Owning your own home

Quick poll, would you buy on 'moderate' flood risk land? (Lea Bridge Road)

Standard insurers have just stopped offering building cover for such areas and specialist ones hike it up to nearly 3 times the normal price for the area.

Just found out a few days before completion and now having big second thoughts, not only the hefty premiums, but also the risk of not selling later.

Trouble is, since putting the offer down 2 months ago, prices have surged so much in the area we would have to start looking a lot further out so we're pretty reluctant to do that.

(i'm not worried about the flooding as locals say there hasn't been any in living memory)

Despite what locals say, I'd still buy an inflatable and a shitload of those waterproof bags.

That my house is on top of a big hill was an attraction- not a huge one, but it did play a part in the decision making process.

Somewhat ironically the water main in the road outside keeps going pop and robbing us of 50% of our water pressure.

We have not yet suffered from a flood however.

Fun finding insurance. Who'd have thought a tiny bit of subsidence history would mean that so many companies wouldn't even insure your contents, despite me having no problems recently getting a mortgage for the place.

Even Hiscox declined, but suggested I call Cliftonside who do 'non-standard' home insurance.

Worried this was gonna end up costing me a fortune, I was very pleasantly surprised when they came back with a quote of £180 including my two bikes covered out of the house for £600 and £2000 (he asked for details but was happy to enter them as 'custom built'). That's a better price than I'd got from almost all of the major companies, most of which either have a lower limit for bikes or charge silly money to cover them. Win.

This is the guy who was stabbed, http://www.haringeyindependent.co.uk/news/4655527.Armed_robber_admits_Green_Lanes_raid/ , possibly not the most salubrious of characters.

I'd reiterate the advice of others, stay in the pub.

I'm curious as to what my flat on the ladder is worth now. It cost £240k four years ago but everything seems to be going for crazy prices now, I've seen similar go for £350k!

a friend of mine bought a 2 bed on one of the ladder roads for a bit over £360 it is really a 1 bed imo though and has a v small courtyard garden

Thanks for the comments, been quoted £1230 per year (building and contents) for a 2.5 bed Edwardian mid terrace, I think that's quite a lot, is that way too much in your opinion? The flooding risk is not apparently from the Lea itself, (that has the flood relief channel), but from a little brook 50m away, dug in the 1700's.

My offer was accepted back in April. Just had a very quick look on zoopla and found a flat a bit further up the ladder which has an almost identical layout and floorspace, but is internally and externally in nowhere near as good condition as mine. Asking price is £20k more, I wouldn't be able to afford it. Nuts.

  Originally Posted by **oat44** [![](https://www.lfgss.com/images/londonfgss/buttons_lite/viewpost.gif)](https://www.lfgss.com/thread31271-70.html#post3833009) 

Quick poll, would you buy on 'moderate' flood risk land? (Lea Bridge Road)
Standard insurers have just stopped offering building cover for such areas and specialist ones hike it up to nearly 3 times the normal price for the area.
Just found out a few days before completion and now having big second thoughts, not only the hefty premiums, but also the risk of not selling later.
Trouble is, since putting the offer down 2 months ago, prices have surged so much in the area we would have to start looking a lot further out so we're pretty reluctant to do that.
(i'm not worried about the flooding as locals say there hasn't been any in living memory)

I think the question might more importantly be;

Will your lender still lend once the property is determined to be in a flood risk area?

What does exchange mean?

Really?

Really?

Yes, I would really like to know...

When the contract your lawyer has drawn up with the vendor of the house is ready and all the necessary funds are in place, the contracts are exchanged between your lawyer and the vendor's lawyer and a deposit, normally 10% of the purchase price, is lodged with the vendor's solicitor and date is agreed to complete the purchase (normally two weeks after exchanging). You are now legally bound to complete the purchase and if you fail to do so, then you forfeit the deposit.

Nothing to stop exchange and completion on the same day if both parties agree.

So, it can't fall through now?

It's very unlikely.

I was supposed to be moving in tomorrow but blah, blah, blah for some reason it'll now be 3/4 weeks. Still...

Which would you go for:

• a 60 sq. m 2-bed flat in a nicer area and smaller block
  
• a 90 sq. m 2-bed flat 20m from a very busy main road and a larger block
  
  

??

What's the price difference?

So, it can't fall through now?

You haz Xchanged?

If so you're as safe as can be. Even if the seller gets killed in a horrible accident or the house burns down between now and the moving date you still get it. #trufact

In something like 2000 transactions I'm yet to see one fail to complete after exchange. A few have been delayed beyond the agreed date - maybe 20 - but they've always happened.

You may open the Champagne. Or maybe just get Cava - you've got a mortgage to pay. :)

You haz Xchanged?

If so you're as safe as can be. Even if the seller gets killed in a horrible accident or the house burns down between now and the moving date you still get it. #trufact

In something like 2000 transactions I'm yet to see one fail to complete after exchange. A few have been delayed beyond the agreed date - maybe 20 - but they've always happened.

You may open the Champagne. Or maybe just get Cava - you've got a mortgage to pay. :)

That's really great news, ta. Wasn't sure exactly what exchanged meant, legally, and didn't get solicitor's email until after close of office hours.

Would be more excited had the move-in date not just been cocked-up massively, but trying to stay zen - didn't lose any money when changing van booking date etc.

Shit. I've actually gone and done it.

What's the price difference?

same price.
also: infant child in house. possibly another one coming a year or so down the line.
plus, the usual five or six bikes.

The size would be the major deciding factor for me and by the sounds of things probably for you as well. A third bigger at the same price...happy days. :)

50% bigger no?

Yes size is good, but, it's a really big, shit, noisy, dirty, trafficy road.
Block is also less secure I feel. The smaller one is in a posher part of town (relatively speaking) and at the end of a cul de sac.

Sorry I meant 50% bigger.

hmmmm that does make it a bit more complicated. What about in terms of resale? Which has the opportunity to make more of a profit?

60sqm with three of you and n+1 bikes will be tight. Another baby will make it very cosy indeed and there's every chance you'll be moving again in two years and spending thousands in doing so.

But living in a manky area can GTFO too and hanging onto small children near busy roads makes me frightened.

I'd keep looking.

I'm not concerned about resale and profit, I dont like that game and speculative bullshit about a place being "up and coming" etc. I'm not interested in art cafes near my house. I just want a decent place to live.

But living in a manky area can GTFO too and hanging onto small children near busy roads makes me frightened.

I'd keep looking.

There is a really decent bike storage space in the smaller block, there'll be less people using it too. None of our bikes are crabon fibre masterpieces or anything so although I dont want them nicked, we may have to use it rather than flat storage.

Keeping looking is fast running out as an option for various complicated financial reasons and also because the baby is starting moving around on his own, our current 1 bed place is not babyproof, there is way too much dangerous shit around (disc brake rotors, enormous adjustable wrenches, sawn off shotguns) which needs to go into a separate room.