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Advice on buying a house appreciated!

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  • Advice on buying a house appreciated!

    Hi there!
    I'm hoping someone might be able to help me. I currently own my flat outright and am considering moving. I would quite like to rent my flat out and then buy a house, but I've no idea how this would work financially...would renting my flat help me get a decent mortgage or would I be best just selling the flat!

    I'm really quite clueless!
    Thanks, Helen

  • #2
    Re: Advice on buying a house appreciated!

    Hi there,

    Renting your flat isn't likely to get you a better mortgage unless you had a track record of income and profit relating to it that could boost your personal income to enable you to borrow more.

    What you could do however is to release some of the equity from your flat by re-mortgaging onto a Let to Buy mortgage and this would provide you with funds to use as your deposit to buy a bettter house than you might otherwise be able to afford.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

    Comment


    • #3
      Re: Advice on buying a house appreciated!

      Hi Hel_S

      IFA is absolutely right that unless you release some equity in your current flat there's little advantage in already being a homeowner. And even then, the only advantage is being able to get a lump sum to use as a larger deposit on your house when you buy it.
      Free Guides For First Time Buyers!

      www.FirstTimeBuyerGuru.com

      Comment


      • #4
        Re: Advice on buying a house appreciated!

        Hello Friends.............

        Tips for buying a house are

        1.Define your requirement: This is first and important thing you need to consider for buying an apartment or property. Requirement of home buyers differ from one buyer to another depending on their lifestyle, family size, preference, usage etc. Defining your preference or requirement helps to save time on unyielding and time consuming deals for inappropriate properties. It will also help your real estate agent to come up with the right property faster. You will have to focus on factors like financing, real estate service providers, paperwork involved and other legal and regulatory issues.

        2.Legal aspects of property: Once your requirement is defined and you found right property, check the legal aspect of the property. Be sure that the developer has acquired approvals and No-Objection-Certificate (NOC) from the Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewage Boards and concerned authorities. Ensure that the developer has entered into proper development agreements and property has clear titles.

        3.Property under construction: A home buyer books the property when builder or developer launches new project or property under construction. For a project under construction, you should ask for the allotment letter and development agreement. The development agreement is linked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property

        Thanks

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        • #5
          Re: Advice on buying a house appreciated!

          getting a btl mortgage on your flat and buying your next property cash will also be more tax effiecnt as you can offset the mortgage payment interest against your rental income.

          Comment


          • #6
            Re: Advice on buying a house appreciated!

            Hi

            Renting out your flat will definitely boost you financially but I don't think it will help you get a better mortgage. I think it would be in your best interest to put down at least 20% of the purchase price to avoid private mortgage insurance.
            Michelle Alden- Property to Rent

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            • #7
              Re: Advice on buying a house appreciated!

              If you are really clueless then dont rent your flat! You will have all sorts of problems:
              vacant periods, tenants from HELL, tenants not paying, fees, insurance, etc etc.
              Then there will be TAX and CAPITAL GAINS TAX on any rise in the property's value when you sell.

              You are much better off trading up the property ladder.
              Keep your mortgage affordable - remember you havent had to make payments for a while!
              Buy the home that is right for you.

              Freehold is the way to go - no more management fees.
              BRAND NEW HOMES
              Information for UK new home buyers
              New Home Blog The latest news and views

              Comment


              • #8
                Re: Advice on buying a house appreciated!

                Tips for buying a house are

                1.Define your requirement: This is first and important thing you need to consider for buying an apartment or property. Requirement of home buyers differ from one buyer to another depending on their lifestyle, family size, preference, usage etc. Defining your preference or requirement helps to save time on unyielding and time consuming deals for inappropriate properties. It will also help your real estate agent to come up with the right property faster. You will have to focus on factors like financing, real estate service providers, paperwork involved and other legal and regulatory issues.

                2.Legal aspects of property: Once your requirement is defined and you found right property, check the legal aspect of the property. Be sure that the developer has acquired approvals and No-Objection-Certificate (NOC) from the Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewage Boards and concerned authorities. Ensure that the developer has entered into proper development agreements and property has clear titles.

                3.Property under construction: A home buyer books the property when builder or developer launches new project or property under construction. For a project under construction, you should ask for the allotment letter and development agreement. The development agreement is linked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property
                All the terms in red are americanisms so not really helpful in the UK!
                RICHARD WEBSTERwww.rwco.co.uk
                As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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                • #9
                  Re: Advice on buying a house appreciated!

                  The www is international.
                  You need to be able to tollerate Americanisms even if they are from Canadians!
                  BRAND NEW HOMES
                  Information for UK new home buyers
                  New Home Blog The latest news and views

                  Comment


                  • #10
                    Re: Advice on buying a house appreciated!

                    "tenants from HELL"

                    I really don't like tenants who act like they don't care about the place. They just messed up the place like loitering. And there garbage is not even well arrange and those flies are there making a noise.

                    Plus the environment is turning into a graveyard. Since this tenants are untidy and all they do after work is sleep and wake up and leave the place.
                    don't invest on something non profitable.

                    Comment


                    • #11
                      Re: Advice on buying a house appreciated!

                      Also, don't forget that if you rent out the flat, you'll need a buy to let mortgage, which will be very expensive compared to a residential mortgage. You'll need at least a 20-25% deposit too.
                      Free Guides For First Time Buyers!

                      www.FirstTimeBuyerGuru.com

                      Comment

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