever did want to rent your other bedroom, you’ll make money.
The perils of leasehold! Some places allow you to buy a percentage of the freehold but I’m glad to pay for the maintenance of the grounds, car park and private gym 😌
you can still open LISA- life time isa which is pretty same thing. Gov will add to your 1000 pounds a additional 250pound up. You can choose cash or investement one.
Great video! I am in the process of buying in Central London and am sat here with my fingers crossed waiting to hear which of the three properties I've reserved will be mine :)
Just came across your video. I recently bought my first flat (2 bed and a car space) with my hubby last year....in Havering too! So I feel you on the London front. I feel we had a similar path to getting our properties. Congrats!!
When I bought my flat back in 80s for a great price due to recession and when I decided to move in with my partner, we actually sold it ourselves without using a solicitor hard work but so worth in the end.
Man you've done well... Especially at 24! We have the same financial habits. Two years ago I moved from Walthamstow to Slough. Its becoming common for our generation to move out of London (or stay in outer zones). Deep down I'd love to move back to London. I hope you love your area.
Congratulations again Harlz!! Absolutely AMAZING video! I did not know even half of that, so thank you very very much!! Onwards and upwards.. hope your kitchen is coming along nicely :) x x x
The LISA is a lot better than the Help to Buy ISA. The maximum bonus you can get on Help to Buy ISA is £3k whereas you can get up to £1k every year up until you're 50 so you can get up to £32k. LISA also allows you to buy a home up to £450k anywhere in the country.
I just turned 18 and actually bought my first property at 17 under my dads name, I think this video is very good and I 100% agree with all the tips it was much harder for me as I couldn't get any first time buyer perks as it was my dads second property but I will use those perks on the next property I purchase under my name, the biggest thing is saving and sacrifices, all throughout secondary school I didn't always go to every motive or buy fresh kicks every month, its worth it now because everyone asks me how I done it. Another thing I would say is work/business ventures especially while you are young and you have all these holidays. Im in uni now so im hoping to save enough to purchase my second property by the time im 23, funny enough Im from Dagenham aswell so I know the markets and I was literally thinking to get my second property around havering. Great vid!
this is such an inspiring video! congrats on getting your property!! would love to see videos on how you saved up so much and tips on where to save them 🙌🏼
This is a great video, informative, funny and with great real world examples. You are so clear, it's like listening to a friend discuss their experience. You've given some great information and it'll help me on my buying journey. All the best and thanks again
The lifetime ISA is better than the help to buy in a lot of cases, and you can still open them. Money saving expert has good pages explaining it. One cool thing is it can be used at retirement so if for some reason you don't buy a property you can keep it for retirement instead!
I'm like you in that I have saved all my life. Also had very limited help from parent. Still though unless I have a decent salary I am very much limited in terms of what I can buy in London. I have 52k deposit and 12k buffer. Max I can afford is around 230k at the moment. I am also looking at Havering as an option.
I love to see this!!!! You should be very proud of yourself. I think a lot of people struggle with making sacrifices and going against what everyone else is doing. Be a goat not a sheep always!
Thank you!! There is a lot in mindset, even the mindset of how people typically view rent vs. mortgages. Spending money vs. Wasting money. I learnt a lot , some the hard way 😅😅
I don’t know who needs to hear this. But please do your homework on leaseholds especially section 20’s, doubling ground rents( can make a property unsellable) extortion service charges, marriage value and the expensive lessons of short leases. Where possible buy a older freehold property and don’t put your financial future in a profiteers hands.
Completely agree! Fully research any purchase decision and make the choice that makes the best sense for you at that time. You can't predict the future so make the best choices you can with the information you have
Loool at first I thought that, but then realised some buy new outfits, presents, dinner, drinks then clubbing. It can be over £200 when you add it all up.
@10:39 It’s called arranger and other fees. When big corporations borrow money from banks they have to pay the bank(s) fee(s) for the banks organising the loan. A mortgage is a large loan, so it makes sense to charge these fees. You did it though. Congratulations and thanks for this video. 😊
this was soo helpful!! and more importantly in plain and simple english that I could easily understand and digest. I really found the checklist on the side a great help too
Amazing stuff, as a Nigerian living in Nigeria this is a lofty goal, doable of course. Bless God for the recommendation. The way you talk about it, very clear you did your due diligence, almost sounding like a mortgage pro. You insanely beautifully if I may add.
