QUICK BUY NEEDED - Companies who buy properties

Heidibag

I can't see why its not remortgagable. I think the lease is about 60 years now. And other flats within the blocks have sold.

G_M

Heidibag wrote: »

Thankyou for pointing that out davidmcn, however as that was 2017 I thought i'd ask the question again.

because since then a super-wizard new company might have sprung up offering market value with Exchange in 10 days and Completion 3days later......

lisyloo

Heidibag wrote: »

I can't see why its not remortgagable. I think the lease is about 60 years now. And other flats within the blocks have sold.

Because the value will drop as the lease gradually runs out so mortgage companies are cautious.

Other flats may have sold to cash buyers.

Can you answer the questions above please from eddddy.

This would be more helpful than guessing about mortgages and other sales and making incorrect assumptions,

hazyjo

Heidibag wrote: »

I can't see why its not remortgagable. I think the lease is about 60 years now. And other flats within the blocks have sold.

Might they have already extended their leases though?


See here for info:


https://www.moneysavingexpert.com/mortgages/extend-your-lease/


Anything under 80 is low. Anything under 70 is hard to mortgage (some even higher, and a few may lend on around 65, but not many).

agrinnall

If this is the same property as 2 years ago why haven't you used that time to extend the lease and make the proprty vastly more attractive than it is now?

lisyloo

Crashy_Time wrote: »

The price drop threads don`t seem to be popular on here?

There are always losers unfortunately.
A short lease is a red flag that most buyers would pick up on themselves and if not their conveyancer should certainly have advised them and they should have factored that into the price when buying.

This person doesn't seem to have appreciated that a short lease makes properties unmortgageable which affects the values as they are limited to cash buyers as well as the value being affected by the short lease.

Not sure how they have missed out on that advice but there will always be losers if people don't take account of the risks they are taking and the fact that property is not liquid.

We also don't know what this person has been doing for 2 years !!
Clearly if they want to liquidate in a hurry they'll have to take a haircut but that's because they (or someone else) has made some bad decisions.

steampowered

Just put it up through an estate agent. Just price it to sell quickly.

Of course the short lease will put a lot of buyers off, so either get it extended or declare the short lease in the advert.

Heidibag

Many thanks for the advice everyone, it would seem that i will be one of the losers in this case as when we bought the property we never advised about lease lengths etc. We were also first time buyers and of the generation whereby our parents bought houses as their first purchase and therefore did not have advice to hand to down. I shall not post on here anymore regarding this subject unless it is to update the outcome.

DCFC79

So what are you going to do ?

Is this the same house you asked about in 2017 ?

agrinnall

From your signature:


"I am not allowed to tout for business at all."

So what do you call this:

OpenProperty wrote: »

Please contact me if you have any further questions or visit my website [spam website deleted]

As it goes on to say in your signature, I am reporting your post and I suggest others do too.