UK housing advice and discussion
Just lost a round of best & final offer bids by ~50k - are FTB’s completely locked out of the market?
Say you have a 10% deposit, and you overpay, but the bank downvalues the property, how are you supposed to make up the difference?
For context, these are period properties in the ~£500k range, southeast uk so pretty high demand.
Hi , i remember checking houses few years ago in X area for £550 , You would have no issues finding semi d, driveway,garden,2 rooms but nowdays you can barely find nice looking modern terraced house for £600, just wondering are we expecting even more raise . If you keen to move would you aim to find house ASAP , or you would wait ?
I'm looking at getting a small 1 bed apartment for £50k in North of England. It is very cheap but not able to get a mortgage on it due to a short lease. So I can buy the apartment in cash, and pay about £10k for a lease extension.. can I then get a mortgage as Im just 26 and don't want to lose all my cash savings.
This is my only house/mortgage.. I've read I would need to wait 6 months which would be okay I guess by the time I do it up and renovate etc. Once renovated I expect it to be worth about £90k, however im also thinking about putting it up for AirB&B.. Would this class as a buy-to-let mortgage.. I have googled it and it says lenders may be hesitant to lend due to it having risks of money laundering, but a lot of the sources are US based.
I am looking at purchasing a flat with 90 years left on the lease in one of several buildings within one estate. This lease would give me more than enough time to extend the leasehold without having to incur the marriage value.
However, the landlord of the leasehold on this flat is not the freeholder of the land, they themselves have another lease, how long that is I am yet to find out from my solicitor / vendor / estate agent (all of whom are being as helpful as expected). The actual freeholder is a limited company that goes by the name of "Estate LTD", all the officers of which are listed as being residents of these blocks of flats. I assumed when I saw that that each leaseholder/ flat owner was entitled to one share within this limited company, effectively a form of collective enfranchisement, however this does not appear to be the case (solicitor and estate appear unable or unwilling to clarify this).
With all this in mind? Where would my rights stand when it came to extending the leasehold. I can't find anything on the various government / QUANGO websites for this scenario? Should I just pull out now and save the legal fees?
EDIT flat and myself are in England
Say for example someone lost their job, they would inform the mortgage company who could potentially pause payments for 3 months. What then ? Hypothetically speaking what happens if one doesn't manage to secure employment ? Does the bank then re-negotiate mortgage terms ? Switch to interest only ? What happens when that becomes unaffordable ? Is it possible that things drag on for a couple of years or does a house get repossessed within 6 months or so of defaulting ?