Spark

It would also have been interesting to have a "not yet" option for people who are planning to leave the UK. I'm emigrating once the sale of my UK home completes...

This post seems to have a few contradictions. You say the bank doesn't look at the "value" of a house, but more whether the buyer can afford to make the payments. You then say that buyers who purchase a shack for R1m are then going bankrupt and losing all. So if the bank sees that the buyer can meet the repayments than why do they then lose all their money? I always thought the SA banks were a lot more "careful" when lending, by having lower income multiples for their loans. IMO it is not practical to easily "rate" houses regarding size/quality of fixtures/location etc. All houses are different and some people are happy with a small house with luxury fittings. Other people require lots of internal space, but may just want a basic kitchen and bathroom. I was rather surprised to hear that houses were not valued by the banks in SA. In the UK the banks send round a RICS surveyor to value the place. This, however, isn't and cannot be an exact science as what a house is worth is a subjective opinion. There could be a variation of 10% in valuations between 2 RICS surveyors, especially when there aren't many places nearby that have sold recently. The only fixed thing about a house is the current size of the dwelling, so in theory a 120sqm place should be worth more than a 100sqm one. Build costs for an "average" SA house is R6000/sqm, so this gives a ball-park figure to value a place based on the size. Most of the other factors, however, are subjective i.e. whether it is in a good area, has quality fittings or is in good decorative order. The size and location of land is also very important in the UK, but isn't such a big factor in SA. I have a 1Ha (2.5 acre) plot of land just outside Gordon's Bay with a glimpse of the sea and this was R1m (equivalent to under £70K 2 years ago). It was zoned agricultural smallholding with permission to build 2 dwellings. This land has now been incorporated into the Gordon's Bay town limits and has been rezoned residential at 20 houses/Ha. So much for my quiet place in the country , but hopefully I can sell it to a developer now for a decent profit .

I think that once a house sells in a street, other people thinking of selling then think it is worth advertising their house with the same agent. It's probably a "if they can sell down the road then they will also sell mine" attitude. I have noticed quite a few places being advertised around me through Intercounty that have now sold. If I hadn't had a previously bad experience whilst attempting to buy through Intercounty I would be tempted to sell via them, as they have sold several places recently. In the end the builder doing up my house made me an offer which I have accepted STC. It is less than what an EA would market the house at, but I don't need to worry about EA fees or even getting a HIP as the house wasn't marketed at the time. The builder approached me asking to buy the place.

I think that most EA's do ask for between 1.5-2% +VAT for selling a house. They will normally quote a slightly smaller percentage if you only advertise with them, but charge slightly higher if you want to place with multiple agencies. There is a place that charges 0.5% I haven't used them, so have no idea if they are any good. Another place I thought looked reasonable value is 121 move. I haven't tried them, but was considering advertising with them - it seemed to be the cheapest way to get my house advertised on Rightmove. Rightmove only allow EA's to advertise. In the end I may have found a buyer for my house privately. The builder I got in to put in a new kitchen/bathroom/heating system asked how much I wanted for the place. I said to make me an offer and I accepted his offer STC. If this falls through I will probably stick it on 121 move. There is a place that reviews the online property websites here. They are certainly cheaper than advertising through a traditional EA, but it may take longer to sell and requires you to show the people around the house.

I went to Ridgeons in Saffron Walden today to collect some Ecotherm insulation for the conservatory. It was a special order item, so I needed to speak to the guy who had ordered it for me. He was in a meeting and the other guys behind the counter said they also had a meeting. They said it was to inform them of some impending redundancies within the company... Apparently Saffron Walden Ridgeons is fairly busy (not much local competition), but the one nearer Cambridge is supposed to like a ghost town.

With new build you can claim the 15% VAT back on the material costs. Cannot do this if renovating/extending an existing house. Even so, over £1900/sqm does sound expensive. Are they specifying expensive fixtures/fittings or putting in lots of en-suite bathrooms? You could easily spend £3000 just on the bathroom suite/towel rail/tiles for a 4sqm bathroom, whereas building normal rooms are cheaper.

