Just purchased our first investment property at auction :-)
Discussion
My partner and I bought one this week and have a couple of question sfor you budding property gurus who've gone down this route before:
1. Insuring from day of exchange... It's a leasehold flat and is covered under teh overall building insurance policy so presumably this stipulation from the auction company isn't relevant here? Obvioudly we'll insure our contents when we've kitted it out after renovation
2. further docs from seller. What's usual? Should we expect building regs etc to come for recent work like a new fuse box or does this not happen at auction?
3. Insurance to cover renovation - we're going to do some work ourselves and would like to take out cover so that if we damage a pipe etc and it leaks into the flat below then we're covered for that. What sort of insurancew covers this or would general contents cover do the trick?
Thanks folks!
1. Insuring from day of exchange... It's a leasehold flat and is covered under teh overall building insurance policy so presumably this stipulation from the auction company isn't relevant here? Obvioudly we'll insure our contents when we've kitted it out after renovation
2. further docs from seller. What's usual? Should we expect building regs etc to come for recent work like a new fuse box or does this not happen at auction?
3. Insurance to cover renovation - we're going to do some work ourselves and would like to take out cover so that if we damage a pipe etc and it leaks into the flat below then we're covered for that. What sort of insurancew covers this or would general contents cover do the trick?
Thanks folks!
Edited by Sarah_W on Friday 5th June 16:54
1. Do you mean it's insured by the landlord? If the property is actually insured, fine.
2. You will generally only get what's in the auction pack, though that depends on how well it was prepared, so you might get more - but don't expect anything you haven't already seen.
3. Not particularly relevant to auctions - should just be covered under your normal buildings policy I'd have thought, but since that's likely to be put in place by the landlord, check first then ring a broker to arrange cover if it's not already covered.
2. You will generally only get what's in the auction pack, though that depends on how well it was prepared, so you might get more - but don't expect anything you haven't already seen.
3. Not particularly relevant to auctions - should just be covered under your normal buildings policy I'd have thought, but since that's likely to be put in place by the landlord, check first then ring a broker to arrange cover if it's not already covered.
Dupont666 said:
where is the location of the property?
did you go for SW london?
We got a good price on a place near Stretham Hill. It needs a lot of work including a new kitchen and bathroom but we're very excited about it and intend to do most of the work ourselves. The only thing we're unsure about is whether to keep it as a 1 bedder or to move the kitchen into the lounge and make a small single second bedroom. We're planning to sell in a couple of years so more interested in teh sale value than getting a bit more on the rental.did you go for SW london?
Sarah_W said:
My partner and I bought one this week and have a couple of question sfor you budding property gurus who've gone down this route before:
1. Insuring from day of exchange... It's a leasehold flat and is covered under teh overall building insurance policy so presumably this stipulation from the auction company isn't relevant here? Obvioudly we'll insure our contents when we've kitted it out after renovation
2. further docs from seller. What's usual? Should we expect building regs etc to come for recent work like a new fuse box or does this not happen at auction?
3. Insurance to cover renovation - we're going to do some work ourselves and would like to take out cover so that if we damage a pipe etc and it leaks into the flat below then we're covered for that. What sort of insurancew covers this or would general contents cover do the trick?
Thanks folks!
Fair play to you for taking the punt! 1. Insuring from day of exchange... It's a leasehold flat and is covered under teh overall building insurance policy so presumably this stipulation from the auction company isn't relevant here? Obvioudly we'll insure our contents when we've kitted it out after renovation
2. further docs from seller. What's usual? Should we expect building regs etc to come for recent work like a new fuse box or does this not happen at auction?
3. Insurance to cover renovation - we're going to do some work ourselves and would like to take out cover so that if we damage a pipe etc and it leaks into the flat below then we're covered for that. What sort of insurancew covers this or would general contents cover do the trick?
Thanks folks!
Edited by Sarah_W on Friday 5th June 16:54
Do you or your partner have any building / renovation experience?
Edited by cinque on Monday 8th June 10:31
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