purenarcotic
Conveniently Pocket Sized
Open other accounts and move the money around so it’s across multiple accounts. This is what I have done with my dad’s estate. It’s a bit laborious but worth it.
Buying a home and don't know how anything works
- Thread starter miss direct
- Start date
Open other accounts and move the money around so it’s across multiple accounts. This is what I have done with my dad’s estate. It’s a bit laborious but worth it.
Glitter
Goddess of rock!
platinumsage
HaveMyPassword123
miss direct
misfungled
You mean at a different bank altogether? I might have issues with that, barely have any ID with this address on.
platinumsage
HaveMyPassword123
It would be completely pointless because you have £1 million protection, not £85,000.
muscovyduck
Good IT skills and food hygiene competent
If you're self employed you could do with getting an accountant to sign off on your tax returns (as opposed to doing it yourself). Might be worth phoning a few up and telling them about your situation.
A380
How do I change this 'custom title' thing then?
Perhaps start by deciding if you want to be in a:
City centre
City suburb
County or university town
Market town
Little town
Village
Middle of nowhere?
Then do you want to be near the sea
Able to get to that there London for the day
Near mountains
That would narrow it down, and loads of people here would chip in with opinions .
City centre
City suburb
County or university town
Market town
Little town
Village
Middle of nowhere?
Then do you want to be near the sea
Able to get to that there London for the day
Near mountains
That would narrow it down, and loads of people here would chip in with opinions .
purenarcotic
Conveniently Pocket Sized
Yes, other banks. It’s very easy nowadays. I have just set up a Lloyds account and didn’t have to provide anything. I received my bank card yesterday. Just go online and open some accounts. They don’t need to be all singing or dancing, just basic as can be. It’s just to hold money safely.
purenarcotic
Conveniently Pocket Sized
Do you? Every single thing I have read and been told is the FCS insures the first 85k and no more.
baldrick
hmmmmm
I like those too. The advantage of that is that there are a lot of them to choose from. I guess as you're relatively new to the city, there's no particular rush to buy. What I've found more important is proximity to amenities that you need, so if you don't drive, there's local shops, good public transport etc. How about somewhere near a tram stop? The southwest of the city is expensive but the shops are good and you can walk to the Peaks. However other things might be more important for you. How did you end up living where you do?
platinumsage
HaveMyPassword123
Try reading the link I posted up thread.
StoneRoad
heckling from the back!
It's over 25 years since I last bought a house (this one, we finally paid off the mortgage a couple of years ago) but a number of things should remain the same.
You've a short chain (one sale to fund one buy) but, as yet no buyer for your sale ?
I'm assuming that moving into your late father's place is not happening [I know I would find that very difficult]
Let's see.
You will need a number of things financially and a bunch of non-financial things ...
Financial - a deposit, maybe a bridging loan, cash for the purchase.
and a number of other fees - stamp duty, if applicable.
surveys and land registry
conveyancing (you can DIY, but there are many pitfalls, better retain a specialist)
(personally, I would go for freehold, although that's not usually an option with flats). OH and I went for all new houses and then this one, which was built in 1922)
non financial.
services (gas, water, electric, communications) Note: if you haven't had an account, you may need to pay a deposit. Make use of something like money-expert/comparison sites
postal - direction [well worth the fee].
rates / council tax
electoral roll
any other subscription / accounts / memberships for which you need to move the registered address [that list can be surprisingly long]
Another fairly major expense is re-decorating & furnishing to your own taste, depending on how extensively you need / want to go with that.
If you've gone for somewhere with a garden - maybe that'll need work & plants.
That's all I can think of at the moment ...
You've a short chain (one sale to fund one buy) but, as yet no buyer for your sale ?
I'm assuming that moving into your late father's place is not happening [I know I would find that very difficult]
Let's see.
You will need a number of things financially and a bunch of non-financial things ...
Financial - a deposit, maybe a bridging loan, cash for the purchase.
and a number of other fees - stamp duty, if applicable.
surveys and land registry
conveyancing (you can DIY, but there are many pitfalls, better retain a specialist)
(personally, I would go for freehold, although that's not usually an option with flats). OH and I went for all new houses and then this one, which was built in 1922)
non financial.
services (gas, water, electric, communications) Note: if you haven't had an account, you may need to pay a deposit. Make use of something like money-expert/comparison sites
postal - direction [well worth the fee].
rates / council tax
electoral roll
any other subscription / accounts / memberships for which you need to move the registered address [that list can be surprisingly long]
Another fairly major expense is re-decorating & furnishing to your own taste, depending on how extensively you need / want to go with that.
