Owning your own home

Hi,

Just looking for a bit of reassurance. We are in the process of acquiring a share of the freehold. It is being handed to us free of charge as this is what was promised when we bought. The previous freeholders lived in our flat but held the entire freehold. Now that the person downstairs has extended their lease they are honouring their word and giving us half.

The paperwork has come through and we are being asked to sign a Declaration of Trust. Is this standard for a 50% share of freehold and are there any negative implications?

I'm just slightly nervous because the other future freeholder doesn't live below and I believe she owns a few flats and it is her solicitor we are using. He has not been very communicative with us and we are feeling a bit in the dark. The freehold is being split so that myself and my wife own 50% and this other lady owns 50%.

Thanks in advance for any advice.

Declarations of Trust can cover much more than just how the freehold is divided e.g., maintenance, insurance etc. If you want to have some say in what the other freeholder does with her half of the property then you could look into applying for a restriction with the Land Registry. You'd obviously have to discuss this with her first, for example, if you want to have a say in whether she can sell it.

Moved a lump of payday money into the ISA this morning which now means, along with the readies promised by ma&pa_com (not loads but a helpful amount), we have more than the mortgage advisor said would be a conservative estimate including deposit and fees. Will keep saving, obvs.

My problem now is, I have no idea what to do and what order to do it in. We are renting and didn't sign a new contract at the end of the last term so legally I only need to give one month's notice. At what point would I do that? How are these things usually coordinated?

First : If you haven't seen a mortgage advisor for a month - go and see one again. The rules have changed massively and it's not necessarily the case that what was true a month ago is still true now.

With that handled, buy something, let it go through with the lawyers, don't give notice on your rented place until your purchase has exchanged contracts. Better to have a two week overlap and waste a bit of rent than to give notice early and potentially have something go wrong that means you can't move into your purchase and you're homeless.

If you're buying in London, you may have to move quickly.

Get details for a solicitor, surveyor, damp surveyor and anything else you need before hand so you can get them in right after your offer having been accepted.

If you're buying in London, you may have to move quickly.

Why?

Well, I had to at the request of the seller and constantly had to show that progress was being made (with constant threat of being gazumped). That was a particularly difficult purchase spread over six months mind you.

Depending on the chain, my impression is that if you don't get it down relatively quickly you leave yourself at the mercy of people noticing that the market has moved and they can get more from you.

Some things are always slow though. MY house has a flying freehold which added about 3 weeks to the sale.

Why?

Because Jeez could be showing someone round next week and you might miss the boat!

I enquired about a place recently and was told that the seller wouldn't talk to me as I would have to sell my flat first.

Just paid my buildings insurance for the year, including a surcharge for terrorism, fuck sake.

Did you buy volcano insurance?

Fuck!!

I enquired about a place recently and was told that the seller wouldn't talk to me as I would have to sell my flat first.

We found this was pretty common - if you didn't have an offer on your place then the seller wouldn't take you seriously.

Because Jeez could be showing someone round next week and you might miss the boat!

Expect some neg rep from the forum's favourite estate agent...

Expect some neg rep from the forum's favourite estate agent...

Jeez is a surveyor.

I remember this because I was amazed at how someone given to such painfully protracted conjecture could do the job.

Jeez: as verbose as a cabbie with Histrionic Personality Disorder, as focused and coherent as a Vietnamese aircraft search party.

what does he survey anyway? is he one of the people who rings you just as you are sitting to eat your dinner to ask which brand of catfood is your favourite?

Given the length of his posts I'm going to guess he's a quantity surveyor.

is jeez an estate agent?

Apparently he used to be, but it didn't meet with his personal ethical code.

Guy who just showed me around a couple of houses said he'd just bought a vintage frame and is running it brakeless with a £600 set of second hand wheels from his mate Laura Trott.
Would you buy a house from this man?

Haart estate agents have (without asking me first) allowed a damp survey to be made on the property which I've had an offer accepted on by a company which I assume they are affiliated with.

My offer was actually the second highest sealed bid, but the top bidder pulled out after around one week, and according to Haart, did not have a survey conducted.

The damp survey estimates I will require about £1500 worth of work required in the form of a damp proof course at the back of the house, and some wood worm insecticide in the loft, and some other bits and bobs.

So, my question is, should I be concerned? My initial thoughts were that they probably do this in every house to try and make a bit of easy cash. Then I thought that maybe Haart could be trying to cover their backs if they know that there are some real issues, and this could be tied in with why the top bidder pulled out. I suspect I may be being paranoid, but I don't trust anybody in this business.

pay for your own survey?

Would a full structural survey generally check for damp and rotten joists, etc? I was wondering if I could provide the report to a general surveyor.

Cracking place for rent: http://www.rightmove.co.uk/property-to-rent/property-29590503.html/svr/3109;jsessionid=50D2588B9787C1400D9F37027ECDADC5