How to buy a structurally damaged property

anne2000

Hi, Can any one advise me on how to get a mortgage for a property that has subsidence and damage to the building. I really need to know the NAME of a company that will do this even if they are more expensive than usual.The house is worth 250K in perfect condition and is currently on the market at a low price due to subsidence issues. There is a 6 inch correction to be made what ever that means. I really want this property as it's in our dream area close to friends and family but also because it has 5 bedrooms which i really need due to my partner having kids that i haven't mothered. I don't mind the insurance being higher I just need to know how to get a mortgage for the property which is on the market for 175K.

Jonbvn

Until the subsidence is rectified, I think it will be impossible to get a mortgage on this property.

BTW, a 6 inch correction is huge!

VIGILANT22

Nobody will lend on this....

anne2000

does any one have any advice on how i can aquire a mortgage for the same property. there must be someone who can help!!!!

VIGILANT22

Did you read my post....did you read Jonbvn's post?

Why do you think lenders/anybody will give you money to buy a property with a 6 inch correction....and even worse you don't even know what it means!!!

opinions4u

anne2000 wrote: »

Hi, Can any one advise me on how to get a mortgage for a property that has subsidence and damage to the building.

No mortgage lender will touch subsidence. Why don't the current owners claim on their buildings insurance to get it corrected?

I really need to know the NAME of a company that will do this even if they are more expensive than usual.

There isn't one.

The house is worth 250K in perfect condition

No, it's a disaster that needs fixing before you can get a mortgage on it.

There is a 6 inch correction to be made what ever that means.

How do I convince you that six inches is really big?

I really want this property as it's in our dream area close to friends and family but also because it has 5 bedrooms which i really need due to my partner having kids that i haven't mothered. I don't mind the insurance being higher I just need to know how to get a mortgage for the property which is on the market for 175K.

I think you need to look for a different house. The house is not worth £250k. It's probably not worth anywhere near the asking price.

The only way you will be able to get a mortgage on it is if the subsidence has been corrected first. The problem remains with the owners. Leave it there.

pramsay13

As others have said, mortgage providers wouldn't touch this. That's why they always ask if there is history of subsidence in all mortgage / insurance enquiries.
The only option would be to buy it outright and get the work done yourself, but obviously that would take a lot of money.

CloudCuckooLand

Have you even thought to ask what caused the subsidence?

Is it something that will not recur?

jonesMUFCforever

I think anne2000 is well aware of the problems and must be winding us up.

Troll alert!

anne2000

I may not be very knowledgable about subsidence when buying my first home at nineteen but I do know when I come across a condescending vigilante !!!!! !!

anne2000

Thank you to those who have tried to genuinely help with out being rude or insulting