Whoo, bought a credit crunch flat with a difference

mac1st3 · 29 Jun 2009 at 14:38

holy grap(es)! that's a nice place! good luck on fixing it up, keep us posted on how it's going

Dr House · 29 Jun 2009 at 14:53

Rotty said:
will have to nip up when it's done mate, I'm only about 15-20 mins away

yep do that, its going to take some time as we only just agreed to buy it last week

krooton · 29 Jun 2009 at 15:02

Blackberries said:
Looking very nice already! Any plans on what kind of decor you're going to plump for? Something modern, minimalist and swish I guess?

Yeah, max of £500/week between us (so £125 each). Which yes, is enough to get somewhere good (living room, ok bedroom size, close to a tube + supermarket) if you search a bit, but when compared to this.. .

Have you thought about Zones 2/3?

My place is a 3 double bedroom, huge dining room/lounge, garden, 2 toilet deal and is only £312/week. 5 minute walk to the tube.

http://www.kr00t0n.com/Flat

Yamahahahahaha · 29 Jun 2009 at 16:03

Very nice flat.

Glad to see people getting property they want! (Sister has been house hunting for ~18 months now, still no closer to finding a place)

richyb_safc · 29 Jun 2009 at 16:19

+1 for a build log. This place is going be immense!

GreatAuk · 29 Jun 2009 at 16:31

looks fantastic.

Blackberries · 29 Jun 2009 at 19:45

krooton said:
Have you thought about Zones 2/3?

My place is a 3 double bedroom, huge dining room/lounge, garden, 2 toilet deal and is only £312/week. 5 minute walk to the tube.

http://www.kr00t0n.com/Flat

Nice place

. Yeah most of the places we're looking at are Zone 2. The uni accomodation I've lived in this year was also Zone 2. Wouldn't want to go much further out as the campus and library are off Strand/Fleet Street and we need to go in daily (50 minutes from where we currently are, wouldn't want it to be any longer).

I was probably being a bet pessimistic in my first post but it was merely meant as a comparison the OP's massive future-pad.

Anyhoo, getting off topic, sorry

.

Jeff Lynne · 29 Jun 2009 at 19:56

That place looks ace although the only thing that puts me off is the low roof cutting off large parts of the rooms. It's a good job that they're huge!

Happy · 29 Jun 2009 at 20:10

Man that looks awesome! It's going to be a massive project though, defiantly keep a build log

Congrats.

Chojin · 29 Jun 2009 at 20:18

Nice crib dude, I've briefly visited Chesterfield and seems a nice place.

Would be good to see progress pics

Duke · 1 Jul 2009 at 09:15

Paras, not sure if its too late now but you could have just bought a very very cheap bathroom and kitchen (just the basics) to get the mortgage and then taken it back out again, which would free up your cash to spend on doing it up then.

Dr House · 1 Jul 2009 at 09:28

Duke said:
Paras, not sure if its too late now but you could have just bought a very very cheap bathroom and kitchen (just the basics) to get the mortgage and then taken it back out again, which would free up your cash to spend on doing it up then.

I had thought about that however the problem is I dont know if the mortgage provider requires a completion certificate from the local council. If they do that would cause a problem with calming back the VAT for the build costs.

But I will investigate it. Thanks very much for the idea.

blairw · 1 Jul 2009 at 09:56

You could actually just leave the kitchen and bathroom in for the whole of the build, and make them the last thing to do on the build.

JaFFa · 1 Jul 2009 at 10:04

SideWinder said:
http://www.foxtons.co.uk/search?loc...rm=map&search_type=SS&submit_type=search#main

Example of a 6,000 square foot property...i had to look it up as i couldn't understand how big it was just by looking at the numbers.

that house is 9 million quid. The cheapest mortgage calls on interest only payments of 22,000 a month.

Dr House · 1 Jul 2009 at 10:10

JaFFa said:
that house is 9 million quid. The cheapest mortgage calls on interest only payments of 22,000 a month.

Its in a very expensive area, but still crazy money!

silversurfer · 1 Jul 2009 at 10:45

Looks like a normal house except you have the option of storing an elephant in the middle of every room if you like

Django x2 · 1 Jul 2009 at 10:50

All that space and you're wasting it with 4 en suites. Sorry, but that is fail for me. Two bedrooms can be served quite happily by one main bathroom leaving uber space for more home cinema gadgets and other awesome stuff.

EDIT: Looking at the pics, it's very nice. It may well be 6000 sq ft but actual useable space is much less given the retarded ceiling angles

I'm moving in to my flat shortly. I'm tempteed to put HAL 2000 in there. You should check it out.

D.P. · 1 Jul 2009 at 10:55

spoonz said:
too much sleeping space not enough living space

Exactly.

Django x2 · 1 Jul 2009 at 11:08

Duke said:
Paras, not sure if its too late now but you could have just bought a very very cheap bathroom and kitchen (just the basics) to get the mortgage and then taken it back out again, which would free up your cash to spend on doing it up then.

That alone would not get sign off. Also, Paras may not know this but if its flats, the whole block must be signed off (not just the individual flat) before any mortgage lender or valuer will touch it. This is in the interests of building insurance, which in this case, will be interesting, and NHBC, again, which will be interesting.

Have you looked in to these?

Jez · 1 Jul 2009 at 12:08

Not really sure where the problem here lies wrt the finance. There are a plethora of self build arrears stage payment mortgage products which would suit this project, as well as standard development loan funding from a bank.

I am assuming that you have leverage somewhere else, Paras, secure a development loan on that while construction is completed.