First Mortgage help

Geordie_Aaron

Ok, me and the mrs are wanting to buy my parents' (seperated) house, it was valued just before we went into the recession at £100-110,000, and with all this mentioned recession ETC ETC they've reduced the price to £70k.
So we are wanting to sell the house privately so we can save my parents as much of their money as possible as we'll be selling the house for a profit in a few years anyway.... now.

I've had a quick scout around the internet net - and i'm under the impression that i should be seeing an independant mortgage advisor to get us the best deal......any suggestions?

can you good folks give me all of YOUR PROS & CONS of doing this, and any problems you faced ETC ETC

this is our first mortgage and very wary of what we're doing lol

all help greatly appreciated

Regards
Aaron & Nikki

Geordie_Aaron

also.... should i use the same solicitor as my father is using for part of the seperation? (50/50 has already been signed by both parties of house sale) and perhaps i could get a 'discount' on fees for this since its all tied in together?

Geordie_Aaron

Anybody have any comments on this?

Annisele

There are all sorts of potential conflicts of interest here.

Regarding the solicitor - it's possible that the solicitor would refuse to act for both you and your father. Your interests are likely to conflict (because he'll want the highest price for his house, and you'll want to pay the lowest price).

How much of a deposit do you and your wife have / how much do you want to borrow? Are you wanting to live in the property or rent it out? How has the figure of £70k been arrived at - is it the actual market value or are your parents giving you a discount?