The nervous wait to exchange....
- Thread starter noj
- Start date
Have been looking in to this recently and I understand it as follows:
You have income protection and then critical illness cover and payout upon death.
Income protection is like you said....it will cover the mortgage payment for a period of time., however your job pay benefit would cover this for a time and you employer may well (at their discretion) keep you on full pay so you don't struggle if there is a good chance of you returning to full/part time work further down the line (it's what my work has done for colleagues in the past.)
Critical illness cover will pay you a pre-determined or partial lump sum (depending on what your policy says) for you to do with what you want and the policy will end. There are variables affecting monthly cost such as fixed lump sum or diminishing payout of the mortgage etc.
You need to check what they class as "critical illness" as a number that are classed as serious but have a high survival rate might not be covered.
Due to your job benefits it might not be worth the income protection or life cover for yourself (just for your OH), just critical illness cover. If you combine the illness cover with life insurance payble on death I think if you claim on the illness then the death cover will end with it. However with a job lump sum payable on death during employment (I'm guessing around £100-120k) then this should do nicely depending on how big your mortgage etc are.
If anybody thinks this is a bit wrong, please correct me as I need to pull the trigger on this myself soon!
over the last few weeks mortgage company has been asking for a few extra documents, but today they have booked the valuation, is this likely to mean I've passed all their checks etc and as long as valuation comes back as expected its good to go? or does it depend on the lender?
Soldato
After our valuation/survey we got the official mortgage offer within the week.
sweet, getting closer.
I got in contact with them in the end, just two pending things on the mortgage. March payslip which they now have (applied before I had that one) and the valuation, everything else is fine.
Just about to exchange after months of faffing and problems and got a call Wednesday to say that the couple we are buying from are pulling the house from the sale, the wife has been diagnosed with cancer.
Gutted, don't blame them at all, more all the hold ups that our buyers caused that meant its not all done already. Really feel for them, lovely couple.
But then it seems it was meant to be, a new one comes on the market Friday and its better. Bedrooms 3&4 are bigger and there is room for an extension on the lounge. Comes in at 30k below the one were nearly there with, offer in and accepted. They will vacate as soon as it completes to go travelling in Scotland so we're off again and hope to be done in 4 weeks.
Not fun!
Gutted, don't blame them at all, more all the hold ups that our buyers caused that meant its not all done already. Really feel for them, lovely couple.
But then it seems it was meant to be, a new one comes on the market Friday and its better. Bedrooms 3&4 are bigger and there is room for an extension on the lounge. Comes in at 30k below the one were nearly there with, offer in and accepted. They will vacate as soon as it completes to go travelling in Scotland so we're off again and hope to be done in 4 weeks.
Not fun!
well my new build is confirmed as not going to be ready by the 12th! oops after delaying completion on my flat until then to anticipate abit of a delay it seems I am sofa surfing with the family and friends from the 12th! (thats with the other half and a kid!)
Soldato
One of the things that was bought up in the survey is that the front bay windows (top and bottom) have wooden frames beyond repair, how much would you expect to pay to have uPVC replacements installed?
The current windows are uPVC set into the existing original wooden frame (according to the survey), the building is from ~1890.
The current windows are uPVC set into the existing original wooden frame (according to the survey), the building is from ~1890.
Soldato
Congrats. I also bought a 2 bed terraced near Victoria Park last year. Prices have sky rocketed in Canton in the last few years. Needs some work, but I like the area. Where about have you bought?
Associate
We put down a holding deposit on this yesterday, it's our first house, had to compromise on a few things but overall we're happy. It's at the end of a cul-de-sac and one side is right next to the woods - win. Managed to get them to throw in all flooring, turf, appliances and stamp duty. The plot we got was previously sold to someone else, their chain broke down. When it came up for sale again, we used the no chain card to the max and kept pushing them to keep sticking in everything 
. Kept being told the "Sales Director" would not allow it. He allowed it. Asked for even more, rinse until we had what we wanted. They want to exchange within 28 days so we can gonna be very busy bees! Exciting but hoping nothing stops it.
. Kept being told the "Sales Director" would not allow it. He allowed it. Asked for even more, rinse until we had what we wanted. They want to exchange within 28 days so we can gonna be very busy bees! Exciting but hoping nothing stops it.
