Can any one help me with any information on buying houses on leased land in the Geraldton area, returns are good leases run out in 2021 and then What!!! will banks borrow on these?
Thanks
My father-in-law was looking at doing the same thing in Geraldton, but was put off the idea due to the fact that the land is what actually appreciates and he would never actually own the land. I’d be cautious about this situation, but if you still insist on seeing if the bank will lend on this sort of deal I have a great mortgage broker here in Perth. Helen McCoy – [email protected]
best of luck.
sq
Kelly,
Ring the council, I think you’ll find they’ll say something like, “There are no guarantees, but it’s most likely that leases will be renewed” or that’s soething like the answer I got. I assume you’re looking at West End (Point Moore).
I decided got to go with it as I didn’t want to pay off the house and never own the land it was on, what ahppens if the lease isn’t renewed, do you then have to remove the house? I didn’t get to asking that much as I chose prior not to go with it.
Also, if you seel, the length of remaining lease is less so I assume you may need to seel for less, as the next person is then taking on the risk of getting a renewed lease.
Good Luck with whatever you decide.
PK
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