9:15 AM, 2nd December 2019, About 2 years ago 24
I am in the process of obtaining a mortgage for my current council flat. I have a large tenant discount so only need a mortgage of £64k. The council valued the property at £170k, but I had an estate agent value the property at £200k.
The agent also mentioned that with home improvement other flats in the blocks have sold for up to £260k. Also because it is a sort after area (good schools, close to transport links, Greater London) demand for private rental in my block is very high.
Rental income could be £1300 per month. My issue is as it is a high rise concrete block Lenders have been hard to come by and I’m worried that it will be difficult to sell for this reason in the future. Should I take the risk and buy?
I’d appreciate advice from those that have done this before or have any experience in this area.
I feel like this will be the first step into property development and the start of a portfolio.
All advice is welcome.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|