please help this FTB

pushsneha

I am first time buyer , applied for mortgage to Abbey. But they are taking hell lot of time, already 8 weeks and still no hope for rapid decision. I spoke to mortgage advisor and he said there aren't other lenders willing to borrow me mortgage.
I am planning to buy one flat which is ex-council and there are 8 floors in the building. the flat I am planning to buy is on 3rd floor.
Flat value is £120000 and I have 25% deposit so I will need £90000 as mortgage. Our joint income is around £68k per annum. credit history is excellant with no loans, default whatsoever.
Could someone please tell me about any lenders which can offer me mortgage for such flats(ex-council, 8 floors and leasehold with 120 years remaining).
any help will be really appreciated as seller is getting annoyed understandably and before he put this property in market again I want to secure mortgage asap.

could someone please advise if it is fine to buy ex-council flat ?


many thanks in advance,
Push

pushsneha

could someone spare a thought on this please

getmore4less

can't comment on the lending criterea for flats

Why go for that flat now? what else is in your price range? or could be with a bit more saving?

on £68k you should be saving a fair amount each month.

Prefer freehold house myself.

Hugbubble

Can't help much other than to say when we were buying our flat- which isn't ex-LA- a couple of years ago, the lender queried it after we said we were on the 4th floor. According to our broker, lenders will query anything above 3rd floor because most aren't willing to lend on a ex-local authority high rise.

I wouldn't advise buying one.

Cannon_Fodder

If you are having trouble now, any future buyers will have the same trouble, which limits your market and therefore the price you can command...

The seller will be getting worried about losing his only buyer. Not sure you need to worry about a queue forming to buy an ex-LA high rise flat...

pushsneha

Thanks to everyone who has replied. I completely agree that even if we are struggling (25% deposit and good perm job) then obviously we will find it really difficult to sell it later on. Even I thought that but as a naive , I was really confused. For time being I am giving up this idea of buying this high rise ex-council flat apart from complete uncertainty of service charges.
once again, thanks for your kind advise.
regards,
Push