I already have my name on a buy to let so cant buy in London - HELP

kikilamour

I got my first job about 9 years ago (age 21) and was able to get a buy to let mortgage for a property which cost £50,000 in Coventry. I live in London. It was the only place I could afford to buy a house with my dismal salary and back then I thought it was a good idea to invest something

I have been renting at a discounted rate in London for the past few years (basically house sitting) hoping for a foot in the London ladder however I have been told that to be eligible for one of the London schemes with part buy/part rent I can't have any property already. This puts me in a bind as the lady in the Coventry property is going to be there for awhile as she is a council tenant

My mother (council tenant in London) suggested moving the mortgage or the title deeds to her name - not sure if that is ever feasible or possible or legal?

Please give any advice you can as I am becoming increasinglydesperate

paddedjohn

does your mum earn enough to take on a mortgage?

kikilamour

Hey

That was actually a stupid suggestion - no she doesn't as she is disabled.

I know places like Barratts, Taylor Wimpey take part exchange - but part exchange with a tenant?

Can I put her on the deeds whilst I keep handling the mortgage?

I have actually realised there are quite a few organisations in the South East with various requirements however I am at the bottom of the list as I am not a keyworker, in the armed forces or a first time buyer

I never thought I would see the day when I would regret taking initiative and investing in a property

jamie11

Sell the property in Coventry to another landlord, then you are free to buy in London. I hope you have deep pockets.

brit1234

Could be a good thing if it temporary stops you buying a shared ownership property. Is there any way you can buy a normal property if you sell your rental, that way you won't suffer many of the shared ownership problems.

maninthestreet

How can the person renting your buy to let property from you be a council tenant? Surely you are her landlord, not the council?

kikilamour

brit1234 wrote: »

Could be a good thing if it temporary stops you buying a shared ownership property. Is there any way you can buy a normal property if you sell your rental, that way you won't suffer many of the shared ownership problems.

Erm problems? The schemes seem okay. What problems occur?

No. My salary at the moment is £25,000 so I dont even want to think of approaching any mortgage companies as I will get laughed out of the building even with a £12000 deposit. Which is why the part buy part rent is such a tantalising option

Loopgames

kikilamour wrote: »

This puts me in a bind as the lady in the Coventry property is going to be there for awhile as she is a council tenant

My mother (council tenant in London) suggested moving the mortgage or the title deeds to her name - not sure if that is ever feasible or possible or legal?

Please give any advice you can as I am becoming increasinglydesperate

Firstly don't act hastely in your desperation.

Secondly do you mean you have leased the property to the council for a number of years?

Thirdly you can still sell your property with a 'for investors only' announcement. You can do this via estate agent route or auction.

Fourthly there is nothing wrong with your sound investment decision - as long as you are earning something from the investment. That's not something to be sniffed at.

Loopgames

kikilamour wrote: »

Erm problems? The schemes seem okay. What problems occur?

No. My salary at the moment is £25,000 so I dont even want to think of approaching any mortgage companies as I will get laughed out of the building even with a £12000 deposit. Which is why the part buy part rent is such a tantalising option

Which part of london are you looking to buy in? and is it a house you are looking for or a flat?

kikilamour

Loopgames wrote: »

Firstly don't act hastely in your desperation.

Secondly do you mean you have leased the property to the council for a number of years?

Thirdly you can still sell your property with a 'for investors only' announcement. You can do this via estate agent route or auction.

Fourthly there is nothing wrong with your sound investment decision - as long as you are earning something from the investment. That's not something to be sniffed at.

Thanks for the advice Loop. It is all very correct. Yes I leased it to the council as I honestly didnt think owning it would be a problem.

I see you live in London - I am currently looking at the part buy part rent options and everything else out there - from First Steps, Taylor Wimpey, Barrats etc These schemes seem quite popular and I am just wondering if there is anywhere I can go to for more advice or to read up about them. London is not the best city to get stung

kikilamour

Loopgames wrote: »

Which part of london are you looking to buy in? and is it a house you are looking for or a flat?

To be honest I do not have much choice on location with my budget do I? Whilst it would be good to remain in Westminster where I live and work I am not holding my breath lol

At the moment I am looking in Northwest London - going as far as Edgware, Hendon etc so I can still be in close proximity to my mother