Property vacant for a decade?

elDeeJay

My partner and I viewed a house about two weeks ago which we really like. A developer bought the property last year and has done much work to it and is now selling it (for a tidy profit no doubt) and we are interested in putting in an offer.
We have since discovered, however, that the property has been vacant for more than ten years . Friends who live nearby informed us that no-one has lived there for over a decade (His words were "between ten and fifteen years") until this developer bought it last year, and we are now suspicious as to the viability of the house. Why was it empty, why wasn’t it bought before and what sort of condition the house will be in having been unoccupied for this length of time.

Is there any way I can find out more about whether this is indeed true, and what are peoples thoughts on the house, having been laid vacant for such a length of time? Should we just walk away or is there no reason to panic and rely on the survey pulling up any faults?

Any suggestions on the above scenario is most welcome.

Thanks

bobsa1

When we bought my house it had been empty for ten years, history was it was repossessed and left empty by the building society for several years, sold in a job lot at auction to a housing association, left empty for a few more years and then sold to us.

We have a flat roof and that was shot, but other than that it was in an adequate state of repair, no problems with electrics etc.

We only found out the history by talking to neighbours

elDeeJay

Thanks. A little reassuring i guess.
There's no way then to trace the history of the house before buying? Would like to know as much about the property as possible before any offer is made, but dont know where to begin! Can the solicitors find anything out or is it a closed case with regards to previous owners and why its been empty all this time?

Also, if a house has been repossessed in the past, is it true that it can cause all sorts of credit issues years down the line for future owners of the property?

Doozergirl

I refurb properties. Some of them have been empty for a lot longer than that but I can assure that each one was dealt with with the most care and attention.

Believe that the developer took enough of a financial risk by buying the house (likely unmortgageable), that they wouldn't jeopordise the sale by not doing things correctly. You just need to get a thorough survey and the relevant certificates for new installations (I can advise on this if you get an offer accepted). And you should be fine! If they've done it properly, you'll have bought a good future investment with no major maintenance required for a good few years.

I doubt very much that a repossession would ever take ten years to occur or for the mortgage company to sell on, but no, subsequent buyers should face no risk to their financial health. Who's going to be knocking on the door after that long anyway!?

Gorgeous_George

I believe that there was a time when houses were built and left to dry out naturally - perhaps for a year or so. It was a good thing.

Nowadays, houses are 'built' over a few weeks and occupied almost immediately. This can cause many problems.

I certainly wouldn't let the time it has been empty worry me but I would pay the extra for a full survey and, more importantly, I'd check the property out myself much more closely.



GG

Norma_Desmond

Our 200 year old house had been empty for over 20 years when we bought it three years ago! It belonged to some rich chap in the home counties who had inherited it and just didn't give a monkeys about it and was well off enough to not really bother about selling. We got it for a marvellous price because it looked gloomy and un-loved.
We had a full structural survey and it passed with flying colours - all the refurbishment needed was cosmetic.

itsarichmansworld

:hello:
The flat below me has been vacant for 5 years It was bought 5 years ago by a developer for 15K he sold it 2 months ago for 65k

It was just a "project" for him so took him a while to fit windows heating etc

Dont be put off my timelines follow the advice here get full structural surveys etc done, to put your mind at rest go in lower than the asking price too they may accept a lower price !

Good luck

clutton_2

the land registry has a historical section for older records of property ownership. you can buy reports very cheaply indeed - modern titles cost £3 each - dont know if older ones cost more