Mortgage trapped due to repairs needed

Clutterfree

Don't have any pearls of wisdom to add but just wanted to say I'm sorry for the predicament you are in.

Where will you live for the 18+ weeks and do you pay for the accommodation or does the freeholder pay for it?

All the best.

Pixie5740

The OP is in Scotland, there is no freeholder. The flat owners actually own the building as opposed to just a lease.

Finding somewhere to let for just 18 weeks will be tricky. It might be worth just renting somewhere longer term as the works could over run and seeing about consent to let if the OP is looking to move somewhere larger anyway.

Enterprise_1701C

I notice no-one else has mentioned this, but the chances are that you have received an estimate from the builders concerned. Unless it is an actual "quote" rather than an estimate, then you would be best advised to make sure you have more than £20,000 put aside for this, there is a very good chance it will cost more.

lmurray33

Sorry hazyjo it wasn't you I was referring to, apologies if you thought so.
glasgowdan would you be willing to share what London company this was?
Clutterfree thank you very much for you concerns, as confirmed by Pixie5740 would need to pay for alternative accommodation.
Enterprise 1701C it is a quote from a national company to carry out the whole project. However you are correct costs will no doubt rise. Especially with the rot as this is a 'provisional' quote as it's impossible to investigate the full extent of rot without then proceeding straight away with repair works. This process has been confirmed with another independent company. The investigations are to invasive to then not proceed straight away.

[Deleted User]

I am sorry, I really wish I could be of more use, but I wonder if, as owners, it might be better to consider rebuilding? £20k each with such a low end value, it hardly seems worth the effort and inconvenience of repairs.

How long have you lived there? I don't understand how the rot wasn't noticed before you purchased the place, its got to have been noticed soon after you moved in judging by the years of negotiations you comment on.

marksoton

lmurray33 wrote: »

Sorry hazyjo it wasn't you I was referring to, apologies if you thought so.
glasgowdan would you be willing to share what London company this was?
Clutterfree thank you very much for you concerns, as confirmed by Pixie5740 would need to pay for alternative accommodation.
Enterprise 1701C it is a quote from a national company to carry out the whole project. However you are correct costs will no doubt rise. Especially with the rot as this is a 'provisional' quote as it's impossible to investigate the full extent of rot without then proceeding straight away with repair works. This process has been confirmed with another independent company. The investigations are to invasive to then not proceed straight away.

You say independent but if they're a company who would carry out the actual work they have a vested interest. It's turkeys,voting and Christmas.

There could be a lot said for a fully independent survey from someone who gains nothing more financially.

xylophone

https://www.historicenvironment.scot/advice-and-support/listing-scheduling-and-designations/listed-buildings/effects-of-listing-on-owners/

Could you all sell to a developer?

davidmcn

deannatrois wrote: »

I am sorry, I really wish I could be of more use, but I wonder if, as owners, it might be better to consider rebuilding?

It's a listed building, they don't have much choice.

lmurray33

Indeed, a listed building so rebuilding not an option. Have now re-applied for a couple of 'historic building' grants.
Rot not noticed at time of purchase - not fully investigated in standard surveys...
marksoton - as stated it was another independent company that confirmed this process therefore not the same as 'turkeys voting for Christmas '. They have no vested interest.