First-time house renovation

TomsMom

ukmaggie45 wrote: »

Nice Lady Dentist absolutely wonderful, and managed without me having to have anaesthetic. I really am in love now!

:eek: How did you manage that? Now I don't mind going to the dentist, I tell her "You hurt me, I slap you" :rotfl: . No, but if I need a filling and she asks "You don't want an anaesthetic do you?" I do actually say "Gimme, gimme, gimme, and lots of it!"

EA called to say our offer was accepted, provided we would pay extra £2500 for fixtures and fittings - carpets, curtains, "white goods" and (drum roll) the lawnmower!

Is this something to do with the stamp duty threshold and it's just juggling figures to keep the stamp duty down? If not then I agree with Andy.

When we were selling our house I asked the agent about fitted carpet and could we ask for them to be purchased separately as most of them were quite new. We were told that these days fitted carpets are expected to be left because they are fitted, rugs can be taken of course as they're not fitted. We had built-in hob, oven, fridge and dishwasher and there was no question of these being taken, they were just included in the agent's details as part of the fitted kitchen.

It's possible that a purchase price takes into account the condition of the carpets that are being left. If they're all new it may put a couple of thousand on the price. Also, if you are going to pay extra for the white goods then please do check that they work. Our buyers didn't check any of the kitchen equipment for the restaurant and if they'd checked or asked about the dishwasher in our private accommodation kitchen they'd have been told it had just conked out!

and that we didn't drop the price after survey. (we did this with our buyers when selling parental flat, on solicitor's advice)

We made an offer on the house we bought "subject to survey" and with the agreement that no further viewings would take place (not that people were queueing up anyway!). As it happens the survey highlighted a major problem which would cost major ££££££s to remedy (which you probably already know). We had permission from the surveyor to show our report to the vendors and their agent and this enabled us to enter into negotiations to get the price reduced by the amount of the estimate to put the problem right. What happens Maggie if you agree not to drop your offer then your survey finds a problem as severe as ours and is likely to cost £30,000 to put it right? You really couldn't carry on at the original price offered.

I don't know what the housing market is like where you live, are there any other people interested in this house? Are there plenty more houses of this type in the area that you may like just as much if this one doesn't happen? I really hope all goes the way you want it to, if it's right for you then it will all work out. I'm a great believer in things happen the way they do for a reason.

Enjoy your holiday at the caravan, fingers crossed for some nice weather. We had a glorious day yesterday and I believe today was mostly dry (we were out) but I don't think the forecast is very good for the next few days.

andrew-b

Yep subject to survey and no further viewings. Other thing ..i'd try get this £2500 stuff sorted before you spend good money on your survey (luckily our 3 surveys on 3 different properties didn't cost a penny by keeping it in the family!!)

Andy

TomsMom

johnxwander1 wrote: »

Hi everybody,
I recently bought an area rug to cover the bedroom floor. I have never used an area rug before, and have no idea about rug pads except that i have heard of people using them to attach rugs to the floor. does every area rug need a rug pad? do i need to buy one? can anyone tell me about them? are there other rug accessories that people use? If there is, what are they used for?:T

I hadn't heard of rug pads before so I had to go and look it up (I'm the [STRIKE]nosey [/STRIKE] inquisitive one) then decided I didn't need one for my 5' x 3' rug which is going by the fire.

Is your rug going on a hard floor surface, is the surface very slippy, is it going on top of a fitted carpet????????

Have you seen this about rug pads:

Rug Pads
Pads under Oriental rugs can prevent sliding, prolong the life of the rug by cushioning the impact between shoe sole and hard floor surfaces, and provide comfort under foot. To determine if you need a pad, the rule of thumb is: a heavy, thick rug does not necessarily need one, whereas a thin, soft rug does, as does an older rug or a rug that has been rewoven or patched or which has a weakened foundation. While a pad can extend the life of any rug, whether or not to use a pad under a new rug is often a personal decision based upon your preference for the feel of the carpet underfoot. A pad should be about an inch smaller than the rug all the way around (not counting the fringe) so that the pad will not show beneath the rug.

