Concrete Houses (1 Viewer)

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shmmeee

shmmeee

Well-Known Member
Sky_Blue_Dreamer said:
Were you left a share of your nan's house in the will? In which case you should be able to show you've never received the proceeds of any sale and it's effectively been kept 'in trust' by your dad since and thus it is 'your' money.
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No. It was before they change IHT rules my Nan did the “sell them the house for a pound and rent it pack a penny a year thing” so it’s technically been my dads house for years and he just sold it and decided to give his kids some cash.

At the time I was going through divorce and basically didn’t want to risk it so said don’t give it to me until I need it. And here we are.
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
Nick said:
No issues when I had it surveyed with the actual build. It was pretty solid still and I'd say more sturdy and spacious than new builds.

It's just when you come to want to put cables into the wall it gets a pain!
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I've always thought why not just add a wooden box running down the corner of a wall and run the cables down that, then hide/protect the cables behind a thick skirting board or dado rail to get them around the room?

We had enough of a pain in the arse chiselling out a space for the conduit, attaching it etc then plastering over on a brick build. Just seemed much harder work than it needed to be IMO.
 
NorthernWisdom

NorthernWisdom

Well-Known Member
shmmeee said:
Yep that sounds like the deal. Absolutely ridiculous. Broker says it’s just a way to limit people artificially basically.
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I guess after the last crash, some lenders are spooked to react quickly. I can kind of see the point, with an uncertain job market.

What I'd love to know is if it applies if you end up with a *bigger* proportion of the house value as a gifted deposit, if they still care.If it's basically a way to hedge against you being able to repay the mortgage, then they shouldn't?
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
shmmeee said:
No. It was before they change IHT rules my Nan did the “sell them the house for a pound and rent it pack a penny a year thing” so it’s technically been my dads house for years and he just sold it and decided to give his kids some cash.

At the time I was going through divorce and basically didn’t want to risk it so said don’t give it to me until I need it. And here we are.
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Bugger.

Thought it might have been yours but you were 'hiding' it from the divorce lawyers.
 
Grendel

Grendel

Well-Known Member
NorthernWisdom said:
I guess after the last crash, some lenders are spooked to react quickly. I can kind of see the point, with an uncertain job market.

What I'd love to know is if it applies if you end up with a *bigger* proportion of the house value as a gifted deposit, if they still care.If it's basically a way to hedge against you being able to repay the mortgage, then they shouldn't?
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Yes I would guess so. Also it’s probably just this lender applying risk assessment so factors of non standard property 10% deposit and gifted deposit all apply

I would guess other lenders probably would allow it on a standard brick built property
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
This situation is another reason why I think there should be a house equivalent of an MOT every so often. If mortgage lenders/insurers are worried about non-standard builds then having that would allay the fears and the deposit required/insurance costs should be lower the more recent the survey because it should be lower risk.
 
Grendel

Grendel

Well-Known Member
Sky_Blue_Dreamer said:
This situation is another reason why I think there should be a house equivalent of an MOT every so often. If mortgage lenders/insurers are worried about non-standard builds then having that would allay the fears and the deposit required/insurance costs should be lower the more recent the survey because it should be lower risk.
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It’s not really that these houses are any less robust. It’s an assessment that if markets go down then these properties decline at higher rates than non standard and these surveys are expensive and would put buyers off
 
NorthernWisdom

NorthernWisdom

Well-Known Member
Grendel said:
It’s not really that these houses are any less robust. It’s an assessment that if markets go down then these properties decline at higher rates than non standard and these surveys are expensive and would put buyers off
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Yeah, there are always some things that are counterintuitive. My house had underpinning about 15 years ago, and I got it cheap because of that... and could only get a mortgage as I only needed a small one! Surveyor came round and said it'd stay up longer than the ones that *hadn't* had it done across the street, but it spooks people a bit, and it'll mean it'll be a bugger to sell in any slump.
 
shmmeee

shmmeee

Well-Known Member
Grendel said:
Yes I would guess so. Also it’s probably just this lender applying risk assessment so factors of non standard property 10% deposit and gifted deposit all apply

I would guess other lenders probably would allow it on a standard brick built property
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Yeah I had no issues getting a mortgage generally. Just HSBC don’t like non standard at 90% and lenders that accept that want 25% gift max.

