Owning your own home

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  • Yeah, it definitely falls out of scope by any of the measures at any point.

    The new guidance makes it clearer, but the default position is an assumption on construction type, without the facts which is frustrating.

  • We have negotiated a grand off the purchase price so we can carry out some immediate work (bricks missing in firewall in attic)

    Our solicitor has informed our lender (Halifax) but has yet to hear back from them. Am a bit worried this could all throw a spanner in the works of moving in before end of June over a measly grand.

    We had originally asked for more off and a grand was a compromise.

    When it comes to setting a completion date does the solicitor have to inform the lender etc? Am a bit concerned if they take a couple of weeks to reply to this they will be the same when it comes to sorting the exchange. But I have no idea what the process is..

    Everything else is ready and done

  • It should be fine I imagine, banks seem really slow at the moment.

    The house I am purchasing was downvalued, but Halifax still approved the mortgage (without even telling me initially) as it didnt affect what they would lend us, I then negotated a sizeable reduction with the seller.

    So if your mortgage amount isn't changing I dont think they will care over a grand, it's just frustrating you can't seem to speak to anyone directly at the moment very easily.

  • am hoping so, would have been a lot less stressful if our solicitor got off his arse and did stuff.

  • Don’t see that this will be a problem - I would imagine 8/10 purchases have a price chip after the survey etc. Probably just busy with stamp duty holiday etc. Wouldn’t stress about it

  • Yeah thats why I'm trying to get everything sorted asap, don't want to get caught up in stamp duty madness towards the end of next month! Should be fine, estate agent and solicitor still confident we'll be in early June, till we know though we cant hand in our notice on our flat.

  • Just seen G11, west end tho. Loads of rich folk with tons of cash.

  • I think thats a bit of a myth as I know 4 people who have bought flats in 41 in the last 12 months that didnt pay anywhere near 40% although did put a bit more.

  • I don't know though, been here for a while and all i see is folk who have signed up to a mortgage into their afterlife.

    It must be so many people take out an extra loan to cover the short fall in their income /available mortgage to last them maybe 5 years, betting that the subsequent rise in property value will leap frog them up the economic ladder, when it works, great good for you, but everyone else loses.

    Have a lot of customers who are property rich, they bought in the x decade and now its the y decade so technically its worth z, but they still only have an income of £14k, so can't afford to look after it properly or really do anything. And most are quite sympathetic to younger buyers eager for more space, garden etc who just can't fathom the numbers now involved in ownership,but equally can't really do anything about it as in order for them to move into a smaller /more ability appropriate home would cost a not dissimilar amount to their equity.

    Rest of Glasgow has this view that the west is just built on pure money, i think for a very tiny number of people that's true, but it's always true, some folk just do well. Seen the prices of dennistoun/Kings park/mt florida go high in the last 5 years

  • Door watch. The red looks mismatched as there's more tape on some than others. Plus there's a big yellow van outside. First coat of the colour went on the exterior, but it was too rainy earlier to take a photo

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  • The guy thinks the door panels are more recent too as there was less nicotine to clean off them.

  • That’s going to look great

  • First coat of colour on the outside

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  • You realise with a nice front door and frame you’ll now have to repaint the entire front of the house to match, then it’ll be a new path, etc, etc

  • Already quoted for.

  • EWS1 survey came back, A2 rating! No work needed!

  • Excellent news, must be a huge weight off your mind.

  • Oh yeah, so releaved. My girlfriend was celebrating the fact we even got the survey back before looking at the results, I was trying to not let her hopes get up in case it was a B rating.

    Now we just need to work out how to sell here, find new jobs, buy and move to Manchester.

  • Update on our purchase..

    Solicitor said he hadnt heard back from our lender so I sent an email to the rep from Halifax we spoke to while setting up the mortgage to see if she could do anything.

    She replied about an hour later to say that they have already replied (lol ffs)

    We had negotiated a grand to complete some work, we had originally asked for 5k but ce la vie. Our solicitor said that the mortgage amount and purchase price would stay the same but they would just deduct the grand when it came to transferring funds via an allowance so we would ultimately be left with that grand.

    The lender (Halifax) says that we cant do that legally and the only option is to adjust the purchase price.

    We don't have time to adjust the purchase price, is it possible to get the money any other way, weeks ago the estate agent suggested drawing up a mini contract but our solicitor insisted on doing it this way and now we're here.

    It's only a grand so not going to let it get in the way of completion, would just like the grand. Can we just call the seller and say - pretty please send it on completion?

    Also find it hard to believe our solicitor hasnt done it this way before but cant really argue with the bank.

  • Yesterday's bitching and moaning has prompted a flood of responses from trades. Knowing my luck they're "on here". Anyway, £160 to swap 3 TRVs and top up the inhibitor in the system, planned for this Thursday. I know I know, I could do that myself. But £160 to me is worth avoiding the half a day of stress that I'm about to flood the house or lock up my heating system.

    Also, I knew we needed a load of electrical work done. Not quite a re-wire, but at the VERY least a new CU. So I was delighted to get the quote for remedial works back following a dire EICR survey ("um, mate, your house has no earth....."), £1500 all in. Which considering I had that number in mind for just the CU, is a touch, in my book.

    Works to be carried out (code 2 and 3) from unsatisfactory EICR
    • Upgrade Distribution board (working up to 18th edition BS7671 standard with RCBO fitted with an advance system )
    • Renew meter tails to 25mm
    • Install main in coming earth to D.B
    • Install the bonding to the gas pipe and water pipe along with supplementary at the boiler.
    • Remake all spot light fitting to find earth continuity
    • Earth metallic class 1 fittings
    • Over look all pendents so the exposed connections are covered.
    • Renew pendent in living room
    • Bathroom light fitting is not I.P rated
    • Install metallic 4inch trunking lid
    • Remake immersion pump and expose connections
    • Secure front bedroom socket only
    • Renew battern hold on top floor
    • Renew or make good dinning room, hallways, bedroom switches
    • Fault find low insulation resistant
    • Renew or make good boiler light and under stairs
    • Make good front porch light or Renew
    • Fault find no sockets continuity or down grade MCB
    • EICR Re – test after installation (no charge minus £150)

  • We don't have time to adjust the purchase price

    It's probably the re-application for a mortgage that causes the issue here isn't it? We had to do it, ended up with a slightly different rate, bit of ballache and I can see how it may not even be worth it for £1k.

    I would try to arrange personally with the seller some kind of escrow arrangement, there must be an escrow provider somewhere that can handle this kind of situation.

    Unless for some reason it's illegal, I would try to avoid involving my solicitor in this, they won't simplify the situation for you.

  • It's probably the re-application for a mortgage that causes the issue here isn't it?

    Yes exactly.

    I just spoke to the estate agent and basically just asked if they could ask the seller if they are happy to arrange privately, at our risk.

  • Hey,

    The 40% has been in the last 3 months. I’ve been bidding on that postcode. £160 home report going for £240 when it goes to closing.

    I’m also only making offers on those kitchen diner / outdoor space/ main door/ garden / corner type flats which are the most sought after in them ends.

    Binned of G41 and now looking in Dennistoun - if anyone has any advice.

  • "um, mate, your house has no earth....."

    Spooky. We had the same issue at ours - 10 year old CU installed fresh as part of an extension before we bought the place.

  • Suspect we might find the same with ours. Is there an obvious test for this that a user can do?

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Owning your own home

Posted by Avatar for Hobo @Hobo