If you've gone for somewhere with a garden - maybe that'll need work & plants.
That's all I can think of at the moment ...
Spymaster
Plastic Paddy
You'll get loads of different answers to this. As A380 says it's a matter of choice but personally I'd always choose a smaller property in a pleasant, safe, area than go for more space somewhere "edgy". Do your research on wherever you're looking to buy and avoid areas with reputations for gangs, hooligans, drug issues etc. You'll have people here calling that snobbish but it's just common sense, especially for a young girl living alone, and it'll likely pay off when you eventually look to sell the place.
Puddy_Tat
naturally fluffy
First-time home buyer guide may be worth a look
assuming you are (or where you're planning to buy is) in england - as danny la rouge has pointed out, a lot of the law round this is completely different in scotland. i've no idea about n ireland or wales.
you'll get more space for your money with a flat, flats are almost always leasehold (you effectively own the inside of your flat, but the freeholder owns the whole building), but you will need to budget for ground rent and service charges (these are usually annual costs, although can often be paid monthly or quarterly) - i'm in an ex council flat and pay 90 quid a year to have the grass in the communal garden cut badly a few times a year, but with some flats i've seen for sale, the service charges can be 100 or more a month for goodness knows what.
and if there are major repairs to the whole building, you will be liable for a proportion of them. if it's a big building with lifts and where doing anything would involve loads of scaffolding, then this can get expensive. see also cladding issues following the grenfell tower fire.
also, once a lease gets below about 80 years, mortgage lenders get reluctant to touch it, so if you're in a place with a dwindling lease, you may have to come up with money to extend the lease so the place is sellable.
flats may be 'share of freehold' so that the freeholder of the building is a consortium of all the leaseholders, possibly through a formal management company / committee or something like that. i've never experienced these but would imagine it can occasionally get complicated if you get one or two twats involved.
leasehold houses (an increasing number of new developments are sold like this) are an out and out rip off.
likewise, you tend to get more space for your money in an older house, although may come with more maintenance costs, be more expensive to heat and so on.
then there's the question of whether prices are going to come down with a bump in the new year, or whether government will find a way to keep the bubble inflating.
assuming you are (or where you're planning to buy is) in england - as danny la rouge has pointed out, a lot of the law round this is completely different in scotland. i've no idea about n ireland or wales.
you'll get more space for your money with a flat, flats are almost always leasehold (you effectively own the inside of your flat, but the freeholder owns the whole building), but you will need to budget for ground rent and service charges (these are usually annual costs, although can often be paid monthly or quarterly) - i'm in an ex council flat and pay 90 quid a year to have the grass in the communal garden cut badly a few times a year, but with some flats i've seen for sale, the service charges can be 100 or more a month for goodness knows what.
and if there are major repairs to the whole building, you will be liable for a proportion of them. if it's a big building with lifts and where doing anything would involve loads of scaffolding, then this can get expensive. see also cladding issues following the grenfell tower fire.
also, once a lease gets below about 80 years, mortgage lenders get reluctant to touch it, so if you're in a place with a dwindling lease, you may have to come up with money to extend the lease so the place is sellable.
flats may be 'share of freehold' so that the freeholder of the building is a consortium of all the leaseholders, possibly through a formal management company / committee or something like that. i've never experienced these but would imagine it can occasionally get complicated if you get one or two twats involved.
leasehold houses (an increasing number of new developments are sold like this) are an out and out rip off.
likewise, you tend to get more space for your money in an older house, although may come with more maintenance costs, be more expensive to heat and so on.
then there's the question of whether prices are going to come down with a bump in the new year, or whether government will find a way to keep the bubble inflating.
miss direct
misfungled
Completely randomly. I got accommodation with my job in the summer, and when that ended I heard about this through a colleague. It was only meant to be for a month, but that's turned into four now. I'm in Hillsborough and I like it here but not much in my budget.
purenarcotic
Conveniently Pocket Sized
You have linked to a google search for NS&I; which one am I supposed to read?
miss direct
misfungled
platinumsage
HaveMyPassword123
The one where I linked to FSCS specifying £1 million protection.
edit: #10
Advising someone about to make a house purchase to fritter the money around a number of online savings accounts is bad advice. For one thing the ID requirements for large withdrawals are in some cases more stringent than those for account opening. The primary consideration is to have the money immediately available for exchange of contracts and completion.
