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Butts76

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About Butts76

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  1. Hi, I am in the loooong process of buying my first flat. The whole block was built about 6 years ago in Surrey. I have finally had the searches come back and a professional opinion has been enclosed advising that there is potential environmental risk. The block of flats sits where a petrol station once used to be 15 years ago. Surely if there was a significant risk then the flats would never have been able to have been built. As normal the "search" was done over the Internet with no visit to the property, it's strewn with mistakes and then they advise I can take out insurance with them to protect against the risk Does anyone know will have a significant chance that the mortgage would be withdrawn? Reds B
  2. Hi, Rent part is £330 per month I agree about the overinflated prices of new build. Apparently also does the surveyor who has valued it at 10 k lower than the initial purchase price and about 10-15k lower than similar properties in the complex. Yes I really like the area and happy to stay for the long run, I've done some homework and the block is very friendly and it turns out I have a mate in the same block. B
  3. Hi, I've been reading these forums for quite a few years. Some very strong opinions on here but equally informative. After many years of renting and being an advocate of renting I'm looking at my options being the wrong side of 35 and Looking to move back to my home town. Rents are high and it might appear that buying for me might be a better option. 1 bedroom flat top floor no parking £160k shared ownership 40% share on offer £64k I have 20k savings. Now on paper I have the salary and deposit to buy a £160k flat outright however there are no flats in this area at this price. This would lead me to believe that because the flat is shared ownership the current owner has his hands tied due to the valuation from the housing association and this was hinted at during the viewing. They are selling for less than they paid for the flat 8 years ago ( althought his was new build ) other comparable flats in the complex are 10k higher and at no point in the last 8 years since the complex was built has a flat gone for less than £160k. This has led me to believe that I may receive a flat that could be priced at below market value ish :-) another benefit it would appear is that if I buy only 40% then I could afford a lower ltv mortgage which would allow a better interest rate. Because I have the financials to buy the flat 100% ( not allowed at the onset as per housing association) I would be looking at a 2 year fixed mortgage on the 40% part and then remortgage in 2 years and look to buy the rest. Thoughts? So here are my working out any advice or comments on this however strong are appreciated. I was looking to put down the whole £20k deposit so have £46k mortgage If I had this over 12 years at a rate of 2.44% (HSBC website for that ltv) after 2 years I would have £134 k still to pay off at which point I can remortgage and buy the remaining share. The repayments and rent on the above would be the same as 140k mortgage over 25 years at 4.49% and after 2 years I would have the same amount to pay off on both scenarios The benefits are it would appear im getting a flat at less than comparable flats and I don't need to pay stamp duty (yet). Appreciates anyone's thoughts I'm sure if forgotten things Flat is in Surrey Rgds B
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