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stefan_k

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  • Website URL
    https://skey.uk

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  • Location
    Edinburgh
  • About me
    I write algorithms and love to sit under sun
  • Property investment interests
    Buy to let
  • My goals
    passive income

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  1. Thank you Julia, I think that is even better solution.
  2. Hi, My girlfriend bought a flat through builder scheme 10 years ago, where the builder owns 25% shared equity. It was an no interest 10 year loan incentive. My partner is not working and so she can't remortgage the property to pay off shared equity. On the other side I have enough cash and that could buy that shared equity, but I have 2 questions: A ) How much does it cost to transfer the equity to my name? B ) I plan to buy my first home next year on mortgage and as I know, one does not pay stamp duty if it is my first and main home. Would this shared equity ownership affect me paying stamp duty or mortgage next year?
  3. Thank you Julia. It is good to know that it depends on situation and both parties might pay for fees. The house is new build, less than 5 years old and no work was carried out on it since it was completed. The house was on market less than a week before getting an offer, so cards were clearly in my hands. The fact is that I keep all documents and I didn't receive any such certificate about extra work from builder. So I felt like our solicitors are making up all this just to make themselves important. Anyway, the sale was completed yesterday without confirmation from council.
  4. Hi, I am selling my property in Manchester and I am total newbie in laws. The buyer solicitor requested confirmation from council that all planning permissions relating to the property have been satisfied. Now my solicitor (seller solicitor) is chasing this and there is a fee £116 to get this from council. It looks like they want me to pay for this confirmation. I don't think it is right that I should pay for it. It should be the buyer who should pay for it. If buyer decides to do various checks on the property, searches and valuations, all those expenses should be on their side. But I am probably wrong. Can someone explain me, how can I find out who should pay which fees in future? Is that an usual stereotype or are such fees something we agree with offer?
  5. Hi, I accepted offer to sell my house and my current 5 years fixed mortgage with Nationwide ends in 3 months. I have seen online that in last three months I can switch to new mortgage. Is it possible to switch to variable mortgage just few weeks before the sale? What are the fees when switching to new mortgage? How long does it take to switch mortgage in same bank? Could they still charge me Early Repayment charge if I sell before 5 years from original mortgage?
  6. Hi, I'm selling my 2 bed house in Manchester and all was set up and ready for completion, when buyer was furloughed in beginning of March. Her bank didn't approve the mortgage until she goes back to work. Will bank release the mortgage money as soon as she will go back to work? Or does she have to bring few payslips after she starts to work to prove that she can afford the mortgage? While waiting for buyer to go back to work, I am thinking about plan B. Plan B: I potentially don't want to sell the house but to rent it out. It is 2 bed house bought for £115k as a new build 5 years ago. Currently appraised at value £135k. I bought it with Help to Buy (HTB) as my first and only property and so government org owns 20% of selling price. HTB properties can't be rented, so I assume, I have to buy the 20% share for HTB. I could do that easily, if I would remortgage the house. As an employed person I pay higher 40% tax and therefore I would like optimise profit and to set up company and sell the house to my company. I think you call this BTL. Because I live now in Edinburgh I would like to hire an agency which would find tenants into house and look after house. Can you tell me if this all makes sense? What would be the steps to make this happen and what would all this cost me to set up? Thank you for any help.
  7. Hello, I'm currently selling house and the completion was set to this week. The Buyers solicitor requested the money from lender, but the lender declined mortgage application because buyer has just been furloughed. Is there any lender who still gives mortgage to furloughed people? Should I wait until buyer is put back onto full time? Thanks,
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