Dreaming of Someday

So. There's the adorable little house... https://espc.com/property/16-william-street-dunoon-pa23-7jh/35592312?sid=609844  Great for me, not so great for the Daughter. But I like to look.

Am I to assume that with an energy rating of "G" it'd take a small bank loan to pay the electricity bill every month just to keep the place warm? (I really like the little house. Wish the fireplace had a real woodburner, but one can't have everything for that price!)

Again, doing a "what if". So  how do property taxes work here? Is it based on the purchase price of the property when sold? If it's "Band D" that's average, I believe? So for a little house like this, what kind of costs (stamp duty?) go on top of the purchase price? How much would we have to pony up if we were buying cash? (We couldn't, at present, but what if?)

Ok, actually, I REALLY like this one, and it's in a location I've visited several times and always wished I could stay permanently....
https://www.rightmove.co.uk/property-for-sale/property-67853863.html

Same Questions.

For stamp duty here is a handy calculator ( note that if you have owned a property abroad you are not a first time buyer even though this may be the first house you have owned in the UK)

https://www.stampdutycalculator.org.uk/

“Property tax” is known as council tax and is not a % of the value of the house,  so you can go to the council website where the house is located and look up the council tax for a band D house.

As a cash buyer you may be able to negotiate a lower price because you have no issues getting a mortgage or have another house to sell. You will need to provide evidence of readily available funds to proceed.

Annual council tax bands

 https://www.argyll-bute.gov.uk/council-tax-charges-201718

Thanks, guyz.    I knew about the council tax for living there, but thought there might also be some sort of property tax on the purchase price. Somehow got "stamp tax" muddled up in there when trying to think of it. (The stamp tax would be minimal anyway.)

Wow, so the property tax (council tax, not including water, sewer, etc.) would be 100 pounds a month on a band D. That is incredibly low! I owned a very small place in California about 10 years ago and was paying close to $500 a month for property tax. Not including school tax, special fire district tax, etc. So, one of these little houses would be well within my ability to buy in a few years. Ok, technically if I only had to put 10% down I could theoretically do it now, except that I'm "too old" for a conventional mortgage. And we are in limbo due to Brexit and the Daughter's future career.

If I had to go the mortgage route, since I'm "old" I am assuming they won't lend to me for a 20 year mortgage.  I really have no other debt (aside from student loans), the payments would be less than my current rent, and I would put down a sizable deposit. I'd want the Daughter's name to be on everything as well anyway, and once she's working professionally she'd have a UK income. As she is young, should I assume that having her as a co-buyer/owner would make the mortgage people more amenable?

Also, as I've already owned a home, but she has not, would she qualify then for any sort of "first time buyer" program?  [If I'm going to cause a disqualification, it might do to just give her the money for the deposit and costs, and have everything in her name, but with a legal provision for me to be able to live there until I kick the bucket. When it's time to be doing all this, of course, I'll only be older.]

For stamp duty here is a handy calculator ( note that if you have owned a property abroad you are not a first time buyer even though this may be the first house you have owned in the UK)

https://www.stampdutycalculator.org.uk/

“Property tax” is known as council tax and is not a % of the value of the house,  so you can go to the council website where the house is located and look up the council tax for a band D house.

As a cash buyer you may be able to negotiate a lower price because you have no issues getting a mortgage or have another house to sell. You will need to provide evidence of readily available funds to proceed.

Thanks. In visiting this it looks like Scotland is different, so I found the following

https://www.stampdutycalculator.org.uk/stamp-duty-scotland.htm

I guess I also need to read up on ownership of the land. I want to find something that's "freehold" I believe, so that I'm not basically just a tennant who doesn't own the land the house sits on. (?)

I guess I also need to read up on ownership of the land. I want to find something that's "freehold" I believe, so that I'm not basically just a tennant who doesn't own the land the house sits on. (?)

There's no leasehold in Scotland... the terminology isn't 'freehold', but the end result is that you own the land.

Cool, thanks! One less thing to deal with.
Assuming I ever can. 

Wow, so the property tax (council tax, not including water, sewer, etc.) would be 100 pounds a month on a band D.

Water & sewer are included in the council tax in Scotland.

 

since I'm "old" I am assuming they won't lend to me for a 20 year mortgage. 

My experience has been that they won't lend past age 75.

As she is young, should I assume that having her as a co-buyer/owner would make the mortgage people more amenable?

  youll want to talk to a mortgage broker about finding a lender who will take your pension income into account.  That's probably the only chance you will have of getting a term past age 75, even with a younger, earning co-borrower.

On the question of first time buyer then yes if the house and mortgage is in your daughters name and you gave her the money then she will count as a first time buyer. We did this for our son last year, gave him the money so that absolutely nothing in our name and he did get the stamp duty exemption.

Yeah, I'm thinking this is how we'd do it. My 403b is her inheritance, so I can always cash it out in stages and just give her the money for the house.

But I'm ahead of myself. There's Brexit and all still to go. And her developing a career. 

Seeing that lovely house in Dunoon reminds me of a Billy Connolly stories many years ago. There is a ferry that runs between Clydebank and the isle of Arran and one day a mother puts her young daughter on the ferry at Clydebank with strict instructions. The young girl finds a crew member and asks him to tell her when they reach Dunoon, and he promises to do so. Each time the ferry makes a stop the little girl finds the crew member and asks him if this is Dunoon. Eventually he snaps at her and says "Little girl, I'm very busy when we pull into dock, please stop bothering me. I will tell you when we get to Dunoon!".

Time marches on and after they have pulled out of Dunoon he sees the little girl looking at him sadly and he realizes he has forgotten his promise. Off he goes to the captain and pleads his case for the captain to order the ferry to turn around and re-dock.  The captain reluctantly agrees and gives the crewman a right telling off. When the ferry docks the crewman finds the girl and tells her that this is Dunoon. "Oh goody, me mammy told me not to eat ma sandwiches until we had left Dunoon."

oooooh.
You know, that sounds like a real story!