Well done on your first purchase and congratulations. Congrats as well for having your own business. Perhaps you could talk about how you came up with the idea and what steps you took to get the ball rolling in another video.
i so regret not saving money as i was growing up, only now getting on top of it all and feel like i've squandered so much over time :( you've done amazing being so on it you'll benefit so much
Saving money. Well, guess this video isn't for me just yet. 😅 I need to conquer that first. You sound like my brother. Always saving. I've always been a spender unfortunately. I think it comes from being broke all my life, growing up poor and just wanting better in life and once I got somewhat comfortable, I felt I made it. Saving brings me back to not having things or being able to eat anything. I must be fucked up in the head 😂🤣
Set up a standing order with your bank into a fixed savings. That way you don't think about it because it's not in your current bank account. You can do it with a community bank also.
Literally same. My mom was alone and literally did everything she could. We bought second hand clothes to save money. I always saved all the money I got as gifts etc, untill I had like 150 (which is a lot when you are 9 haha) I remember buying clothes at Zara kids when there were sales with the money I managed to save. I LOVED how it made me feel
I’m 20 and am seriously considering buying some land(similar to you, I’ve been saving nearly every paycheck these past 2 years, living at home, not going out etc) and building a cob home or purchasing a tiny home kit. This video has been very reassuring-keep up the great content girl! Sending love from Seattle❤️
this was so informative and great to watch thank you so much! I just finished uni this year and have started my grad job so i'm thinking about the next stage of my life which will be to move out of my parents house so this was really inspiring for me :) also i live in dagenham so we're borough neighbours heyyyy
Thank you so much for this! I learnt so many new things and I’m someone who’s relatively on top of their finances! Glad I know it’s not just the RightMove price now 🙏🏽🙏🏽😞
This was soooooo helpful. I'm hoping to buy my first property soon as a young single girl so this video was really useful and inspiring! Thank you so much!
This was veery helpful. The guy who suggested you take your parents out..that was funny. You gave a lot of insight into what people like me need to know. Hope youre loving the flat
I budgeted for 4K on decorating and furnishing, and didn’t really save for it as I didn’t urgently have to move in. It took me 3-4 months to pay-as-I-earned all my decorating and furnishings
@@HarleighReid ahh that's good. I guess for someone who needs to move in asap it is something that will have to be considered. I'm in the process of buying a property and we need new appliances, furniture and even new carpets! It's going to cost an extra 5k before we can even move in! So stressful. Great informative video btw 👍
As someone who's 58, I'd love to share a few things based on experience, which might help those buying a leasehold flat (which is what most flats are). Not to spoil anyone's dream but so you have your eyes open and check figures and legal documents. 1: first up, you're not buying the flat forever, you're buying a lease, which means the flat is yours for a certain number of years, usually around 100. After this it reverts back to the freeholder (the freeholder owns not only the land but the building your flat is in). 100 years is OK if you're only staying there for 5 years or so. But if it's less than 100, and you stay longer (because moving is expensive and a hassle) the clock is ticking, and once your lease gets down to 80 years or less you will need to extend it otherwise the flat is hard to sell. And lease extensions cost A LOT. (multiple thousands). 2: Ask who the freeholder is. Not something most first-time buyers think of. Research them, as a lot are bastards to deal with or take no interest in the property when things like building works need to be done, or rip you off with charges etc. 3: Like Harleigh says, check the service charge. It can add £100 a month or more on to your monthly bills. It's not unusual to find flats that have even higher charges because at some point in the past the freeholder mismanaged it. Also check what it covers (e.g. frequency of cleaning communal areas, what they are and aren't responsible for, does it include a sinking fund for major works). 4: Check how much is in the sinking fund, when the next cyclical repairs are due, and that the fund will cover it - especially for flats in older houses such as Victorian where windows are near the end of their lifespan and may need replacing. Your survey should pick this up, and that's your cue to check how much is in the sinking fund/major works fund. Otherwise you could end up with a huge bill and a nasty shock. 5: Last, and maybe most important, if you ever do run into problems with the freeholder, over repairs, charges, major works, whatever, the law is almost entirely on the side of the freeholder. Although the lease is a supposedly legally binding document, and says they have to do certain things, a lot of it is a matter of interpretation. If it ever gets to a dispute, first of all it is hugely time-consuming and energy-draining to challenge them as they will either relentlessly pursue whatever it is that they're doing, regardless of how much it might cost you as the leaseholder or, conversely, will be absent and almost impossible to engage with. If it gets as far as taking them to a tribunal, this costs you not only your legal fees but theirs too. You need a very strong case, and even then the odds are it will go against you. You may hear that there is a process called a section 20 consultation before they are allowed to do anything that will cost leaseholders money, during which you can raise questions and objections (should you have any). There is, but it is only a box-ticking exercise. The process states that they have to have 'due regard' for your objections, but as long as they simply say they have had due regard, they can then go ahead and do whatever they like. As I said, I don't want to rain on anyone's parade, but over the years myself and many friends have had problems with freeholders. When I first bought we didn't have platforms like this and the ability to share all this information so freely. Now that we can, I just want to pass on some knowledge and experience and help maybe a few people check things you might not have thought of and save you from stress further down the line. (This comment is almost as long as the video LOL!)
