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bornbytheriver posted:Thanks very much for your thoughts. Nothing happened with the bank (Nationwide) for now anyway, it's in my head. When I was told by the estate agent that my offer has been accepted, I contacted Nationwide and they offered an appointment with a mortgage adviser to discuss mortgage. I said fine, the mortgage adviser contacted me and requested to provide some information: copy of payslip, buildings insurance (my word, I don't even health insurance, I can only dream of buildings insurance), solicitor's name, year the house was built. I think I can provide them with pretty much everything they asked for - I need to read up on buildings insurance - but then it hit me what if, after I provide them with everything they asked for, they look at the house and say we can't offer you the amount you need. Despite my horror story above once you tick all their boxes you’ll likely be fine in that regard. And if there is a problem, other mortgage providers are available!
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Mar 7, 2023 23:31
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bornbytheriver posted:No, sir/ma'am, I initially wanted to find a place for max £250K and was given an AIP. The place that I found and made an offer for was advertised for less than £250K. That doesn't matter to the financial institution though does it? The bank doesn't care how much you chose to spend on the thing you are looking to buy, merely that you can pay it back. Or at least that would be my read.
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Mar 7, 2023 23:35
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Guavanaut posted:You should arrange to have that from the moment you own the bricks and mortar, even if you don't want the contents insured. I am currently staying with someone I know, we have a personal arrangement, as in there is no contract. I give them cash each month as if I were renting from them and pay for energy when the bills arrive, they takes care of everything else. I don't own anything than an old laptop, books, and clothes. Can I just approach any insurance provider for this?
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Mar 7, 2023 23:39
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Josef bugman posted:That doesn't matter to the financial institution though does it? The bank doesn't care how much you chose to spend on the thing you are looking to buy, merely that you can pay it back. Or at least that would be my read. theyre lending money against an asset so they can always recover the money. If the asset isn't worth what theyre lending they wouldn't be able to do that.
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Mar 7, 2023 23:40
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bornbytheriver posted:Can I just approach any insurance provider for this? It's one where you will definitely want to go through checklists of what coverage you get, what the roof material is, when the last inspection for rot, wiring, etc. was, what the flood rating of the land is, etc. Don't want to sound like a doomer, but if you're committing to £250k over many years for an asset it's really worth making sure you're fully covered.
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Mar 7, 2023 23:47
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Guavanaut posted:All the major ones, it's one of the standard forms of insurance. Doesn't cover anything you own inside the structure, but will cover the structure itself against things like fire and collapse. Right. I will certainly want to have insurance if the mortgage is approved. Do I need to purchase insurance for a property I don't own right now? Just for a meeting with the mortgage adviser?
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Mar 7, 2023 23:50
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bornbytheriver posted:Right. I will certainly want to have insurance if the mortgage is approved. Do I need to purchase insurance for a property I don't own right now? Just for a meeting with the mortgage adviser? no mate
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Mar 7, 2023 23:51
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Guavanaut posted:You should arrange to have that from the moment you own the bricks and mortar, even if you don't want the contents insured. I think it's from date of EXCHANGE you need it. This seems more and more to be the same as the completion day which alarms me when thinking about it as the whole thing can fail 1 nanosecond before exchange and you might be left homeless or in a collapsed chain. If the mortgage co (bank or building society) offer you less than you have offered for the property, then either you go back to the seller with a revised offer or you have to find the difference from somewhere else - Dear Uncle Bart, I know we've never been close, but I need £10k sharpish. Your loving nephew Homer. This can have a knock on effect on other aspects of the purchase but I can't think what they are right now! Jaeluni Asjil fucked around with this message at 00:04 on Mar 8, 2023 |
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Mar 8, 2023 00:00
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Jaeluni Asjil posted:I think it's from date of EXCHANGE you need it.
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Mar 8, 2023 00:12
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Can I just say thank you to all of you. I really appreciate it. Please excuse my inexperience and forrinness.
