Hi Everyone,

I've been a silent member of this thread, observing and learning about acquiring a property in the UK. The knowledge gained here helped me in acquiring my 3-Bed (Old Build) Semi-detached property in April this year, all thanks to the likes of Ticha, Lexusgs430 etc. I 'm currently in need of a builder in Liverpool area, as I intend to convert an empty space downstairs into a toilet and would appreciate any useful information or contact.

Thanks..

obitryce:
Hi Everyone,

I've been a silent member of this thread, observing and learning about acquiring a property in the UK. The knowledge gained here helped me in acquiring my 3-Bed (Old Build) Semi-detached property in April this year, all thanks to the likes of Ticha, Lexusgs430 etc. I 'm currently in need of a builder in Liverpool area, as I intend to convert an empty space downstairs into a toilet and would appreciate any useful information or contact.

Thanks..

Congratulations on escaping the rental trap ....... You are presently walking alone, with this request......😂

Your best bet is to seek recommendations from your neighbours or place a request in your local nextdoor neighbourhood app (get estimates from builders).......

Don't pay outrightly, stage the payment options or pay once job is completed (or pay a deposit of £300), via your credit card.........

Hello everyone,

I apologise if this issue has been addressed in the previous posts. Please kindly indulge me.
My husband and i as first time buyers are considering purchasing a property with an annual Rentcharge of £266, which is payable to a management company for maintenance and upkeep of shared areas. While the Indemnity Policy offered by the seller's solicitor provides some protection, we are concerned about the potential impact on the property's value and saleability in the future.

Are there any specific challenges or issues that arise when selling a property with a Rentcharge, example does it in any way affect property valuation or saleability, or is it something we shouldn't worry about and go ahead? We really love the property.

Please my oga's in the house, I go dey corner dey read your responses.
Thank you

Biggerdream:
Hello everyone,

I apologise if this issue has been addressed in the previous posts. Please kindly indulge me.
My husband and i as first time buyers are considering purchasing a property with an annual Rentcharge of £266, which is payable to a management company for maintenance and upkeep of shared areas. While the Indemnity Policy offered by the seller's solicitor provides some protection, we are concerned about the potential impact on the property's value and saleability in the future.

Are there any specific challenges or issues that arise when selling a property with a Rentcharge, example does it in any way affect property valuation or saleability, or is it something we shouldn't worry about and go ahead? We really love the property.

Please my oga's in the house, I go dey corner dey read your responses.
Thank you

I posted a link here a few days ago ........ Whilst you're still loving the property, take a second to hunt the link and read the article........

I hope the property love lingers on, afterwards.....😂😁

Lexusgs430:


I posted a link here a few days ago ........ Whilst you're still loving the property, take a second to hunt the link and read the article........

I hope the property love lingers on, afterwards.....😂😁

Thank you at Lexusgs430, but the property in question is a freehold, its not a leasehold, the article you posted was about ground rent which to my own understanding is applicable to leasehold properties. Is estate rent charge same as ground rent?

Biggerdream:


Thank you at Lexusgs430, but the property in question is a freehold, its not a leasehold, the article you posted was about ground rent which to my own understanding is applicable to leasehold properties. Is estate rent charge same as ground rent?

Are you saying the £266 charge would never change till perpetuity....... 😁

Pick from the article key points......

obitryce:
Hi Everyone,

I've been a silent member of this thread, observing and learning about acquiring a property in the UK. The knowledge gained here helped me in acquiring my 3-Bed (Old Build) Semi-detached property in April this year, all thanks to the likes of Ticha, Lexusgs430 etc. I 'm currently in need of a builder in Liverpool area, as I intend to convert an empty space downstairs into a toilet and would appreciate any useful information or contact.

Thanks..

Congratulations 🎊
Builders tend to be very localised. Plus what you need is a plumber rather than a builder. It might worth asking neighbours, colleagues and checking the sign boards at supermarkets - small time tradesmen advertise there as well.
Or it's a perfectly apt time to go on youtube or do a quick course at your local college and do it yourself. You will need handy man skills as you go along.

