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Found 5 results

  1. Hi All, I'm back with another dilemma. In 2018 myself and wife had the Right To Buy (RTB) our flat from our local authority which we progressed with this. We opted for a 2 year residential mortgage. Shortly after completion we had found out we was expecting a child and we had to plan to purchase a larger property as our flat was not going to be big enough for our family. We asked our mortgage lender and local authority for permission to let which they did grant our request. We purchased a house and rented our flat. 2 years on our mortgage deal is coming to an end and we would like to re-mortgage our property but thought it would be better to switch to a Buy To Let mortgage. When we was exploring our options with our mortgage advisor he hit a snag because all the lenders have no products if you are still within the 5 year period of the initial RTB purchase. When we briefly looked at a product switch with our existing lender the option to do so was not available and a message had said it was currently being let. We are in a bit of limbo now because it seems that the option to remortgage on a residential would not be possible because we do not live in the property and not going to move back in. To move to a BTL mortgage is not an option because lenders do not lend to customer within the first 5 years of their purchase. If we knew this was the case we would've opted for a 5 year mortgage. Has anyone had any experience with this scenario or is there any mortgage advisor who know a way around this issue. Your advice would be greatly appreciated.
  2. Guest

    Remortgage with partner

    Hi I have a couple of questions. I brought my house last year under the voluntary right to buy scheme. I had to get a mortgage with a higher interest rate (7.1%) and a fixed rate for 5 years, this due to getting divorce and my ex-husband causing my some financial issues. I have asked for a settlement figure and will only be charged £110 to leave them. 1. My partner is moving in can I apply for a remortgage and use his income, we don't want it to be a joint mortgage 2. Am I limited to who I can apply to because I brought under right to buy Thank you
  3. Hi everyone, I am currently trying to develop my strategy to begin my property investment future. I currently live in a 2 bedroom council house based in North London. The market value of the house is approx £590k. I am currently eligible for a discount of up to £106k under the right to buy legislation. I'm wondering what would be the best first move in the property game.. As I am a council tenant, I'm not sure how the process works when it comes to me getting on the property ladder. is it best to register as a limited company and begin building a portfolio like that? Or should I look into utilising this right to buy opportunity discount of £106k and invest in my own house? The only issue is I wouldn't be able to get a mortgage on the remaining £490k ish that would be left to raise, also there are particular rules about who can actually put the money up for the property if i was to buy. Technically if i was to do it as a JV with someone else they couldn't actually be on the tenancy as this is against the tenancy agreement. Anyone here with Right To Buy knowledge and/or general advice on how best to make my first play?
  4. Hi i find myself in a situation where as a 1/3 joint owner of a property (tenants in common) we are dividing the property as sadly relations are not all as amicable as they might be, comm's are minimal currently. Recently at the "Nth" hour in division proceedings the other two stakeholders, who are hanging onto the remainder of the property have expressed a wish to have a "right to first refusal" option on the portion of the property that i am to hold onto (as sole owner) in the division. Can anyone please tell me what the norm is in such a scenario? Specifically; they are requesting that the right to first refusal has a caveat that states at any future buyback time the buy-back value should be set by an RICS valuer , is this a normal setup? (new to all this so sorry if this is a naive question). It seems to me that right to first refusal is not uncommon, but i can't find reference to any examples of similar price setting at time of division out there. whilst i was happy with RICS value for division i don't see it as a particularly balanced caveat when applied to the buy back option - It doesn't sound terribly good as a prospect to me. Any advice gratefully received.
  5. Hello I wonder if anyone is able to help or point in the right direction here. My mate Dean, his mum and nan both live in separate maisonettes in the same block in east London. One is a ground floor maisonette, 3 bedroom, with ground and 1st floor plus a garden, the other is 3 bedroom in the same block but not on ground floor and no garden. They have both lived in these properties for over 30 years and have the right to buy at a heavily discounted rate. The are worth in the region of £350,000 and he believes that they can be bought for £80-£100k each. Dean doesn't have the money to buy them and has asked if I am able to help him, it is possible that I can help him here what I would like to find out is the following; 1 - can Dean buy the property or properties if it is his mother and nan living in them. (He still lives in his mums on and off himself) 2 - if he was to buy it or his mum was to buy it are there any restrictions or clauses that they have to keep it for a set period of time before they can sell them? 3 - if I were to help him is this still possible with me in the mix? Any help of suggestions would be greatly appreciated, thanks for reading. Thank you, Jon
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