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FTB - please help! Solicitors / DIPs and lease extensions!
supersezzie
Posts: 112 Forumite
Hi guys,
I've seen a property I like with a way too short lease and the estate agents have said that the owner is willing to incorporate them extending the lease in the deal (I've made it clear I'm not interested if I have to do it myself as I don't want the hassle and the 2yr wait).
As a first time buyer, I'm clueless...can you help with what happens next?! Do I make an offer or go to a solicitor first? If it takes time for them to extend the lease, how do I ensure that they def sell it to me and not someone else - do we exchange contracts in advance of the lease extension or do I have to take their word for it? What if they can't afford to extend the lease without me paying first the money for the property?
The other thing is, I'm not even sure how I go about the offer stage as I have been worried about the credit check issue so I don't yet have an agreed DIP. I have been speaking to an independent broker but have no provisional mortgage to show as yet. I'm wondering at what time I should apply - I really want to shop and compare my broker's deals to some others but I don't want to damage my credit rating, especially if I need to wait months for a lease extension before I should apply for a mortgage.
Can anyone help simplify this into a step by step process?!
Thank you!!!! :-D
I've seen a property I like with a way too short lease and the estate agents have said that the owner is willing to incorporate them extending the lease in the deal (I've made it clear I'm not interested if I have to do it myself as I don't want the hassle and the 2yr wait).
As a first time buyer, I'm clueless...can you help with what happens next?! Do I make an offer or go to a solicitor first? If it takes time for them to extend the lease, how do I ensure that they def sell it to me and not someone else - do we exchange contracts in advance of the lease extension or do I have to take their word for it? What if they can't afford to extend the lease without me paying first the money for the property?
The other thing is, I'm not even sure how I go about the offer stage as I have been worried about the credit check issue so I don't yet have an agreed DIP. I have been speaking to an independent broker but have no provisional mortgage to show as yet. I'm wondering at what time I should apply - I really want to shop and compare my broker's deals to some others but I don't want to damage my credit rating, especially if I need to wait months for a lease extension before I should apply for a mortgage.
Can anyone help simplify this into a step by step process?!
Thank you!!!! :-D
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