Habitable condition

boglehead

Hello,

I am currently looking at buying a property that would require total renovation prior to us moving in (rewiring, re-plumbing, central heating, floor board etc... the whole lot)

I intend to put 40% as a down payment and pay for full renovation myself without financing - however I need the bank to finance the remaining 60% of the purchase price.

Although the few banks I spoke with are happy to finance 60% of the acquisition price, even if I do not move in the house right away (we would like in temporary accommodation for up to 12months) - they require the house to be in "habitable" condition to release the funds.

I was wondering what was the banker definition of habitable condition.
The house has had very little work done since the 1960s; although the electricity and gas work (I believe they are legal as both meter seem fairly new), the kitchen, hob, showers are probably 60 years old. The wallpapers are falling appart, the house hasn't been lived in for probably 15years, but is dry and the roof solid. The amount of dust is sordid etc... Any normal person would probably refuse to live in that house.

However, would it still tick the "habitable" box?

Unless it did, I could not make this project a reality for lack of financing.

Thanks for your thoughts / experience on this

Contemptuous

Useable kitchen and bathroom, generally.

PixelPound

Contemptuous wrote: »

Useable kitchen and bathroom, generally.

Usable Kitchen means a kitchen sink I believe. Have seen a couple of places with kitchens gutted out and just the kitchen sink left in. :rotfl:

Thrugelmir

boglehead wrote: »

Any normal person would probably refuse to live in that house.

That's probably your answer then. As many people wouldn't be bothered if the accommodation was at the least basic. 15 years is a long time.

boglehead

So reading you, as long as there is a sink, running water, a bathtub (green and molded yewwww), and electricity with light switches that don't kill you once you turn them on, an appraiser should be giving us the "habitable" green light?

FYI property is in central london - not sure if that even changes anything.

Thanks!