Might have a problem... help required

Rebchappers

I was just browsing thorugh the forums and came across a post in which someone mentioned the following:

''a house needs to have a bathroom and a kitchen to be mortgageable''

Now.. we went to view a lovely bungalow last week that is just over 20 years old. It is a repossession and the previous owners had just fitted a new kitchen. When they were repossessed, they decided to take the kitchen with them! There are no units or sink or anything! The boiler is left, and all the plumbing is there still but physically no kitchen. Obviously this is the first thing we will do and our offer reflects the work that needs doing. But are we going to be able to get a mortgage for the property?

Can the lender make it a condition of the mortgage offer that a new kitchen is fitted within say 6 months of completion? or will they just refuse, point blank?

Everything else is fine, and is in good condition, but obviously this kitchen was too good to leave behind!

Can anyone offer any advice before we pay to instruct a solicitor? Our lender is Nationwide, if that helps

Thanks

planemad

Never heard that before to be honest.

Don't take my word for it as other members will be able to offer more asistance.

Incisor

Lender is likely to make it a condition of the mortgage that the kitchen is fixed. They will want the house to be resaleable.

Rebchappers

that will be fine... like i said, the kitchen is the first thing we will get done so we have no problem with it being a condition of the mortgage offer. We are just worried that they will refuse point blank to issue the mortgage as, in its current state, the property is not technically mortgageable!

lincroft1710

Must be a new rule as plenty of houses in 70s/80s didn't have bathrooms until they were installed by new owners who had obviously bought on mortgage. And what constitutes a kitchen? Actually just a sink and cooker.

bubblesmoney

lincroft1710 wrote: »

And what constitutes a kitchen? Actually just a sink and cooker.

if the kitchen was a problem then for satisfying the mortgage conditions and have a workable kitchen shouldnt take more than a day to sort out. buy a electric table top hotplate if they insist on a hob and a microwave, get a sink installed. all that could be done in a day and you would have satisfied the mortgage conditions. the cabinets etc can come later. shouldnt cost that much. u will need a microwave and sink anyway, the only extra cost will be the hotplate till u decide on what kitchen u need

GDB2222

They'll probably withhold part of the mortgage until the work is done (to a reasonable standard). So, you should budget for paying for the kitchen out of other money, then getting the balance of your mortgage money when the kithen is completed.

Ian_Griffiths_Halifax

I've known lenders to do mortgages on properties without Kitchens and Bathrooms fully installed.

The purchase price needs to reflect the value and they generally go with the valuers comments.

What they may do is put a 'Retention' on the mortgage. That would mean that, say you were borrowing £100000 on a £110000 house and the valuer says it will cost £3000 to put it in a marketable condition of £110000. They might hold back £3000 and lend you £97000 until you've installed a Kitchen and Bathroom, and then when you've produced recipts via your Solicitor, the 'may' send the valuer back to check you've done the work and then forward the remaining £3000.

mrluke

I think it really also depends on how much you are borrowing If its a property 150k+ and u are getting a 90% mortgage i imagine they will insist on having one fitted

Davesnave

GDB2222 wrote: »

They'll probably withhold part of the mortgage until the work is done (to a reasonable standard). So, you should budget for paying for the kitchen out of other money, then getting the balance of your mortgage money when the kithen is completed.

This is very common. For me, it was a case of the water heating system (boiler etc) being condemned.

Rabiddog_2

i imagine they will insist on having one fitted

I imagine they will insist on YOU fitting one.....

TELECON: "yes thanks Lloyds-TSB, I want it fitted by thursday, the cooker in the corner, and a nice spice Isalnd in the centre of the room, yes, all teak tops with a maroon veneer. Jolly blody decent of you, best customer service I've ever had" :rotfl: