is is all just a silly idea? advice please

skintjenny

Hi all,
I need a little advice on the situation im in...

I have have seen a cottage that i want to buy and am really interested. it is currently on the market for £35000, freehold, one bedroom.
It hasnt been lived in for ATLEAST 2 years and has damp, windows in need of replacing, and a very very very overgrown garden.
It is also 45 minutes away from my work (by car and by train).
HOWEVER the house itself seems solidly built, there were no obvious cracks in any of the walls or outside rendering, the neighbours house (its semi detatched) was very well kept and looked in good condition. Its a lovely house and were it closer to work I would pounce on it...
The area its in is where I have wanted to live my whole life, but was planning a move in the future after my business was more mature (am self emlpoyed) but this house.... hmm

my main concerns:

Would i be able to get a mortgage as a self employed person? (I 'predict' to earn about 16000 this financial year... could be more, could be less)

how much does surveying cost? theres no way Id buy it without knowing there was no dry rot, woodworm etc

Is damp a serious problem? Would a survey tell me this? (I think the damp is mainy due to the property being unheated and single glazed for so long... there was no mould, just a damp smell and peely wallpaper)


help please!

Jenny

G_M

skintjenny wrote: »

Hi all,
I need a little advice on the situation im in...

I have have seen a cottage that i want to buy and am really interested. it is currently on the market for £35000, freehold, one bedroom.
It hasnt been lived in for ATLEAST 2 years and has damp, windows in need of replacing, and a very very very overgrown garden.
It is also 45 minutes away from my work (by car and by train).
HOWEVER the house itself seems solidly built, there were no obvious cracks in any of the walls or outside rendering, the neighbours house (its semi detatched) was very well kept and looked in good condition. Its a lovely house and were it closer to work I would pounce on it...
The area its in is where I have wanted to live my whole life, but was planning a move in the future after my business was more mature (am self emlpoyed) but this house.... hmm

my main concerns:

Would i be able to get a mortgage as a self employed person? (I 'predict' to earn about 16000 this financial year... could be more, could be less)you should get 3 times salary IF you can get your accountant to confirm your income - prob based on last yera, not prediction for this year

how much does surveying cost? theres no way Id buy it without knowing there was no dry rot, woodworm etc£5-600 for a full survey, BUT

Is damp a serious problem? Would a survey tell me this? No. it will note damp is present and recommend you get a damp specialist in!!! Same with dry rot/woodworm!(I think the damp is mainy due to the property being unheated and single glazed for so long... there was no mould, just a damp smell and peely wallpaper) You are prob right. Damp is usually NOT 'rising damp'. It's usually blocked /overflowing gutters, piles of earth against the walls outside breaching the damp-proof course etc. The biggest prob is if it's an old house with NO damp proof course


help please!

Jenny

It sounds like a bargain but depends where it is. Does the price reflect the fact that it needs work? If so you have the chance to buy a cheap house, do it up EXACTLY as you want it, and live in a great location. What's the roof look like?

Go for it!

GDB2222

You'd need to take a builder round with you before proceeding. i'd do that before getting the survey done.

penguine

skintjenny wrote: »

Would i be able to get a mortgage as a self employed person? (I 'predict' to earn about 16000 this financial year... could be more, could be less)

Assuming you have a good-sized deposit saved up -- it would be a good idea to talk to a mortgage advisor first to see whether you can get a mortgage before pursuing the property further.

Nosht

This indicates an interest but gives you some control over price.



Regards,

N.

P.S. As said, dampness &c. can be fairly easily overcome.

G_M

Place an offer subject to survey
This indicates an interest but gives you some control over price.

Not sure I agree with this. Saying that is likely to put the seller off from the start (esp if he knows the house has problems).
Making an offer and agreeing a price is NEVER a full commitment till Exchange of Contracts, so you can always pull out, or re-negotiate price after a survey.
No need to actually say that's what you intend to do!

Fire_Fox

skintjenny wrote: »

Hi all,
I need a little advice on the situation im in...

I have have seen a cottage that i want to buy and am really interested. it is currently on the market for £35000, freehold, one bedroom.
It hasnt been lived in for ATLEAST 2 years and has damp, windows in need of replacing, and a very very very overgrown garden.
It is also 45 minutes away from my work (by car and by train).
HOWEVER the house itself seems solidly built, there were no obvious cracks in any of the walls or outside rendering, the neighbours house (its semi detatched) was very well kept and looked in good condition. Its a lovely house and were it closer to work I would pounce on it...
The area its in is where I have wanted to live my whole life, but was planning a move in the future after my business was more mature (am self emlpoyed) but this house.... hmm

my main concerns:

Would i be able to get a mortgage as a self employed person? (I 'predict' to earn about 16000 this financial year... could be more, could be less)

how much does surveying cost? theres no way Id buy it without knowing there was no dry rot, woodworm etc

Is damp a serious problem? Would a survey tell me this? (I think the damp is mainy due to the property being unheated and single glazed for so long... there was no mould, just a damp smell and peely wallpaper)


help please!

Jenny

Do you have a 15% deposit plus funds for fees saved up? Do you also have access to enough money to get the property to a habitable standard BEFORE the mortgage company release the full mortgage required? Would a one bedroom house suit you for any length of time?

In my experience the best people for a full damp survey are Rentokil, as they will look at all causes of damp (rising, penetrating, condensation etc.) rather than simply hitting you with a quote for a DPC.

skintjenny

i spoke to natwest who said i would only need a 10% deposit... so £3500 if i offer full asking price
the roof looks sound, but there is no loft access to check it from the inside...
if i put in an offer, how long would i have to get surveys done etc?
and would i be best off getting a builder rather than a surveyor?
in terms of a one bedroom being suited for me, the property is perfect for the moment as i have no intentions of moving in with current partner until we have been together for ATLEAST 2 years (made the mistake of moving to quickly before now), after that period, my mum has requested i let it to her as a holiday let... its by the coast in a tourist area... and lovely! (when i say by the coast, it has sea views but is 0.5 miles away from actual coast)

what is everyones opinion on the 45 min commute? worth it in the dead of winter with a cold?
is it something people generally get used to?

thanks for all the help so far!

skintjenny

Fire_Fox wrote: »

Do you have a 15% deposit plus funds for fees saved up? Do you also have access to enough money to get the property to a habitable standard BEFORE the mortgage company release the full mortgage required? Would a one bedroom house suit you for any length of time?

In my experience the best people for a full damp survey are Rentokil, as they will look at all causes of damp (rising, penetrating, condensation etc.) rather than simply hitting you with a quote for a DPC.

do you not just get the mortgage all in one go!?

lincroft1710

Seems v cheap for a possible holiday let so close to sea. Worth the 45 min commute.

GDB2222

skintjenny wrote: »

the roof looks sound, but there is no loft access to check it from the inside...
if i put in an offer, how long would i have to get surveys done etc?
and would i be best off getting a builder rather than a surveyor?

Your mortgage providers will insist on a survey, or at least a valuation. With property in this condition, I suggest a full survey.

To save the cost of the survey if the property is much worse than you think, take a builder round and ask him what he thinks before you go too far. Then if he thinks it's okay, make your mortgage application, and after the survey get the builder to quote for the works needed.