unusual house purchase

Tykva

Hello there,


there is this detached studio house (22 sq.m.) for sale, which Im thinking of buying but need advise whether its worthwhile. It has a flat roof and is located behind the rear garden of the terraced house. So basically you access via a shared narrow path which terraced house dwellers usually use to take their bins out. On the other side of the house is another terrace gardens which is fenced and there is not exit visa those terraces. So basically house is between gardens of two parallel terraces. Current owner has a mortgage on it but would like to sell it for cash as someone has tried to buy it via mortgage and was declined. WHich as a result causes some concerns to me - whether it will be sellable later and what legal implications with neighbours it may have.








Please advise your thoughts on a ourchase of such house. Thank you!

mrginge

Sounds delightful.
How much would this palace be available for?

davidmcn

Doesn't sound particularly marketable to me - many lenders have problems even with "normal" studio flats, never mind odd ones.

bebewoo

It sounds like a shed. Does it have it's own Land Registry title?

gavted

I suspect this is a converted garage/shed.

The current mortgage is probably associated to the whole of the property, including the terraced house. I suspect it wont be mortgagable (I think thats the word) and therefore will only ever sell to cash buyers.

I wouldnt touch it myself, but it depends on the local market and how desperate you are.

PasturesNew

This type of 'house' is likely to be a nightmare. If found to be mortgageable, not only do you get to pay a fortune to live in somebody's ex-shed .... but you also get to pass their grinning faces as you walk up the path every day ....knowing they think you're a right mug.

Access, deliveries, people/friends/ambulances finding you are also going to be issues.

Its most relevant/suitable use would be for them to retain it and rent it out, either on an AST or as a holiday let. The most likely buyer would be a BTL LL. He'll struggle to find any buyer though in reality.

moneyistooshorttomention

Potential access problems, tiny, flat roof and unmortgageable

- well I could say "What's not to like?":cool:

Or I could be more realistic and say "Don't do it Di....".

maninthestreet

Do you have the link to this property on Rightmove?

somethingcorporate

Yikes, that is a micro-dwelling of the smallest hobbit-like proportions.

Dan-Dan

maninthestreet wrote: »

Do you have the link to this property on Rightmove?

Sounds like its more likely to be in the local classfied ads!

StumpyPumpy

Is it this, by any chance? http://www.rightmove.co.uk/property-for-sale/property-34575663.html
If it is, then it is cash only and is also going up for auction on 23/6. Looks like a mobile home to me.

SP