Your Father is reaching the age where he may need help with looking after his house, especially if it is a large, old house with a big garden. I would take up the offer as this will give you the opportunity to spend more time with him in his twilight years. Keep working at the LA and see if you are offered voluntary redundancy over the next couple of years.

Yes, you will probably need a HIP. There are a few cases where you don't need one if you look here. I don't have any experience of selling via an auction - only buying and watching "homes under the hammer" on BBC1. They will probably send somebody out from the auction house to view the place and to take an external photo. The auction house will also arrange block viewings on the place. Probably 1 hour on 1 or 2 dys per week for the 3 weeks leading up to the auction. I would probably leave the house "as is", as some builders etc sometimes buy places at auction without even looking inside! They assume it's likely to need totally stripped out, plastered, electrics etc and will bid accordingly. The auction houses will charge a fee up front to list the property and will take a cut of the sale price if it sells at auction (I think they will charge about the same as an EA). I was getting my place ready for the market and I was looking at the following website: Get an offer I don't have anything to do with this site, but I was seriously considering advertising my house here. I got a builder in to fit a new kitchen/bathroom/heating system etc. The builder lives across the road from me and made me a verbal offer for my place which I have verbally accepted. So my house is sold STC, but if things go wrong I might give this website a go. It depends on how much time you have - i.e. can you be there to show people around etc or do you just want the place sold? If you don't want the hassle of marketing the place then putting it to auction could be your best bet. You have the minimum of hassle with viewings and if it hits reserve at auction you will have the money within 1 month. You are unlikely, however, to achieve a brilliant price for the property.

Survey - you get one if you have any doubts about the building. Are there any cracks, smell of damp, loose floorboards or non-level door frames etc? You don't HAVE to get a survey (some people even buy at auctions without even viewing the property! Guide price is usually at least 25-30% below what an EA would advertise the place at. Don't know exactly how they arrive at the price. Sometimes the guide price is put deliberately low to get loads of people interested in viewing. Some places just go for guide prices and some go for significantly more. I saw a derelict 4 bed detached with 2 acres of land in Essex with a £100K guide. Final price at fall of hammer was over £190K! Most properties (but not all) at auction have a reserve price (which is usually around the guide price). If buying at auction you must: Have 10% of auction hammer price as cleared funds as a deposit. You must also bring 2 or 3 forms of ID - including passport/driving licence and a utility bill to prove who you are/where you live. You exchange contracts on the day so have entered into a legal contract to buy the place and complete within 14/21* or whatever days (* varies from lot to lot). If you don't complete within the deadline the sellers solicitors will send you a letter (and charge you £50-100 for it). Normally charge you interest on the full standard amount at BoE +10%. They will normally give you another 14 days to complete. If you don't, they keep your 10% AND they can sell the place to somebody else! Final selling price is very variable - could get a place at 40% below the price of a place in an EA window. Might pay within 10% of what the place is worth. You could pay more than the place is worth if you don't do your research and buy a house with non-standard construction or one with serious structural problems! Auctions are good if you have the money ready and you know what you are buying. You know once the hammer falls the place will be yours within 1 month - no gazumping, no gazundering and no vendor/buyer changing their mind.

Yes, it is probably to ensure that the ANPR computers don't get confused and they know who to fine when you speed/enter a congestion zone/road toll etc... The laugh is if this vehicle was involved in a hit and run incident, the plate is more memorable to the general public than the standard numberplate format. It's just the computers that would get confused.

Great plate, but the cops could pull them over for mis-spacing the letters! Should be WH05 HAT. I used to have an Alfa Romeo 75V6 with A6 VJM. I had spaced it A6V JM as it was an Alfa and the badge at the back said 6V as the Italians do 6V instead of V6. An unmarked police car pulled me over for speeding on the motorway. They were also going to do me for the plate, but let me away with a warning if I replaced it within 24 hours... That vehicle will also fail an MOT, so they will need to change the plates to WH05 HAT once a year to pass an MOT!

