Property with structural problem

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2 yrs ago the house on our road went up for sale and the sold sign went up by the time i came back from my holidays.

I was gutted as i was interested in this property. I rang the estate agent few times to asked them to let me if it falls through for any reason.

However the house still has sold sign on so i rang again last week. I was told by the estate agent that the sale has fallen as the people who bought it cannot get the mortgage as it has structural problem.

The property is back on the market with cash sale only. My question is if it has structural problem does this mean that there is major problem?

traineepensioner

"My question is if it has structural problem does this mean that there is major problem?" ....The only way to tell is to have a full structural survey done.

I would be tempted to call the agent again and see if they'll give you more information as to the nature of the problem. This could help you decide whether to go ahead with your own survey.
Are you a cash buyer?

kingstreet

I would say if one lender deems the property unmortgageable, it may have serious issues. Different lenders view different issues differently, so it may not be that serious to another lender.

However, from what you've told us, any kind of speculation is probably pointless until you investigate further...

Doozergirl

You're going to have to do your homework, but nothing is irrepairable, regardless of whether it is 'serious'.

Differnet people have different ideas of serious.

lincroft1710

Doozergirl wrote: »

You're going to have to do your homework, but nothing is irrepairable, regardless of whether it is 'serious'.

Differnet people have different ideas of serious.

I have known of several houses which had subsidence end up being demolished. Also about 30 years ago, a development of about 25 houses built over redundant chalk pits, started showing serious signs of movement and were also all demolished.

da_rule

Out of curiosity how old is the house? Just wondering if the NHBC guarantee would still apply.

You mention it's a neighbour, if you know them and they still live at the property why not knock on the door and just ask them?

I have found that estate agents that I have dealt with have been quite open about the problems properties have as it's in their interest to have a buyer who knows the problems rather than waste their own time when the buyer pulls out later.

Also, if there is a problem with the structure then you may not be able to get buildings insurance, which is obviously necessary for a vast majority of mortgages.