Owning your own home

solicitors earnt interest on our £30k...

Aren't there very specific rules around client money accounts and interest payable?

Yep, it's got to be paid over (unless agreed otherwise). Auditing Solicitor's Accounts Rules was dull as fuck.

Due to exchange this Friday and complete next Friday. At the top of a chain with half a dozen or so properties so that should be fun.

The day of exchange we found out our buyers didn't have the money to do the 10% so we agreed a lower % with the chain and were able to exchange. That might be possible if you think you're going to come up short and from experience I'd sooner have notice a few days in advance!

Same. Think on the day of exchange it turned out my buyer had 5% rather than 10% and was I alright with that. Which I was.

Going through the first set of paperwork from our conveyancing solicitor and have a few questions.

1) Joint Tenants vs Tenants in Common with equal shares:
My fiancé and I are purchasing the house together and have made approximately equal contributions to the deposit and anticipate equal contributions to the mortgage. Our wedding is planed for 2022 so we will not be married for at least the first portion of our ownership. Am I correct in assuming that the only difference between JT and TiC is what happens in the event of a death... namely that if we are JT then the property would pass automatically to the other, whereas under TiC the property would pass to whoever is named in our respective wills (who may or may not be the other tenant)? Is there anything else important to consider?

2) Surveys
The house we are purchasing is a new build and will be covered by a 10 year NHBC warranty. Our financial advisor told us that it would be unusual to commission either a home buyers report or a full structural survey on such a property because he could not imagine such a survey revealing anything that wouldn't already be covered by the NHBC warranty. Is this reasonable advice and if not, what sort of faults might the survey uncover that would not be covered by NHBC? An additional complication is that the house is not fully built yet (final build completion expected October) and so when would the surveyor complete the survey - when the property is only part built (but before exchange of contracts) or after the property is completed but thus also after exchange of contracts?

3) Local search and Environmental search
The property is on a new development built on a disused WW2 airfield (since used as agricultural buildings), and the site borders land that has been and is currently being used as a waste disposal site. I've lived in neighbouring villages for years and never heard complaints about either of these two issues but presumably these make the local and environmental searches even more critical - is there anything we should be especially alert to in the reports or that we should request be specifically investigated?

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Don't bother. Go with Purple Bricks or similar, everyone looks on rightmove, zoopla etc so you just need to be on there...

We've just exchanged (selling our place in SE London) and have saved ourselves £6/7 k

Now trying to find a place in Devon as currently renting. I thought I despised estate agents but I've realised it's just London estate agents as they're quite pleasant and disconcertingly honest down here.

'What bottle cage?' chat for the house thread. Toilet roll holders. Brass/oak/etc. Understated modern. Talk to me.

@Fox you went with the fermliving one iirc? The amazon listing for it is full of germans complaining about how it doesn't hang straight so I'm not convinced.

Money no object for this vital purchase. TIA.

I told you to get a hose.

Labour and wait have a nice one. I liked the Alex Mowat one for twentytwentyone a snip at £300 for a loo roll holder but unfortunately you can no longer buy it :'(

So I'm in the throws of getting my house valued and have so far had two agents around to value.

Currently, these are way apart from each other. I've got a third coming this eve which I'm hoping will fall somewhere in the middle.

Am I missing something? Surely even the top end priced one wants this to sell just as much as I do?

1. your right JT is where you both own the whole properoty and TIC means you own a specified share, so if its 50:50 you could state that, so that you can leave your share to any beneficiaries

2. i would be inclined to find out the snagging process as that will be the most common issue you will have ultimately and check what is and isnt covered by the NHBC Warranty -

They'll be hoping to get your business by dangling that carrot of loads of money and then suggesting you drop the price is what a cynic would say.

It's not a science though, you do get a fair variety in prices.

Yes - get you on the books, try for a couple of weeks at too high price, shrug and suggest you drop the price to where it should have been in the first place.

Understood thanks guys.

I'm thinking of going with the lower of the two currently, as I'm sure it'll sell fast. The lower of their est is still higher than I'd thought which was based on nothing but gut.

Any recommendations for moving companies in North London? Preferably with packing/dismantling/reassembly.

Moving with a three week old may be somewhat challenging so I'm looking for it to be as easy as possible.

1) Yes, you're right - the only real difference is what happens if one of you dies. If your wills both provide that the other would have your share of the house anyway then you might as well go with a joint tenancy. You can turn a joint tenancy into a 50:50 tenancy in common (severing the joint tenancy) by simply serving a notice on your co-owner. Unless you want to own the house in shares other than 50:50, or leave your share to someone else on your death, then there's really no reason not to go for a joint tenancy.

2) NHBC certificates aren't worth the paper they're written on. I'm acting for some clients at the moment who bought a house off-plan from a major UK house builder. It came with an NHBC certificate despite the fact that (amongst a long list of other faults) the builders had completely forgotten to install any of the cavity wall insulation, hadn't fitted cavity drip trays, one of the walls had to be completely rebuilt and the PV panels on the roof were fitted so badly they were dangerous. Oh, and most of the metal face plates on the ground floor plug sockets weren't earthed properly. It also wasn't built in accordance with the planning permission for the house, so needs an application for retrospective consent. None of which the NHBC inspector either noticed or considered an issue.

If the property isn't completed I'd suggest waiting until the builder gives you the notification of practical completion, and then getting a surveyor to come along, do a full survey, and produce a full snagging list and advise whether or not it has actually reached practical completion.

3) Dunno.

Which way are you planning to have the paper come off the holder?

the right way.

@Tenderloin sounds like a job for @dbr

Can't answer any questions but is it Freehold or Leasehold?

If Leasehold I take it the ground rent is sensible and there's no stupid doubling of ground rent every 2 years trap to fall into?

The house we are purchasing is a new build and will be covered by a 10 year NHBC warranty.

Hahahhahahhhahahaahhahahaaah

hhahahhahahahhhahh

hhahahahah

Sorry

Survey away, please. At least you'll know that the dimensions of the place are remotely close to what you were promised.

Haven’t even got around to making myself one.

https://www.instagram.com/p/BPfLCB-gvd_/?igshid=asrnb79xh3ap

Just an example. I’ve got a head full of toilet roll holder designs.

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(was from a random image search, comes from here: https://totalwomenscycling.com/lifestyle/20-home-accessories-every-cyclist-will-love )

NHBC certificates aren't worth the paper they're written on.

Also @ewanmac

This.

Having done remedial work on houses covered by nhbc certificates and subsequently felt guilty charging already upset home owners a small fortune to put right some seriously shoddy workmanship. I'd strongly recommend getting an independent surveyor to look things over.

I'm surprised that a financial advisor is offering advice on stuff like this. Did they come recommended by the developers?

@ewanmac hit up @soul he has experience of new build stuff.