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Hi, Personal loan for un-mortgageable auction property?
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At the auction you will be bidding against professional buyers with the cash in their pockets.
If the flat is such a great deal they will outbid you.0 -
Trollfever wrote: »At the auction you will be bidding against professional buyers with the cash in their pockets.
If the flat is such a great deal they will outbid you.
My main concern!0 -
I have looked through the tenancy agreement and I'm concerned that the letting agent for the flat is hometrader group plc. I can only find negative information re the company.... I'd never heard of them until I researched the company on google...... so posters don't have to re-read the whole thread, I'm basically considering purchasing an apartment at auction and it's supposedly got an AST for 6 months with the above letting agents.
I 'm waiting for the legal docs to be sent to me re the Freeholder. 0 -
The letting agents are agents of the landlord, not of the tenant. If you're the landlord (which you will be if you buy the place) then it's for you to choose who your agents are.
I suspect (but I don't know - do check this!) that the LAs relationship with the previous LL won't automatically transfer to you - so if you don't want to use them, you won't have to.
As to the doom and gloom - we can't tell you about the positives of the place, because we haven't seen it. In general, the potential positives are "you make lots of money" - and most people can work that out for themselves. The potential pitfalls are a bit more complicated, and they're not always obvious to newbies - so peeps here tend to concentrate on the negatives!0 -
That may mean the price will go well above reserve. Maybe £50k to £60k. What are other similar properties worth? I'd walk away unless you actually had £60k in ready cash to buy the place, kick tenant out, do it up and sell it on.Jack_Johnson_the_acorn wrote: »Btw the property sold for around £110k in 2007 at the peak of the property boom.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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