The nervous wait to exchange....

Mr Jack · 26 Oct 2020 at 23:11

talkshowhost said:
Thanks do you usually go direct to Estate Agent or the solicitor?

happy_2008 said:
You notify the EA on valuation and ask them to inform the vendor if they are willing to accept a lower price since any other buyer will face the same problem. Whether they choose to accept is another question though.

You can also let your solicitor handle this. It's up to you.

bainbridge · 26 Oct 2020 at 23:16

Bounce said:
Well we got the keys on friday just glad its all over.

The previous owner was renting it out, and we noticed that there has been no boiler servicing for the last 6 years. There were also no records of electrical testing during the last 10 years.

Coming from a health and safety background iv seen all of the horror stories from not doing these kind of checks, so I'm in two minds on whether or not to report him for not doing this, hes put everyone in danger whos lived there previously by not having it checked.

Congrats on your new house.

Should your solicitor have picked up on the lack of electrical cert? Ours did.

happy_2008 · 26 Oct 2020 at 23:48

Mr Jack said:
You can also let your solicitor handle this. It's up to you.

As far as i'm aware solicitors do not get involved in price negotiatons, this is the job for EA.

koolpc · 27 Oct 2020 at 06:05

happy_2008 said:
As far as i'm aware solicitors do not get involved in price negotiatons, this is the job for EA.

They can do though as i have experienced this myself

Bounce · 27 Oct 2020 at 11:44

talkshowhost said:
Thanks do you usually go direct to Estate Agent or the solicitor? I believe 10k growth in 3 years is too low there are two top floor flats sold at same time in 2017 both valued similarly. The HPI would suggest about 2% growth per annum. I think they really should compromise to my initial offer of 365 as estate agent valued it too high initially. Was 400k reduced to 375k.

I know all the concerns but it will be long terms investment and no cladding. Flats can be a risk for sure but one I am prepared for.

Go to the estate agent. Show them the evidence that the mortgage surveyor valued it less.

Bounce · 27 Oct 2020 at 11:45

bainbridge said:
Congrats on your new house.

Should your solicitor have picked up on the lack of electrical cert? Ours did.

Yes they did, we knew it was like that before purchase. These checks are a legal requirement if your a landlord, which is why I was surprised that they weren't done.

bainbridge · 27 Oct 2020 at 14:40

Bounce said:
Yes they did, we knew it was like that before purchase. These checks are a legal requirement if your a landlord, which is why I was surprised that they weren't done.

Typical landlord cutting corners I guess

Thomas. PLease. · 27 Oct 2020 at 15:34

We're hopefully exchanging contracts this week now, the seller up the chain wants another 2 weeks following this to completion though so more waiting while they sort their moving arrangements etc. Pretty fed up of the never-ending waiting at this point, just want it all done and to be in.

Skillmister · 27 Oct 2020 at 17:18

happy_2008 said:
As far as i'm aware solicitors do not get involved in price negotiatons, this is the job for EA.

This.

firstborn · 28 Oct 2020 at 12:42

Picking up keys from the current owner this evening before Tier 3 restrictions come into play, one step closer (I hope) to completion on Friday ...

ash_scotland88 · 28 Oct 2020 at 19:04

Anybody bought an non-habitable property?

How did you finance it?

Seen a property online only and like the look of it.
Compared to an other property we saw that's non-habitable/mon-mortgable it has a kitchen and bathroom. This one is a mess and has a decayed conservatory and massive lean-to "store" attached. There's also no HR as it's part of a folio being sold.
I recon it's roof and the state of the lean-to and conservatory is the major factor to being mon-mortgable.

Due to personal circumstances applying for a new mortgage isn't possible but we're able to port without an issue. Work/difference is made up of savings.

Is this a write off or can something be done?

HungryHippos · 28 Oct 2020 at 19:49

ash_scotland88 said:
Anybody bought an non-habitable property?

How did you finance it?

Seen a property online only and like the look of it.
Compared to an other property we saw that's non-habitable/mon-mortgable it has a kitchen and bathroom. This one is a mess and has a decayed conservatory and massive lean-to "store" attached. There's also no HR as it's part of a folio being sold.
I recon it's roof and the state of the lean-to and conservatory is the major factor to being mon-mortgable.