Congratulations 🎉 👏 🎉 brother!!

obitryce:
Hi Everyone,

I've been a silent member of this thread, observing and learning about acquiring a property in the UK. The knowledge gained here helped me in acquiring my 3-Bed (Old Build) Semi-detached property in April this year, all thanks to the likes of Ticha, Lexusgs430 etc. I 'm currently in need of a builder in Liverpool area, as I intend to convert an empty space downstairs into a toilet and would appreciate any useful information or contact.

Thanks..

labiola:


Thank you so much for your response.

I am really confused and really want to get this right. You said, surveyor should come before making an offer, but in my case, I have given an offer and I have not even engaged surveyor. Is it possible to get a surveyor report and still renegotiate the initial offer? I need more clarity on this!

Thank you once again for your time.

Good morning, everyone!

I want to thank each of you for your support and assistance. I truly appreciate it.

Our mortgage application has been approved, though we haven't signed it yet. I have a few questions to ask.

Our lawyer suggested that we conduct a survey of the building before exchanging contracts. I believe that since the lender has approved the mortgage, their survey should indicate that everything is in good condition.

So, my question is: Do we still need to conduct another survey of the house before signing the contract?

Thank you.

labiola:


Good morning, everyone!

I want to thank each of you for your support and assistance. I truly appreciate it.

Our mortgage application has been approved, though we haven't signed it yet. I have a few questions to ask.

Our lawyer suggested that we conduct a survey of the building before exchanging contracts. I believe that since the lender has approved the mortgage, their survey should indicate that everything is in good condition.

So, my question is: Do we still need to conduct another survey of the house before signing the contract?

Thank you.

Yes you should do your own survey.

Banks generally do a desktop survey ( and do not actually visit the property), largely to satisfy themselves that the value of the property is worth the loan secured against it.

You need your survey to check the general condition of the house, make sure there are no nasty surprises hiding away. Sellers have been known to decorate just before sale to hide obvious ( and some not so obvious signs) of disrepair.

You want to make sure that any faults discovered reflected in the agreed price, or that they agree to fix at their own expense before you exchange.

Once exchanged, you can't back out without material penalty. So you don't want to be in a position where you find out things needed fixing that you weren't aware of before purchase.

After completion, it is a case of buyer beware. You will have no recourse.

Oh, and don't forget to have your home insurance in place, cover to start from date of exchange.

shaybebaby:


Yes you should do your own survey.

Banks generally do a desktop survey ( and do not actually visit the property), largely to satisfy themselves that the value of the property is worth the loan secured against it.

You need your survey to check the general condition of the house, make sure there are no nasty surprises hiding away. Sellers have been known to decorate just before sale to hide obvious ( and some not so obvious signs) of disrepair.

You want to make sure that any faults discovered reflected in the agreed price, or that they agree to fix at their own expense before you exchange.

Once exchanged, you can't back out without material penalty. So you don't want to be in a position where you find out things needed fixing that you weren't aware of before purchase.

After completion, it is a case of buyer beware. You will have no recourse.

Oh, and don't forget to have your home insurance in place, cover to start from date of exchange.

Thank you.

labiola:


Thank you.

You are most welcome! And don't forget to invite us to the house warming🙂

shaybebaby:


Yes you should do your own survey.

Banks generally do a desktop survey ( and do not actually visit the property), largely to satisfy themselves that the value of the property is worth the loan secured against it.

You need your survey to check the general condition of the house, make sure there are no nasty surprises hiding away. Sellers have been known to decorate just before sale to hide obvious ( and some not so obvious signs) of disrepair.

You want to make sure that any faults discovered reflected in the agreed price, or that they agree to fix at their own expense before you exchange.

Once exchanged, you can't back out without material penalty. So you don't want to be in a position where you find out things needed fixing that you weren't aware of before purchase.

After completion, it is a case of buyer beware. You will have no recourse.

Oh, and don't forget to have your home insurance in place, cover to start from date of exchange.

Is the home insurance meant to commence from the date of exchange or date of completion?

Also I learnt the value insured should be the rebuild value and no the market value(amount property was bought). As the insurance would only pay the cost to rebuild the house. The market value has other component that includes location, gardens etc that would not be included in a claim.

Santa2:


Is the home insurance meant to commence from the date of exchange or date of completion?

Also I learnt the value insured should be the rebuild value and no the market value(amount property was bought). As the insurance would only pay the cost to rebuild the house. The market value has other component that includes location, gardens etc that would not be included in a claim.