This is great additional advice, thank you :)
You’re a star
Thank you for taking the time to share this knowledge 🙏🏾
Great advice, I don’t recommend a leasehold flat. I know people that have fallen into this trap and their service changes hit 40k.
Jacqui Gibbons: Very good comment Jacqui. I am a Leaseholder and the Freeholder used to be the local Council but when they decided to transfer all their housing stock to a Housing Trust a few years ago, that is when it all went pear shaped and beyond. I have caught them out when they actually slipped up a few times now and saved myself £100s but it never ends. They just get more devious and sneaky. They informed me when the lease gets down to 80 years it will need renewing and it will not be cheap. However it makes a great selling point. The Freeholder even claims I have to pay for the lease, my own solicitors or conveyancers and the Freeholder's solicitors fees too? I am amazed that is right, proper and legal? There is of course a Leasehold Advisory Group that reply eventually.
My favourite quote "I do not go out, out. Out, out cost money, money. A budget must be kept." Love it.
I’m 27 , about to buy my first flat - I only started full time working in the last 12 months and mange’s to save £15k. (I only qualified in my field at 26) . Although it’s 1 bedroom flat I’m very proud to say I’ll be a home owner in my 20s
The most informative house buying video I've seen!
Whoaaa hi! Thank you so much for watching 🥺😭
As a graduate my first job wage was £19k..My first house was £30,000. it used to be 3 times your salary mortgage back in the day.
Checked the value now its £370,000.
Graduate salaries now is till low. its not like most earn £100,000 a year (wages never caught up with inflation)
so sad ...for the younger generation
This is what a decade of a very low rates done: a bubble on the real estate market...
'The cost of buying your own property is more than the price you see on right move' - best advice EVER! I just brought a house and could not agree more!
I'm 27 living in Hackney got my first house last month paid in cash I feel so happy for myself and my achievements watching this random video. So glad I made good decisions about my finances that changed me forever💗
Congratulations!!
Watching this at 17 bc I really wanna get ahead in this life
Come on
Sis great minds think alike!
same m8 i turn 18 on dec 9th so i wanted to start looking at everything money related really haha
same!
Congrats! Big achievement at such a young age. I bought my first flat in South London aged 27 for a great price, then sold it six years later after it had risen in value by a little over 60%! It wasn’t easy (a lot of sacrifice and discipline with saving and investing), but if you have a long-term horizon, then it is definitely worth it!
Wow that is AMAZING! As much as I’m north London ‘til I die I’ve seen so many great property opportunities and success stories yonder on the south side of the river 😂😂
I'm not seeing a lot of recognition for your 1.29% interest rate - congrats for keeping your eye on your credit score all those years!
Hahaha thank you. But also excellent timing, secured in Feb 2020... and we all know what happened in March 😞 🦠
I bought my first flat in London at 26 and it ALWAYS takes longer than you think. Thank you for sharing all of the intricate details of the house buying process. I think buying a house is one of the best ways to preserve and increase your wealth nowadays, as you don't have to throw money down the drain in rent.
I know some people argue that buying a house can be a money sink and that is true if you buy a fixer upper, but going from paying £1400 a month in rent in Camden to half that for my own flat still in central-ish London, I'd much rather spend money on my own house!
Zi Wang, congratulations! I wish you many happy years in your new home.
Great advice. Wish I was as smart as you when I was 24
wow this is so inspirational to see young black women reaching their goals, new subscriberrrr i need all the knowledge lol keep going sis x
I’m 17 and got £8,000 in my account saved 🤧
Update - I’m saving for £10,000
Well done. Keep on saving to get your property 💪🏾
You're 10 years ahead of me mate, well done!
