Unique Situation - Advise Required!

RussG1980

Good morning guys,

Bit of advice if you would be so kind, FTB so little unsure of the ins and outs of property buying.

My partner has an ex housing authority flat which she purchased the lease on under right to buy 5 years ago. We have just had a baby so are looking to move into a house. We have contacted the housing association who have agreed to purchase the lease back. They have had a survey and a valuation done and we are waiting for an offer from them, they have said it should be with us by the end of this month as they have to agree an offer between themselves before putting it to us.

We have found a house we are really interested in and are unsure as to whether or not we are in a position to put an offer in on it.

Any advice appreciated!

Russ

PasturesNew

Do you have the 10-25% deposit?
Have you had a mortgage in principle?
Can you afford it?

Not sure what you're after really, but that's the starting point.

There will be rules about how long she has to own the flat before selling it in order to "keep" the discount. It might be that under 5 years she has to hand back some of that discount she got when she bought it. You need to dig out the paperwork and check the dates precisely.

RussG1980

We are out of discount repayment period
We have a mortgage agreed
We can afford the property

Just dont know if we are in a situation yet to put an offer in, dont want to appear to be a timewaster.

Thanks

PasturesNew

Ah, you mean because of awaiting the valuation.

I'd wait until the valuation was in my hand, sit down and go over it first, then decide.

If you think you'll sell it, then is the time to start viewing properties because you've decided you ARE selling.

No point viewing etc until you've got the actual hard figures in your hand.

Emmzi

Wait for the valuation so you know exactly what you can offer

ciano125

Get your own valuation as well!! If you were selling your car would you allow someone who came to look at it to "value" it for you and tell you what it was worth or would you do some research yourself first??

RussG1980

Thanks Guys

Not too worried about the valuation as it has been done by the District Valuer so its pretty independent. Will sit tight until we get firm figures though.