Pads can be made of materials like rubber, felt, polyester, or one of a number of synthetic foams. For a number of years we have preferred pads for larger rugs made of a polyester felt about 3/8" thick. This material is quite dense and is mechanically strong. We have seen rubber pads crack and crumble around the edges with time, and occasionally rubber pads will become gummy and stick to an older floor finish or even to the back of the rug. Many of the synthetic urethane foam pads seem too soft and lightweight to provide much support to the rug.

I hope it answers your questions.

ukmaggie45

Hi Andy,

andrew-b wrote: »

Seems a stupid condition for the vendor to impose to me and could become a deal breaker. Do you actually want/need all those.

Just been catching up, so will have to answer in order as I don't know how to do the multi quote thing, or is it just a matter of cutting and pasting?

Actually we'll be quite glad to have the carpets and curtains, as we only have really ancient and worn carpets, all passed on to us. And our curtains would need altering, as they are for very tall windows (9 ft I think) so will be glad to have something up from the start. It's the hassle factor. Hopefully we'll be able to replace with our own choice over the next few years, but will be partly dependent on how long it takes to sell our own house. Wherever we end up going.

andrew-b wrote: »

(snip)
Appliances...make sure they all work and built-in appliances you'd normally expect to be included anyway! Lawnmower..again it might not work or be rubbish - incidentally we got a whole shed of garden tools included with our purchase for nothing more plus a handy B&D workmate and stepladders!

Good point about the appliances. Yes, the lawnmower might be rubbish, but it'll do to start with - we don't have one as we live in a terraced house with just a north facing back yard. Lucky you getting all the tools and stuff - we do have a basic set though, as we do manage to garden a bit in the yard despite the northerly aspect.

andrew-b wrote: »

To me this sounds like a vendor who would take everything including light bulbs and the last bog roll and all the copper piping ..but instead thinks they can scrounge £2.5k to save them the hassle of stripping the property down. Personally i would sell yourself as being able to move quick with finances in place (if that is the case) but then say you don't want the £2.5k of goods and so can't place an offer. Or just put a more reasonable offer in on anything you do actually want! I'd let them stew and they might cave in anyway if there are no other offers on the table.

This isn't the impression we have of the vendor - TomsMum is right that stamp duty is involved. Vendor isn't in a rush like at the bungalow - she hasn't found anywhere yet. We're not in a lunatic rush at the mo as we both really need this holiday! I also still need to do the prove who I am thing with the broker, so it will take a few weeks to put all the money in place. The lady is looking to move to an apartment I think, as she has health problems.

Both times we viewed her daughter was there (sensible precaution for a lady living on her own - for all she knew we could have been axe-wielding maniacs ), the second time her grand daughter was as well. I may be completely wrong, but we both really liked her, and she seemed genuine.

andrew-b wrote: »

If the survey reveals probs...just renegotiate regardless of what they have said now ..if they won't then i'd back out.

It would depend on just what the probs were - surveyors do seem to take the dimmest view of even teeny tiny probs. If there is something really bad we'll walk.

andrew-b wrote: »

If you lose it so be it...this is your 2nd offer in so many weeks so there are other fish to fry!

Yep, there's one going cheaper further down the road (well it's actually on the corner of a close so is in the close IYSWIM) but it is "in need of some improvement" and also smothered in virginia creeper - even across some of the windows. The garden is far less private too. And more stuff keeps on coming up, we're not desperate yet.

TomsMom

ukmaggie45 wrote: »

Just been catching up, so will have to answer in order as I don't know how to do the multi quote thing, or is it just a matter of cutting and pasting?

Hi Maggie, hope you're having the nice (but cool) morning we're having.

To do the multi-quote (assuming you mean multiple persons' quotes), where the Thanks and Quote buttons are, there is another button which has speech marks and a plus sign (next to the Quote button). If you hover your mouse over it it says Multi quote this message. You click that button on each of the messages you want to quote then click the normal Reply button. Each of the messages comes up in your reply box and you just type your messages in the relevant places. Hope that makes sense.

I don't know how to do the type of multiple quotes you've done .