@Lavender Pinkelle xD no but i am actually over 18
Well done
Wow great job dude. Wish I started saving at that age! Keep it up!
the title alone is just such a wow moment. you are winning at life girl!!!!! you're INCREDIBLE
I’m twice your age, and you’ve helped me out a lot!
Great informative video.
I’m so proud Of you! 🥰
Not going to lie Harleigh, your face is actually aesthetically pleasing ! Very informative! Great Videoooo 🙌🏽🙌🏽🙌🏽🙌🏽🙌🏽
Thank you so much for this!
I’m a 24 year old single woman planning to buy my first property, and it’s beyond useful to find advice from someone in the same boat as me 🙌🏽
You have a knack for explaining complex, daunting topics very simply and clearly. Thank you for this video.
Glad it was helpful!
Mortgage application fees just vex me. Council tax don’t miss a beat!!! The odd thing about buying a house is you save and save for years - then all of a sudden you are spending like crazy.
I know right the spending is crazy. Especially renovating cost 😩
You go from 6 figure savings to living month to month payments coming out your backside 😂😂🤣🤣😂🤣
Back when I bought my first flat there wasn't anywhere to get info like this, except talking to parents, elders or if you had any friends who had already done it. We were completely in the dark about the process. There wasn't TH-cam and or even the internet! It's great to see someone of 24 clued up about money and, better still, sharing your knowledge with others. Love it.
So helpful and broken down so well, I’m a first time buyer at 27 and I’m hoping 2021 will be the year! Your video gave me the confidence that will make it possible! Thank you so much 🙏🏽
Patricia Bright on The Break Platform has lots of other properties videos and options if you’re looking for more London-based property inspo!
This is great Harleigh, one of the best breakdowns I have watched. Congratulations on the property!
Thank you so much!
So many successful young black women that are willing to teach others, I love it!!
Missing the friends birthdays is a bit sad. When you die, i don't think you'll be thinking about how much savings you have, you'll be thinking about all the fun memories...
It’s easier when your friends are on the same journey as you though! I surrounded myself with likeminded people to make the sacrifices sting a little less. Also you want to miss as few as possible so it’s motivating to grind a little harder ☺️
When you die you wont be thinking of anything but her reply makes sense. Being surrounded by likeminded people helps.
You're talking as if they wont have a birthday next year and for several decades to follow. Enjoy the birthdays and then also enjoy being broke too. Nothing good in life comes without trade-offs
I agree but if everyone is on the same wave length it helps imagine celebrating birthdays with your friends in all your amazing new homes 😍
@@myafrosheen Well not to be pessimistic... But they might NOT have a birthday next year. Life is not guaranteed unfortunately. I’m all for people hustling and having ambition, but it’s important to enjoy life lol. We’re not here for long - Surely the pandemic has really emphasised that?
This is by far the most informative video explained in simple terms! I've learned a lot, thank you!
Great to hear! 🌸
I really like how you explained everything so simply and has really inspired me to go ahead with my plans for buying a home which I thought would take me forever. Thank you! You’re amazing keep up the inspiration and motivation 🙏🏽
For people who didn’t get the Help to Buy ISA before it ended, there’s now the Lifetime ISA (I have one). You can save up to 4K per year in it (max £1k per year bonus) and the bonus gets paid in as you save (usually about 4/6 weeks after you’ve made the deposit).
YES! Amazing up-to-date advice - thank you!
Awesome video and great info! The only thing I'd say is to be aware that a Conveyancer and Property Solicitor are not the same thing. 7 times out of 10 the process can be handled by a conveyancer but if anything gets complicated or issues arise with the property, you'll then have to take it to a property solicitor as well. They are more expensive but the knowledge and experience you get from them gives a lot more piece of mind about the process getting done quicker and being right first time.
I was shopping for makeup brushes and the TH-cam algorithm showed me this... I'm so weak
Hahahahahahah what did you end up getting!? I was sucker for Morphe brushes until their recent scandals... MAC brushes are great and I still have my first ever Real Techniques brushes still going strong ✨
I’m 20 years old atm and looking to buy an apartment within the next 4 years or so. This really helped!!!❤️🤝
This is very interesting. There are so many great tips and great advice. I thought I’d share few things that may help: insuring your property is not compulsory neither is taking out life insurance. Some lenders require it but not all. There are lenders that can lend between 4-6 times income. There is no threshold to how much deposit your parents can gift, Harleigh is correct about the gifted deposit letter. There are lenders that do not charge valuation fee or arrangement fees, however arrangement fees are on fixed rate. There are great lenders for those who have different types of income such as self employment or contractors. The commenter is correct about leasehold. There is a more through valuation report than what is offered by mortgage lenders. These are the things a mortgage adviser should tell you or give you some idea about.
