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Advice re house purchase

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135

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  • smmeadow
    smmeadow Posts: 53 Forumite
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    Just had a thought. Would a mortgage lender deem the property uninhabitable now it has no electrics?

    Due to the house size and position it's mostly going to be a first time buyer situation. Would someone struggle to get a mortgage due to the condition it's in?

    I am thinking of using that as a bargaining tool
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    dsdhall wrote: »
    If you use the nationwide house price index calculator to check prices: if the vendor paid around £82K in 2011 it would be worth around £100K now.

    Not quite sure why this 'calculator' keeps being used as fact.


    As previously stated, they are completely unreliable.


    It is currently undervaluing my house (bought in 2013) by £100k along with the house I am interested in by over £100k.
    2023 wins: *must start comping again!*
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    hazyjo wrote: »
    Not quite sure why this 'calculator' keeps being used as fact.


    As previously stated, they are completely unreliable.


    It is currently undervaluing my house (bought in 2013) by £100k along with the house I am interested in by over £100k.

    It overvalues our house by at least 100K
  • smmeadow
    smmeadow Posts: 53 Forumite
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    Yeah I am not paying attention to that calculator. The house is in a nice area. I'm going on recently sold prices.

    One sold a few doors down in a nice condition for 131k last year with slightly bigger back garden, which is why I think 125-130 done up.
  • smmeadow
    smmeadow Posts: 53 Forumite
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    I made an lower offer of 103000.... shes going to throw a fit
  • smmeadow
    smmeadow Posts: 53 Forumite
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    I haven't heard anything back yet. The suspense is driving me nuts. I keep waivering... thinking I'm taking the !!!! then I'm like no be real it's 20k to do up and won't sell for more than 130
  • AlexMac
    AlexMac Posts: 2,989 Forumite
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    Can't you put a bit more pressure on the vendor? You've already made it virtually unsellable by sabotaging the electrics by cutting off the juice under the guise of an inspection. Maybe now get the boiler condemned by a gas safe engineer? Or get a plumber in to do a check who can accidentally leave a leak running behind a loose washing machine feed? Or knock a few tiles off during a roof inspection...?

    Joking aside; hang on in there. It will probably go your way. And if, as you say, you can hustle free kit and cut-price installation or repairs from doting friends and relatives, you can probably afford to go a couple of £k over your ceiling; after all, you've clearly fallen in love with it!

    And if not- well, that's kharma
  • smmeadow
    smmeadow Posts: 53 Forumite
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    I've definitely not fallen in love it. It's purely a financial decision. And there's no boiler to condemn!!
  • anselld
    anselld Posts: 8,281 Forumite
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    smmeadow wrote: »
    I made an lower offer of 103000.... shes going to throw a fit

    So you were just trying it on then! Who is the time waster?
  • NicNicP
    NicNicP Posts: 249 Forumite
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    Our first property was one that needed completely renovating. We were lucky that with the help of family, we were able to do the majority of the work ourselves. That was 15 years ago and the costs still came to £10,000+ for a relatively small 3 bed semi. I'm glad we did it so that we are in the position we are now but it was an extremely stressful time I wouldn't repeat it. The next house we bought was all done ready for us to move into.
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