I am renting a flat (1 bed + box room) with my partner in 'central' Edinburgh. We pay £675 pcm. Our landlady wants to sell it urgently and she asks for £160,000. She is keen to sell it to us. A similar flat was sold 5 months ago in the same building for £158,000 (1 bed, no box room).
We went to the mortgage advisor and he said that it is a no brainer, we should buy it. Apparently, this flat could be sold in the open market for £175,000. Also, he mentioned that we are in a good position for negotiating, since the owner of the flat can save a lot of money doing a private sell.
We can start with a 35 years mortgage of around £500. Similar flats in the area are being rented for approx. £800.
I have two questions:
1) We are a bit scared about the potential negative impact of Brexit in property value, and we are not too sure if we will stay in Edinburgh long term, but 3 years is for sure. So maybe we will have to rent it after 3 years. Is £300 enough for property maintenance and other possible taxes?
2) We are pretty new to mortgages, so we were wondering what numbers we should bear in mind for the negotiation and therefore try to reduce the price she is asking for.
Thanks in advance.