House buying, mortgages, insurance, etc

[maicoman]

49 minutes ago, TxRover said:

“Homeowners (in Scotland) are not permitted to begin work on their loft conversion or other major project until they have obtained a building warrant and at the end of a project a 'habitation certificate' is issued. A property without a habitation certificate cannot be occupied by its owners.”

From Loft-conversion-uk.com…your mileage may vary, but that suggests a problem.

 

Is there a way to get retrospective paperwork, since it was work carried out prior to me? Fully aware it's not an official bedroom, and it would just be used as storage, just need to know the conversion itself was safe and legit. Cheers.

[Todd_is_God]

3 minutes ago, maicoman said:

Is there a way to get retrospective paperwork, since it was work carried out prior to me? Fully aware it's not an official bedroom, and it would just be used as storage, just need to know the conversion itself was safe and legit. Cheers.

Yes, but it will need to meet the current regs to pass.

If, for example, it has a permanent staircase accessing it it will need to have minimum head height above the stairwell, and if the trusses have been removed it will need to be shown to be suitably strengthened.

That they don't have a warrant is a massive red flag, tbh, as it suggests they were unable to obtain one. No lender will lend you money against it either.

[maicoman]

3 minutes ago, Todd_is_God said:

Yes, but it will need to meet the current regs to pass.

If, for example, it has a permanent staircase accessing it it will need to have minimum head height above the stairwell, and if the trusses have been removed it will need to be shown to be suitably strengthened.

That they don't have a warrant is a massive red flag, tbh, as it suggests they were unable to obtain one. No lender will lend you money against it either.

Thanks for the information. I was hoping to add a condition (if possible) that warrants are obtained for the full asking price, and if not probably walk away. Just wondering if it's too late for that? I've highlighted my concerns to my solicitor, and haven't accepted anything verbally or in writing, until the loft was clarified/rectified.

[TxRover]

17 minutes ago, The Holiday Song said:

If I remember right (and that's a big if), it's not particularly useful to compare historical mortgage rates as house price % increases have been a lot higher than wage % increases. Therefore proportion of disposable income is affected differently.

Someone else might be better placed to confirm/explain though.

I’m pointing out that the 5.75% isn’t a bad punt as it’s almost exactly at the long term average rate. It’s basically saying it’s not a terrible bet to lock in for five years at a number that’s not unusually high.

[Todd_is_God]

Just now, maicoman said:

Thanks for the information. I was hoping to add a condition (if possible) that warrants are obtained for the full asking price, and if not probably walk away. Just wondering if it's too late for that? I've highlighted my concerns to my solicitor, and haven't accepted anything verbally or in writing, until the loft was clarified/rectified.

Unless you are buying in cash the bit in bold is largely irrelevant as you won't get a loan of any amount secured against it until they are in place.

You probably don't want to hear this, as it sounds like you are keen on the property, but the best course of action is likely to walk away.

[Savage Henry]

39 minutes ago, TxRover said:

I’m pointing out that the 5.75% isn’t a bad punt as it’s almost exactly at the long term average rate. It’s basically saying it’s not a terrible bet to lock in for five years at a number that’s not unusually high.

Mortgage holders also tend to be inherently cautious.  If we regard the last three years as freakishly low, then 5.75% seems a good place to be. And even if interest rates do collapse, you’re still only tied in for five years.  

[invergowrie arab]

3 hours ago, maicoman said:

I have offered and it's been accepted. Qualified Acceptance has been giving to me and the security paperwork, but I haven't confirmed the details of the QA and haven't signed anything. I've asked my solicitor to investigate the loft situation and highlighted my concerns.

I assume that not confirming the QA and not signing any of the paperwork, whilst highlighting concerns about the loft, would mean missives are not concluded?

I was aware that houses in the area had converted the loft, and they were defined as 'floored storage', which doesn't bother me, it's just the lack of building warrant.

What's the best course of action then? Is there a way to add a condition that they need to get retrospective planning/warrant? Or is it a case of walking away, or is it too late for that too? First-time buyer and first offer been accepted, so it's all new to me. Cheers.

Firstly I think it's too important to ask arseholes on a scottish football website. You don't know who is giving solid advice and who is Googling it (the rest of us do but that's irrelevant).

Unfortunately my experience of solicitors is they are more bothered about concluding a sale than representing your interests.

Everything Todd is saying is correct.

I'd be particularly concerned about anything that's been done to any trusses or beams in the roof space. 

Not to scare you but someone I work with has just had to take the whole upper floor off a year after buying the house after discovering the dormer extension was thrown up by a previous owner with no warrants or permission.

It sounds like you haven't concluded missives yet and have just caught it in time.

You have already asked if there is a warrant and you have been told no as there is no need for one. You strongly suspect there is a need for one.

I think your options are to ask a builder or an independent expert in these matters to carry out an inspection OR just walk away. The former might cost you a few hundred quid today but it will give you peace of mind and you would have recourse against the inspector if anything happens. It would also allow you to take out your indemnity insurance. You won't get indemnity insurance if you tell them you want to take it out because you suspect the house is dodgy.

Don't make an offer conditional on them obtaining the documentation as you could be tied into a no man's land for months or years.