Not owning the land is exactly why I’m waiting for land + house. Congratulations though black excellence always good to see 💋
Defo the ideal dream!!
My Flat Tour video is now uppp! 🏡 th-cam.com/video/LZcKDZXsJGI/w-d-xo.html
*NEW* Homeownership Truths and Costs! th-cam.com/video/CMEEywmo2Og/w-d-xo.html
wow, i always used to see you around my area and randomly just came across your channel! congratulations girl and thank you for the detailed advice 👏🏽🖤
Hahaha small world!!
Harleigh, You inspire me everyday with your content, thank you so much for doing this, I appreciate it
Such a good video - and I loved the insight that you need to be smarter with your money, move it around for the best deal, invest, basically do what you can so that you know what you are doing with YOUR money! And I love a good money spreadsheet too! Thanks for sharing this video!
Literally did my 2021 budget sheet last weekend!
Found this from Twitter! Loved this!! Really informative and clear 💕
Out out costs money money 😭😭👏🏾 I need to pattern going out so I can save more!
Once you master having designated fun time, you’ve conquered adulthood. 😂😂
I'm 2mins in this video and I've found it very helpful already 👌🏾
I'm so glad!
Brilliant! Very clear, very personal, very easy to understand. Not only did you share all the valid points and pitfalls you gave advice on the things to expect outside of the mortgage process, things about determination and aftermath! Every young person should be encouraged by this. Looks like you may have found another very relevant source of income!! I will be showing this to little sis without delay! Thanks!
Thank you so much 🙌🏾
I love this video. I'm 17 and I'm preparing to build my portfolio, this has really inspired me :) Thank you
Great stuff!
Inspiring for many young people out here that keep hearing about the “impossible”. Where there is a will, there is a way.
Wish i had a friend like you when I was 24
Bought my house at 24 as well 🙌🏽🙌🏽
Thanks sooo much! You don’t know how helpful this was honestly! Other videos like this often sound too confusing but yours was nice and concise! Subscribed! You talked a little about small investments in the beginning of the video, could you please make a video more on this, and how to make your savings stretch. (apart from just doing basic saving lol - if that makes sense) would really appreciate it X
I'm so glad! 🙌🏾 Ooooo yes, I'm hoping post-pandemic I could film with the person who helped me a lot with this
Just invest in stocks, index funds, ETFs, you can build compound interest over time. You can invest in property bonds aswell.
Love you girl !!! so inspiring to our youths out there (my sons are watching this ) Go, girl, the sky is your limit. Well done and congratulations.
Sis you paid a lot of money when you moved in. That’s one thing my estate agents encouraged me to go for a freehold. I’ve saved since I was getting my child benefits 😀. Congratulations. If you ever did want to rent your other bedroom, you’ll make money.
The perils of leasehold! Some places allow you to buy a percentage of the freehold but I’m glad to pay for the maintenance of the grounds, car park and private gym 😌
Harleigh Reid is leasehold a scam ?
@@HarleighReid girl you’re so blessed you’ve access to a private gym.
you can still open LISA- life time isa which is pretty same thing. Gov will add to your 1000 pounds a additional 250pound up. You can choose cash or investement one.
Great video! I am in the process of buying in Central London and am sat here with my fingers crossed waiting to hear which of the three properties I've reserved will be mine :)
Amazing! You must be so excited
Just came across your video. I recently bought my first flat (2 bed and a car space) with my hubby last year....in Havering too! So I feel you on the London front. I feel we had a similar path to getting our properties. Congrats!!
When I bought my flat back in 80s for a great price due to recession and when I decided to move in with my partner, we actually sold it ourselves without using a solicitor hard work but so worth in the end.
Wow!! Now that’s a video I’d want to watch I love hear about how different people’s purchases are and how much the process changes over time
This video is so good, thank you for making this 🙌🏻
Man you've done well... Especially at 24! We have the same financial habits. Two years ago I moved from Walthamstow to Slough. Its becoming common for our generation to move out of London (or stay in outer zones).