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Mar 8, 2023 00:32
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Failed Imagineer posted:
So a story that I have heard from multiple sources, which makes me inclined to believe it's true.... Back when Shatter was the Minister for Justice, he was not popular. And I don't mean with the electorate, but he was hated by the Garda* and the legal professions. This wouldn't normally be a bad thing, but when your portfolio is Justice, having both those groups hate you is not a good sign. Anyway the Law Library is a large library/office where most of the Irish Bar hang out. It has an old fashioned tanoy system that probably dates back to the '50s, used purely to say that Person X is looking for Barrister Y. Anyway, the day Shatter resigned** the Law Library (alegedly) did the almost unheard of move of announcing his resignation over the Tanoy. And (supposedly) the Bar of Ireland broke into a spontaneous cheer like when Echo Base announced that the first transport was away. * = Well there were some Guards who liked him. Namely the then Garda Commissioner. **= Which is it's own thing to explain. Suffice to say it was a very polticial and legal dispute that's difficult to sum up.
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Mar 8, 2023 00:32
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I don’t mean to be harsh but for someone who is about to buy a house for quarter of a million you don’t seem to know some of the basics. If you don’t know about buildings insurance, do you know about the need for a solicitor? Also, for your mortgage, did you go through a broker or do any market comparison, or did you just go straight to your bank? It’s fine asking questions here but we’re just people on a forum. I’d highly recommend doing some detailed reading on the process of house buying, from what you’ve posted so far I worry you’d get blindsided by things as they happen. There are a bunch of guides online. https://www.moneysavingexpert.com/mortgages/buying-a-home-timeline/ https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/the-hoa-step-by-step-guide-to-buying-a-home/
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Mar 8, 2023 00:41
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bornbytheriver posted:Can I just say thank you to all of you. I really appreciate it. Please excuse my inexperience and forrinness. Also depending where you live you might well want to fork out £30 or so for Chancel Repair insurance. There are some old clauses where if the chancel of a local parish church needs fixing you're in for a share of that. Given the amount of money you're shelling out to buy somewhere, for £30 (well that's what I paid in 2019 and there are several churches within a mile of my flat), it's worth the peace of mind. Read about it here - I have no ties to compare the market and I don't think I insured via them anyway! It was just a reasonable overview that came up on google! https://www.comparethemarket.com/home-insurance/content/chancel-repair-liability/ There's other insurances you might want to consider depending on the location - eg mines & minerals insurance if there's any possibility of mining having gone on. Other things you might want to do, join the facebook nimby/curtain twitchers page for the area you're planning to buy in. (It won't call itself that btw!) good way to find out about planning development proposals in the area that are nowhere near permission level (and not come up in legal searches) but you can bet the local greens (aka nimbys in tory town) will be on the case for anything in the wind. (And yes, insurance can be a scam but with a large purchase, it's a judgement call). Jaeluni Asjil fucked around with this message at 01:00 on Mar 8, 2023 |
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Mar 8, 2023 00:48
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Jaeluni Asjil posted:Also depending where you live you might well want to fork out £30 or so for Chancel Repair insurance. My parents had this but its pretty much unenforceable these days. Until it is I guess. But nah I'm comfortable saying its bullshit NotJustANumber99 fucked around with this message at 00:54 on Mar 8, 2023 |
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Mar 8, 2023 00:51
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Lady Gaza posted:I don’t mean to be harsh but for someone who is about to buy a house for quarter of a million you don’t seem to know some of the basics. If you don’t know about buildings insurance, do you know about the need for a solicitor? Also, for your mortgage, did you go through a broker or do any market comparison, or did you just go straight to your bank? You are not harsh, it's all good. Thank you for the links, I'll have a read through. I've read a few guides before, arranged a bunch of viewings, found a cubby hole, made an offer and then emails started raining down. I am waiting for quotes from the local RICS surveyors for my own survey and asked to confirm their waiting times. I chose a solicitor. I spoke with 5 brokers and 2 banks while I was searching/viewing, I can afford 5 year fixed rate mortgage. Of 2 banks I spoke with, HSBC - the bank I get paid to - were snooty. bornbytheriver fucked around with this message at 01:51 on Mar 8, 2023 |
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Mar 8, 2023 01:47
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https://twitter.com/juneslater17 Your new GB News Anchor ladies and gents
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Mar 8, 2023 01:48
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https://twitter.com/theipaper/status/1633180138765688833?s=46&t=ARI_L-v32Oind1-d9B3a3Q Go on, thread, show me your best surprised faces.
