General Discussion: Property thread


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Sneakysbest
Sneakysbest avatar

2031 posts since 28/1/12

2 Apr 2021 17:05
Anyone share any guidance on Conveyancing?

Recently been promoted at work and other half got a job that has doubled slavery, so in the market to move but no idea how it works when it comes to translating the current property and equity we have sunk in to.
burny
burny avatar

6000 posts since 25/5/06

2 Apr 2021 17:42
seenmy wrote: moved in to new place yesterday, 6 months of stress over, now on to likely 2 years of stress renovating

Congrats. Have you spoken to anyone about the listing? Assume you’re going to treat the place authentically? Cool

Moved in to our new place last week. Forgot how much upheaval there is in trying to unpack/live whilst renovating. Living out of the kitchen at the moment.
Razorlight123
Razorlight123 avatar

4875 posts since 13/1/10

2 Apr 2021 19:29
Sneakysbest wrote: Anyone share any guidance on Conveyancing?

Recently been promoted at work and other half got a job that has doubled slavery, so in the market to move but no idea how it works when it comes to translating the current property and equity we have sunk in to.

I'm hoping you mean salary…
Hello World
Hello World avatar

12160 posts since 7/3/05

2 Apr 2021 20:13
seenmy wrote: yeah another bigger renovation project grade2 listed Georgian town house

Same as what I have bought but someone already done the work, from the paperwork council approvals took forever on architects designs, renovations took over two years at least 125k spent.

We wanted the features but a more modern finish for kitchen / bathrooms. Blank enough to put our own stamp.

Great if you have the time and design concept to get it done, worth it in the end.
Rez
Rez avatar

8596 posts since 5/4/09

2 Apr 2021 21:48
Anyone done any soundproofing in a terrace house?
Egan
Egan avatar

463 posts since 17/10/11

3 Apr 2021 19:54
Got an offer accepted the other day. Had the mortgage agreed in principle. Should I assume the application will be a formality at this stage?
Razorlight123
Razorlight123 avatar

4875 posts since 13/1/10

posted 3 Apr 2021 20:02, edited 3 Apr 2021 20:02
Yeah, in essence - so long as your circumstances have not changed during the application process you should be all good at getting your loan at the promised value.

They will want to see your payslip and whoever else is on the mortage application for Mar2021

Try with Lloyds as well btw, they seem to be offering the highest income multiplier on the market atm and their rates should be competitive based on contribution %
Egan
Egan avatar

463 posts since 17/10/11

3 Apr 2021 20:11
Nice one, always a worry things got its up. Think we have it with Halifax, rates seem okay. 2.68% for the first 2 years.
Razorlight123
Razorlight123 avatar

4875 posts since 13/1/10

posted 3 Apr 2021 20:47, edited 3 Apr 2021 20:47
Egan wrote: Nice one, always a worry things got its up. Think we have it with Halifax, rates seem okay. 2.68% for the first 2 years.

Nice, Halifax are part of the Lloyds group, so the process is the same. Have a laptop/tablet to hand, as you will have to join a 'Zoom style' meeting, but the communication will occur over the phone - they just use it to share screen of the mortgage documentation that they run through and a couple of videos.

You'll have an application interview, which you literally just confirm what you stated in obtaining your agreement in principle (so long as nothing has changed the loan value will be as initially quoted)

A hard credit check will be ran on the applicants on the profile.

Once successful, they will give you a range of products to choose from (I.e. you can discuss length of mortgage or monthly repayments). They will painstakingly go through each aspect of the document (ensure you have a hour+ or so for the application interview).

Then they will want to know which solicitors you're working with, or they will provide you with reccomendations.

Then finally, they will ask the type of valuation survey you want done, level 1 or level 2. Level 1 is free, but it's highly reccommended to go for level 2, it's an 'in-depth' report on aspects of the house.

The level 2 valuation costs £250 or so.

All the best man! Good luck with it.
mtthrvy2
mtthrvy2 avatar

1956 posts since 8/11/10

3 Apr 2021 23:00
Razorlight123 wrote: Then finally, they will ask the type of valuation survey you want done, level 1 or level 2. Level 1 is free, but it's highly reccommended to go for level 2, it's an 'in-depth' report on aspects of the house.

The level 2 valuation costs £250 or so.

All the best man! Good luck with it.

I would personally go with level 1 which is purely valuation only and essential as the bank has to check the value if the property is worth what they're lending. They just do a data search on the area, ours was done within 24hrs.