This isn't the impression we have of the vendor - TomsMum is right that stamp duty is involved.

In that case as long as the total is no more than you want to pay it doesn't really matter how it's broken down. It would suit you to pay less for the property to save on stamp duty and then pay the rest as a separate transaction for carpets, etc. Suits the buyer from the stamp duty angle and suits the vendor as they may lose a buyer if it takes it over the stamp duty threshold into the next band. It happens a lot.

Both times we viewed her daughter was there (sensible precaution for a lady living on her own - for all she knew we could have been axe-wielding maniacs ), the second time her grand daughter was as well. I may be completely wrong, but we both really liked her, and she seemed genuine.

Trust your instincts Maggie. First impressions are frequently right.

It would depend on just what the probs were - surveyors do seem to take the dimmest view of even teeny tiny probs. If there is something really bad we'll walk.

You'll know when you receive the survey. Surveyors have to cover their backs. I'm sure your builder will give it the once over too if you have any worries.

Fingers crossed for you, let us know how it goes.

ukmaggie45

TomsMom wrote: »

:eek: How did you manage that? Now I don't mind going to the dentist, I tell her "You hurt me, I slap you" :rotfl: . No, but if I need a filling and she asks "You don't want an anaesthetic do you?" I do actually say "Gimme, gimme, gimme, and lots of it!"

LOL, me too! Initially she thought she would have to drill to get the temporary bridge off, but she didn't. She also said that if I had pain that she was happy to give the anaesthetic, but it was OK, just a lot of pulling and tugging - just a bit un-nerving!

TomsMom wrote: »

Is this something to do with the stamp duty threshold and it's just juggling figures to keep the stamp duty down? If not then I agree with Andy.

Yes, you guessed it!

TomsMom wrote: »

It's possible that a purchase price takes into account the condition of the carpets that are being left. If they're all new it may put a couple of thousand on the price. Also, if you are going to pay extra for the white goods then please do check that they work.

I don't even remember what the carpets look like TBH, but anything is better than nothing - we haven't had carpet on our stairs for about 10 years now since the old one was threadbare and getting unsafe. With one thing and another and lack of cash (or rather we preferred to spend on other things like keeping the caravan going) we never got around to getting carpet.

We've got some nice oriental rugs though, which we use to disguise the old and worn stuff - mostly we left the old carpet down as it's too drafty without, and to think when we had the house surveyed originally he wanted us to open up a blocked air vent under the floor - as it was the carpets billowed when the wind blew!

Now that we could afford to get new carpets it seems a bit silly to do it before we either do up the house or sell it.

TomsMom wrote: »

What happens Maggie if you agree not to drop your offer then your survey finds a problem as severe as ours and is likely to cost £30,000 to put it right? You really couldn't carry on at the original price offered.

I take your point - but the house looks sound and well cared for to us. There was a damp problem a few years ago, leaking rainwater goods, now repaired and wall treated. (we've had similar probs occasionally in our house, but it's a lot older of course - 1903 I think)

TomsMom wrote: »

I don't know what the housing market is like where you live, are there any other people interested in this house? Are there plenty more houses of this type in the area that you may like just as much if this one doesn't happen? I really hope all goes the way you want it to, if it's right for you then it will all work out. I'm a great believer in things happen the way they do for a reason.

All we know is that vendor has had several viewings, one young couple came with their builder - probably wanting to extend or go into loft - not sure that would be terribly easy because it's in a conservation area. The area is very mixed - 60s semis and bungalows, big old Victorian houses, mostly converted into flats, lots of mature trees. So there will be other properties coming up every so often.

This one really "spoke" to OH though, which is pretty unusual. I feel if we managed to live there for 8-10 years it would be fun, and we'd have done the major de-clutter so it wouldn't be such a long business moving to a bungalow or apartment then. I think the garden is one of the main reasons we're both so keen.

TomsMom wrote: »

Enjoy your holiday at the caravan, fingers crossed for some nice weather. We had a glorious day yesterday and I believe today was mostly dry (we were out) but I don't think the forecast is very good for the next few days.