Due to personal circumstances applying for a new mortgage isn't possible but we're able to port without an issue. Work/difference is made up of savings.

Is this a write off or can something be done?

You can port a mortgage onto a non-mortgageable property? doesn't seem right to me.

ash_scotland88 · 28 Oct 2020 at 19:54

HungryHippos said:
You can port a mortgage onto a non-mortgageable property? doesn't seem right to me.

Sorry I meant we can port a mortgage onto another property, providing it's mortgagable/lender is happy.

Slade2 · 28 Oct 2020 at 22:39

ash_scotland88 said:
Sorry I meant we can port a mortgage onto another property, providing it's mortgage-able/lender is happy.

I think you are still missing the point? You cant port a mortgage to a house that is non-mortgage-able.

Purchases like this are normally financed by investors who stump up the money do the work and sell it on for a profit so there is no mortgage to speak of.

You wont get a bank lending on any house like this i wouldn't imagine and so porting a mortgage over to this kind of property also isn't going to happen, some of it happens to be the fact that you cant live there while the work is done because it hasn't got the required infrastructure to support you while you are in there, things like power and gas supply and running water, normally as you have stated a house needs as a minimum a working bathroom and kitchen.

BongoHunter · 28 Oct 2020 at 23:11

ash_scotland88 said:
Anybody bought an non-habitable property?

How did you finance it?

Seen a property online only and like the look of it.
Compared to an other property we saw that's non-habitable/mon-mortgable it has a kitchen and bathroom. This one is a mess and has a decayed conservatory and massive lean-to "store" attached. There's also no HR as it's part of a folio being sold.
I recon it's roof and the state of the lean-to and conservatory is the major factor to being mon-mortgable.

Due to personal circumstances applying for a new mortgage isn't possible but we're able to port without an issue. Work/difference is made up of savings.

Is this a write off or can something be done?

There are some lenders who do this, but it looks completely fraught with peril - as I think you need to get new place into a habitable state ASAP before you could port your current mortgage - so you've got 2 houses at once for as long as it takes to make the new house habitable and then sell your current place and clear the bridging loan.

Are you in a good place with current mortgage, and is there a big difference in value between the new and old place? If you have a lot of equity in your current place, can you remortgage it to the hilt - buy the new place with the money, then sell the current place?

ash_scotland88 · 29 Oct 2020 at 10:59

I know current mortgage can't be ported.

Not enough equity in the current house to do that. Although it is on for less than our house is worth.

I do wonder if one could offer on subject of works being completed (paid for by the buyer) before completion. Get it all locked up in a contract to keep both parties protected. Similar to how house builders purchase land, agree the price then take all the risk (aka cost) to achieve planning before Mr Farmer gets his money.

Basher · 29 Oct 2020 at 11:06

ash_scotland88 said:
I know current mortgage can't be ported.

Not enough equity in the current house to do that. Although it is on for less than our house is worth.

I do wonder if one could offer on subject of works being completed (paid for by the buyer) before completion. Get it all locked up in a contract to keep both parties protected. Similar to how house builders purchase land, agree the price then take all the risk (aka cost) to achieve planning before Mr Farmer gets his money.

Is your house particular unique? If not, why would a buyer agree to that, rather than just finding a house that already hits their criteria?

ash_scotland88 · 29 Oct 2020 at 18:49

Basher said:
Is your house particular unique? If not, why would a buyer agree to that, rather than just finding a house that already hits their criteria?

Think there's a bit of miss-understanding.
But the buyers of the not-habitable house, not the one we would be selling.
I'm sure I've read online once of a a not-habitable house being made good by the buyer so a mortgage could be achieved on it.

Buffman · 29 Oct 2020 at 20:00

Has anyone bought a house with a loft conversion / know if there is relatively new regs relating to loft conversions?

Going to look at a house next Saturday, and generally im not too bothered on loft conversions but the location and garden ticks the boxes!

{SAS}TB · 29 Oct 2020 at 20:10

It will likely have required planning and building regs approval.

Make sure it has both of them