Owning your own home

Their position is shit so you can be super demanding.

If they say no, you can always go back with something else. They might say yes though...

Yeah, but I was wondering if there was another brand that was as good but less pricey. If not, happy to go with them.

The best way to proceed on this would be to buy out the freehold for 6k then lowballing on the basis that nobody else will buy it while you have the freehold.

brutal

doctor_evil.png

always has me trying to figure out what a doe rupper is (or how one would rup a doe)

Cheapest on FFX @ £46 incl VAT

They are painfully expensive but that particular model can do a lot of jobs. Some people don't get on with them because of the weight though. A normal pair of side cutters is all you need to strip and prepare wire but there's a bit more to the pliers I linked to.

I see the value in them, but my mind goes straight to "what will ms_com decide to try and use them for and ruin them". I used to have a nice set of VDE screwdrivers (with no real business in owning them, but still). They've now opened too many paint tins.

I have all my electrical related bits - those pliers, screwdrivers, etc. in a cheap alix tool pouch to prevent this happening.

I know you are joking, but the new leaseholder would have just the same rights to enfranchise whoever owned the freehold.

ELI5 - I'm otherwise fairly financially literate but seem to have a massive blank spot when it comes to the understanding the basic moving parts of this (hypothetical) scenario.

I purchased my current home for £320,000 (£20K deposit, £300K mortgage) - remaining mortgage balance is about £250K

I sell this home for £360K and simultaneously buy a new home for £460K

Ignoring Stamp Duty, solicitors etc. what's the amount of hard cash I should reasonably expect to have to hand over to facilitate my move up the property chain?

enough money left to buy this:

You owe 250K on a sale price of 360k so you have £110k equity in the home.

How much you need/want to borrow, LTV etc is up to you. If you only want to borrow £350k, use all of it. If you can get a 90% mortgage, pass affordability etc, then £46k and borrow £416k. Or anywhere in between.

If you want to move mortgage providers instead of porting with your current provider there may be extra charges for things like paying off mortgage early, depending on your terms

You owe 250K on a sale price of 360k so you have £110k equity in the home if it sells at that price.

How much you need/want to borrow, LTV etc is up to you. If you only want to borrow £350k, use all of it. If you can get a 90% mortgage, pass affordability etc, then £46k and borrow £416k. Or anywhere in between.

If you want to move mortgage providers instead of porting with your current provider there may be extra charges for things like paying off mortgage early, depending on your terms

Thank you!

So in terms of the new property being purchased - how does the deposit transaction work?

So if we say that Property B (£460K) is acquired at 90% LTV and a £46K deposit is therefore required, do I actually need to find those funds in advance of exchange/completion? Or does a share of the £110K equity that will be realised when completing the sale of Property A instead act as a deposit in effect?

Or does a share of the £110K equity that will be realised when completing the sale of Property A instead act as a deposit in effect?

Correct.

You will need to pay a deposit. Say you sell your 360k property and get a 10% deposit you offer the 460k vendor a 36k deposit and all should be good.

Thanks very much all - the penny has finally dropped!

Yes, you need to make sure you consider the deposit. The default is 10% so you can end up with getting a 10% deposit of £36k for your place but needing to find another £10k cash for the £46k deposit that is expected for the one you want to buy.

If you want something different you'll have to agree that.

What shall be expected when you buy a property with new appliances? Shall these be registered and the guarantees added to the documentation pack? Or just booklets is enough? Same with windows, is it too crazy to ask for a guarantee on top of Fensa certificate or I am just too naive?

I am asking as I kept all these for our current house (and future buyers) I am seriously struggling to understand why anyone 'professionally' involved in the property market would do anything less... {facepalmemoji}

surveyors. level 2 survey. will need to book one tomorrow or monday.
i guess they are similar prices and similar results.
SE london based.

is there a forum recommendation?

Lots of warranties aren't transferrable, need the original purchase invoice, etc.

I got just booklets, I can't see them bothering to do more but you never know.

As said most warrantys seem to be for the original purchaser, Id say your onto buttons.

@Mr_Smyth we recently used ZFN (https://www.zfn.co.uk/) and found them friendly, thorough and reasonably priced. You get a full WhatsApp report right after the survey visit, truly detailed, so you can make decisions while the full paper report is written. Give them a call, East based but might do SE. We also used Dunsin surveyors, way more expensive and corporate but also an option (1/3 more expensive that ZFN and no WhatsApp joy)

@aggi and @konastab01 thanks, I will adjust my expectations accordingly 😔