newhome
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Everything posted by newhome
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Ban the OH from using it until it’s fixed! ?
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Keep updating! Loving the photos. I totally get what you mean about the 2D => 3D effect. When I first saw the foundations of my old house I thought it looked tiny but it transformed into an average sized house when finished. When I wandered round the ones here I thought the room sizes looked fairly average but now that the house is up it's bigger than average. Strange how the brain works.
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I think it's way too expensive though. I got a quote for an ASHP to be installed here (RHI eligible so MCS installer). Quote was 14.5k, parts circa 5k. All of the RHI over 7 years taken by the installation costs. Same with the ST that is here (still not working mind ....). Got a grant from the energy saving trust of 2.3k. Installation had to be done by an approved installer. Instalation cost 2.3k.
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Good luck with the sign off. Can you not post a skateboard video before you rip it out? ?
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Bath Surround / Boxing In, and concealed pipework
newhome replied to Onoff's topic in Bathrooms, Ensuites & Wetrooms
Get plastered! -
Random search for some ‘specialist’ companies. Not sure if you can get cover via one of these. https://www.insurancechoice.co.uk/products/home-insurance/under-construction-home-insurance/ https://www.homeprotect.co.uk/specialist-home-insurance https://www.endsleigh.co.uk/personal/home-insurance/specialist-home-insurance/ Or maybe via a company that does insurance for properties being renovated https://www.money.co.uk/home-insurance/home-renovation-insurance.htm
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£483 doesn’t sound hellish however TBH.
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See if you can get another quote and try to play one off against the other
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Did you try GSI? https://gsi-insurance.com/
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Yep, that's pretty standard it seems. I paid for my windows up front too TBH. Bank transfer, no cover. They turned up
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I would say that you are almost certainly not covered through your self build policy. For one thing such a clause would need to assess the risk of such a scenario and they could not be sure if you were planning to use a company with a poor trading history vs one that had a solid history. You may be able to find a specialist policy that provided such cover but that would no doubt go through a professional underwriter (as opposed to system determined auto underwriting) and the cost likely to be prohibitively expensive.
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18 months currently but moving to 9 months in April 2020 I believe. Capital Gains Tax The property won’t be your main residence I assume so your liability may kick in straight away.
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Yes so all the more reason for them to look for ways to make it difficult for such companies to utilise that facility I imagine.
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Potentially the issue may be that credit card companies may not want to underwrite the risk of a huge transaction when they are only getting peanuts in terms of commission for a £100 transaction that leaves them liable for 30k worth of goods. Why would they want to do that?
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Everyone’s worth it ?.
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Many people won’t even be retired at 60 these days so 60 seems odd. Let’s give a concession to people still working potentially earning the highest salary of their career ?
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The VAT rules are to put self builders in the same position as if they had bought a home from a developer. It would take a brave government to change that, plus I imagine many more people would look at ways of beating the inequality by using more VAT contracted labour etc. That said, changing the VAT regulations during my build was something that I was concerned about as I stood to lose more than 25k. As for concessions for the over 60s, well hmm! Why should over 60s retain the concession? Mind you I’m still expecting there to be a means tested state pension when I eventually get to retirement age although ironically the more I make provision not to need the state pension the less likely I am to get one if that happens.
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Yes I imagine that this is how it would work. You would however become liable for capital gains tax on the rental property as would your mother if you were to sell it so if you were to somehow buy your share at a let’s say less than market value price ? the CGT liability would be greater as the increase in the property value would presumably be inflated when / if you sold the property. Definitely still worth getting proper advice as anything on here is just opinion / suggestions, plus caveat emptor!
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Still VAT reclaimable on a new build so either get them in then or wait until you are 60! ?
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I thought it might be something like that. I'm surprised though as some suppliers that accept card payments (not for windows but just in general) are well dodgy in my opinion. Must be the typical value of the transactions that makes the use of credit cards a challenge I imagine.
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It depends whether the payment counts as a 3rd party payment or not. Also your payment must be to the company you are dealing with directly, not a different company. There is a bit more advice here: Section 75
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How will they know? The evidence required seems to be a self build mortgage (which she is not getting by the sounds of things), a self build warranty (which could easily be in her name I imagine), or an approved VAT reclaim that could also be in her name.
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You are left with a squeaky bum until the goods arrive! I think it's an appalling way to have to deal with large purchases personally. The only way to mitigate the risk to a degree is to fully research the company you are using. How long have they been trading? What are their accounts like? How many companies have the directors been involved in that are no longer trading? If you see a pattern where after a year or 2 the company reinvents itself as a new company run for the hills. Companies House register
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Picking up on the credit card question, yes you will be covered by Section 75 of the Consumer Credit Act if you pay a small amount (suggest £100 because that means the window company won’t be paying lots in credit card fees) and the balance by BACS or whatever as long as the total cost is under 30k. The issue appears to be that most window companies don’t offer the ability to pay even a small amount by credit card it seems.
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I’m definitely no expert but my initial thoughts are that your mother will end up owning 1 house in total and another house as a part share with the other share owned by yourself as (presumably) tenants in common. To avoid the ‘gift with reservation’ issue and the fact that you are buying a share in her principle residence why don’t you buy a share in her existing property (it doesn’t need to be 50%) to release enough capital for your mother to build the new dwelling that will be solely owned by her? You will then earn a share of the rental income from the old house as will your mother that should tick both boxes surely? The refurb costs will be shared dependent on the share of the property each of you own. Seems a more straightforward approach to me?