Soldato
They must be desperate to sell thenWhen it came up for sale again, we used the no chain card to the max and kept pushing them to keep sticking in everything
Nothing at all getting thrown in on any of the ones around me, they're all reserved the day they get released!Very unlikely to happen so it would be worth checking whether they will start withdrawing the freebies if(/when) it goes past 28 days.
Are you using Help to Buy?
We put down a holding deposit on this yesterday, it's our first house, had to compromise on a few things but overall we're happy. It's at the end of a cul-de-sac and one side is right next to the woods - win. Managed to get them to throw in all flooring, turf, appliances and stamp duty. The plot we got was previously sold to someone else, their chain broke down. When it came up for sale again, we used the no chain card to the max and kept pushing them to keep sticking in everything
Amazing how much they can give...we ended up with a pot of around £12-£13k to spend on the extras and stamp duty.
When we moved the government decided to reduce the stamp duty so in the end we actually got paid £2k cash into our bank accounts
Hey I'm actually on the east of Cardiff. So not central. Pontprennau / Cardiff gate area, I had been living round the area for about 4 years but renting. House prices are always on the rise round here and a very saught after area
Nice one, you going to make a bit of profit then?
Took my signed document pack with certified copies of stuff to solicitors today in cardiff and paid their initial fee. Rest on completion, then dashed to.bristol to finish mortgage submission by signing my mortgage declaration. Got the homebuyer survey going on next Thursday.
Going to arrange a 3rd viewing after the homebuyer survey report comes back going to go and spend a good 45 minutes with me, my dad, ex corgi gas bloke family friend, get the step Ladders out and have a look round to.see what's up in the loft etc, check more of the electrics and take a couple of measurements
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Soldato
Nice one. Hope it all goes smoothly for you.
Associate
They must be desperate to sell then
Very unlikely to happen so it would be worth checking whether they will start withdrawing the freebies if(/when) it goes past 28 days.
Are you using Help to Buy?
It's the end of their financials in June so I think they were keen to sew up a deal. The houses have been selling well, our one just fell through and I think the fact we had no chain meant we were in a commanding position.
We've already spoken to them about exceeding the 28 days, they don't really care as long as you're making good progress and not stalling/time wasting.
Yeah, we are using help to buy.
Amazing how much they can give...we ended up with a pot of around £12-£13k to spend on the extras and stamp duty.
When we moved the government decided to reduce the stamp duty so in the end we actually got paid £2k cash into our bank accounts
The extras are addictive though and you can easily add £10K-£20K in extras. Sadly, because this was previously sold, we were unable to add some of the extras we wanted such as Ethernet Ports. I am hoping BT will run a cable up the side of the house to Bedroom 4 (Study) to save me a job. If it's against protocol, I will see if he can have his palms greased.
So it seems the chain I was in has collapsed at the 1st link. So disappointed as we have been going through tbis for so long, one positive I've heard is that the 1st seller has already found a new buyer dont know how true this is but can only hope, we have tasked our solicitor with getting the new details. My wife wants to put the house back on the market but I kinda feel it would be better staying in the remainder of the chain and hope the 1st link gets themselves sorted.
Soldato
No idea how far down the road you are but if longer than a month i would try and stick as the chain is complete bar one which may rectify itself, our chain broke from the bottom and i gave the buyers a few weeks to see how they got on.
Until this happened everybody else in the chain was ready to exchange it was just the first buyer holding things up given that they probably put their offer in back in october november they had have plenty of time to sort out this negotiation with a neighbour for remedial work they wanted to complete for their disabled son. Did your chain complete with those few weeks
Associate
We put down a holding deposit on this yesterday, it's our first house, had to compromise on a few things but overall we're happy. It's at the end of a cul-de-sac and one side is right next to the woods - win. Managed to get them to throw in all flooring, turf, appliances and stamp duty. The plot we got was previously sold to someone else, their chain broke down. When it came up for sale again, we used the no chain card to the max and kept pushing them to keep sticking in everything
If they pay for your stamp duty, they reduce house price i think, as you legally have to pay your own stamp duty.
With ours, our solicitor didn't realise we had technically overpaid, a quick letter to HMRC and a cheque for 400+ came back
I can send you some more info if interested, i prob didn't explain it the best.