StoneRoad
heckling from the back!
I would split it up, between several banks / building societies if it's going to be more than a few days in your a/c. Try to find a mutual, with an interest bearing a/c suitable for the length of time, for at least some of it whilst you decide on the house you really want ...
miss direct
misfungled
Yes, I quite like it here. I'd rather move back to Birmingham, which is where I grew up, but the only places in my budget there are horrible. I could live here and despite everything, I've somewhat settled in and made a few friends and connections.
platinumsage
HaveMyPassword123
Also, don't forget to budget for stamp duty.
StoneRoad
heckling from the back!
ah, maybe with the plague the extra time is not surprising. It used to be around four / five weeks.
After the New Year, you could prod them into more energetic action.
(the money can then be in your a/cs, earning money (admittedly only a little) --- it should be in escrow, so protected there)
miss direct
misfungled
No stamp duty till end of March...
two sheds
Least noticed poster 2007
Not sure if the furniture's specially made but it is one of several tricks, for exmple
Rooms in new homes are sized the bare minimum required for their intended purpose. The use of scaled-down furniture, child size beds, 4ft wide double beds, small sofas and fitted furniture half the normal depth are all designed to give the impression of more space than there will be when you move in with your own furniture.
But if you're buying old house it won't apply. I've been told that many houses built between WWI and WWII weren't well constructed. Old houses like Victorian can have high ceilings which are lovely but hard to heat.
Mine was built 1850ish and has quite small rooms which I love. Being an old mineworker's house in Cornwall it doesn't have foundations
but touch wood doesn't seem to have shifted.
Heat insulation's important - mine can't be cavity wall insulated because it's two layers of stone with clay in between so I've gone for insulating wallpaper which I've found works really well. I've done secondary glazing held on with magnetic strips which again works really well. I have wooden sash windows - almost the only ones along the road that still have. Means maintenance is important but I love the look of them.
Check what sort of surveys are needed - I had to have mining survey because there's loads of mineshafts in the area. I heard that tin miners used to start digging upwards (presumably following a mineral lode) and if they hit tree roots they went down again to come up somewhere else. You do occasionally hear of trees disappearing down holes here
Rooms in new homes are sized the bare minimum required for their intended purpose. The use of scaled-down furniture, child size beds, 4ft wide double beds, small sofas and fitted furniture half the normal depth are all designed to give the impression of more space than there will be when you move in with your own furniture.
But if you're buying old house it won't apply. I've been told that many houses built between WWI and WWII weren't well constructed. Old houses like Victorian can have high ceilings which are lovely but hard to heat.
Mine was built 1850ish and has quite small rooms which I love. Being an old mineworker's house in Cornwall it doesn't have foundations
but touch wood doesn't seem to have shifted. Heat insulation's important - mine can't be cavity wall insulated because it's two layers of stone with clay in between so I've gone for insulating wallpaper which I've found works really well. I've done secondary glazing held on with magnetic strips which again works really well. I have wooden sash windows - almost the only ones along the road that still have. Means maintenance is important but I love the look of them.
Check what sort of surveys are needed - I had to have mining survey because there's loads of mineshafts in the area. I heard that tin miners used to start digging upwards (presumably following a mineral lode) and if they hit tree roots they went down again to come up somewhere else. You do occasionally hear of trees disappearing down holes here
platinumsage
HaveMyPassword123
Most purchases take 8-12 weeks from the offer being accepted.
baldrick
hmmmmm
I would expect that to be extended or there's some other similar scheme proposed when that ends. So I wouldn't worry too much about that if I were you.
miss direct
misfungled
It feels like I won't be in anywhere before summer, by which time my contract will be over 
Watching this thread as for same reason, I may be in a similar position some point next year. I've paid no attention to any of this stuff thus far in my life as home ownership seemed such a remote possibility (house sold if my dad had needed to go into a home etc.)
Beware estate agents, standard.
Beware estate agents, standard.
