Hi Guys,
I like to ask a question. My wife and i are almost 2years in the uk,we are planning on getting a mortgage by next year April, and we are hoping we would have saved £20k for deposit.
My question is at what point do I need to start speaking to mortgage broker?.

AOI2016:
Hi Guys,
I like to ask a question. My wife and i are almost 2years in the uk,we are planning on getting a mortgage by next year April, and we are hoping we would have saved £20k for deposit.
My question is at what point do I need to start speaking to mortgage broker?.

If you're under 40, put money into a LISA account (assuming you want to buy a new build)...... Start speaking to a broker/lender when your financial obligations are 90% ready).......

Jamesclooney:
Hello everyone?

Getting conflicting reports about Coventry being a ghetto/rough city to live in. Especially Holbrook area towards…Coventry Ricoh Arena (cv7 etc.). Any thoughts on buying in this area? It’s between a Coventry and Rugby. Key Factors…good place to raise a family

. This Coventry that I have been living for the past three years ? Na waooo. Even London get plenty ghetto. Although I don’t get what you mean by ghetto

..

Lexusgs430:



If you're under 40, put money into a LISA account (assuming you want to buy a new build)...... Start speaking to a broker/lender when your financial obligations are 90% ready).......

Does it mean we cannot buy old build with LISA fund?

D1uncle:

Does it mean we cannot buy old build with LISA fund?

Sorry I had a misconception about the LISA conditions........

You can actually buy an old build with LISA.......

Lexusgs430:



Sorry I had a misconception about the LISA conditions........

You can actually buy an old build with LISA.......

Right chief! You probably wanted to say one can only use LISA towards their first home (single buyer or joint).... and no more than 450k.

Hi all

Is £195 annual service charge for a new build excessive ? Does it mean it would have to be paid in perpetuity? Is there any developer that doesn’t charge this fee? Thanks

Jamesclooney:
Hi all

Is £195 annual service charge for a new build excessive ? Does it mean it would have to be paid in perpetuity? Is there any developer that doesn’t charge this fee? Thanks

Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

toms55:


Chief , how does this LISA works? Say i intend to save up to 4k P.A do i have to save the 4k at once or i make a monthly contribution towards the £4k and which LISA account do you recommend

If you have the £4k available to put in a LISA, best to put it at the start of the tax year so it will accrue interest for the whole tax year rather than drip feeding the LISA.

Goodenoch:


Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

Thanks

Goodenoch:


Not excessive. Some properties have twice that. Developers usually grade the fees upward depending on the price of the house so the larger and more expensive houses in an estate will pay more. 195 is lower than most I’ve seen, personally. It has usually been between 200 and close to 400.

Yes it rises annually in perpetuity, and it can be increased by the management company (the devs usually contract a separate company). Usually your agreement will state that the estate residents can take over management or hand it over to another company after some time but from reports, that’s usually difficult and most states don’t bother because of the hassle.

.

Is that ground rent or really annual service charge?

Tolzeal:
.

Is that ground rent or really annual service charge?

Service charges for maintenance of common areas around the estate like playgrounds, etc. Many times, councils will refuse to adopt roads and other spaces in the estate as well for a variety of reasons so they'll need to be maintained by the residents.

For houses, there won't be ground rent since they are freehold.