Buying from my landlord & general mortgage advice

studavis

Hi all

I have lodged with a friend of mine for approaching 10 years - he bought the flat as a new build at that time and I have paid him rent during this time. He now wants to move on and buy a house, and it makes sense for me to make him an offer on the flat, which he is happy with.

He has had the flat independently valued at £93k (more or less what I expected), and having lived there for 10 years, I'm more than happy with it.

I have a £29k salary, a £16k deposit and no debts (bar a student loan at £11k). I also assume I have a good credit history (no CCJs, no problems ever with credit cards, paid off my one car on HP on time etc). Yearly stuff such as flat service charges and freehold charges come to £1100 per year so I'm fully aware of those.

What I'm not sure of now are my next steps? I obviously need a mortgage, so any hints and tips, ideas etc based on the above information is much welcome. Do I need to get a survey done (reqd by law?). I'm looking at paying approx £400 a month just on the mortgage (prob over 25 yrs) - does that seem fair?

Thanks, any questions please feel free to ask

Senior_Paper_Monitor

Your will be saving him agents fees, rent void period (and ignoring what I suspect is an unapproved renatl) and you should have that reflected in price. My immediate guess £90K

The rest sounds easy - survey in terms of valuation will be provided in mortage process and you can upgrade to a hoomebuyers report if you wish (prtobably not worth it in your case).