Mortgage for a Log Cabin

PasturesNew

This is getting more bizarre for every thread you start.

While on the surface things seem straight forward, they're not and every thread drags out some other oddity.

Stop being in such a rush to spend your money, borrow heaps more and tie yourself into living in a pricey caravan or shed in the corner of somebody's field.

Why not just live in one of the caravans that's already on the plot - you can completely refurbish the whole of it for under £5k I bet!

An acre of building land can be worth up to £8million, in a rural area too. That's not a London price. A bog standard tiny strip of land (say 15'x50') in a lot of bog standard areas can sell for £50-100k ... and more.

I'd say put £3k of your money in, get £3k from your OH, completely refurbish one of the caravans that's there with all new shiny stuff and move in. See that money as "gone forever" and plan to live in the caravan rent free for 5-6 years while you work out if your OH's family are just way too close... then count your blessings you didn't borrow the money when life smacks you in the face in the next few years (it does that you know).

fudgecat

Firstly, the value of the land will vary enormously depending on its staus as having planning permission or not - and what the planning permisison allows.
Effectively it is at agricultural rates (ie cheap) without planning permission. Securing this permission is difficult - how far are you frm the borders of a developed village, etc.
In term of constuction, you might be better advised to look at timber framing or even SIPS, which are quick, cheap and extremely well insulated. I am not associated with the publication, but purchasing something like Self Build and Renovation will give you lists of those prepared to lend to self build projects and a lots of advice. Before you purchase a nail or straw bale though, the whole legal and planning situation needs thorough research. I hope this may be helpful.

Staciep88

Paddys mum - Me and OH had a chat last night and thought that as his parents dont want anything for the land, then they could put it in his name only, I dont have a problem with that. Then we could get the land valued and say for example its £60k, and I have my £20k deposit then if anything where to happen he would get £40k more than me. Something like this I feel may work.?

PasturesNew: Thanks for your comments but no thanks, I do not agree. I would rather get my mortgage up and running so that it's repaied earlier. Im not the kind of person who can just float around renting etc I need to know where I am going. Like I said previously, we want to start a family next year so knowing that we will have a secure home will be nice. I have forgot about the idea of a caravan now tbh, its just dead money. Another thing, my OH is in debt due to his stupid mistakes and whilst I am willing to help him out I am not giving him £3k of the money my parents have saved for my deposit - how would you feel if I was your daughter and that was the situation? You wouldnt allow it. Like I dont expect my parents to allow it.

Also I do not live in London, I like in cornwall.

I dont think its fair to call it a 'pricey shed' either. They are really nice and other people also live in them! And one last thing its not 'in the corner of a field' its its own field with its own entrance so we would be on our own.

lostinrates

Staciep88 wrote: »

. Im not the kind of person who can just float around renting etc I need to know where I am going. Like I said previously, we want to start a family next year so knowing that we will have a secure home will be nice. I have forgot about the idea of a caravan now tbh, its just dead money. Another thing, my OH is in debt due to his stupid mistakes and whilst I am willing to help him out I am not giving him £3k of the money my parents have saved for my deposit - how would you feel if I was your daughter and that was the situation? You wouldnt allow it. Like I dont expect my parents to allow it.
quote]

Stacie....do you think that most people who rent are the sort that can float around? Most of us who are not home owners (but not all) would rather have a home too......and yet somehow we cope! You seem a lovely girl and I'm sure you didn't mean the comment to be offensive, but I'm afraid I have found it so. Incidently I hate 'floating' too, yet realise that its given me some wonderful, hairraising and educational experiences too. What is preferable should not be confused with need: you can end up in big trouble that way!

You DO sound mature and commited and I am not suggesting for a moment you shouldn't fulfil your dream of starting a family, but I would suggest deferring this til your OH has his debts paid off and renting until then, giving you and OH some privacy from his family and a little more autonomy. I think also, the advise given above both my me and other posters is not meant to cause you offence but rather to provoke you to think this through from a different angle.

Best of luck with whatever you decide to do.

Good luck with whatever you decide.

Staciep88

Hi,

No I did not mean to cause offense to you in anyway. maybe floating around was the wrong way to word it and im sorry. I didnt however say there is anything wrong with it, Just the fact that thats not what Im about, im not used to it and I would rather get on get this matter sorted. Thanks for all your advice. OH debts will be cleared in 12 months time, and there wont be a house built by then so in theory we should be debt free by then anyway.

