Owning your own home

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  • Yes, North London N14

  • On that note, roughly how much does a boiler install cost?

    In contrast ours was £5k and took two people two days with a third day required for roof access. Included a new 30k watt system boiler and a megaflow and a Tado install.

    Depends on the complexity of the install, size of the parts and whether access to fit a new flu is complex / dangerous.

  • Mine was £5800. 4 bed terrace

  • Ours is in the roof, but a combo the size of a normal combo so would hope it's like for like.

    The warranty chat has reminded me to check the age of ours in case it's still in (for future ref June 2009).

  • Can’t say for London prices. It’s a bit more complicated than just number of bedrooms. Are you renovating at the same time?
    Rewiring a “finished” house is a lot more work as you have to work a lot more carefully and cleanly. The guy I work for only rewires houses that are being renovated as it’s a complete faff otherwise.
    Finger in the air price would be £6k+. But could be more depending on house type, accessory choice, and quality of sparky.

  • Only just/very recently started!

  • Had a 3 bed done - woodchip wallpaper stripped, rewired (chasing new runs and lifiting floorboards etc) , made good, lining paper and redec to walls and all woodwork. £10k cash.

  • Good point. Mine was a reno so they had no making good to do.

  • Thanks all. Just had all the heating (unvented cylinder installed and boiler replaced) and most plumbing replaced so floors up etc. House in a constant state of redecoration :)

  • Get that rewire done and save yourself a big chunk and the nightmare of redecorating twice!

  • Whatever you feel comfortable at is the question, 75/80 is usually the max most combi will go. Bills will be high as I said previously because gas costs a bloody fortune now but with a new boiler the bigger the house usually the more you’ll save.

    The thing is you never go to a house and say you’ll save £xxx per year as then your putting yourself in one by giving a figure. It’s all horse for courses

  • We start at £1650 for a like for like with a 5 year warranty including filter, basic time clock etc etc

  • Cheers. And thanks for your other input.

    Sorry for the stupid question, but is like for like; replacing a Worcester XYZ123 MK1 with a Worcester XYZ123 MK5, or can it be something with the same layout size.

  • We've had an offer accepted on a two bed Victorian house, it was bought by the current owner in late 2019, it's been completely refurbished back to brick in 2020 to a good standard, new windows, doors, kitchen, bathroom, reinstated fireplaces, all plasterwork redone, new electrics and DB board (signed off Oct 2020), new boiler and heating system (there wasn't central heating previously).

    All external brickwork is good, roof looks fine, and on my next visit will be taking a ladder to get in the loft and take a proper look from the inside.

    Am I absolutely mad not getting a full survey, it feels like a waste of money, but am I just being a bit daft on such a purchase?

  • We've had an offer accepted on a two bed Victorian house, it was bought by the current owner in late 2019, it's been completely refurbished back to brick in 2020 to a good standard, new windows, doors, kitchen, bathroom, reinstated fireplaces, all plasterwork redone, new electrics and DB board (signed off Oct 2020), new boiler and heating system (there wasn't one previously).

    Pretty much what we did in the current place.

    Am I absolutely mad not getting a full survey

    Might as well just for yours (and bank's) peace of mind. Isnt the diff like a price of SON dynamo anyway?

  • Curious what extra they're asking now they've done the work.
    Any idea if they bought it to do up and flip or if circumstances just changed?

  • Am I absolutely mad not getting a full survey, it feels like a waste of money, but am I just being a bit daft on such a purchase?

    You need some way of assessing the quality of the works and the sate of the rest of the building that wasn't touched. Whether a residential surveyor can do that for you is another question (I think they are a bit useless in quite a lot of cases). If you know your way around victorian buildings then it might be eyeballing it will be enough for you. You might find you are not allowed the time / freedom to do a comparable inspection though.

    In your situation if I knew a friendly builder I would send them round cloaked as a surveyor. They will have a better chance of uncovering the horrors! From there, specialists if required.

  • I bought something very similar and got a surveyor.

    Partly for comfort (if big issues had subsequently arisen then maybe the surveyor would have flagged them) but they did identify a few issues I may not have picked up on in relation to damp and the damp proof course.

  • Alright lads, I'm a bit shellshocked as I've just got off the phone with my mortgage provider asking them if I can port the mortgage over and they've offered me a good £40k more than I thought I could get.

    Here's my question. I've £190k to pay back on my current mortgage. I think I can sell this place for £300k, if so I think that means I've got about £110k for a deposit. Bank has offered me a £390k mortgage.

    Now if I'm not completely insane that means I THINK I have about half a million to spend (max). That cannot be right though can it? Don't I have to pay something back somewhere? I literally feel like my brain is working at right angles with reality

  • If you port the mortgage, you're just switching which house it's secured against, right?

    So if the bank will lend you an extra £200k against the new place, and you have £300k in cash from the sale, you have £500k to spend (less solicitors' fees, moving costs etc.)

    That matches your notional paying-it-back-and-getting-a-new-mortgag­e number, so I think it's right.

  • Sounds about right...

    As of now then you have a house worth 300 and a mortgage of 190. So you're worth about 110.

    If you port it and get a house for 500 then you'll have a house worth 500, a mortgage of 190 and a second mortgage of 200. So you're worth about 110.

    And having a 78% LTV mortgage as you would do (390/500) is pretty sensible there too.

    (obv stamp duty, solicitors fees etc) but it doesn't sound like you're missing anything.

    Edit: what ^ said

  • this sounds about right, the more debt you take, the more interest there is, that's what mortgages are for.
    Generally it is a good capitalist thing to be in debt to the limit, all you need is to know whether you want to do it, and consider the security of your income as a factor.

  • Like for like is usually all pipes are the right size right required, you might have to Rejig them to suit but that’s included in that price it isn’t just a boiler on boiler off like it sounds. Although everyone will have a diffnewt meaning

  • If you get the same answer doing it three different ways, it's probably a good sign :)

  • Thank you guys, I'm utterly astonished and I'm going to need a while to process this. Really appreciate you checking my maths. Christ alive.

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Owning your own home

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