Owning your own home

I couldn't get a mortgage through a lender direct. But town and country got me one, on a property with a 66 year lease no less. Go via a broker, they can cut through a lot of the crap. Town and country are 'free' too.

london and country.

town and country is a posh second home magazine for people with too many surnames.

Lol that's the one. A pal of mine used to write for Town and Country which is why I think it was in my head.

Survey tomorrow, been stressing about the structural stuff in the attic room so approached a structural engineer to see what the best approach would be... He put me onto one of his guys who is a surveyor on the side as well as being an engineer... This time tomorrow we'll know if we're buying or walking away...

Also had a broker come over tonight, although I've already found the right mortgage for us (fixed, two/three year) and we're meeting the bank direct tomorrow we may go through him anyway... It'll be easier to renegotiate/refinance with him already on board, less work for us and the price will be the same...

My buildings insurance quote has suggested that the rebuild value (£269k for a terraced, victorian house split into two flats) is too low. Is this a case of getting a surveyor in to give a reasonable estimate? Any suggestions for the likely cost (and a surveyor) if that is the case?

Ask the insurance company what they put the value at and how much the policy will increase by? It may not be much the same happened to me.

Ah. The joy of being freehold.

Rebuild value for insurance is £50k as I own the land.

Underinsured?

Not for a 2-bed terrace. Houses are cheap, the land is expensive.

Not sure what difference the land makes to rebuild value?

Could be I'm missing something, but I thought the rebuild value is what it would cost to rebuild your house on the land where it is currently situated.

How much do you think it costs to build a house? The whole thing cost me £80K with land included.

I do every time I get new house insurance every year.

From Money Saver Website:

Don't over-cover buildings – rebuild value is what counts

For the buildings element of house insurance, a common mistake is to cover the home's market value (the amount it might sell for), instead of the rebuild value – the cost of rebuilding the property if it was knocked down. The key is the cost of materials, labour and architects for your area. However, buildings policies should also cover the cost of somewhere for you to stay while your home's rebuilt or is uninhabitable.
To find a rebuild value, commissioning a survey is most reliable, but it's expensive unless you're getting one anyway (eg, if you're buying a new home). A less accurate, but quicker option is the Association of British Insurers' calculator.

Sure, you can build a house quite cheaply.

Mine is insured for something just under £300k. 3 storey victorian town house, semi detached. That's a lot different to the market value.

I'm sure it is. However, that sort of money is why I left the South a couple of years ago.

^^ #boastpost btw ;)

£11K on sash windows is not a rebuild cost. That's just what you want to spend as an extra.

Rebuild is the cost of 'building the house', everything else is contents insurance.

Fancy additions like wood sash windows and engineered flooring with wet heating underneath are contents.

windows are contents? agree on the flooring; yes. likewise carpets, washing machines etc.

But windows are very much part of the building.

Yes, they are but you will just get a 'window'.

Probably a double glazed system but nothing fancy.

But if the house already has sash windows then that's not rebuilding, is it? It's building a new house that won't be as good as the old one.

The house I'm buying is costing us about 15k more than the estimated rebuild cost (from the ABI calculator). Not sure what that means but it sounds like the land is cheap!

Fancy additions like wood sash windows and engineered flooring with wet heating underneath are contents.

Windows and your heating system are contents, not part of rebuilding?

I call bollocks.

Funnily enough, if we look at the RICS page on calculating rebuilding costs, we find that:

A house or a flat consists of the structure including all walls, roof, floors, partitions, doors and windows; any applied finishes and decorations; built-in fittings including fitted wardrobes and kitchens; the installations for heating, hot and cold water, gas, electricity, lighting (excluding light fittings), ventilation, sanitation and disposal, including all sanitary fittings

( @aggi, FWIW our home insurance - Pedalcover, underwritten by AXA - gives a flat rate of £1m for rebuilding cost, which conveniently avoids any need to give them an accurate figure, but the ABI/RICS calculator will give you a number which is at least defensible. It gives us £360k (3 bed Victorian semi, reasonably spacious), but suggests the range could be £300-£450k.)

TBH £1k does not get you a fancy or double glazed sash window of any decent size anyway.

In Ldn you should probably work off about £1800 per square metre for rebuild. £2000 if you want to be super safe.

@Mr_Sworld is weird and / or trolling. Obviously windows are part of the building. As is the kitchen, bathroom etc. Contents is basically what you'd take if you moved house.

It also doesn't cost you any more to rebuild if you don't own the land. Why would it?

Lots of standard buildings insurance doesnt limit the rebuild cost now, I've been with M&S and Post Office recently and neither did.

Walking away from this house, building inspector recommends a comprehensive termite inspection... No live termites but lots of evidence that they've been all over the house... So many other things wrong with it, total money pit...

Just eaten a big bag of consolation Doritos, feel a bit sick now... On the plus side we've been pre-approved for our mortgage so can jump on the first house we find... Onwards and upwards...