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Advice/Advisor Required Please

butterfly1804
butterfly1804 Posts: 3 Newbie
First Post
in Mortgages & endowments
Hi, is there anyone on this forum who could please offer me advice etc re the following: I have a buy-to-let property which I currently rent out and I wish to remortgage it. However, there is a clause in the head lease until 2025 which gives the owners of head lease first refusal to purchase the property should I wish to sell it. I don’t wish to sell (just remortgage). I can provide further information regarding this. 
Can anyone please help me here? 
Thank you
Ali  

Comments

  • K_S
    K_S Posts: 6,891 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @butterfly1804 Does the property currently have a mortgage? Is there any particular reason you think this clause in the lease might be an issue?

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • butterfly1804
    butterfly1804 Posts: 3 Newbie
    First Post
    Hi, yes it does have a mortgage and I’m trying to remortgage to raise equity from it. It was all going ahead with the lender and then they pulled out. Is there anything you can do/suggest here please? Thank you 
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Lender
    Amount owing
    Potential value(give the clause)
    Amount wanted
    Rent received

  • K_S
    K_S Posts: 6,891 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    butterfly1804 said:
    Hi, yes it does have a mortgage and I’m trying to remortgage to raise equity from it. It was all going ahead with the lender and then they pulled out. Is there anything you can do/suggest here please? Thank you 
    @butterfly1804 Well, it's a positive that it does have a mortgage, so whatever this issue is should not be a total show-stopper.
    - Did the remortgage fall through during conveyancing? What is the exact reason for the decline given to you by the lender or your broker?
    - Is a further advance / additional borrowing from the current lender an option at all?
    If you are using a broker, he/she should be able to run the specific reason for the decline past a couple of potential lender underwriters and give you a realistic idea of what new options you have for a capital raise remortgage. These kind of matters are unlikely to show up in published criteria.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • butterfly1804
    butterfly1804 Posts: 3 Newbie
    First Post
    Thanks. When I reply does it only show you as I’m new here? 
  • MovingForwards
    MovingForwards Posts: 17,158 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Everyone can see your posts.  It's just only 2 people, 3 if you include me, have replied.

    As you're not selling the property the right to first refusal doesn't come into it.

    If you can answer getmore4lesd and KS' questions, you may get more useful replies.
    Mortgage started 2020, aiming to clear 31/12/2029.
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