Unmortgageable Property

chally2007

I am currently looking to purchase a property which an estate agent has told me is unmortgageable due to the fact that the property has no kitchen or bathroom.

has anyone ever heared of someone making a conditional offer to the seller, which would allow me to go in, install a kitchen sink, bath, basin and toilet to allow me to get a mortgage on the propoerty?? Obviously i would have to get a solicitor to write up a contract to make sure that i could get back any expences should the seller change his/her mind.

I was thinking of jusy buying some cheap stuff and installing it just to get the mortgage. does anyone know what has to be there to get the mortgage? is it just the sink and cooker or do there also need to be worktops, and other units???

Any help anyone could give would be very much appreciated. :beer:

Chris

catfish50

No vendor in their right mind would let you monkey around with their property. They need a cash buyer. Move on.

chally2007

Yes i can see what your saying Catfish50, but might be worth a try, suppose it depends on how desperate they are to sell...

katsu

Talk to a mortgage broker. We got a mortgage on a property with a retention in place until we installed a kitchen.

catfish50

katsu wrote: »

Talk to a mortgage broker. We got a mortgage on a property with a retention in place until we installed a kitchen.

Yes that sounds more feasible.

chally2007

Katsu, thanks for the reply.... Does that mean that you had to pay the vendor out of your own money and you had to install the kitchen to get the rest of the mortgage?

Flyboy152

catfish50 wrote: »

No vendor in their right mind would let you monkey around with their property. They need a cash buyer. Move on.

Any seller with a property with no bathroom or kitchen, wouldn't give a monkey's.

Senior_Paper_Monitor

Possible (with lots of hoops to go through) with 100% retention - and probably drip feed after that.

This sounds like a project (both financing and renovating) for a professional, particularly the latter !

The answer may not be a straight forward mortgage in the first instance.

chally2007

To be honest unless it was in a good condition i would probably replace both kitchen and bathroom anyway as i am looking to buy this property as a buy to let.....

Thrugelmir

chally2007 wrote: »

as i am looking to buy this property as a buy to let.....

Then you would struggle to obtain the mortgage in any event. As both the rental value and property would fail the lending criteria.

HappyMJ

chally2007 wrote: »

To be honest unless it was in a good condition i would probably replace both kitchen and bathroom anyway as i am looking to buy this property as a buy to let.....

Do you own another property that you can mortgage to raise the funds? You could extend your own mortgage on the house you live in. When the new house has been totally renovated and let out you can mortgage it and either pay off your own mortgage or use the money to buy another buy-to-let.