Owning your own home

With mine it was 10% of the total. Different bank though.

A thicker set of T&Cs I found (that came with the annual statement) talk about "10% of opening balance" so I think I'm good.

(Will have to work out what to do for the final 5 years though, as getting a new interest-only deal would mean only being able to pay off 5 sets of the 10% each year. ERCs would add up to £3k or so. I could just convert it to a repayment mortgage then I suppose. I don't think there's such a thing as a fixed interest-only offset mortgage.)

Mine with the Halifax is 10% of the amount remaining at the start of the year

Similar. Just called Santander, it's 10% of the balance on Jan 1st of each year.

If, in August, we continue with them for another interest-only[1] 5 year fixed deal (I'm risk averse and Brexit looms) then it's looking like about £1100 in early repayment charges in those 5 years. Wondering if that is worth it or if there is a cleverer way to do it...

(Since the ERC is 5% that represents £22k's worth of extra repayments, roughly 10% of the current outstanding balance, average monthly interest payment in that period will be about £300, so I'd be saving ~£15 a month [half of 10% of the monthly interest payment]. £15/month * 5 years = £900. That's close enough for me. £1100 over 5 years is a pint a week, so not silly money. I can also front load each year to avoid some of the ERCs and put the other contributions in shortish term investments ready for a bigger front load for the subsequent year... )

It definitely doesn't work for the last 5 years though (£3.5k ERCs on £120k by my calcs), but I've got almost 6 years to think about that.

Nice to think of a time when the mortgage will be paid off, but that coincides almost exactly with the September that my daughter would (theoretically, counting chickens, etc) be off to uni and anything can happen in the next 10 years (i.e. moving house and borrowing more).

1. We got an interest-only mortgage back in 2007 as that was all they said we could afford based on my salary alone (Mrs GB wasn't working at the time), I'm sure we only got this because of our IFAs sign-off. We've kept it ever since but treated it as a repayment mortgage making repayments most months, but it's been useful as we could stop overpaying for a few months if we needed the cash (household stuff - new boiler, windows refurbishing, etc) and then make up the shortfall over the next few months. 5.09% -> 2.89% and now looking for a new deal at 1.79% hopefully.
   

Got a letter from the bank re mortgage and their valuation, remarkably they think it's worth exactly what we are paying for it!
Filled out the forms for the lawyers, jeebus, they ask a lot of questions!

Apologies for the mortgage overpayment derail, but I'm currently in get rid of all the shit, because my GF's just moved in.
I have this hose that has sat in storage for years since it wouldn't attach to my kitchen tap. So if anyone who actually owns a house requires it let me know. Yours for a fiver or a couple of bottles of decent cider (none of that bulmers bullshit!)
Collection from Stockwell, after 7

Apologies for the sideways photos uploading from my phone

3 Attachments

Pm incoming

Dibs just the AquaStop(TM) fitting (the one with red bit) if splitting.

If @hamrack doesn't take it all you can have it..

Does anyone know anything about party wall agreements? My neighbours, who I get on with well, have extended into their garden, so there's a new wall a couple of metres long on our boundary. I'm fine with this, and it looks good. However, as it was being built, my property was slightly damaged - nothing major or upsetting, but stuff that needs to be fixed nonetheless.

I've been talking to their builder, who has - finally - assured me that it will be addressed. We had a survey done before hand and the surveyor agrees with me that repairs are needed and has offered to write a letter, which I'd like to avoid for neighbourly relations.

Basically, does anyone know when I am entitled for the repairs to be addressed? Currently there's no date, and I fear it could push on for several more weeks (it's already been about a month since access to my garden was no longer needed, and since when the repairs have been outstanding). Any advice appreciated.

You're a long way into the process and not fallen out yet, you should be ok. It's normal for your surveyor, who may also be their surveyor to reach an agreement where you are recompensed for damage caused. Letting their builder to fix it is kind of you, as long as they fix it to your satisfaction it's all good. It sounds like this should have happened already, not surprising though that it hasn't since the builder is probably under pressure to finish the job and may not be getting paid extra to fix problems arising in your property.