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Mar 8, 2023 01:50
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Darth Walrus posted:https://twitter.com/theipaper/status/1633180138765688833?s=46&t=ARI_L-v32Oind1-d9B3a3Q https://www.youtube.com/watch?v=CV11t_qYikg
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Mar 8, 2023 01:56
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I assumed those pledges were already shredded.Diet Crack posted:https://twitter.com/juneslater17 I thought that was a Trevor Bastard affiliated satire account.... .... it's not, is it?
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Mar 8, 2023 02:11
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It's very much not and this person is now a regular because lol "quick find the most outspoken xenophobic dipshit on twitter" -GBNews producer
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Mar 8, 2023 02:23
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fuctifino posted:I assumed those pledges were already shredded. Don't think so. She has a slot on GBNews here re Hancock threatening to withhold funding for a disability centre from a fellow tory mp's constituency: (1 minute in) Spoilered for those who don't want GB News on their gadgets. https://twitter.com/GBNEWS/status/1633233686119186433?s=20 But I might be wrong, I've been taken in a couple of times by TBEU.
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Mar 8, 2023 03:06
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https://twitter.com/immigrationbot/status/1633289284898676736
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Mar 8, 2023 04:09
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Normal Island comments section https://twitter.com/RNLI/status/1633085256319348736
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Mar 8, 2023 04:18
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Expect to get sore fingers from how often you have to chase your conveyancer. I was astonished at the level of service/communication some seem to consider acceptable. It'd be fine if it was infrequent, but in that case just set expectations.
Sir Sidney Poitier fucked around with this message at 07:53 on Mar 8, 2023 |
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Mar 8, 2023 07:50
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Acquiring insurance isn't particularly complicated, just visit comparethemarket or gocompare or confused, and follow the instructions. I imagine you'll just need a quote at this stage as you don't actually own the property yet. This is probably just to show that the property is insurable; if its not, which is extremely unlikely, then they won't lend you the money.
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Mar 8, 2023 08:09
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Tijuana Bibliophile posted:I have some blue tits hanging out inside my balcony roof. I didn't realise you lived in Westminster.
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Mar 8, 2023 08:28
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The Mail have solved the cost of living and housing crisis 
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Mar 8, 2023 08:35
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Mar 8, 2023 08:39
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I can offer you a literal cardboard tent for just £2 - it's fancy and waterproof and all. What's the next level down from Dire?
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Mar 8, 2023 08:41
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smellmycheese posted:The Mail have solved the cost of living and housing crisis Would you believe this lad is actually the performance artist son of wealthy parents? Oh you would? Yeah it's not that shocking.
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Mar 8, 2023 09:01
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Julio Cruz posted:based on their rap sheet giving them probes doesn’t seem to be much of a disincentive Bring Back Banning.
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Mar 8, 2023 09:05
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Gonzo McFee posted:Would you believe this lad is actually the performance artist son of wealthy parents? 
