anyone help me on a money issue?

[Whatsmore]

just wonderd does anyone know if I approached my bank to borrow say 40,000 but I don't own my house I rent so havnt got security as such would I be laughed off?the money would be to buy a fish and chip shop also does anyone know what freehold and leasehold means?

[campo21]

First, it is best to highlight the difference between leasehold and freehold. Having a leasehold means a person has the right to use a property for a set period of time, usually in return for a rent.
At the end of the term, the property reverts back to the freehold owner. In contrast, a freehold is where the property is owned for an unlimited period of time.
While there are various exclusions, most residential tenants who own leases granted for more than 21 years at the outset, and have owned the lease for at least two years, will generally be entitled to apply.

For the bank loan you will need a guarantor fella.

[Whatsmore]

cheers campo very enlightening.two things crop up up here though one is will you be my guarantor and two can you stop saying fella it makes you sound mancunionXD XD XD

[JimmyJazz64]

and two can you stop saying fella it makes you sound mancunionXD XD XD

XD XD

[campo21]

cheers campo very enlightening.two things crop up up here though one is will you be my guarantor and two can you stop saying fella it makes you sound mancunionXD XD XD

I'll never say it again i'd hate to sound like getition ;D

[klassnic]

whatmore

NO Chance !

unless you place your parents house as a guarentee

[winsomeyen]

Whatsmore, Unfortunatly if your stated circumstances are correct I would not be too concerned regarding Freehold and Leasehold :O

[leebwfc]

You can get up to 24,999 as a personal loan from most banks unsecured, thats if you pass the credit bollox. Anything above needs to be secured on something.

Good luck with it!

[campo21]

I said it 7 posts back lee it's called a guarantor.

[rossendaleareaclaret]

just wonderd does anyone know if I approached my bank to borrow say 40,000 but I don't own my house I rent so havnt got security as such would I be laughed off?the money would be to buy a fish and chip shop also does anyone know what freehold and leasehold means?





Don't own a house but want to borrow 40k ??????????


Good luck with that soft lad

[leebwfc]

Alright calm the f**k down, you did mention a guarantor well done

I was pointing out the 24999 threshold when a loan can easily be obtained without any GUARANTOR

[bwfcforever]

rise above it lee :-)

& good luck with it

[JimmyJazz64]

Alright calm the f**k down, you did mention a guarantor well done

Ouch!! :D :D

[JimmyJazz64]

Back to the original topic.

If whatsmore is successful in buying this chippy remind me never to go in if BWFC have lost a match. The fish won't be battered...it'll have had the sh1t kicked out of it XD XD XD

[bwfcforever]

well i know where he go get 11 puddings from :-)

[leebwfc]

I think it would be the best chippy ever, could you be as mad as that little chinese woman in the old chippy across from Burnden Park!

[campo21]

Alright calm the f**k down, you did mention a guarantor well done

I was pointing out the 24999 threshold when a loan can easily be obtained without any GUARANTOR

No problem lee i didn't say it to p**s you off it just seemed we were all giving him the same advice.

[leebwfc]

No worries mate :)

[Whatsmore]

thanks chaps I didn't think it would be easy but I fancy having a go to see what they will give me.

[Hopkimyno1]

Just to add to the advise you have been given, there are different kinds of leases, and you have to be very careful what you buy into, the kind of lease to avoid is the full repairing lease, if you buy into this one you will be responsible for all the repairs, internal and external, which if it is an old property could be very expensive in repairs, the other lease is where you are only reposible for the internal upkeep, much more managable and the one to go for. GOOD LUCK.

[dsr]

Freehold/Leasehold is a bit more complicated than that.

Freehold - you own the building and the land it stands on.

Long leasehold - someone else owns the land, and the building owner has to pay a pretty low rent for a long time (usually 99 or 999 years) (mine is 64p a year on my house, new houses go to about £25, and this can apply to commercial property too.) The person who owns the land has no rights except to the lease rent, and in practice it works the same as a freehold.

Short leasehold - there's a fixed term of lease where you agree to pay so much a year for a certain length of time. At the end of the time, you could be out on your ear; on the other hand, if the roof falls in, it's the owner's problem not yours.

If you're buying your chippy on freehold or long leasehold, you can get a loan based on ther security of the property (possibly). If it's a short lease, you can't.

[Whatsmore]

once again chaps most gratefull.dsr cheers pal your post has particulary raised my confidence as I was beginning to think the whole idea was a no goer.

[garyp1803]

once again chaps most gratefull.dsr cheers pal your post has particulary raised my confidence as I was beginning to think the whole idea was a no goer.To be honest Whatsmore, If you do buy a chippy, it should be money well spent, providing the food is top quality. No fancy menus etc, or kebabs or pizzas. Just quality fish & chips and you're on to a winner.

What,you don't want to get into, is buying a pub, my brother in law did that a few years ago, against my advice and he is still in debt big time!

[Whatsmore]

yeah thanks gary your right about the menu needing to be simple quality fish and chips,i read an article saying chippys these days need to do burgers pizzas etc and I thought what a load of b@llox I wouldn't sell pizzas or burgers ever I think that's for our forieghn town centre rat infested joints that people only go to when p1ssed

[dsr]

once again chaps most gratefull.dsr cheers pal your post has particulary raised my confidence as I was beginning to think the whole idea was a no goer.
Cheers. When you open, let me know the address, and I'll be in for my free fish & chips next time Burnley play anywhere near. ;D

[Whatsmore]

dsr mate I would love to furnish you with free fish and chips but if I gave my address out can you imagine the weirdos that would be after my ass there would be people in my chippy with more tools than an hardware shop mostly wovers fans from daaaaarrrwen XD XD XD XD

[ojeesan]

Whatsmore, on the subject of long leases, it isn't quite true that the lease owners have no rights as dsr states.
The persons or company who do own the land must be informed together with whoever you get your mortgage off (eg. the bank)if you want to make any alterations to the building. Just go into it thoroughly to save yourself a lot of grief later, and good luck with it.