You’ll have no issues generally gifting a deposit in my experience.
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
Grendel said:
It’s not really that these houses are any less robust. It’s an assessment that if markets go down then these properties decline at higher rates than non standard and these surveys are expensive and would put buyers off
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That's a fair point, but one with a recent survey should have a slightly more robust value and thus less of a risk. It would probably still suffer more than a 'conventional' build but be protected somewhat. Could make the difference between requiring a 20% deposit or a 10%.

It's not a cure-all solution.
 
shmmeee

shmmeee

Well-Known Member
Ah fuck. One broker down definitely can’t find one for no fines above 85% LTV. Still waiting on two 🤞
 
shmmeee

shmmeee

Well-Known Member
And another one down Town and Country say no dice. Not looking good :(

Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
 
Kneeza

Kneeza

Well-Known Member
shmmeee said:
And another one down Town and Country say no dice. Not looking good :(

Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
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That's a shame. Makes me think it's not a goer if they can't find one for you. Bugger.
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
shmmeee said:
And another one down Town and Country say no dice. Not looking good :(

Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
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Say he's renting a room in the house/garage or whatever and paying the year up front. Although that would then have to classed as income and be taxable.
 
clint van damme

clint van damme

Well-Known Member
shmmeee said:
Argh! Stupid mortgage rules!

so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?

The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.
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Banks don't give a fuck about money laundering. Their only concern is that the amount involved isn't worth bothering with. Bunch of fucking crooks.
 
Evo1883

Evo1883

Well-Known Member
shmmeee said:
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).

Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?
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Personally, you should stay away from no fines property.. My last house of several years had so many problems
 
skybluegod

skybluegod

Well-Known Member
shmmeee said:
Argh! Stupid mortgage rules!

so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?

The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.
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Believe this may actually be due to Covid! I read an article recently and it said it is a new rule that banks are using as part of covering their own arses due to how volatile the market is, so they basically want to make sure that they are getting the most reputable buyers possible and in their eyes it is the people that are able to save it themselves without more than x% being gifted.

Edit:

I see someone already shared the article!
 
W

wingy

Well-Known Member
If this is strictly about where and how the deposit is put together it raises a few conflicting hurdles to the Gov'ts aims .
Now that may be right or wrong depending on viewpoint .
Especially at the lower end I would think.

Then the investors purchasing seem to have the benefit set against the recent tax on transactions.
So from here it seems it again benefits Investors over first timers again.
I'm not sure that was the Gov'ts aims ,but the banks look like they're going to scupper it if this is a general rule .
Or is it just prudence where the Gov't got a bit reckless?

I mean if you're jumping from renting you've probably been shelling something like£650prior to buying anyway .
That should be proof of ability.
 
shmmeee

shmmeee

Well-Known Member
wingy said:
If this is strictly about where and how the deposit is put together it raises a few conflicting hurdles to the Gov'ts aims .
Now that may be right or wrong depending on viewpoint .
Especially at the lower end I would think.

Then the investors purchasing seem to have the benefit set against the recent tax on transactions.
So from here it seems it again benefits Investors over first timers again.
I'm not sure that was the Gov'ts aims ,but the banks look like they're going to scupper it if this is a general rule .
Or is it just prudence where the Gov't got a bit reckless?

I mean if you're jumping from renting you've probably been shelling something like£650prior to buying anyway .
That should be proof of ability.
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It’s simply this house. I was approved for the mortgage generally, it’s just non standard construction puts the shits up lenders.
 
hill83

hill83

Well-Known Member
Sounds right a right shit one this shmmeee. If it was me I’d be drawing a line under it based on all the problems listed. I get the feeling of when it’s right it’s right on a house but there’s too many reasons not to here. And you never know what could come up in the future and the need to sell. Sounds like even that would be tricky.
 
W

wingy

Well-Known Member
shmmeee said:
It’s simply this house. I was approved for the mortgage generally, it’s just non standard construction puts the shits up lenders.
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I wonder if the issue arises for timber framed construction cause that can have just as significant pitfalls if done poorly.
And when you've got subbies on a price, shortcuts and all that .
Ah a little bit of grip fill will be enough.
Ooh did I tear that breather membrane.
There's enough history behind concrete now that should be settled by a decent surveyor.
 
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