Adverse buyers - landlord has offered to sell to us

Legacy_user

We have a great relationship with our landlord and she has said they would happily sell us the house next year if we are ready to buy, which is fab news as that would be the perfect scenario for us.

Does this make things more complicated with a house sale, or more straight forward?

We will be a slightly quirky case as we will fall under the adverse category - i have a 12 month old settled CCJ and 3 settled defaults (all 2yrs+), my partner has little credit history (he's also not a FTB)

If we could get 90%ltv that would be a godsend!

[Deleted User]

What was the value of the CCJ's and defaults?

robatwork

It makes things more straightforward as you don't have to move, and won't be worried about giving notice and the sale falling through. Also you may well decide not to bother with a survey as you know the house.

But the mortgage may be tricky so you need a broker.

System

The CCJ is £1000, the defaults are £700, £73 and £100 (the latter is an O2 one). All paid off.

System

robatwork wrote: »

It makes things more straightforward as you don't have to move, and won't be worried about giving notice and the sale falling through. Also you may well decide not to bother with a survey as you know the house.

But the mortgage may be tricky so you need a broker.

Thanks, is a survey not compulsory then? Interesting to know.

lr1277

I am fairly certain, if you are getting a mortgage, the mortgage company will get a survey. However this is a basic survey, more of a valuation guide. You can get surveys that go into more detail (for more money), but that is up to you. Especially as you already live at the property, so should know it inside out.

[Deleted User]

MissSJL wrote: »

Thanks, is a survey not compulsory then? Interesting to know.

A survey is not compulsory. A mortgage valuation will be done by the mortgage company. The mortgage valuation is a report purely for valuation purposes and is not a survey

robatwork

Deleted_User wrote: »

A survey is not compulsory. A mortgage valuation will be done by the mortgage company. The mortgage valuation is a report purely for valuation purposes and is not a survey

True - but not only this but some banks won't even come out to your house. While some will want to come inside and do a basic survey, some will drive by and have a look, and some others will just take a look on google maps and streetview just to check the value is in the right ballpark.

Nice way to earn a living as a "surveyor" but there ya go.