HELP! My 1st buy-to-let?Make Text Bigger
I really need your help with a one bedroom flat I am interested in. It is located in South East London, SE6 1NA. This may be my first buy-to-let property, and I am not really sure of how to proceed or if I should even proceed, honestly. Here are some facts about the property:
*Ground floor flat with separate kitchen
*Private block in 1997 development.
*Postcode is SE6 1NA
*Currently tenanted at £900 (mostly Housing Benefit)
*Repossession extended to March end due to successful N244
*Vendor’s agents want £135,000 OR “Reasonable offer to cover debt and cost” -no specific total debts given
*Flat is in good condition throughout
*Lease left is 80 years
*Service charge is £1043 pa
*Ground rent is £65 pa
1) Is it a good investment?
2) If Q 1 is Yes, will I have enough time to buy it via BTL mortgage (only option)?
3) How much should I offer, if Q 1 is Yes?
4) What things should I be aware of or check out?
5) What is the MAXIMUM LTV I can get?
6) What have I missed?
7) Should I abandon this property, and keep looking?
Certainly, I would have missed some information or something else, that you will spot.
I need all the advise I can get, please.
Thank you for your help, in advance.
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