Studio for sale BUT only for cash buyers?

slimg

Thanks for the reply all those infos are really helpful...
I just thought there wasnt so much of an issue buying those ex-council flats especially when my budget it's what it is and Im doing my best to buy something around King's Cross/N1....

My concern was not about my mortgage (which I already sorted) my concern is buying the best thing i can with my 250K budget.

Bantex_2

slimg wrote: »

Thanks for the reply all those infos are really helpful...
I just thought there wasnt so much of an issue buying those ex-council flats especially when my budget it's what it is and Im doing my best to buy something around King's Cross/N1....

My concern was not about my mortgage (which I already sorted) my concern is buying the best thing i can with my 250K budget.

depends what your definition of "best thing" is.
What do you mean by already having the mortgage sorted? Not on this place.

Annie1960

slimg wrote: »

My concern was not about my mortgage (which I already sorted) my concern is buying the best thing i can with my 250K budget.

What do you mean your mortgage is 'already sorted'?

Is it 'sorted' in principle, or 'sorted' with regard to this particular studio flat (i.e. has the mortgage lender sent someone around to inspect the studio flat, and have they agreed to let you go ahead?

The risk is that, if you only have a mortgage in principle, they may refuse to lend on this particular property.

thequant

CASH BUYER=PROPERTY NOT MORTGAGEABLE


It really is that simple!


People do not go out of their way to restrict their potential buyers to a small minority of the market because ultimately it will affect the price they can sell for.


OP: You think have spotted a bargain, but it's a bargain for a reason. When it comes to property there's very rarely any free lunch.


Either get the cash together or move on.

slimg

Nah I dont get the mortgage in this place.
I'm getting it from my country where is not an hassle like in UK... it's sorted in 'principles' the bank gave me the green light for 150k £.

amiehall

slimg wrote: »

Nah I dont get the mortgage in this place.
I'm getting it from my country where is not an hassle like in UK... it's sorted in 'principles' the bank gave me the green light for 150k £.

That is on the condition that you buy a house they deem to be worth in excess of £150k. They won't just give you it for any house, their surveyor will come round and they won't lend more than that valuation.

Zoology_Dragon

Annie1960 wrote: »

http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20(Effective%20from%201%20August%202011).PDF

See this link para 17b for the TPOS definition of 'cash buyer'. It means the buyer will not need a mortgage.

You're right but it's true that estate agents sometimes say cash buyer when they mean no chain. We're viewing houses this week and several agents are referring to us as cash buyers because we don't need to sell our property to buy a new one. They're well aware that we do need a mortgage.

Kastanie

It's been reduced several times... still not sold (in central London??)... cash only... the renowned shark of an EA is being really vague...

Almost everybody here - some of whom are hugely experienced in house buying and the London market - is trying to stop you making a really expensive mistake!!

But I'm dying to know where it is that they dish out 150K, no questions asked??

Annie1960

Zoology_Dragon wrote: »

You're right but it's true that estate agents sometimes say cash buyer when they mean no chain. We're viewing houses this week and several agents are referring to us as cash buyers because we don't need to sell our property to buy a new one. They're well aware that we do need a mortgage.

Then they are breaking the Code of Conduct and misleading the vendors. Would you trust anyone who did this?

slimg

Kastanie wrote: »

It's been reduced several times... still not sold (in central London??)... cash only... the renowned shark of an EA is being really vague...

Almost everybody here - some of whom are hugely experienced in house buying and the London market - is trying to stop you making a really expensive mistake!!

But I'm dying to know where it is that they dish out 150K, no questions asked??

Yeah I definitely wont even think anymore about that flat! I do appreciate all replies to the thread!

I got a mortgage putting my parent's house as a "warranty"? My parent's house is worth more than 150K - and that's enough for the bank to dish the cash. Even though I live in UK they agreed the mortgage...which is good!