New Posts For Thread: Any bank/property experts on the forum-i would value some advicehttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-adviceDetails to follow if anybody has expertise in this field. Its about negative equity on a house I rent but would love to buy. Having opened a letter from the mortgage company I know the exact details which on the face of would seem the owner can neverThe issue is that when the leasehold property management companycome to sell most buyers are held over a barrel,especially when it is a probate sale, and screw the buyers/sellers for an unreasonable sum. You can go to an independent tribunal via RCShttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546873363#546873363The issue is that when the leasehold property management companycome to sell most buyers are held over a barrel,especially when it is a probate sale, and screw the buyers/sellers for an unreasonable sum. You can go to an independent tribunal via RCSWed, 18 Nov 2015 15:15:38 -0600Lease requirements have changed recently.It's now 70 years minimum for most lenders (including Halifax and Lloyds) and the RICS is suggesting a possible change to 85 years.https://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546872337#546872337Lease requirements have changed recently.It's now 70 years minimum for most lenders (including Halifax and Lloyds) and the RICS is suggesting a possible change to 85 years.Wed, 18 Nov 2015 13:40:48 -0600Good advice treetop; in my experience most banks require a minimum of 25-35 years remaining on a lease at the end of the mortgage termhttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546870937#546870937Good advice treetop; in my experience most banks require a minimum of 25-35 years remaining on a lease at the end of the mortgage termWed, 18 Nov 2015 11:07:51 -0600One other point,make sure it isn't a leasehld property with 20/30 years to run on it because it could be a big issue. Banks will rarely give a mortgage on any leasehold with less than 70 years to run on it. If you mistakenly agree to buy the leaseholhttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546869713#546869713One other point,make sure it isn't a leasehld property with 20/30 years to run on it because it could be a big issue. Banks will rarely give a mortgage on any leasehold with less than 70 years to run on it. If you mistakenly agree to buy the leaseholWed, 18 Nov 2015 08:59:55 -0600Have you checked out Zoopla for an up-to-date valuation? Based on my own area their price guides are pretty accurate with Zoopla quoting my neighbour at £295k... she sold it for £290k. I assume you already have but if you haven't then you might behttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546867637#546867637Have you checked out Zoopla for an up-to-date valuation? Based on my own area their price guides are pretty accurate with Zoopla quoting my neighbour at £295k... she sold it for £290k. I assume you already have but if you haven't then you might beTue, 17 Nov 2015 22:53:21 -0600I disagree- given the monies saved by not having to move etc and the inherent costs involved AND if you can see the property being of a sound investment it may be worth paying a bit over the odds. Value is in the eye of the beholder.I would casuallyhttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546865463#546865463I disagree- given the monies saved by not having to move etc and the inherent costs involved AND if you can see the property being of a sound investment it may be worth paying a bit over the odds. Value is in the eye of the beholder.I would casuallyTue, 17 Nov 2015 15:30:47 -0600paddle, the owner will need to take out a separate loan to cover the equity shortfall if he ever wants to sell the property. Solicitors would identify this during the sale process but if the gap is too much the owner may just choose to rent and savehttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546864351#546864351paddle, the owner will need to take out a separate loan to cover the equity shortfall if he ever wants to sell the property. Solicitors would identify this during the sale process but if the gap is too much the owner may just choose to rent and saveTue, 17 Nov 2015 14:18:11 -0600On a more serious note, there's nothing to stop you putting in an offer anyay without mentioning the letter, and anyway you could probably easily find out online what the property was sold for so if you had that to hand, and by cross referencing markhttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546864167#546864167On a more serious note, there's nothing to stop you putting in an offer anyay without mentioning the letter, and anyway you could probably easily find out online what the property was sold for so if you had that to hand, and by cross referencing markTue, 17 Nov 2015 14:01:06 -0600"My pet cat actually opened the letter so i just saw the details inside it""My dog eat my homework" gets a new spinhttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546863983#546863983"My pet cat actually opened the letter so i just saw the details inside it""My dog eat my homework" gets a new spinTue, 17 Nov 2015 13:45:11 -0600My pet cat actually opened the letter so i just saw the details inside it. My cat is not normally in the habit of opening letters -first time ever infact after 3 years living in the house but I was surprised by the details. I could and would make uphttps://community.betfair.com/chit_chat/go/thread/view/94038/30616909/any-bankproperty-experts-on-the-forum-i-would-value-some-advice?post_id=546863877#546863877My pet cat actually opened the letter so i just saw the details inside it. My cat is not normally in the habit of opening letters -first time ever infact after 3 years living in the house but I was surprised by the details. I could and would make upTue, 17 Nov 2015 13:33:08 -0600