Deep down I'd love to move back to London. I hope you love your area.
Congratulations again Harlz!!
Absolutely AMAZING video! I did not know even half of that, so thank you very very much!! Onwards and upwards.. hope your kitchen is coming along nicely :) x x x
Thank you Aleishaaaaa ❤️❤️❤️
Well done Harlz! Wonderful to see and inspiring to other young, first time buyers!!!👏🏾🌟🍾🎉💖
The LISA is a lot better than the Help to Buy ISA. The maximum bonus you can get on Help to Buy ISA is £3k whereas you can get up to £1k every year up until you're 50 so you can get up to £32k. LISA also allows you to buy a home up to £450k anywhere in the country.
I just turned 18 and actually bought my first property at 17 under my dads name, I think this video is very good and I 100% agree with all the tips it was much harder for me as I couldn't get any first time buyer perks as it was my dads second property but I will use those perks on the next property I purchase under my name, the biggest thing is saving and sacrifices, all throughout secondary school I didn't always go to every motive or buy fresh kicks every month, its worth it now because everyone asks me how I done it. Another thing I would say is work/business ventures especially while you are young and you have all these holidays. Im in uni now so im hoping to save enough to purchase my second property by the time im 23, funny enough Im from Dagenham aswell so I know the markets and I was literally thinking to get my second property around havering. Great vid!
this is such an inspiring video! congrats on getting your property!! would love to see videos on how you saved up so much and tips on where to save them 🙌🏼
This is a great video, informative, funny and with great real world examples. You are so clear, it's like listening to a friend discuss their experience.
You've given some great information and it'll help me on my buying journey. All the best and thanks again
The lifetime ISA is better than the help to buy in a lot of cases, and you can still open them. Money saving expert has good pages explaining it. One cool thing is it can be used at retirement so if for some reason you don't buy a property you can keep it for retirement instead!
I'm like you in that I have saved all my life. Also had very limited help from parent. Still though unless I have a decent salary I am very much limited in terms of what I can buy in London. I have 52k deposit and 12k buffer. Max I can afford is around 230k at the moment. I am also looking at Havering as an option.
I love to see this!!!! You should be very proud of yourself. I think a lot of people struggle with making sacrifices and going against what everyone else is doing. Be a goat not a sheep always!
Thank you!! There is a lot in mindset, even the mindset of how people typically view rent vs. mortgages. Spending money vs. Wasting money. I learnt a lot , some the hard way 😅😅
This was a really good breakdown. Congrats on your new property!! Subscribed 😊
This is so informative, thank you! Congrats on getting your property. Watching this has really motivated me to keep saving up for my first property.
Thank u so much for taking the time to make this so clear and helpful , congrats on buying ure first home , so proud 💖🙌🏽
I don’t know who needs to hear this. But please do your homework on leaseholds especially section 20’s, doubling ground rents( can make a property unsellable) extortion service charges, marriage value and the expensive lessons of short leases.
Where possible buy a older freehold property and don’t put your financial future in a profiteers hands.
Completely agree! Fully research any purchase decision and make the choice that makes the best sense for you at that time. You can't predict the future so make the best choices you can with the information you have
This is so valuable to new buyers. You have done a great job. Bless you and good luck.
I bought my first house at 25! Felt so good
Young Queen makin moves. Keep going sis ❤
REally good video, thank you from hampshire!!!
Omg who spends £200 on a night out??!! I'm praying for you all.
Loool at first I thought that, but then realised some buy new outfits, presents, dinner, drinks then clubbing. It can be over £200 when you add it all up.
@@DoraWinifred also the transport you use to get there 😭 it all adds up
LOOOOOOOOL
@10:39
It’s called arranger and other fees. When big corporations borrow money from banks they have to pay the bank(s) fee(s) for the banks organising the loan.
A mortgage is a large loan, so it makes sense to charge these fees.
You did it though. Congratulations and thanks for this video. 😊
this was soo helpful!! and more importantly in plain and simple english that I could easily understand and digest. I really found the checklist on the side a great help too
Amazing stuff, as a Nigerian living in Nigeria this is a lofty goal, doable of course. Bless God for the recommendation.
The way you talk about it, very clear you did your due diligence, almost sounding like a mortgage pro. You insanely beautifully if I may add.
