The nervous wait to exchange....

Soldato
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Under The Desk, Wales
Would you guys ask for a price reduction if the surveyor said roof had no felt under the slates and it needed it?

To think, the slates have been doing a good job for over 100 years! They look ok (welsh slate).
 
Soldato
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You only pay capital gains tax on it for the period in which you didn't live in it, not since you bought it - could be a significant difference if the market has been a bit stagnant ?

Is that so? My accountant seems to believe the CGT is calculated from the amount we paid for it. That would be good news otherwise.

How do they calculate the value of the property at the point we moved out?
 
Soldato
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Would you guys ask for a price reduction if the surveyor said roof had no felt under the slates and it needed it?

To think, the slates have been doing a good job for over 100 years! They look ok (welsh slate).

You could be cheeky and ask for it.

If you were to install the felt you may as well replace the full roof.
 
Soldato
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Is that so? My accountant seems to believe the CGT is calculated from the amount we paid for it. That would be good news otherwise.

How do they calculate the value of the property at the point we moved out?

Your both sort of right, there is allowances for periods of time you lived there, I think it’s called private residence relief or something like that. Google search and have a read.
 
Soldato
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London
Would you guys ask for a price reduction if the surveyor said roof had no felt under the slates and it needed it?

To think, the slates have been doing a good job for over 100 years! They look ok (welsh slate).
Our roof was red flagged in our survey and the only way we used it to our advantage was to get the white goods chucked in for free (we were moving from rented, furnished place). We didn't make a big deal out of it, just when we heard they were "considering" leaving the white goods we just mentioned some of the red flags on the survey - to make sure the didn't think they were going to get an extra £500 or something stupid out of us! It wasn't a big deal because we plan to do a loft conversion anyway. I think the roof replacement is around £4.5k according to the builders we got round to quote for the loft.

If the surveyor is saying it needs replacing straight away then there's no reason why you can't ask for a £5k drop and meet them in the middle. Depends on your local market, how many other people are queuing up to offer, how much you don't want to lose it etc.
 
Caporegime
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Leafy Cheshire
Is that so? My accountant seems to believe the CGT is calculated from the amount we paid for it. That would be good news otherwise.

How do they calculate the value of the property at the point we moved out?

Yes you can get relief for the period you lived in it, plus you can use your CGT allowance, plus you can offset any expenses including buying / selling fees and renovation costs.

We are starting the process of selling a rental ATM and trying to figure out the same things.
 
Soldato
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KT8
Your both sort of right, there is allowances for periods of time you lived there, I think it’s called private residence relief or something like that. Google search and have a read.
Yes you can get relief for the period you lived in it, plus you can use your CGT allowance, plus you can offset any expenses including buying / selling fees and renovation costs.

We are starting the process of selling a rental ATM and trying to figure out the same things.

Nice - thanks very much for that. The CGT liability wouldn'tbe a reason to/not to sell, but just another complication added to the mix.

No one here wants to buy a three bed maisonette in Zone 1 do they...? It's really nice ;)
 
Soldato
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Is there a need if the current slates are in A1 condition?

Not necessarily. An experienced and qualified roofer would be able to tell you better. You may be able to use the old slates.

Just bare in mind if you do replace the full roof you will need to inform building regulations at the council. With also having said that you will be required to update the loft insulation to the recommended level of 270mm at the same time. As it stands.
 
Soldato
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We had to get the felt replaced on our roof last year. It was going to cost £4k to get just the felt replaced, use the same tiles but they would clean them. To get new tiles it was an extra £500, so while they probably didn't need to be replaced we thought we may as well.
 
Soldato
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Finally exchanged yesterday and completed today. First put our house on the market back in Feb I think, so that's pretty drawn out (especially as we sold to a FTB and bought from chain free seller), but I've heard much worse.

Such a relief to be done, but plenty to do now including reconstruction of one of the timber framed elevations - and it's grade II listed.

Hopefully we don't move again now for best part of a decade!
 
Associate
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Scotland
Market is mental at the moment. And so many cash buyers about. Supply is so low and sporadic round here, I'm thinking of borrowing the value of the equity in the house from my ltd company, for a few months, then claim back the stamp duty once we sell at a leisurely pace.
 
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Associate
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Preston, Lancs
Finally exchanged yesterday and completed today. First put our house on the market back in Feb I think, so that's pretty drawn out (especially as we sold to a FTB and bought from chain free seller), but I've heard much worse.

Such a relief to be done, but plenty to do now including reconstruction of one of the timber framed elevations - and it's grade II listed.

Hopefully we don't move again now for best part of a decade!

Great news, hope all goes well in your new home.
 
Soldato
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12 Jul 2005
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I see sold signs everywhere. Houses get snapped up really quickly..

absolutely nothing near me (Epsom/Banstead/kingswood/Bookham etc) is selling for less than it’s asking price - i recently bought my place for £595,000 as a refurbishment project, completed the work at a cost of around 75k and it’s now valued at 750k lol. The market has gone mad. How are people taking on these mortgages? I’m tempted to sell and get the hell out of the M25 and never look back
 
Associate
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13 Nov 2012
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Just renegotiated our purchase price down by £5k after our building survey, we initially offered £5k over to secure it so we are back at the original price ha. We wanted £10k off but they said meet in the middle, as we really want the house we agreed.

Hoping it's a quick process now, lenders have been made aware and sent a revised letter, contract is with our conveyancers and I think we've given them everything they needed. Not sure what else they are waiting for now.
 
Soldato
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Isle of Wight
Apparently our sellers have just had an offer accepted on a place, and it's chain free, we're first time buyers, so it's nice and short. Hopefully that will prevent too many hiccups!
 
Associate
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18 Oct 2002
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1,781
Sort of related to exchanging etc but has anyone had any problems with a remortgage recently on the currently rising values on homes? Our house has apparently risen by around 30% since we bought in Feb 2020 according to the agents. We have done a lot of internal work and renovation to get there but speaking with our broker and he doesn't seem to think I should use anywhere near what the agents are saying is the value and that should wait to see what the lenders think. The amount matters only really for the bracket we land in to compare deals but having never remortgaged before it seems odd it would be a "at or near" market value valuation?
 
Soldato
Joined
11 Aug 2009
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3,646
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KT8
Sort of related to exchanging etc but has anyone had any problems with a remortgage recently on the currently rising values on homes? Our house has apparently risen by around 30% since we bought in Feb 2020 according to the agents. We have done a lot of internal work and renovation to get there but speaking with our broker and he doesn't seem to think I should use anywhere near what the agents are saying is the value and that should wait to see what the lenders think. The amount matters only really for the bracket we land in to compare deals but having never remortgaged before it seems odd it would be a "at or near" market value valuation?

Our broker advised we be conservative with the valuation. He dropped the valuation from the estate agent by a bit to ensure that we were very likely to fit into a certain LTV bracket rather than push our luck with a slightly higher application amount.
 
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