Date of exchange brethren. That is when you sign a legally enforceable contract.

I heard of a story where between exchange and completion, the house got flooded by a burst pipe. The buyer did not find out until moving day and sadly had no recourse.

Had it been there was home insurance in place, this would have been sorted. As it stood, the buyer had to pay out of pocket.

Make sure you also arrange a final viewing before exchanging contracts.

Although not clued up on the ins and outs of home insurance, I can only share from my experience.

Yes, the buildings part covers the rebuild cost ( your survey report should provide this value). Contents and outbuildings, garden etc are usually add ons. But you get a quote that should allow you to customise it to your needs. The buildings part, is a must! On exchange and prior to completion, except both are happening on the same day.

Oh, legal cover too, I'd advise to have this included.

House warming party ooooo

the mortgage's provider survey isn't deep though

for your own peace of mind, please get a survey done oo.. even if it is Level 2

labiola:


Good morning, everyone!

I want to thank each of you for your support and assistance. I truly appreciate it.

Our mortgage application has been approved, though we haven't signed it yet. I have a few questions to ask.

Our lawyer suggested that we conduct a survey of the building before exchanging contracts. I believe that since the lender has approved the mortgage, their survey should indicate that everything is in good condition.

So, my question is: Do we still need to conduct another survey of the house before signing the contract?

Thank you.

labiola:


Good morning, everyone!

I want to thank each of you for your support and assistance. I truly appreciate it.

Our mortgage application has been approved, though we haven't signed it yet. I have a few questions to ask.

Our lawyer suggested that we conduct a survey of the building before exchanging contracts. I believe that since the lender has approved the mortgage, their survey should indicate that everything is in good condition.

So, my question is: Do we still need to conduct another survey of the house before signing the contract?

Thank you.

New build or old build........

Solumtoya:


Absolutely! I know the feeling, I was similarly worried, but 99.9% of the time, just sit and wait and it will be all fine. My Lender did nothing. In fact, I need to even sort out my building insurance as at no point was I told to do it.

@Solumtoya, Long time no see, Did you sort out your building insurance after you completed or before?

Lexusgs430:



New build or old build........

Boss!
Old building . I have decided to pay for the survey .



Any advise on the suitable building insurance ?

Thank you

profemebee:
the mortgage's provider survey isn't deep though

for your own peace of mind, please get a survey done oo.. even if it is Level 2

Thank you. I have decided to go with level 2.

Any advice on Building insurance? Can you recommend any ?

Santa2:


@Solumtoya, Long time no see, Did you sort out your building insurance after you completed or before?

I still dey o, just enjoying the house.

I actually forgot about insurance till a week after getting my keys. I then did for £100 ish per Annum. Till now, no one has asked me of it

labiola:


Thank you. I have decided to go with level 2.

Any advice on Building insurance? Can you recommend any ?

I'm not an expert sha, but I just used "comparethemarket"

Solumtoya:


I still dey o, just enjoying the house.

I actually forgot about insurance till a week after getting my keys. I then did for £100 ish per Annum. Till now, no one has asked me of it

I believe while it mandatory, it more or less for you own peace of mind. Haaa you never invite us for house warming ooh.

oh no.. if it is Old building, it is advisable to go with Level 3.. the full survey

I have seen some regrets from 2 people who didn't when they did theirs.... i don't know how old their buildings were though..

labiola:


Boss!
Old building . I have decided to pay for the survey .



Any advise on the suitable building insurance ?

Thank you

The best way to always make sure you get the best quote at any given time is to find sites that compare all competitors in the market.. like the recommended comparethemarket

labiola:


Thank you. I have decided to go with level 2.

Any advice on Building insurance? Can you recommend any ?

To do list

Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Congrats.. great news

Santa2:
Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Congratulations!!

Santa2:
Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Congratulations!

Santa2:
Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Santa2:
Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Congratulations........🎉🎉🎉

When people argue that owning a property is not important and some of us, hold a contrary opinion.......

When you start to build equity, would it be to our benefit or yours .........😂🤣

Slowly slowly, the mortgage term would be over ..... It does get to the finish line, eventually........😁🤣

Congratulations @Santa2 👍