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Studio for sale BUT only for cash buyers?
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slimg
Posts: 21 Forumite
Hello everyone,
Is been a couple of months I'm looking to buy my first property and as expected it's such a struggle
.
I recently saw a really interesting ad from Foxtons (which I have been told to stay away from...but oh well!). It's a really good size studio flat (321 Sq Ft) in King's Cross area in London...for 250K.
I saw the ad online for a while but I never though to give it a shot...but now is getting harder and harder so I went to Foxtons the other day to have a chat.
Basically they told is it for sale for CASH ONLY buyers... Im a first time buyer so pretty new to all these...but what would be the difference if I pay taking a mortgage? In 10-20 days I will be still able to give them the cash no?
The flat looks pretty good for the price and the location is simply tip top....I have 100K cash and Im just think if it will be the case for me to borrow cash from all sort of relatives (so I get the flat) and then get my mortgage to pay back my "lending relatives"??
I just feel really worried for this cash-only transaction
The flat was listed for 280K months ago, then dropped to 270K and now 250K - which is strange since everything is going up at the moment?
Hope anyone can give me advice
J
Is been a couple of months I'm looking to buy my first property and as expected it's such a struggle
.I recently saw a really interesting ad from Foxtons (which I have been told to stay away from...but oh well!). It's a really good size studio flat (321 Sq Ft) in King's Cross area in London...for 250K.
I saw the ad online for a while but I never though to give it a shot...but now is getting harder and harder so I went to Foxtons the other day to have a chat.
Basically they told is it for sale for CASH ONLY buyers... Im a first time buyer so pretty new to all these...but what would be the difference if I pay taking a mortgage? In 10-20 days I will be still able to give them the cash no?
The flat looks pretty good for the price and the location is simply tip top....I have 100K cash and Im just think if it will be the case for me to borrow cash from all sort of relatives (so I get the flat) and then get my mortgage to pay back my "lending relatives"??
I just feel really worried for this cash-only transaction
The flat was listed for 280K months ago, then dropped to 270K and now 250K - which is strange since everything is going up at the moment?
Hope anyone can give me advice
J
0
Comments
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It possibly means you can't get a mortgage on the property for some reason - if you have a google there are various things that make flats unmortgeable.0
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Maybe the property is unmortgageable for some reason. Perhaps it has a very short lease or something?
You need to ask the EA why they want a cash buyer.0 -
Probably it is unmortgageable for some reason (hence why only a cash buyer).0
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The agent at Foxtons she didnt remember the lease but she said she was sure it was nothing too short...0
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Studio flat. Most mortgage lenders will not mortgage theses hence the cash purchase only.0
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I suspect it is in a high rise ex council block.0
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Hi slimg
Is it this one, by any chance?
http://www.zoopla.co.uk/for-sale/details/30943234
If so, it looks like it's an ex-local authority, 5th floor studio. So it will be very difficult, if not impossible to get a mortgage.
It looks like it went on the market at £300k in October 2013 and it's now down to £250k.
They've probably had other buyers drop out who needed a mortgage, because they couldn't get one. So they're now insisting on a cash buyer.0 -
It means there is something wrong with it. Prices are only rising in London and you can get mortgages on studio flats. So it must be short lease or ongoing dispute or a freehold flat or something.
EA doesn't know the lease length. Bull****. Note the standed rule of EAs lying is double when dealing with Foxtons.0 -
Hi slimg
Is it this one, by any chance?
http://www.zoopla.co.uk/for-sale/details/30943234
If so, it looks like it's an ex-local authority, 5th floor studio. So it will be very difficult, if not impossible to get a mortgage.
It looks like it went on the market at £300k in October 2013 and it's now down to £250k.
They've probably had other buyers drop out who needed a mortgage, because they couldn't get one. So they're now insisting on a cash buyer.
How many beds in that room ? If I'm not mistaken, I count 3 double beds in a studio flat!!!0 -
the room is 16 x 13 so you could fit the 2 doubles that i saw - (2 doubles and a sofa?!)0
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