Houses

[BKLFox]

Anybody sold a house recently say last 5-10yrs that had had subsidence with cause and repairs all rectified and if so any issues, is there still the big stigma about subsidence?

 

 

[Wolfox]

36 minutes ago, Leicester_Loyal said:

Single storey 15m2 or so, so not massive by any means.

 

All the fitting and decorating would be done in house by family

 

Even call it 30k, my stamp duty and moving costs would be about 10k on the new house alone.

15m2 is a decent addition

 

Yep…. Go for it then 👍🏼 

 

After 7 months hard hard hard slog our renovations are pretty much done….   Just a final push on the middle room and I’m done…

 

Having work done on your house can be draining, but, living with the results are great…

 

[Wolfox]

24 minutes ago, BKLFox said:

Anybody sold a house recently say last 5-10yrs that had had subsidence with cause and repairs all rectified and if so any issues, is there still the big stigma about subsidence?

 

 

My Dad did…. A lovely house, but, couldn’t shift it for ages and had a big impact on the value…

 

Any sane person knows an underpinned house is absolutely fine…. But, the buildings insurance issues are just daft

 

Me?  I’d live in an underpinned house no problem…. However, I wouldn’t buy one unless it was my last house and I didn’t care!

[BKLFox]

44 minutes ago, Wolfox said:

My Dad did…. A lovely house, but, couldn’t shift it for ages and had a big impact on the value…

 

Any sane person knows an underpinned house is absolutely fine…. But, the buildings insurance issues are just daft

 

Me?  I’d live in an underpinned house no problem…. However, I wouldn’t buy one unless it was my last house and I didn’t care!

A Google search mentions up to a 20% knock to the price which is nuts if all works been completed I can understand if work wasn’t.

As you say a sane person would understand the house underpinned is safer than the 1 next door in reality but as you mention insurance companies just take the piss that’s what I say about the old stigma and not moving on despite the understanding and methods for treating has.

[kenny]

19 minutes ago, BKLFox said:

A Google search mentions up to a 20% knock to the price which is nuts if all works been completed I can understand if work wasn’t.

As you say a sane person would understand the house underpinned is safer than the 1 next door in reality but as you mention insurance companies just take the piss that’s what I say about the old stigma and not moving on despite the understanding and methods for treating has.

Its a ball-ache.

 

I had a client ask us to prepare a structural report on her house so that she could get buildings insurance as it had been underpinned once. There wasn't a crack on the place and there was no justification.

 

I would be wary purely because the insurance companies are a**eholes.

[Ian Nacho]

17 hours ago, KrefelderFox666 said:

Are you sure this is what they are asking for? Proof of funds should just be a latest statement (e.g. if you are using £20,000 as a deposit from your savings, proof that those savings exist). The other thing they will want is last 3 months bank statements to show your cashflow. Might be worth speaking to them about it.

 

8 hours ago, Costock_Fox said:

As others have said, sounds like it’s not proof of funds they are concerned with but maybe suspect the origin of the funds is actually a gift. If it is, just tell them as it doesn’t create any risk but you will just need to be able to say who gifted you the money and that they won’t live in the house/hold an interest.

 

7 hours ago, FoyleFox said:

I'd definitely query exactly what they are requesting, as others have said, if it's proof of funds in a savings account, little activity is normal. The balance proving funds should be the key factor. It even seems odd they want those for 6 months. We just provided the latest statement to prove the balance. Fortunately - one of which would've had no activity other than the interest payment in 10 years! Your current account statements, showing regular spending, should obviously be more active and up to date.

 

The Bank of England have just increased the base rate, so expect mortgage rates to rise very soon.

Turns out it was a gift which was the issue. All sorted now. 

[Wolfox]

1 hour ago, BKLFox said:

A Google search mentions up to a 20% knock to the price which is nuts if all works been completed I can understand if work wasn’t.

As you say a sane person would understand the house underpinned is safer than the 1 next door in reality but as you mention insurance companies just take the piss that’s what I say about the old stigma and not moving on despite the understanding and methods for treating has.

 

56 minutes ago, kenny said:

Its a ball-ache.

 

I had a client ask us to prepare a structural report on her house so that she could get buildings insurance as it had been underpinned once. There wasn't a crack on the place and there was no justification.

 

I would be wary purely because the insurance companies are a**eholes.

The original insurer is obliged to offer a continuation of insurance I believe…

 

No new insurers would offer any reasonable quote

 

it really is something that should be sorted as none of it is remotely reasonable 

 

 

[Ian Nacho]

A question around completion. I have savings accounts that I’m going to have to close before they mature, transfer the funds to a current account in my name and then provide the solicitor a statement as evidence as the transfer in funds. Should I do this sooner than rather later if I want things to go quickly (I’m not bothered about losing a bit of interest)?

