Owning your own home

Problem is, my banks area registered at my dad's house in Norfolk, and I'm up here on the electoral roll in London...

Just be able to demonstrate that you can manage debt. That's all your credit history is.

Just have your bills sent to your London address.

I would love to do something like this:

http://www.guardian.co.uk/lifeandstyle/2012/feb/24/homes-self-build?INTCMP=SRCH

Fella in Ireland did a self build. His complete house cost £21,000 - he is a lawyer so that side of things was covered but otherwise the whole cost is included...

Not very practical in London me thinks.

The problem is it is just like buying a new anything else: because developers are greedy wotsits unless it has some special architectural merit, or is generally very well built (unusual these days, frankly) the risk is it will devalue rapidly as soon as you move into it.

If you do want to go down the new build route it's better to buy one that someone has owned for at least a few years, as they will have taken the depreciation hit and you'll avoid the 'developer premium'.

The NewBuild scheme is not well regarded, from what I've gathered. Make sure you read up thoroughly and get a range of opinions from people who know what they're talking about first before you do decide to go down that route.

Because of the risk of depreciation mortgage lenders won't lend as much if you are buying a new build (outside of NewBuild) and you will be placing yourself at risk of greater negative equity. You may also find it harder to sell, because most people like good quality older housing: with good reason, it was generally very well built and tends to be roomier and more homely. I would think about what a 'better' place really constitutes, personally.

My flat is a new build. One of the main attractions for me is the NHBC, and further warranties from the developer. I've got a 5 year guarantee on literally everything in the flat (including all the white goods)

Also, as I bought during the building stage I was able to customise certain aspects of the flat.

Did they give you a guarantee on its long term value?

Sorry, I'm not being facetious, at least not deliberately, but these are developer sweeteners. Why do they have to offer them?

Your new build might be great too, I'm clearly generalising. And if you like it and you're planning to stay you might not be worried by possible depreciation.

No of course not ;)

But yeah, I have no plans to sell in the near future, so yeah, I'm not worried.

The only benefit I ever saw with new built properties is that if you're looking at a two bedroom flat, the second bedroom is a decent size. With a lot of the Victorian conversions that were done a long time ago, the second bedroom is about the size of a phone box.

Conversions that are done now are infinitely better laid out, but can come at a higher price.

So - one and a half bedrooms in a period conversion, or two (decent sized) bedrooms in purpose built or newly constructed?

You pays your money, you takes your chances.

I think we're both leaning towards a period property unless a very nice new build comes along.

My girlfriend works for a bank so fees are waived and preferential rates are also available we're in a pretty good position as it is. I guess we just need to start looking around at things!!

Remember the magic "c" word - compromise...

A quick note about new builds.

Recently a good friend of mine spotted a leak in his ensuite, which was the spur he needed to rip the whole thing out and get it done afresh.

I had a spare thermostatic shower mixer, which I dropped off to him last night.

The shower mixer (a Hansgrohe iBox/single exit job) is ~80mm deep, which when it is going into a wall made from 50X100 stud is not an issue.

Except here, all of Daves walls are made up of alloy studwork that looks to be 25X50mm.

You can, if you push against any of his internal walls, see them bow inward by a marked amount as a consequence.

His builder is going to hang aquapanels on this- I wouldn't, I don't think it would take the weight.

But, his builder is bound to be more experienced than me, so fingers crossed.

I'd replace all the walls, but then I always over-build stuff I think.

Anyway, I was pretty shocked at the construction methods that had been used in what is not a cheap flat.

I've been putting up walls in my flat using 50X100 at 40mm centres, and those walls do not move at all, so it's not that a stud wall is inherently weak.

Anyway, that's my 2p- check out how the place is put together, beyond the shiny finish.

A quick note about new builds.

Recently a good friend of mine spotted a leak in his ensuite, which was the spur he needed to rip the whole thing out and get it done afresh.

I had a spare thermostatic shower mixer, which I dropped off to him last night.

The shower mixer (a Hansgrohe iBox/single exit job) is ~80mm deep, which when it is going into a wall made from 50X100 stud is not an issue.

Except here, all of Daves walls are made up of alloy studwork that looks to be 25X50mm.

You can, if you push against any of his internal walls, see them bow inward by a marked amount as a consequence.

His builder is going to hang aquapanels on this- I wouldn't, I don't think it would take the weight.

But, his builder is bound to be more experienced than me, so fingers crossed.

I'd replace all the walls, but then I always over-build stuff I think.

Anyway, I was pretty shocked at the construction methods that had been used in what is not a cheap flat.

I've been putting up walls in my flat using 50X100 at 40mm centres, and those walls do not move at all, so it's not that a stud wall is inherently weak.

Anyway, that's my 2p- check out how the place is put together, beyond the shiny finish.

Quoted for the future...

I challenge you to flex my walls sir (not a euph)

50 x 100 at 40mm centres..

Dummi pls

Ah, yes, 400. Whoops.

Remember the magic "c" word - compromise...

No, *you're *a compromise

Charming.

Just got back from the mortgage broker, John Charcol. He says that there should be no bother in getting me a cheap mortgage now that he's looked at the figures. But he is going to charge me around £650 for the service. That sound right to you lot? I guess it's worth it if he gets me a good deal. Also got a viewing of both of the Woodlands places tomorrow, with my dad coming down to London to see them with me - bit of parental advice doesn't go amiss, no matter how old you are!

I paid a grand for mine twelve years ago.

Fair play. It sounded like he'd get me a good deal and also take a little bit of the sting out of the paperwork, so it seemed like a good option. Just wanted to check it was the going rate. I still don't have an AIP, but he said that if I wanted to make an offer tomorrow that I could give the agent his number and he'd tell them that things were in motion and that I'd have no bother getting a loan. Not an ideal position, but at least the wheels are in motion.

You're in a better position having actually spoken to someone.

This is true. I made a great first impression in the office. Woke up 55 minutes before the meeting in Tooting, hauled 9 miles over to Liverpool Street, stomped into the foyer in my Sidis, sweaty hair and messenger bag. I think reception thought I was there to drop off a package... Then when I got to the main desk they offered me a coffee and I said yes - from her reaction I'd say she was obviously just being polite, and everyone always declines, but got me one anyway. Still, the advisor was a nice bloke, very helpful.

Never be under the impression that mortgage advisors are "nice blokes".

He's got you already...

Never be under the impression that mortgage advisors are "nice blokes".

He's got you already...

^So, so true