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Selling a previously underpinned property
blondie4281
Posts: 60 Forumite
We own a house (the first house we bought together at the age of 20) which had subsidence and was repaired last year. We live in rented and have done since they started the repairs. We had to move out for the work to be done, and we decided to stay where we were renting (a bigger house) after the repairs were completed. The house we own is currently rented out.
We would like to sell the house we own to enable us to buy again rather than rent. Our current landlord has told us he will be selling this house, so will not be renewing our lease, and we have to move. However we don't know whether a prospective buyer would get a mortgage on a previously underpinned property. The work done is guaranteed for 12yrs. It has been less than a year though. Insurance isn't a problem as our current insurers will transfer the policy over to any buyer (they are not liable for future problems anyway - we have a seperate guarantee that can also be transferred).
Any suggestions would be much appreciated. Are there mortgages available for houses which have been previously underpinned?
We would like to sell the house we own to enable us to buy again rather than rent. Our current landlord has told us he will be selling this house, so will not be renewing our lease, and we have to move. However we don't know whether a prospective buyer would get a mortgage on a previously underpinned property. The work done is guaranteed for 12yrs. It has been less than a year though. Insurance isn't a problem as our current insurers will transfer the policy over to any buyer (they are not liable for future problems anyway - we have a seperate guarantee that can also be transferred).
Any suggestions would be much appreciated. Are there mortgages available for houses which have been previously underpinned?
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Comments
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Sorry - just wanted to bump this up. Anyone got any ideas?0
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You'll always find a buyer.....at the right price. But the price will be lower than if it had not been underpinned.
Some mortgage providers will just say no, some will require an independant structural engineers report, and some (a few) will say yes.
So potential buyers have added expense (the report) and much smaller choice of mortgage (= more expensive repayments).
Insurance too. They will be tied to your insurer or a small number of specialist companies so unable to go online and get the cheapest deal.
And that's without the fear of a problem - never mind if there's guarantees, insurance, whatever. The buyer has to live through repair work if there's a problem. Look at you... moved out to rented and now selling....
It's all hastle/costuncertainty for the buyer. But price it right and someone will jump at it.
ps - just googled 'mortgage underpinning' and there's a lot of info out there. ie this0
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