[rachhere]

14 minutes ago, Ian Nacho said:

A question around completion. I have savings accounts that I’m going to have to close before they mature, transfer the funds to a current account in my name and then provide the solicitor a statement as evidence as the transfer in funds. Should I do this sooner than rather later if I want things to go quickly (I’m not bothered about losing a bit of interest)?

Can't you transfer directly from the savings account? I am sure I transferred to the solicitor from at least two accounts when purchasing my house, rather than combining into the one account beforehand. 

[KrefelderFox666]

27 minutes ago, Ian Nacho said:

A question around completion. I have savings accounts that I’m going to have to close before they mature, transfer the funds to a current account in my name and then provide the solicitor a statement as evidence as the transfer in funds. Should I do this sooner than rather later if I want things to go quickly (I’m not bothered about losing a bit of interest)?

It should be fairly instant (can always check with the provider of your various accounts), normally within hours. So you should have enough time. The solicitor's can see you have the funds so you just need them ready by completion date (or just before) for transfer.

[FoyleFox]

30 minutes ago, Ian Nacho said:

A question around completion. I have savings accounts that I’m going to have to close before they mature, transfer the funds to a current account in my name and then provide the solicitor a statement as evidence as the transfer in funds. Should I do this sooner than rather later if I want things to go quickly (I’m not bothered about losing a bit of interest)?

Personally, I would. The last thing you want is any delay later on due to you having to faff about moving money - if there are any daily limits etc.

 

rach - Some savings accounts are linked to a current account, so you can only transfer to that, or they don't always allow 3rd party transfers. Or my online Nationwide account, which you can't withdraw anything online, they'll send you a cheque if you ask nicely, as long as it's the 3rd Wednesday in the month, and it's a full moon.......

Edited 4 February 2022 by FoyleFox

[KrefelderFox666]

14 minutes ago, rachhere said:

Can't you transfer directly from the savings account? I am sure I transferred to the solicitor from at least two accounts when purchasing my house, rather than combining into the one account beforehand. 

Probably possible but the more transactions, the more risk of delay/failure in my view. Much easier having everything ready to go in one account.

[Ian Nacho]

29 minutes ago, rachhere said:

Can't you transfer directly from the savings account? I am sure I transferred to the solicitor from at least two accounts when purchasing my house, rather than combining into the one account beforehand. 

 

15 minutes ago, KrefelderFox666 said:

It should be fairly instant (can always check with the provider of your various accounts), normally within hours. So you should have enough time. The solicitor's can see you have the funds so you just need them ready by completion date (or just before) for transfer.

 

14 minutes ago, FoyleFox said:

Personally, I would. The last thing you want is any delay later on due to you having to faff about moving money - if there are any daily limits etc.

 

rach - Some savings accounts are linked to a current account, so you can only transfer to that, or they don't always allow 3rd party transfers. Or my online Nationwide account, which you can't withdraw anything online, they'll send you a cheque if you ask nicely, as long as it's the 3rd Wednesday in the month, and it's a full moon.......

 

13 minutes ago, KrefelderFox666 said:

Probably possible but the more transactions, the more risk of delay/failure in my view. Much easier having everything ready to go in one account.

Logic would’ve told me that upon closing the account I elect the funds to go to the solicitor directly from the savings account but Nationwide doesn’t work like that; instead the money has to go in my current account which then I can transfer to the solicitor. Nationwide have been a ballache to deal with the whole time to be honest so even though they said I could have access within 7 days upon closing the account, I wouldn’t hold my breath, hence, I’m wondering if I should do it sooner rather than later.  

[FoxesDeb]

3 minutes ago, Ian Nacho said:

 

 

 

Logic would’ve told me that upon closing the account I elect the funds to go to the solicitor directly from the savings account but Nationwide doesn’t work like that; instead the money has to go in my current account which then I can transfer to the solicitor. Nationwide have been a ballache to deal with the whole time to be honest so even though they said I could have access within 7 days upon closing the account, I wouldn’t hold my breath, hence, I’m wondering if I should do it sooner rather than later.  

We waited too late to transfer our funds and it caused us a delay with our house purchase, so I'd do it sooner rather than later, especially as you've said you don't mind losing a bit of interest. We didn't realise there was a limit on the amount we could transfer instantly, the amount we wanted to transfer was over the limit and took longer. 

[KrefelderFox666]

32 minutes ago, Ian Nacho said:

 

 

 

Logic would’ve told me that upon closing the account I elect the funds to go to the solicitor directly from the savings account but Nationwide doesn’t work like that; instead the money has to go in my current account which then I can transfer to the solicitor. Nationwide have been a ballache to deal with the whole time to be honest so even though they said I could have access within 7 days upon closing the account, I wouldn’t hold my breath, hence, I’m wondering if I should do it sooner rather than later.  

