advice- buying house and consolidating debts.

jpwhittle

we have seen a gorgeous house round the corner from my parents that is currently on the market for £99,950. all the other houses in that area are going foor around £110,000. it looks like this house was owned by an old person who just wants rid as they are leaving all the curtains and kitchen appliances in the house as part of the deal. we are going to arrange a viewing for monday.
The thing is if i buy this house i would have to borrow more than the asking value of the house to consolidate some of our debt into it to make it affordable (although not ll the debt will go in it). the house needs few jobs doing but nothing drastic more just a kitchen and garden. my husband though is in th RAF and currenty has 3more years to serve so getting the jobs done wouldnt be to bad as we can save to get them done and have family that can do them.

What do other people think to doing this. im thinking it wouldnt be to bad as the house is probably worth more than the asking price so would have the money back in theory that im using to consolidate the debts. would any one else do this with a house like this?

Also iv been told if you dont live in a house as your doing work on it you dont pay the council tax for the first 6 months then you can get it reduced. does anyone know anything about this?
thanks

diesel1974

Re the Council Tax:

You may be entitled to an exemption for up to 12 months providing the property is in need of major structural repairs and the property is unoccupied and unfurnished. You will need to supply documentary evidence such as a builder's schedule of works or surveyors report showing what repairs are required to render the property habitable. The length of time an exemption can be awarded is dependent on the type of repairs required to make the property habitable. The Authority can only award a maximum of 12 months exemption in these cases, then a 50% charge is due for the property.

If the property is likely to exceed the maximum 12 months then the owner can appeal to the Valuation Office Agency to request that the property be removed from tax.

lynzpower

Would you be consolidating 13k onto the mortgage?

Perosnally I think this is bloodsy risky, and also means you will be paying interest on the debt WAY longer than if you let the debts run thier course unsecured.

jpwhittle

no not all of it. and we figure as we are raf we an class the first year as paying of the debt then work on the mortgage but ith the security all the payments are going out