We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FTB - Limited lease on flat
Comments
-
However, you are unlikely to get the mortgage until the lease is extended.
Before you make an offer, you should try speaking to a mortgage advisor or IFA about getting a mortgage with such a short lease, &/or such a short lease in the process of being extended (it's not instant!)
Yes I'm speaking to a mortgage adviser tomorrow morning. We've spoken over the phone and they've said that a mortgage would be granted on the condition that the lease is extended by the seller to 125 years, so we'll discuss this tomorrow and use this as part of the offer.
Hopefully that'll encourage the seller to extend the lease, otherwise its pretty much an unsaleable flat.
The Great Declutter Challenge - £876
0 -
However, you are unlikely to get the mortgage until the lease is extended.
Before you make an offer, you should try speaking to a mortgage advisor or IFA about getting a mortgage with such a short lease, &/or such a short lease in the process of being extended (it's not instant!)
Having spoken to HSBC, we'd actually be able to get a mortgage (which surprised me), but wouldn't want to as the flat would be impossible to sell in a couple of years.
We'd look to get an agreement on a mortgage on the property with a fully renewed lease. I'm now seeing an IFA on Tuesday
The Great Declutter Challenge - £876
0 -
Short lease and you might not even get a mortgage.
It's cheap for a reason.0 -
Yes that's correct, although HSBC have told me we would be able to....I wouldn't want to!
We're going to make an offer this morning, does this sound reasonable for a start?
£145,000 on the condition that the vendor extends the lease on the property to 125 years.
It's been on sale for 4 months with little interest. The vendor may not have the money to do so but hopefully it'll get the ball rolling and depending on the response, let us understand his situation.
It was up for £185,000 previously and has dropped to £155,000, so do you think this is a fair offer to start, or should we start higher/lower?
We don't want to go above £155,000 if that helps with advice
Thanks for all the help so far, scary!
The Great Declutter Challenge - £876
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards