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I will be moving to Wales in next 6 months. My plan is to stay for 4 to 5 years in Cardiff and then after that i will be moving out of UK. I am wondering if getting a mortgage in Wales would be a good idea and then letting it after 4 or 5 years? I am a first time buyer and need your kind advice as to whether issues of 1) Coverting to buy2let later would be economically feasible? 2) Would the benefits be worth the hassle of managing tenents, considering i wouldn't be in UK myself? 3) What would be more reasonable in this situation a flat or house? I know its a lot of questions, but these things are constantly on my mind and being a newbie I don't have much knowledge of mortgages etc so i would be grateful for your advice about this
Hello :) Im in a bit of a head-spin, so would really appreciate thoughts and advice. In May this year I had an offer accepted on a new-build 1 bed in Homerton East London. It was a long process of getting my mortgage offer, and its just come through this week (19 oct). I was abroad with my work since May and have just returned to London the same week as the mortgage offer came through. I was expecting to smooth sail straight into the final stages of completion/exchange but after a visit to the property yesterday (the first since it was fully completed) I left feeling very unsure. Background info; after viewing about 40 properties in the market around apr/may 2018 around the 400k price I realised I wasn;t looking to get much for my money. It will be my residential home, and I was looking for a small period flat. I wasn't considering a new build until the agent suggested I come see the new development, and I think I was seduced by the shiny new clean beautifully furnished show-room flat. The idea of moving into a space that needed no work suddenly seemed very appealing. I agreed the asking price and the deal was done. After visiting the flat last week, I left thinking that it wasnt the same quality spec as I recalled, and the actual feel of the new development.... a bit souless. Not anticipating this last minute change of mind, I walked into a local agent (different to what I was purchasing from) and started reeling off a series of questions about the market, had it changed much since may, his thoughts on new build vs period and ex-council. His thoughts summarised; yes the market has softened since May, new builds were most likely being over-priced in the current market and generally speaking the construction of a ex-council/period was far superior to a new-build and they would hold their value much better. I then spend a full day scoping the market on Right Move, and it seems fairly clear - property prices have indeed dropped since May, and with a budget of circa 400K I could get a relatively OK 1 bed victorian or 2 bed ex-council in the same area. It suddenly seems clear that Im paying over market price for the new 1 bed, and would be better off getting an ex-council or period. I havent yet exchanged contracts, but searches, surveys and some legal admin has been done. I expect I will be liable for part of the vendors legal expenses? Questions; - Was I crazy to ever consider a new-build? - Is a low-rise ex-council in desirable East-London (victoria park) the way to go? - Would it be better to go with a smaller period flat in the same location? Or do ex-council and period more or less level each other out in the end? THANK YOU
Hi, Just looking for some advice on a situation we have unfortunately landed in after a very smooth first few weeks.To put you in the picture.We have a property (a flat) which we found a buyer almost instantly. The buyer is a well known property buyer in the area with an extensive portfolio and happens to also be the man in charge of managing the block of flats (the managing agent)He offered us a good price and was unsure whether he would either set it up on a buy-to-let mortgage or would use cash from his many properties he is selling currently (one being a 2.3 million house in London.)We then set out to look for a new house, which we did, and an offer was accepted by the Vendor. On we went to our Mortgage Advisor who set up our mortgage and the agreement was sent over to our solicitor along with the fixtures and fittings forms and a cheque for the searches to go ahead.Our solicitor has had contact from our Vendor's solicitor and also our Buyers Solicitor and everything was seeming to go ahead for a very smooth transaction to exchange.HOWEVER:We now have had a call from our buyer, he has said that his mortgage broker has been doing the rounds to source a buy-to-let mortgage however new rules have come into effect where lenders are struggling to offer people who have several (or lots in our guys situation) existing buy-to-let mortgages any further mortgage offers as it imposes greater risks.Our buyer then went on to say he is still keen to buy but he hasn't got the cash to hand right now to put down the full total property value but will do when the property he is selling in London (worth 2.3 million) has gone through.Our buyer has advised me it is my choice what I do, I can either put it back on the market or I wait and see what happens with his purchase of the property he is selling (he also has another smaller property in France which he is also selling as we speak) BUT he cant guarantee timescales or that it will definitely happen until the money is in his hands as anyone his end could also pull out or cause delays at any time.Where do I go from here, its gone from having no chain to alot of uncertainty...Of course I will tell the people we are buying from but is this a normal thing and am I worrying unnecessarily? We have only paid the solicitor search fees (£225.00) and also the survey for the house which was £175.00 so we havent lost out on LOADS but I am just concerned that the couple we are buying from wont want to hold out (they have a property to move into which is empty so I dont think there is LOTS of pressure to move ASAP - but of course I dont want it to be dragged out for them too much as its not fair) Any help or advice would be most appreciated.Thanks