Sun's out currently, and there's a red admiral and a painted lady on the buddleia.

We'd intended to come back sooner, but life got too complicated. So we found we have large numbers of marrows! So much for leaving plenty of courgette plants down here! Tomato plants look awful, but we seem to have a reasonable first crop of peas, with second well on the way. And the broad bean plants look good too (have brought some more to plant here with me).

Off to have a little look at rest of the patio and the hedge now - it's sure grown a lot in the last few weeks! And there's a ton of bracken to pull out too. Jasmine's flowering, will have to go and see if the climbers round the back have survived.

new2investing

Hello everyone,
This is my first foray into property development, and I would very much appreciate the benefit of your advice.
I have recently finished paying off the mortgage on my home which is valued at £300,000 and I am considering using the money to fund a ‘first project’.
As I am disabled, I am hoping that this might be a stepping stone to a possible future income.
As I have no previous experience, I thought that I might outline one or two ideas and ask for your comments.

The first being the purchase of a plot of land (If I can find one) for £100,000
And use £150,000 to build a house with the remainder of the money being used for conveyancing and solicitors fees.
I would live on site during the build.

The second idea was to buy a semi-detached property in need of renovation and spend money updating the kitchen, the wiring, the bathrooms etc. Again I would live in the house during the remedial work.

My third idea was to purchase two terraced houses in a university town or city to let out to students.

Any money earned from my chosen project/s would be ploughed back to fund future activities; obviously, I would need to take a subsistence wage to live on .

I’m sure all of the above ideas will have their pro’s and cons, but I really would value your opinions before I embark on this ‘venture’

andrew-b

Maggie, be careful with this house purchase as getting around stamp duty this way could attract the attention of HMRC if the costs of the fixtures and fittings aren't reasonable. I believe you should have something in writing defining what items you buy. The costs may be reasonable if they are fully working freestanding appliances but i don't think you should consider the costs of carpets and curtains in this. Discuss it with your solicitor. I'd be happier if they were to accept a lower offer below the stamp duty threshold including the carpets and any built-in appliances and then leave it to you do decide what other bits you want to offer them anything for.

Also be wary of your vendor kicking her heels...our old lady vendor was in a similar situation and hadn't sorted out where she was moving to as she couldn't decide. After accepting our offer in March it took until July before we lost patience and our solicitor sent a letter along the lines of ..."decide what your doing else you risk losing the sale"..we were in by mid-august after that. It was costing us in rent for every month she delayed so we weren't very happy about it! Having already waited on one purchase where one of the vendors "popped their clogs" and so their partner backed out , we didn't want the same to happen again! By dithering the vendor cost us a fair bit of cash!

It really annoys me how some vendors just have to make things more complicated than they need to be..they aren't doing themselves any favours!

Andy

TomsMom

andrew-b wrote: »

Maggie, be careful with this house purchase as getting around stamp duty this way could attract the attention of HMRC if the costs of the fixtures and fittings aren't reasonable. Andy

I agree about being careful Andy, we had this scenario when we sold the restaurant only the amount in question then was around £20,000. The solicitors sorted it out to the purchaser's satisfaction and they did manage to keep it under the higher threshold, of course fixtures and fittings are very different in a restaurant and there was also an element of goodwill.

I'm thinking that Maggie mentioned £2,500 which in the scale of things isn't that much and probably can be sorted without any suspicion.

We once had a purchase drag out because one of the owners popped his clogs, the wife wanted to continue with the sale but it sure did delay it and it was a very delicate situation to deal with.

andrew-b

TomsMom wrote: »

I'm thinking that Maggie mentioned £2,500 which in the scale of things isn't that much and probably can be sorted without any suspicion.

But £155,000 might be more likely to fall under the radar than £172,500 when the threshold is £175,001.. if you see what i mean! The point is though that it's only really above board if the £2,500 cost of fixtures and fittings is a reasonable cost. Paying £50k of fixtures and fitting and paying £126k is much more likely to be seen as tax evasion...and i would guess it's the buyer who would get the criminal record rather than the vendor whose idea it might have been in the first place!

Andy