Thank you very much! I wish you the best of luck, although I'm no pro with international purchase 😂
Congrats Harleigh! And thanks for making this video, didn’t know so much went into it 😰 but well done you!! X
Thank you! No one likes talking about money so it’s not talked about enough so I hope it’s helpful to you! ❤️❤️
Well done on your first purchase and congratulations. Congrats as well for having your own business. Perhaps you could talk about how you came up with the idea and what steps you took to get the ball rolling in another video.
Sure! I'd love to do some business content if people are interested 🙌🏾
Congratulations on your new home purchase and share your experience
Oh wow!!! Harleigh!!!! How random of you to pop up in my Newsfeed lol it’s Deanna probably don’t remember me!
So nice to see that you’re doing well ❤️
I do!!! Thank you!! Wow the internet (world) is too small and getting smaller 😅 hope you are well and safe 🥰
i so regret not saving money as i was growing up, only now getting on top of it all and feel like i've squandered so much over time :( you've done amazing being so on it you'll benefit so much
Impressive, buying a flat in london is impressive, let alone of the age of 24!
Congratulations on buying your own flat girl! Amazing 💜
Thank you! Still waiting for my new kitchen (OBVIOUSLY) before I move in 😭😭😭
Saving money. Well, guess this video isn't for me just yet. 😅 I need to conquer that first. You sound like my brother. Always saving. I've always been a spender unfortunately. I think it comes from being broke all my life, growing up poor and just wanting better in life and once I got somewhat comfortable, I felt I made it. Saving brings me back to not having things or being able to eat anything. I must be fucked up in the head 😂🤣
🤣😂.....i couldn't agree more !,I watch this for inspiration i'm 36.
Set up a standing order with your bank into a fixed savings. That way you don't think about it because it's not in your current bank account. You can do it with a community bank also.
Literally same. My mom was alone and literally did everything she could. We bought second hand clothes to save money. I always saved all the money I got as gifts etc, untill I had like 150 (which is a lot when you are 9 haha) I remember buying clothes at Zara kids when there were sales with the money I managed to save. I LOVED how it made me feel
I’m 20 and am seriously considering buying some land(similar to you, I’ve been saving nearly every paycheck these past 2 years, living at home, not going out etc) and building a cob home or purchasing a tiny home kit. This video has been very reassuring-keep up the great content girl!
Sending love from Seattle❤️
hello from across the pond! 🌏
Everyone: Congrats
Me: Her eyebrows are AMAZING!
😂😂 Thank you! Just tweezers and clear brow gel
Thank you SO MUCH for this video! Super inspiring & helpful. Congratulations again 🥳
Great stuff Harleigh :D Big fan right here!
this was so informative and great to watch thank you so much! I just finished uni this year and have started my grad job so i'm thinking about the next stage of my life which will be to move out of my parents house so this was really inspiring for me :) also i live in dagenham so we're borough neighbours heyyyy
hey neighbourrrrrr
Thank you so much for this! I learnt so many new things and I’m someone who’s relatively on top of their finances! Glad I know it’s not just the RightMove price now 🙏🏽🙏🏽😞
Amazing!! So glad it’s been useful 🙌🏾✨
I love this. Congratulations!!
This was soooooo helpful. I'm hoping to buy my first property soon as a young single girl so this video was really useful and inspiring! Thank you so much!
Congratulations! 🎊 This was extremely useful !
This was really helpful thank you for the transparency and congratulations!
This was veery helpful. The guy who suggested you take your parents out..that was funny. You gave a lot of insight into what people like me need to know. Hope youre loving the flat
Really insightful enjoyed this and learnt some new stuff keep the good content coming
You do not know how happy and grateful I am that I found your page! Young black Queen dropping needed knowledge. Thank you for sharing!!
We love to see it! Black girl excellence! xo Congrats x
Congratulations this video was a big eye opener especially on the point of additional costs when you buy a property.
Just discovered your channel, and am loving this video 😍
Congratulations on your first home 🥳🥳🥳
Don't forget to add on the 'cash you will need' list is buying all your appliances and furniture for when you move in, which can be £thousands on top!
I budgeted for 4K on decorating and furnishing, and didn’t really save for it as I didn’t urgently have to move in. It took me 3-4 months to pay-as-I-earned all my decorating and furnishings
@@HarleighReid ahh that's good. I guess for someone who needs to move in asap it is something that will have to be considered. I'm in the process of buying a property and we need new appliances, furniture and even new carpets! It's going to cost an extra 5k before we can even move in! So stressful. Great informative video btw 👍