If you are worried about neighbourly relations it might work to suggest that the surveyor comes up with an amount that you receive as a payment in order that you can make it good. Specifying a timeframe for them to complete the works is a nightmare and you probably have very little legal basis to enforce it. If the job is nowhere near finished yet then you're going to have to keep raising it until you are perceived as a PITA, sadly that's your role as kind long-suffering neighbour.

Specifying a timeframe for them to complete the works is a nightmare and you probably have very little legal basis to enforce it.

Ok - thanks, that's helpful - exactly what I wanted to know. Given the texts exchanged today, it looks like I'm becoming a PITA and falling out over this might be possible if pushed - which I want to avoid at all costs.

Its frustrating, as so little work is needed to get me out of the game. There's so little needed in fact that trying to get someone else in to do it would probably be an aggressive move.

In my experience party wall issues have always ended up being somewhat adversarial. The mixture of stress on the householder undertaking the works and the stress of living next to it make a toxic combination.

As a neighbour you almost always end up with issues that were caused by the other property that you'll have no hope of recompense for and people undertaking the building work are way more interested in their own job and how they are going to stop the builders bleeding them dry.

However much you both set out trying not to upset each other, it's just that your interests are not aligned. Sometimes it's easier if at all possible to get into a longer conversation about how it's going with their side and try and work out how and when you can motivate them to fix your stuff.

There's always a hustle at the end as the surveyors (if there even are 2 surveyors) horse trade over the damages and payment, usually as a neighbour you get a raw deal but the other side thinks you're taking them to the cleaners.

If it really is a small amount then try to live with it until the final totting up and be prepared to have to organise it yourself. One thing for sure, you'll be glad when it's all over.

Thanks for this, very useful advice.

I can easily imagine that they don't want to ask their builder to do this work as they're probably having to influence him to do stuff in their house.

Its also infuriating me how annoyed I'm getting over it, as I've been completely chilled with them up to the past couple of weeks over this relatively small issue!

I need a hose!!!!

I'm not posting to Australia!

Don't get me wrong, I'd still like to punch the developers who did the house next door to us and that happened a few years ago. :) It just warms the cockles that they will never get the money they're asking for it and anyone who lives in this street could have told them that from a cursory look at the plans.

Who is expected to pay/make good in Party Wall situations? The builder or the property owner having the work carried out? If major cost was involved would there be a case for claiming on the builder's insurance?

I'm no expert, and have picked this up over the past few weeks.

Having spoken to the surveyor this morning, I believe the owner rather than the builder. And the neighbours (mine in my case) property has to be left as it was, having used the same materials as were there before (e.g. a London stock brick wall has to be extended using London stock bricks - not a cheaper alternative).

I imagine a builders quote will (or at least should) include the fact that they will complete the work in accordance with the Party Wall Act. In practice, and from experience here, I imagine that some builders will try to cut as many corners as possible here, whilst simultaneously painting you as an unreasonably picky, demanding git to your neighbours.

You can ask a survey be done of your property at the project owners request, and that surveyor becomes the adjudicator in any disputes.

Also - to reply to my own earlier question about timescales for fixing damage. The surveyor says he would expect repairs to be 'timely' once raised to him and he rules on them.

However, clearly the last thing you want to do is raise a dispute, so you're on your own trying to negotiate with your neighbours till then.

Cheers, I'm the building owner who will shortly be having builders starting work so that's where my concern comes from. (Surveys of both neighbours have been done so any claims should at least have some basis in fact).

Anyone have any recommended carpet people? To purchase from and install, need a couple of bedrooms done on the cheap but don't fancy DIYing.

In or close proximity to SE16.

Nunhead Carpets - SE15. They've done a few of our rooms and no real issues. Quick turnaround too.

A lot of his customers have terrible taste by the looks of things, but 'Gareth Carpets' is a top lad. He can supply and fit or just fit. https://www.facebook.com/gwcarpets/

Ta both, will pay them visits at the weekend.