From his parents point of view would my idea about valueing the land and having it just in OH name, and me bringing my £20k deposit into it and getting up written contracts that he owns £40k more (example) work? Because if that would work then I dont think there will be a problem with the land being signed over to him. Had a talk with my parents and they said thats what they would do in this position.

Thanks again.

lostinrates

Staciep88 wrote: »

Hi,

No I did not mean to cause offense to you in anyway. maybe floating around was the wrong way to word it and im sorry. I didnt however say there is anything wrong with it, Just the fact that thats not what Im about, im not used to it and I would rather get on get this matter sorted. Thanks for all your advice. OH debts will be cleared in 12 months time, and there wont be a house built by then so in theory we should be debt free by then anyway.

STACIE, you are missing my point about 'floating' I know there is nothing wrong with renting if you can't buy, what there is wrong with is getting financially in a mess or overextended. Its not how you word it it is your presumption that it is other people's choice and that being pragmatic about finances and the emotions intertwined with these various options is not for you because you ar not 'one of us'. It might not be what 90% of other renters 'are about 'either, but they make do and sav and strive to do otherwise in a finacially secure and responsible manner. Your OH has a history of financial irrsponsibility which is often not about numbers but rather about attitude and understanding that limits and prudence should apply to ourselves as well as other people. The stance you are taking of 'its not for me' is while emotionally understandable, realistacally is along similar lines of what gets most young men like your OH into debt.

From his parents point of view would my idea about valueing the land and having it just in OH name, and me bringing my £20k deposit into it and getting up written .ntracts that he owns £40k more (example) work? Because if that would work then I dont think there will be a problem with the land being signed over to him. Had a talk with my parents and they said thats what they would do in this position.

Thanks again.

So far every option which has you buying/receiving as gift to OH land seems to me to have a high percentage chance of being a disaster for YOU enotionally or financially AT THIS STAGE. I applaud you for looking ahead, really I do, and for having these dreams which in the future may well be very pragmatic and lovely, but as things are described right now they could well end in serious heartache and loss. If your OHs debts will be paid off in 12 months why not start considering all of this again when you are 75% of the way there? You will have had time to grow a stronger relationship and live in the 'now'. You might have even had a chance to save some more yourself while OH pays his debts. This will be a wonderful sign of maturity and commitment to both sets of parents. Debt free OH will be in a position to accept more financial responsibilty. FWIW I would not enter into an arrangement where the place you plan to make you home is not in joint names, at all. PARTICULARLY if you go ahead and have children, because you are putting your security and theirs at risk should OHs aversion to legalities mean this is done casually, and they die intestate, or if you and OH break up or he dies etc etc etc.

Staciep88

I think you have taken what i said completly wrong. By floating around I mean moving from house to house every 6 months. Im not saying I'm above anyone at all, I just meant that I want to be somewhere where I know I can stay and not kicked out from at any moment. There is also the issue that its cheaper to build a house and get a mortgage on that than it is to pay rent in my area. Thanks for your comments, I will have a talk to OH about it. I know that they dont have a will which cause trouble which is why i thought it would be simply enough to have it in OH name, maybe when we are married it could be in mine aswell. Like I said I will have to talk to him and then we will have to talk to them

Staciep88

UPDATE!!!

Spoke to estate agents - he said without planning permission the land is worth £10,000, with planning permission it could be worth upto £150,000.

And on a completly different note - My parents are applying for a detatched bungalow to go on there acre field :T wahooo

neverdespairgirl

Staciep88 wrote: »

Im not the kind of person who can just float around renting etc I need to know where I am going.

I'm not sure I really agree with that line of thought. To some extent, there's no point planning every detail in advance, as life is what happens when you are making other plans.

But at the same time, obviously you do need to give some thought about where you are going, I agree.

But renting's not incompatable with that. I'm 31, OH is 30, we are both barristers, have a 3 year old son, and don't really float about. But we do rent!

Staciep88

neverdespairgirl: I have explained in other posts that maybe I used the wrong word. I just meant that in past we have been in 1 place, out, in another place and so forth because its so expensive to rent we have had to go in and out of properties for 6 months at a time as these rents were cheaper than long lets. I dont know about other people but I know I hate unpacking, just getting settled and then packing to move again.

The trouble is that we are looking for a property - a house or a bungalow with parking for 2 cars and a garden. Prices are sort of £650 upwards, which is why I would rather build - its alot cheaper per month.