Should I seek independent advice?

TunaTwist

I've come into some money from inheritance and would like to use that money on a home, for the kind of flat I'm looking at and the term of repayment means I should own 50+% of the flat immediately and so the risk should be 0.

I don't know though, should I look to pay it off in the short term on my relatively low income?

Should I seek independent advice from a financial advisor? It's quite a lot of money I've come into and housing seems to be the best thing to get into.

McKneff

Buy a house is what I would recommend.

A flat is never, ever your own. Youre buying a lease, not a flat.

TunaTwist

McKneff wrote: »

Buy a house is what I would recommend.

A flat is never, ever your own. Youre buying a lease, not a flat.

But I live in a city, a house is not really a viable solution if I wish to live near the centre of town.

McKneff

A mortgage advisor would be better,

Good luck flat hunting.........

TunaTwist

McKneff wrote: »

A mortgage advisor would be better,

Good luck flat hunting.........

Why are you so against owning a flat? Because the building itself isn't owned by you?

Edit I haven't thought of going to a mortgage advisor, but I think I need more generalized advice on what to do.

McKneff

I suppose its because Ive always lived in a house with a garden.

I looked into a flat once and found that when the lease runs out, it doesnt necessarily mean that it will be automatically renewed. Where does that leave you.

I'm sure there will be more people around later.

TunaTwist

McKneff wrote: »

I suppose its because Ive always lived in a house with a garden.

I looked into a flat once and found that when the lease runs out, it doesnt necessarily mean that it will be automatically renewed. Where does that leave you.

I'm sure there will be more people around later.

I didn't actually know you leased them. I'm completely clueless in that regard.

ACG

When you buy a flat there is a lease (typically 99 or 999 years), lenders will only give you the money if there is around 30 years plus left. So if you do go for a fat make sure there is atleast 50, atleast then your not worrying about the lease when it becomes time to sell.

Im nto sure where you are but in manchester they built shed loads of flats in the centre. A lot havnt been sold since they were originally built, but the decent blocks have been although i think they may have lost a bit of value.

I agree with McKneff you cant beat a garden...ive been sat in mine all day "working" :-P but that isnt practical in a city centre so its swings and roundabouts...you lose the garden but save on commute money and time.

If you rnot after mortgage advice what advice are you after?
If its what type of properties to go for, then i would say do your own research, dont trust estate agents.
After doing some work for an estate agents, i was very surprised at some of the things they tell customers. Im not sure how half of them sleep at night!

McKneff

Even in towns, surely there are some houses, even with back yards where you could have a table and some pot plants.

TunaTwist

I love the idea of a house, but that's future plan stuff!

At the moment I'm wanting a 10 year mortgage and after that I'd rent and supplement my income with that rent or sell the flat (hopefully after it appreciates in value).

I guess my main point is that I'm confused, the only sensible option seems to be to buy, and to buy now (I've heard house prices are only going to go up now, could be crap, could be true) but either way at the moment the money's just sitting in a savings account losing money compared to the inflation rate.

Basically I just need advice!

temba

It could be that buying property is the right thing for you - you have clearly thought it through, but I would say it is definitely worth the money to go to a financial advisor for you right now. Go to an independent one though - you want one that you pay upfront to give you advice, and not someone who will try to sell you something.

Only buy into property if you are actually interested in owning some, and not just because you don't know what to do with your money. There is obviously no guarantee that you will get your money back with houses (to give you an example my sister bought a house with hard earned cash in 2007 and it's now worth LESS than when she bought it) You might be better investing in a company or gold or something entirely different and so you need expert advice.

Good luck though. Sounds like you are quite smart in seeking advice.