Owning your own home

Non-completion insurance. It's about £35 and pays the legal fees if the purchase falls through.

No, they will only bill for nonrecoverable costs (searches ordered etc). This is the second purchase we have instructed them for. The first one collapsed and only cost us the price of the searches (£180).

In the meantime, prices have gone up to the point where we can no longer afford pretty much anything.

Yup, we saw some additional costs but holding out for the seller to make up the cost would only have cost as much as house price increases. Decided to suck up the costs...

If you're talking about local authority searches there is often nothing you can do to compel them to go any faster. When we bought our flat Hackney had a backlog and they were taking about a month (summer 2012, they were blaming the Olympics, lol).

It was the only thing holding our purchase up but there was no way to make them go any faster so we got our flat a month later.

All depends on the local authority of course, they should take about five days.

make up the cost would only have cost as much as house price increases. Decided to suck up the costs.

Insurance is sorted.
Kim at Halifax is such a babe, xoxo

I still refuse to believe it takes that amount of time to do it. It takes that long for them to get around to it, there's a difference. And if that's the case, then can be made to get around to it sooner. You just need to know how to make that happen. I would like to (foolishly) think that conveyancing solicitors might actually want to be good at their job and be able to expedite what should be a quick win for everyone. Instead of just laying back and taking it from all angles, letting the fucked up sausage machine grind along.

When do I need to have house insurance during the buying process? Before completion presumably?

With Hackney it was a backlog. Our conveyancing solicitor is great, very efficient and proper fierce. She's actually the sister of a family friend and we've used her for a few other things since, she's our go to solicitor. If anyone could have made them do it, she could.

She even looked into sending someone physically round to the council (she's based in Warwick), no dice. This is called a 'personal search' and if this becomes an issue which could seriously hold up your purchase you can normally pay extra for one of these to speed things up.

If yours just hasn't chased it that's different, but if the local authority are saying 'no it will be this long even if you do a personal search' you won't be able to force them to, outside of taking legal action, getting your local councillor to (successfully) take action or similar.

You're preaching to the converted on not believing it can possibly actually take that long though.

When its confirmed you are the owner on the set date.

It's actually on exchange, not completion. Your slissiter will make sure it happens.

Dude, I'm not saying anyone here is wrong. It's just if I gave the same kind of bullshit in the private B2B sector, I wouldn't have a job or any customers.

I would say the open market sorts out what some people are willing to pay, and that that is definitely not the 'value' of the property. How can the market efficiently sort it through people making offers on houses/ flats, all of which have had their starting price set by the same guesswork?

(Not digging at you, just my perspective)

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The type of value we're talking about here is 'open market value' its definition is exactly what you said - what someone is willing to pay. There are other measures, like the value of the materials and labour to build a house, but that's not what's being discussed.

I know, but:

My point is that there is no market efficiency effect because everyone is swayed (to some degree) by what the estate agents say when they value the property.

I've done searches before during the summer holidays. It's really easy and needs minimal training in the common cases but in the council I was working in, searches were done by the same people who did all the admin work for the planning dept - registering planning applications, dealing with neighbor consultations, filling a fuckton of paperwork, scheduling ads in the paper etc. Searches were done on a rough schedule, once a week or so. They took 20mins each on average I think

Well done!

@mands congratulations!

Out of interest, how long did everyones Mortgage applications take to come through with their lenders? Mine has been circa 5 weeks, I've been assured thats its getting pushed through but can't help thinking there maybe an issue? The valuation survey is yet to be done - lender is Natwest and I'm a first time buyer.

I got an AIP in a phone call. Can't remember waiting on anything else.

YBS, agreement in principle 20mins online form. Applying a further 20mins online. Providing all the required documentation and answering any concerns the underwriter had with our financial situation, about 3 weeks in total. Valuation was complete pretty sharpish.

3- 4 days.

Woolwich, arranged for surveyor within a day (this suggests they are willing to lend subject to property condition), moved to offer stage a day after the valuation survey. Then took about a week to get the paperwork out.

It'll vary from company to company and depend on how busy they are. there is no industry standard process and it's pretty much all done by hand and not automated.

Got keys in Feb. Finally moved in about 3 weeks ago. New plumbing, electrics, bathroom and kitchen, also a wall knocked down and new floors down.

Builders... Insert rant here.

Anyway, what level of finish should I be expecting? They say that filling etc is part of painting and decorating. Whereas I'm of the opinion that they should leave stuff in a condition ready to be painted. (I painted halfway through just to stop the plaster dust btw)

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The odd bit of filling around the downlighters is normal and acceptable I'd say. The rest of those photos are jokes. WTF is going on with the skirting and the door hinge screws?!

You've been properly done over there.

They've not been fully paid yet. won't be unless it gets sorted. Legit to ask them to fill in round down lighters right?

What are you supposed to do with the electrical trunking in corners and where it meets ceiling?

Also the wire to the extractor should be chased in no?

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