Buying Repossessed Property

tp023

I'm interested in a repossessed property that’s been stripped of fixtures and fittings. All wiring/heating pipework in place. My electricians & plumbers have estimated £10k of remedial works to make the property habitable.

Property on the market for £220k.
£50k deposit.
No other debt.

Which lenders could I approach for a mortgage as I understand most will not lend on this kind or property.

Thanks

Mr_Moo_2

Your best bet is to find a good Broker who can give you the latest on the market for such deals. Find a good conveyancer as well who can do a quick (but good) job for you. Good luck....

kingstreet

There has to be a kitchen and a bathroom in place. A sink, surface and cupboard in the kitchen and a toilet, basin and bath should suffice for a bathroom.

Provided it has them, it should be mortgageable. It's the lender's surveyor which decides what is and isn't acceptable security for a mortgage.

tp023

Thanks for the replies. Have the rules changed over the last few years? My brother got a interest only mortgage on a property in a lot worse condition than this from Santander. It had what could possibly be classed as a kitchen but no working bathroom. 100k deposit, 140k mortgage 2 years ago.

The house in question has all the plumbing for the bathrooms, just the toilet and basin have been removed. Shower still in place but boiler and water cylinder removed. No rads but all pipework. Kitchen removed also.

The electrician & plumber tell me they could have it all re-installed and working within 2 days. No works required to the fabric.

Would it be a specialists lender?

tp023

rightmove.co.uk/property-for-sale/property-36534376.html#backListLink=/property-for-sale/find.html?locationIdentifier=REGION%5E26305&insId=1&radius=0.25

You'll have to add the www.

Its similar to this but hasn't been stripped out as much. I.e. Still has fire places, sockets, light fittings etc.

kingstreet

Why don't you get in touch with your nearest Colleys office? This is the HBoS group surveyor. If you tell them you are considering a Halifax mortgage and you are considering a purchase in such a condition, they may be able to tell you what makes it mortgageable from their perspective;-

http://www.colleys.co.uk/customer/contact-us/find-your-local-surveyor/