I bought LO55 FAT for £495 back in 2005. I figured I might get somebody who owns a gym, health shop or diet pills to buy it. I know the spelling wasn't brilliant, but you cannot buy LOSE FAT! I tried it on eBay several times at £1000 or best offer. In the end a used car dealer bought it off me for £800. I have another one that the bears might like: LO55 BAD This would be good plate for a funeral director, loss adjuster or a bear! I haven't any offers on that one yet. So I guess this plate has lived up to its name and made me a bad loss!

Take it to your local scrap yard and they will give you £10 for it. Use the money to buy 10 litres of diesel!

You are confusing theoretical physics with what is currently physically possible using current technology. Read what they say in your link carefully: If the mass of one teaspoon of water could be converted entirely into energy in the form of heat, what volume of water, initially at room temperature, could it bring to a boil? (litres). That's a very big if (if you pardon the pun) Kurt Barlow is spot on - the calculations on the link either assume you could somehow extract the energy from the water by using either fission or fusion. They have also stated they are assuming all the energy is converted to heat (i.e no energy is wasted as light or sound etc). If somebody does manage to harness all (or even most) of the theoretical available energy available in a teaspoon of water then we wouldn't need to worry about oil running out. And before you ask, my first degree I completed was in Physics.

I did perhaps over-egg the title...but I made you look! Anyway, it is sold STC* (* and mortgage approval, and the builder not changing his mind, and me not changing my mind, and the GBP still existing before completion, and a Stansted bound plane not crashing into the back garden etc etc)

Pay attention at the back, Bloo Loo and stop messing around with Cartman! I have said that I have received a verbal offer which I have accepted STC. I did not say I had achieved a sale! The house is not sold until completion, so I still have a nervous 2 months or so of waiting...

I like it...a bear with a good SOH! A rare beast!

Thanks... I plan to emigrate to South Africa with the money! Yes, seriously - out of the frying pan and into the fire! My wife is South African and she is getting a bit homesick. We are also a bit fed up with living in tiny houses here in the UK. We bought a 2.5 acre plot of land in Gordon's Bay 2km from the False Bay coast. This was zoned agricultural when we bought it 3 years ago but has now been rezoned residential. It was a great plot - it was a smallholding with a "country feel", yet was only 800m from the urban edge. The plan WAS to build 3 houses on the plot - a 4 bed 4 bath place for us with a separate wing containing 2 2 bed cottages to rent out to tourists in Summer and have family/friends over when it is off-season. Several developments have now put our plans "on hold": 1) The land is now right on the urban edge of Gordon's Bay. The plot fronts a dirt track and this is now going to be upgraded to a tar road and is going to be one of the main ways into Gordon's Bay. The good point is the land is worth more money if we can sell to a developer. The bad point is we bought the land to live there ourselves, as it had a glimpse of the sea and was in a quiet, semi-rural location. Over 200Ha around us has been rezoned residential and commercial with 20 units/Ha, so we would be living on the edge of a housing estate with 4000 new houses. A small shopping mall is being constructed 800m down the road. 2) The Rand has strengthened against the £ recently. We were getting over R15/£ and that has gone down to R13/£. This will give us less money to build what we planned. 3) Build and material costs have gone up around 25% over the past 2 years. This is partly due to inflation there being a bit higher and also due to demand for builders/materials exceeding supply as the stadiums/infrastructure is put in for the 2010 World cup. 4) House prices have gone down slightly over there - not as much as the UK, but they are probably 1 year behind us in the global crash. So the plan is to go out there and decide whether to develop the land or just sell it on. I will look for an established business to buy and we will probably rent out there for a year. We will then need to decide whether just to buy a finished place or have one built.

Thanks Sibley. I will keep you updated of any developments, good or bad.

Corrected for you...

Like many people on HPC you've got it wrong again, Cartman! I contacted the builder to give me an estimate for the building work. He said £3K and I agreed. Whilst the builder was working on the house he made me an offer to buy the place...

That's what I like...a well thought out and carefully crafted post! Well done buytoilet!

