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Next Step / How to proceed in letting out existing & buying new property
Tra77
Posts: 309 Forumite
We’re looking to purchase a friends property, (which is up for sale with EA) but we viewed privately and agreed a price. As yet I’ve had no contact with EA.
We are in the process of applying for a btl/ltb mortgage (returned signed application forms + docs + val. fee on Monday) on our property we are currently living in (we will be using equity from this property to put down as deposit against new property) and subsequently renting this out.
We have approved application for current lender to port & top up current mortgage for new property. Obviously this is subject to valuations on both our existing and new properties.
How do we best proceed? i.e. instruct solicitors or first wait for valuation to be done for btl and offer to (hopefully) come through?
Also, how do we go on about paying the ‘deposit’ upon exchange of contracts? – I’m confused about this as we’re funding this via our btl/ existing property, i.e. we don’t have the cash in our savings account.
Also, btl mortgage company (my partner has been dealing with them) mentioned something about seeing a tenancy agreement before they release funds?? Maybe I’ve mis-understood but I can’t instruct letting agents to find me tenants and provide agreement until I have funds in place to enable me to purchase and know when I can move out of existing and into my new property.
The friend we are buying from is leaving the country and so no chain. I want to press on (for her sake just as much as mine) but really not sure on how I should/can proceed.
We are in the process of applying for a btl/ltb mortgage (returned signed application forms + docs + val. fee on Monday) on our property we are currently living in (we will be using equity from this property to put down as deposit against new property) and subsequently renting this out.
We have approved application for current lender to port & top up current mortgage for new property. Obviously this is subject to valuations on both our existing and new properties.
How do we best proceed? i.e. instruct solicitors or first wait for valuation to be done for btl and offer to (hopefully) come through?
Also, how do we go on about paying the ‘deposit’ upon exchange of contracts? – I’m confused about this as we’re funding this via our btl/ existing property, i.e. we don’t have the cash in our savings account.
Also, btl mortgage company (my partner has been dealing with them) mentioned something about seeing a tenancy agreement before they release funds?? Maybe I’ve mis-understood but I can’t instruct letting agents to find me tenants and provide agreement until I have funds in place to enable me to purchase and know when I can move out of existing and into my new property.
The friend we are buying from is leaving the country and so no chain. I want to press on (for her sake just as much as mine) but really not sure on how I should/can proceed.
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