General Discussion: Property thread


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Scottishmark
Scottishmark avatar

632 posts since 25/1/11

5 Aug 2020 17:10
From a purely “can this person actually save and look after themselves POV” it makes perfect sense doesn’t it? Laughing out loud
Rirawin
Rirawin avatar

9375 posts since 17/7/05

posted 5 Aug 2020 17:24, edited 5 Aug 2020 17:24
.
edlo
edlo avatar

631 posts since 13/9/14

posted 5 Aug 2020 18:19, edited 5 Aug 2020 18:19
Seems to be just for 90% ltv mortgages. I'd be concerned too about lending somebody money if they can't even come up with a 7.5% deposit without a handout…
pops
pops avatar

4153 posts since 2/9/09

5 Aug 2020 18:31
edlo wrote: I'd be concerned too about lending somebody money if they can't even come up with a 7.5% deposit without a handout…

Presumably you don’t live in London then
edlo
edlo avatar

631 posts since 13/9/14

5 Aug 2020 18:49
If you want to live in zone 1 you're going to have to save up, don't see the point in crying about lenders
MattC
MattC avatar

783 posts since 20/3/12

5 Aug 2020 18:53
Cant get a 90% mortgage just now anyway.
Rirawin
Rirawin avatar

9375 posts since 17/7/05

posted 6 Aug 2020 10:57, edited 6 Aug 2020 10:57
Anyone own a second property/is a landlord? Aware there are restrictions with Buy to Let mortgages and a regular mortgage for a second home.

How do the mortgage lenders actually know that:

1) You're not letting family staying there rent free
2) You're letting it out as an Airbnb. Do they carry out checks on who pays the council tax or ASTs that have been signed?
3) Is a Holiday Let Mortgage better to consider if it's used 50/50 between family staying there and letting it out as an Airbnb?

Asking for a friend.
timmbo
timmbo avatar

3435 posts since 9/2/10

14 Aug 2020 13:31
Anyone trying to sell or purchase a leasehold property in a multi-storey building? I was planning on selling my flat, but I’m reading the horror stories about the EWS1 form being demanded by most lenders, regardless of whether the building has cladding or is under 18m in height.
stoney
stoney avatar

17564 posts since 22/1/05

14 Aug 2020 19:46
This is my guidelines for requesting one

https://i.postimg.cc/HxCmw6hX/6-C0-EE5-FF-24-B1-4-E2-D-908-C-0-CD5-E0117-E1-A.jpg
Hello World
Hello World avatar

12142 posts since 7/3/05

22 Sep 2020 19:16
Offer accepted on a property, been recently converted from 3 flats to a single property (within 2 years) all planning done and above board.

Bank is asking for some structural reports relating to the conversion, assume this can be covered in an enhanced survey is this is something extra on top?
sodomgomorra
sodomgomorra avatar

1579 posts since 24/3/14

22 Sep 2020 19:35
Property is theft.
MrW
MrW avatar

2742 posts since 1/8/11

22 Sep 2020 20:34
Hello World wrote: Offer accepted on a property, been recently converted from 3 flats to a single property (within 2 years) all planning done and above board.

Bank is asking for some structural reports relating to the conversion, assume this can be covered in an enhanced survey is this is something extra on top?

Wouldn’t local council hold a structural report as part of the planning application, or for it to be included, either in part or in full, within the building reqs?
ginner
ginner avatar

288 posts since 15/4/14

22 Sep 2020 22:33
Building Regulations should confirm that the property has been converted in line with all building regs. Should be able to do a search on local authority portal for the property address and get the docs. If they want more than that, then you can ask why (especially if no major structural work was done) and if they insist then you can get this as part of an enhanced survey (a building survey - not the homebuyers report).
EssexBoyII
EssexBoyII avatar

6832 posts since 5/6/07

22 Sep 2020 23:42
Hello World wrote: Offer accepted on a property, been recently converted from 3 flats to a single property (within 2 years) all planning done and above board.

Bank is asking for some structural reports relating to the conversion, assume this can be covered in an enhanced survey is this is something extra on top?

Enhanced homebuyers survey would not be in depth as a structural report. Since it has to cover so many bases.
fudge.dredd
fudge.dredd avatar

1347 posts since 15/12/12

22 Sep 2020 23:52
sodomgomorra wrote: Property is theft.

Lol
Hello World
Hello World avatar

12142 posts since 7/3/05

24 Sep 2020 17:19
Thanks all, the bank wants the Structural Defects Warranty for the builder, seems standard.

No work for me.