I had a "homebuyer's survey" done when I bought the house in 2000. The surveyor flagged up the following: 1) Inadequate loft insulation 2) Inadequate loft ventilation 3) Chimney needs repointing I've addressed option 1) by getting the fancy insulation I've addressed option 2 by having ventilated uPVC soffits front and rear I looked at the chimney this year when I fitted a new digital aerial and it didn't look that bad! Maybe the surveyor will flag this up again. The buyer only finds out the RICS valuation either if they pay for a homebuyer's survey OR the surveyor under-values and reports this back to the bank. The bank then tells the buyer what the surveyor values the place at if it is significantly less than the offer. The seller doesn't find out the valuation figure at all (unless it is bad news and the buyer pulls out! So no news is good news when dealing with surveyors!

In the 8 years the place has had some improvements: 1) 3.3x3.2m conservatory (fully double glazed including the roof - not a cheap polycarbonate roof one!). This cost over £12K in 2003. Wall between conservatory and kitchen taken down by builder and new Devimat under-tile heating being installed. 2) All the soffits/fascias/guttering replaced with maintenance free uPVC in 2005. 3) Kitchen with solid oak doors and solid oak worktop. All appliances except the washing machine are top-end integrated AEG/Siemens ones that cost over £3K alone. Built-in oven/microwave/induction hob/larder fridge/separate freezer/dishwasher, all brand new and being fitted by builder. 4) Builder ripping out original 1970's oil boiler and fitting new combi oil boiler (cost £1400+) and all radiators being replaced. Doing away with cold water tank in loft and hot water tank in hall. New stainless steel heated towel rail in bathroom. 5) New Italian toilet and basin. New spa bath. New recessed thermostatic shower. New Italian bathroom tiles. Under-tile heating in the bathroom. 6) Solid mahogany doors throughout the house (hand-built in the 1970's). The builder said these were worth £200 each and I have 6 that I bought on eBay for £60 the lot! 7) Because I took away an outside wall between the kitchen/conservatory I needed to super-insulate the loft to satisfy building control. The loft already had some 4" insulation and some 6" insulation and was boarded for storage. Needed to buy expensive Foamglass insulation and Thinsulate SLX foil to insulate the apex instead (over £600 for materials alone). I think it was well worth taking the wall down, as it makes the kitchen and conservatory both feel much more spacious. So I've easily spent £25K on the place doing improvements, which the property valuation sites like Zoopla don't take into account. Luckily the builder likes all the fittings I've bought to refurbish the place and last week he joked that I wouldn't move once I saw the finished place. He couldn't believe I got the doors for only £60 - it might even have been the doors that sold the place as he was raving about how you couldn't buy mahogany like that any more.

The way I look at it is I want to sell and the house could end being on the market for a month or 2 before with an EA before getting a "reasonable" offer. The builder advertised his place via an EA in May 2008 so it took 12 months to get an offer! A "reasonable" offer now (before advertising) is £5K or so below what I would need to achieve via an EA just get the same money in my pocket. I would probably end up spending another £1K painting, decorating and doing up the garden to clinch a deal. Looking at the sums: Assume an "offer" price of house via an EA is £210K. I pay builder £3K for kitchen/bathroom etc. Spend another £1K on garden/decorating etc. Spend almost £5K on EA and HIP fees. What do I come out with at the end of the deal? Roughly £201K on a £210K sale! There is also now a bigger possibility of the RICS surveyor "down valuing" the place. If they say it's only worth £195K, that's over 7% lower than the offer price. This could be the difference between a buyer getting a mortgage at 85% LTV and not getting a mortgage because the bank doesn't want to lend! It's not worth the hassle and extra risk just so I get another £4K out of the deal. If the builder buys at £197K he is buying with the decor and garden "as is". He is happy as he can add some value and decorate to his taste - not mine. He is saving around £10K on what the place could go for selling through an EA. If the RICS surveyor says the place is only worth £195K and he is paying £197K then that is unlikely to be a deal-breaker. He is more likely to complete if he is getting My risk is I'm not doing the extra work on the place, so it will put my house sale back 1 month or so if the builder doesn't complete or tries to negotiate the price down for whatever reason.