As above. Inspection or walk IMO. Easy for me as you will be emotionally invested in this as well as your time and energy and you'll probably get the solicitor trying to say it will probably be fine but it will hang over you for years.

 

[statts1976uk]

9 hours ago, itzdrk said:

Just fixed for 5 years there, two good times payments at 2.5% left then it's away up.  

My options (with Barclays) were:

2 year - 6.41%
3 year - 6.17%
5 year - 5.75%

 

It's not bad after the rate rise on Thursday. I managed to get 4.95% with Barclays a week ago and that's for 5 years. Absolutely gutted that I could port my current mortgage over as that was 1.79%, would only have saved about £80 a month but it's still £80!

[RH33]

12 hours ago, alta-pete said:

It’s a sex loft. They’re not going to the trouble of dismantling all their gear/swings/tables just for pesky viewings and then being denied the use of the space until it’s paid for. They’ll want to dismantle, move and reassemble all within a weekend. 

That was my line.....

[Scooby_Doo]

13 hours ago, maicoman said:

Thanks for the information. I was hoping to add a condition (if possible) that warrants are obtained for the full asking price, and if not probably walk away. Just wondering if it's too late for that? I've highlighted my concerns to my solicitor, and haven't accepted anything verbally or in writing, until the loft was clarified/rectified.

We were in the same position about six years ago - loft converted, used as a teenagers bedroom, no planning permission. Sold as 'floored storage'. House was on the market as a 3 bed, but they counted a room downstairs as a bedroom. Paperwork was completed though, and our solicitors got us to take out an insurance in case any problems were caused by the work without planning done. It was done to a reasonable standard though, so there have been no issues.

The paperwork can be sorted out, but you have to see the loft, that would be the bigger worry for me here.

[Central Belt Caley]

Does anyone know if there’s a site/calculator that can help show the benefits of overpaying on the mortgage? I.e Show how I’d be x better off in 3 years when my fixed rate finishes if I pay y extra each month vs not paying extra at all 

[Soapy FFC]

6 hours ago, Central Belt Caley said:

Does anyone know if there’s a site/calculator that can help show the benefits of overpaying on the mortgage? I.e Show how I’d be x better off in 3 years when my fixed rate finishes if I pay y extra each month vs not paying extra at all 

If you have Excel, I have a spreadsheet that does that sort of stuff

[Buttocks Brown]

7 hours ago, Central Belt Caley said:

Does anyone know if there’s a site/calculator that can help show the benefits of overpaying on the mortgage? I.e Show how I’d be x better off in 3 years when my fixed rate finishes if I pay y extra each month vs not paying extra at all 

You could just use a standard mortgage calculator: https://tools.mortgages.nationwide.co.uk/product-rates/find-rates

1. Put in the mortgage you would have in 3 years if you didn't overpay

2. Put in the mortgage you would have in 3 years minus the overpayments you intend to make during that period 

3. Subtract 1 from 2.

Wouldn't tell you how much you'd save in interest for the remaining years of your mortgage, but it'd give you a comparison of monthly mortgage payments at the new rate.

[Central Belt Caley]

1 hour ago, Buttocks Brown said:

You could just use a standard mortgage calculator: https://tools.mortgages.nationwide.co.uk/product-rates/find-rates

1. Put in the mortgage you would have in 3 years if you didn't overpay

2. Put in the mortgage you would have in 3 years minus the overpayments you intend to make during that period 

3. Subtract 1 from 2.

Wouldn't tell you how much you'd save in interest for the remaining years of your mortgage, but it'd give you a comparison of monthly mortgage payments at the new rate.

Cheers didn’t think of that, I’ll have a look and see what it comes up with 

[Loonytoons]

9 hours ago, Central Belt Caley said:

Does anyone know if there’s a site/calculator that can help show the benefits of overpaying on the mortgage? I.e Show how I’d be x better off in 3 years when my fixed rate finishes if I pay y extra each month vs not paying extra at all 

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

[TxRover]

1 hour ago, Central Belt Caley said:

Cheers didn’t think of that, I’ll have a look and see what it comes up with 

Just read your mortgage terms carefully to see how the additional principal payment is credited, there are some inventive ways to get a bit of extra money from stuff by finance companies.

[Granny Danger]

This thread is like a male-football-supporters version of mumsnet*

 

 

*apologies to our non-male contributors.

 

[parsforlife]

1 hour ago, Granny Danger said:

This thread is like a male-football-supporters version of mumsnet*

 

 

*apologies to our non-male contributors.

 

To an extent, we’re just missing the right wing Tory takeover which has become a massive part of the mumsnet identity.

[Florentine_Pogen]

https://www.theguardian.com/money/2023/aug/23/inverclyde-scotland-halifax-affordable-great-britain-buy-home-house-price-income-property

"Inverclyde in Scotland is the most affordable place to buy a home in Great Britain, while house prices in Westminster far outstrip workers’ wages in central London, a study has found."

[RH33]

2 hours ago, Florentine_Pogen said:

https://www.theguardian.com/money/2023/aug/23/inverclyde-scotland-halifax-affordable-great-britain-buy-home-house-price-income-property

"Inverclyde in Scotland is the most affordable place to buy a home in Great Britain, while house prices in Westminster far outstrip workers’ wages in central London, a study has found."

Port Glasgow, beautiful views over the Clyde as you bleed out from a stab wound.