Credit Check

DVardysShadow

seven-day-weekend wrote: »

We are going to extend the lease once he has bought it.

The mortgage advisor was not from the Estate Agent. He was from a Building Society and they will lend on leases down to 55 years.

It is not a rubbish property, it is a flat in a very popular development.

Thanks for your other advice though.

Extending is a wise move. You need to take this to the Housing forum. It is best to get the current owner to initiate the process of extending now and your son to finish the process once he has completed - otherwise he may have to wait 2 years before he can do so in his own name.

Myself, for one like this, I would go to an independent mortgage broker to find the right deal - and I would expect better advice about the credit card. Was the Building Society offering the card?

OK, I was a little outspoken about the property, but there is a reason it is going cheap. I guess it dates from about 1978. If there are a lot of original owners in there, you may find that very few of them have renewed - making the place into something of a cheapsville, which in turn could attract some of the wrong buyers over the next few years

seven-day-weekend

The owner can't afford to extend the lease (which is why we are getting the flat so cheap), but she is going to assign the right to extend to our son so that he does not have to wait two years. We got this advice from the Housing board a month or so ago.

We know these flats well, they go for around mid £60k with a short lease (we are paying £65k) and around £80-90k with an extended one; it is between £10-£14k to extend the lease and this partiicular flat is immaculate, and has all the kitchen appliances as well as carpets and curtains, our son can move straight in and not even have to buy much furniture. It's a bargain for a decent-size two-bed flat in a nice area.

It was not the BS offering the card, he just said to get one.

We are helping our son tomorrow and seeing some more people about mortgages.

http://www.rightmove.co.uk/property-for-sale/property-23793520.html

seven-day-weekend

Just to let people know, our son has today been granted his mortgage:beer::T - his credit score came back as 'medium'. We didn't go back to the guy who mentioned the credit card, we went to an Independent Mortgage Broker.

Thanks all!