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Mar 8, 2023 09:09
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Couple things on house chat/bank chat: - Everyone I've talked to, including myself, has had an awful time with their solicitors. We almost had the seller pull out last minute, because their solicitor sent ours the contract & paperwork early June, and they didn't respond until the last week of September, five days before the completion date. When we complained they said "this is normal everywhere in the UK except in the south east"...we were buying in the south east, and the solicitor was based there? Filthy crooks. - Had some real joy with HSBC recently. Boring but I want to vent. I'm duel British/Canadian, found out you can have an account where you can withdraw/deposit from both countries. Called HSBC, was told couldn't open over phone, go into branch. Went into branch, was told could only do over a special phone line. Called special phone line, arranged. They said they'd switch my account from Santander for me. Got sent debit, credit, set up internet banking, phone banking. Got a call: Santander refusing the switch. My mistake: Santander is joint with my wife, and as she's not Canadian I didn't add her as joint on the new account, was going to do later. Called HSBC: said can't do anything over phone, have to go into branch. Went into branch: told that only one specialist at the branch can add a joint person, by appointment only, and no appointments available until May. What they said I CAN do: call the original special phone line, cancel my new account/cut up cards/close internet banking, and immediately open a new joint account over the phone. So TLDR: called, told could only do in branch, told could only do over phone, told could only do in branch, told best bet is cancel & start all over again over phone. What a loving stupid faff.
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Mar 8, 2023 09:42
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Dealing with banks even when you're sitting infront of them is just as mind numbing. The only difference being that it's much harder for them to handball you off.
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Mar 8, 2023 09:44
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Julio Cruz posted:"we must reduce solar power generation, and then use solar power to heat greenhouses" Funnily enough, the people who do the: "We can't go building solar panels or new houses on our fields, we need them for food security!" never advocate for ending mass livestock production and turning that land over to crops, which really would make a difference to the amount of food we could produce here.
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Mar 8, 2023 09:54
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https://twitter.com/realQinHuangdi/status/1633335711142117376
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Mar 8, 2023 09:56
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Pistol_Pete posted:Funnily enough, the people who do the: "We can't go building solar panels or new houses on our fields, we need them for food security!" never advocate for ending mass livestock production and turning that land over to crops, which really would make a difference to the amount of food we could produce here.
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Mar 8, 2023 09:58
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TACD posted:
Lol, when I was close to completing on my house, I got a call from HSBC saying: "Ooh, there's a problem: there's potentially a £15 annual rentcharge on your house that's been moribund for decades and we don't lend against leasehold properties!" 24 hours of worry later and then it's: "Actually, forget about it, we're all good!" Fuckers.
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Mar 8, 2023 10:00
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Sir Sidney Poitier posted:Expect to get sore fingers from how often you have to chase your conveyancer. I was astonished at the level of service/communication some seem to consider acceptable. It'd be fine if it was infrequent, but in that case just set expectations. It's not so infrequent - same thing happened to me in 2011. My experience of getting a mortgage - offer accepted on flat for £111k. Flats in the same block had recently sold for 115-120.. the bank valued the property at 80k *just* low enough to incur the "Higher Lending Charge" with the deposit I had, by pure coincidence. This was 2007, so I was lucky that I didn't go through with it just before the big crash.
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Mar 8, 2023 10:05
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The main thing I took away from an HSBC mortgage application is when you have to speak to them over the phone, ask each department you get transferred to for their direct phone number. All of this process stuff, what you have to do and when, I got from my conveyancer though - on the very few occasions I did succeed in talking to her. Fortunately we had a great relationship with the sellers so they shared email threads from their conveyancers which allowed me to call mine out on her bullshit. Renfield posted:My experience of getting a mortgage - offer accepted on flat for £111k. Flats in the same block had recently sold for 115-120.. the bank valued the property at 80k *just* low enough to incur the "Higher Lending Charge" with the deposit I had, by pure coincidence. I had almost exactly this too. Offered X, bank valuation put it at X - 90, putting the LTV % too high. Fortunately like I said we had a great relationship with the sellers - I told them this, asked them to reduce it by 15 and we'd put in the same, yet out of the blue they reduced it by 35 which made it work. I think it was because this was on a development built in 2019 and none of the other places had yet changed hands, causing the bank to value it at its as-new asking price. Sir Sidney Poitier fucked around with this message at 10:09 on Mar 8, 2023 |
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Mar 8, 2023 10:05
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