Repaired PRC property

Yammamaz

I was hoping I could get some advice please.
I am currently in the process of selling my home. It is an ex pre fab and has been repaired to the required standard and I have the certificates.
However the adjoining property has not been repaired and is council owned.
This is proving to be a problem and it's looks like the sale is going to fall through for the third time.
As the house next door is classed as defective under the housing act I have tried to contact the council to request it to be repaired. They don't want to know and have basically refused to discuss the issue with me.
Where do I go from here? I cannot afford the shortfall if the property is devalued or if it is to be sold to a cash buyer only.

Cakeguts

How did you manage to buy it?

csgohan4

You cannot control what other people do to their houses, you can only control your own actions.

Your house will sell at the right price eventually. Hence make a realistic assessment of what your house is worth and pitch it there.

Yammamaz

We purchased it 10 years ago and it wasn't a problem as long as we had the certificates to say it was repaired. However the surveyor did say in their report that next door looked like it had been repaired. The mortgage company did not get any proof that next door had been repaired, and it hasn't been. We were never made aware that there may be problems selling it on in the future.

Ozzuk

How is there a shortfall? You must have bought it at a price reflective of it being pre-fab, is it because of the money you've spent improving it?

What does your solicitor advise? Sounds like a nasty situation and you may have to send it to auction.

Yammamaz

It was repaired when we bought it, so not classed as defective. 100% mortgage, interest only. So the capital is still owed in full. Total nightmare situation and lessons have been learned. We were young and it was our first house purchase.
My partner and I have split which is why it's being sold. He's refusing to help financially for any shortfall even though it's a joint mortgage so I'm feeling in despair at the moment.

Ozzuk

Sorry to hear that, really bad situation then. Hopefully someone else will come along with better ideas, if you can't afford to live there then you may be stuck with letting it get repossessed (and the consequences that go with that).

Yammamaz

I know
The frustrating thing is that there is nothing at all wrong with my house, it's the adjoining property that's the problem.
I wish the solicitors and mortgage advisers had informed us better on the implications of buying a property like this.

csgohan4

Better to sell at a loss and cut your financial ties than be tied with someone who is irresponsible and ruin your own credit file.

Hope it works out for you. Hope your ex gets what they deserve

lincroft1710

Solicitors are not surveyors nor experts in selling houses (except perhaps in Scotland). Mortgage advisors are just that, they give advice on obtaining a mortgage, not the problems you may encounter on reselling a property.

Yammamaz

Just to give an update on this. I have spoken to 3 PRC specialists who have advised that there are lenders who will lend even if the next door property is not repaired. Halifax and Lloyds amongst others. Turns out the last buyer was unable to get a mortgage due to their personal circumstances and not due to next door. So the choice of mortgage providers may be reduced but all is not lost!