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The flat opposite my current BTL flat has come on the market which I would like to purchase but do not yet have the funds, but will do in about 3 months time. The flat is in Glasgow so any tips from other 'Tribers' as to how I could nab the flat would be appreciate it.
Thanks in advance.
do you have equity in your current resi or BTL property? The standard route for this situation would be to capital raise from current assets. The two applications could run concurrently, so when the conveyencer completes on the remortgage, the surplus funds are used for the deposit on the new one.
If you would like to chat over the options, please feel free to give me a call on 07751 042485.
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Unfortunately, I do not have any equity in my current property to go down this route.
I think this is fairly simple.Speak to the vendors and explain your situation. If they agree to the time-frame and accept your offer, you can let them know that you can offer them a £1,000 holding deposit as a goodwill gesture.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
If you can prove funds will definately be there in 3 months then the vendor should be ok with that because it takes about 3 months to get through the purchasing process.
Unfortunately the vendor want to complete in 6 weeks. Onwards and upwards.
Put your offer in and tell them it's on the table if they want it and to come back to you any time. I've done this recently and 2 months later got a phone call from the agent saying they wanted to accept my offer, as they had had 2 sales fall through. Long shot but worth a try.
Good Point Derek. Because I'm not in control of when I will have the funds I'm reluctant to go down this route. The main reason for this is I'm transferring funds from my SIPP to a SSAS with a view to then loan funds to my Ltd company to then make the purchase. The transfer process can take 3 months to complete and on occasion longer from what I've researched.