Better to do it sooner, depends how far completion is away. If 3 months, then wait. If a week, then forget about minimal interest loss.

[The Year Of The Fox]

2 hours ago, Ian Nacho said:

A question around completion. I have savings accounts that I’m going to have to close before they mature, transfer the funds to a current account in my name and then provide the solicitor a statement as evidence as the transfer in funds. Should I do this sooner than rather later if I want things to go quickly (I’m not bothered about losing a bit of interest)?

Yes you definitely should

 

Solicitors manage to lose all sorts of paperwork just when you need it most. 

[Ian Nacho]

I’m buying a flat and I’m wondering if there’d be any value in a homebuyers survey. The footprint of the flat is pretty small anyway and even if there was something up structurally with the building I’m guessing this survey wouldn’t pick it up anyway. The building is a factory which was converted around twenty years ago so I doubt there would be much up with it. 

[danny.]

42 minutes ago, Ian Nacho said:

I’m buying a flat and I’m wondering if there’d be any value in a homebuyers survey. The footprint of the flat is pretty small anyway and even if there was something up structurally with the building I’m guessing this survey wouldn’t pick it up anyway. The building is a factory which was converted around twenty years ago so I doubt there would be much up with it. 

You wouldn’t be liable for anything structural anyway usually so likely no point. The freeholder usually owns the building. 

[Crinklyfox]

13 hours ago, Ian Nacho said:

I’m buying a flat and I’m wondering if there’d be any value in a homebuyers survey. The footprint of the flat is pretty small anyway and even if there was something up structurally with the building I’m guessing this survey wouldn’t pick it up anyway. The building is a factory which was converted around twenty years ago so I doubt there would be much up with it. 

You may want to check the terms of the lease.  One of my sons had a flat, the lease required that the leaseholders 'support the freeholder' in respect of any work required to be done to the building.  Last year they came up with £30,000 worth of 'repairs' which was passed on to the leaseholders.  His flat was in a building converted 16 years ago.

[Ian Nacho]

6 minutes ago, Crinklyfox said:

You may want to check the terms of the lease.  One of my sons had a flat, the lease required that the leaseholders 'support the freeholder' in respect of any work required to be done to the building.  Last year they came up with £30,000 worth of 'repairs' which was passed on to the leaseholders.  His flat was in a building converted 16 years ago.

This would come through the searches though I guess?

[danny.]

6 minutes ago, Crinklyfox said:

You may want to check the terms of the lease.  One of my sons had a flat, the lease required that the leaseholders 'support the freeholder' in respect of any work required to be done to the building.  Last year they came up with £30,000 worth of 'repairs' which was passed on to the leaseholders.  His flat was in a building converted 16 years ago.

Ouch, that’s bad! You’d hope your solicitor would flag that one. I guess it’s even harder in that case too as it’s not like you can easily inspect the communal areas. 

[Crinklyfox]

1 hour ago, Ian Nacho said:

This would come through the searches though I guess?

He'd been in the flat for a few years before that one came up.  We did get a survey done before he moved in on the basis that it was a few hundred quid for the survey and over £100,000 for the flat and it just wasn't worth the risk to purchase something so valuable without checking that there weren't any potential horrors first.

[Nalis]

House we've seen before has been relisted for about the third time now.

 

We'd be interested otherwise but it seems like too much of a coincidence to be listed that many times before. One seems like bad luck with the chain but three times? I'm automatically thinking there is something wrong with it thats only coming out of the woodwork a month or so into the process for each potential buyer.

 

Guessing the estate agent will be very brief as to the reasons? It makes total sense to put an offer in otherwise but just wouldnt want to have an offer accepted only to be back to square one in 6-8 weeks time.

 

Just wonder if there is a way to approach this one in order to get more info before putting in an offer.

Edited 7 February 2022 by Nalis

[FoyleFox]

An honest conversation with the agent is your starting point. Especially if you tell them you know its been relisted a couple of times.

It's entirely possible the buyers didn't pull out due to a problem with the house you're looking at but had their sale fall through. Or their mortgage refused. A lot can go wrong in a chain. It's unlucky if it happens more than once but its not uncommon. 

If there is an issue with the survey on the property, some times buyers don't want to take on the work. 

It really could be for all sorts of reasons. Hopefully the agent is willing to share. If its not a problem with the house but the previous buyers, they should be keen to tell you. 

Edited 7 February 2022 by FoyleFox

[Ian Nacho]

On 04/02/2022 at 22:15, Ian Nacho said:

I’m buying a flat and I’m wondering if there’d be any value in a homebuyers survey. The footprint of the flat is pretty small anyway and even if there was something up structurally with the building I’m guessing this survey wouldn’t pick it up anyway. The building is a factory which was converted around twenty years ago so I doubt there would be much up with it. 

Turns out the lender has already been and done a valuation; not a full blown survey but it would highlight any major issues which none came up.