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delta9

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  1. Hi Roundtuit, Thank you for your post! That does make sense to have both deposits upfront as you say. I have enough money for the purchase deposit, but not enough money for the renovation deposit...
  2. Hi there, Can anyone answer this query for me please: From the Ecology website: Are these deposits treated as separate transactions ? For example £100,000 for Property = £10,000 Deposit (10%) £40,000 for Renovation = £6,000 - £8,000 Deposit (15% - 20%). Do I need just £10,000 to purchase the property? And worry about the Renovation deposit at a later date i.e. 6 months after purchasing. Or would I need to put both deposits upfront from the word go i.e. £16,000 - £18,000. Would make sense to just put down 10,000 first as I expect in the first few months of renovating you would just ripping out stuff and hacking off walls etc prepping it which doesn't cost a fortune just manual labour etc which I would be doing at my own expense... But maybe the lender would need the full whack of deposits for their security... Not too sure how this works! Cheers for any advice, it would be much appreciated to hear from someone who has been down this route before!
  3. Hi, Yeah that sounds like something to look into, there must be a way to do it. As I can't really afford to lose deposit money, I thought maybe about offering over the asking price rather than a deposit. Both parties then benefit if lender agrees to lend - The Landowner owner will get more profit and I get my plot. But its still a risk to me losing money on surveys etc if the Landowner does not honor the deal. Thanks for the help
  4. Hi, thanks for the replies! So from what I can gather, it would be at my expense (upfront costs) to conduct all these surveys on the plot before the lender will say yes, i.e. site surveys, ecological survey, flood risks, soil condition reports etc etc Further to this I assume they would require full planning permission and building regs and finally there is also a complete breakdown of the labour costs and materials. I had initially thought that the lender would be paying for these after just securing a plot with just outline planning permission. But it seems now that the lender will just lend on just the labour and materials, i.e. 1st stage lending will commence on digging out foundations. Have I got this correct? Assuming so, financially this does not concern me and I would be willing to pay these upfront costs, however the worry is I spend all this preliminary costs on a plot (to satisfy the lender) and the time it would take, surely this would take months to complete and I can't see the estate agent or land owner waiting for this duration and then there is the other risk that the land owner decides to sell to a cash buyer, therefore I would be at a loss financially and plot wise. Thanks
  5. Hi all, thanks for the input. My post was specifically aimed at the Self-Build mortgage costs, mainly the upfront costs to secure a plot ready for further funding towards the build. Yeah I've tried asking for transparency in regards of these costings, but at the moment it is unknown! Thanks
  6. Ok thanks for the post I am talking about pre-application costs (or my costs) before securing finance. I assume these surveys would be done pre-planning stage after plot purchase (and funded by the lender and not me). No not a typo! Where we live plots can be bought fairly cheap £10k - £40k will get a decent sized one enough for say 3 bed detached house or dormer. 150k for the land and building actually over estimated!
  7. Hi there, looking to self-build my first house to live in and I could do with some info from someone who has gone through the process before. I'm at the stage where the broker has calculated how much I can borrow to build with an estimated depost of 10% - 20 %. Nothing has been paid yet to the broker/lender and no credit search has been carried out (AFAIK). First question is the Decision in Principle (DIP). My confusion is normally on a standard residential mortgage, the lender will give you the DIP beforehand, so then you approach the estate agents (they ask for a copy of DIP), you view/submit offers and that gets the ball rolling... Then you starting chucking money into it (broker fees/deposit/solicitor fees /lender / surveys fees etc etc etc) But now on this self-build mortgage, I do not have a DIP beforehand, the broker has simply told me to find a plot (with outline or full PP) and let them know when I do so. So what happens when I find a plot from either an estate agent or the landowner, do I submit an offer on the plot and then go back to lender if estate agent accepts offer? (I would then have my plot cost). Is it after this stage I would get a DIP or rejection? Final question would be on the fees, what fees can I expect to be paying? I know the broker fee is about £1000 Lender's fee is currently unknown, but I assume this is probably another £1000 Land survey and other survey fees etc are these done before the lender will lend? Solicitor needed??? As you would with a normal mortgage this would be another £1000, but not sure if needed My self-build project is on a budget (under 150k for plot and build) so at this early stage I am trying to work out exactly how much cash is needed, Hope someone can help, at the moment everything is a bit vague on the actual 'Upfront' costings so thought I'd ask on here, appreciate any advice, thank you
  8. Hi there, new to the forum and looking for some guidance! Planning on purchasing a run down house to tidy up and live in. I have seen a few but came across this one with an odd title plan, the plan appears to be split up into multiple segments, I can see at least 6 pieces of land bordered. The title plan does mention "The mines and minerals together with ancillary powers of working are excepted". So I am assuming sometime in the past, the owner has decided to retain these odd bits of land, which is now mostly overgrown. The vendor has not mentioned any mine shafts etc and I've searched the mining map and nothing has come up to show this is a mining area. My plan was to maybe put an extension on the non-red areas or a garage or just simply clear the area as a garden, but now this does not look straight forward, I am sending off an index map search to get more information, just wondering if anyone has any advice or perhaps come across this situation before. It's a bit odd! If you look at the land next to the 10k green bit, that is the properties front garden, but why isn't the green bit not included? I appreciate their is a right of way to neighboring properties at the front, but that is not an issue. The area in red is freehold land. Thank you for any help and guidance
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