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Buying First Flat
redr0bin
Posts: 7 Forumite
Hey all,
have been lurking here for a while and reading all the great advice and was hoping that people would be able to help me with a couple of questions.
My OH and I put in an offer for a flat that was accepted :j we are ftb with a 30% deposit. Half of the deposit is our savings, and the other half is from our parents (as gift). First of all, can our parents just transfer the money to our bank account? We weren't sure if that would carry any tax implications?
Secondly, our MA has applied for a mortgage and has told us that the mortgage co has got all our paperwork. We have got our decision in principle but are now waiting for the valuation etc. We have given them evidence of our funds - but only our 15% - not the money our parents have pledged us - will they need to see that too?
And lastly - are we meant to be doing anything else right now? I wasn't sure if we should already start organising a survey, or if it was best to hold off until we definitely know that the mortgage co is going to lend us the money.
Sorry for all the questions - Am finding it all very complicated!! Would be grateful for any answers
have been lurking here for a while and reading all the great advice and was hoping that people would be able to help me with a couple of questions.
My OH and I put in an offer for a flat that was accepted :j we are ftb with a 30% deposit. Half of the deposit is our savings, and the other half is from our parents (as gift). First of all, can our parents just transfer the money to our bank account? We weren't sure if that would carry any tax implications?
Secondly, our MA has applied for a mortgage and has told us that the mortgage co has got all our paperwork. We have got our decision in principle but are now waiting for the valuation etc. We have given them evidence of our funds - but only our 15% - not the money our parents have pledged us - will they need to see that too?
And lastly - are we meant to be doing anything else right now? I wasn't sure if we should already start organising a survey, or if it was best to hold off until we definitely know that the mortgage co is going to lend us the money.
Sorry for all the questions - Am finding it all very complicated!! Would be grateful for any answers
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Comments
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Have you checked how long the lease is? If it is under 82 yaers then you may get caught with having to pay to get it extended when you want to sell.
Have you talked to the other people in the building to see what they are like and how the place is managed?
Don't go wasting money on fees for mortgages until you have done those basic checks.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
It's a house conversion so only the flat downstairs. The lease has 90 years left and we pay £20 p.a. ground rent. Ours is the first floor flat and we would be responsible for the roof and ceilings of downstairs.0
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It's what the vendor's have told us. We still need to double check it on the lease.0
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