We're organising our own 'level 3' survey to happen at a later date for further peace of mind - cost about £900 but should go into a lot more detail than a level 2.
mtthrvy2
mtthrvy2 avatar

1956 posts since 8/11/10

3 Apr 2021 23:03
lloyds had a shocking rate, guy chatting us through it said to be honest I wouldn't go for it if I was in your situation.

Halifax was decent enough with the benefit of being my existing bank.
Egan
Egan avatar

463 posts since 17/10/11

4 Apr 2021 05:50
This is in Scotland, so a bit different from England. The home report/survey has already been carried out.
seenmy
seenmy avatar

6645 posts since 17/6/06

4 Apr 2021 18:05
burny wrote:
seenmy wrote: moved in to new place yesterday, 6 months of stress over, now on to likely 2 years of stress renovating

Congrats. Have you spoken to anyone about the listing? Assume you’re going to treat the place authentically? Cool

Moved in to our new place last week. Forgot how much upheaval there is in trying to unpack/live whilst renovating. Living out of the kitchen at the moment.

meeting with listed is on the to do list now we are in, we dont really want to do anything structural and we brought the place for its largely intact features, so hopefully we will be on same page but still somewhat dreading the complications it could throw up.
even just in the restoration of windows etc (and replacements of ones that previous owners have put in without approval…) will be worth it when done and will be part home part holiday let but reckon it will take 2 years to do
Best
Best avatar

9906 posts since 21/10/05

4 Apr 2021 21:00
Rez wrote: Anyone done any soundproofing in a terrace house?

I had to on our current place. There was domestic abuse in the property with the previous owners so the co-freeholder stipulated soundproofing was installed as part of the terms purchase. Absolute nightmare. PM me if you want any advice
m15try
m15try avatar

1249 posts since 18/8/09

5 Apr 2021 21:38
Any electrician recommendations (Islington/North London)? Recently moved into a new place and RCCB is tripping at random, tried unplugging/disconnecting things but no luck
Kadafi39
Kadafi39 avatar

1930 posts since 30/10/09

posted 6 Apr 2021 09:21, edited 6 Apr 2021 09:21
Sneakysbest wrote: Anyone share any guidance on Conveyancing?

Recently been promoted at work and other half got a job that has doubled slavery, so in the market to move but no idea how it works when it comes to translating the current property and equity we have sunk in to.

I'm happy to help if you DM me with anything you need guidance on. However from your original question it seems like your questions relate more to affordability and carrying equity from your current home to your new home, this is something you would need to discuss with a mortgage broker and estate agent to get an idea of value for your current home and what you may be able to borrow on your new salaries.
a
a avatar

343 posts since 14/12/05

6 Apr 2021 09:30
m15try wrote: Any electrician recommendations (Islington/North London)? Recently moved into a new place and RCCB is tripping at random, tried unplugging/disconnecting things but no luck

I had the same thing before Xmas. They recommended to keep isolating things on the fuse box to see which circuit the error was on. Then when you’ve isolated the circuit then you can do the unplugging etc to isolate what it is causing the problem.

I thought it was my lights in the extension doing it but in the end turned out to be the fridge/freezer. Had an electrician in and he couldn’t work it out and recommended to do the above.
m15try
m15try avatar

1249 posts since 18/8/09

6 Apr 2021 13:44
Cheers, good shout. The challenging thing is the irregularity of when it goes. Just had two weeks without it tripping, before that it was like four in the space of two hours
RVP10
RVP10 avatar

242 posts since 3/4/12

6 Apr 2021 15:18
Egan wrote: Nice one, always a worry things got its up. Think we have it with Halifax, rates seem okay. 2.68% for the first 2 years.

That seems very high; I’m 2 years into a 5 year fixed at 1.9 (also Halifax) and I’m considering remortgaging to get it lower. Last time I checked it was possible to get to 1.4ish without too much effort.

I’d also get your broker to go through the different term lengths in more detail; if you can handle a slightly larger payment you can get the term down and save a ton in interest payments.
a
a avatar

343 posts since 14/12/05

6 Apr 2021 16:27
m15try wrote: Cheers, good shout. The challenging thing is the irregularity of when it goes. Just had two weeks without it tripping, before that it was like four in the space of two hours

It was exactly the same with mine. Worked out it was the extension doing it and tried everything. Then ran an extension cord from another part of the house and plugged in the fridge/freezer, when that tripped the other circuit it made it obvious where the fault was.

Apparently washing machines and dish washers are often the culprits too.