What would make you pull out of a purchase?

NewbieBuyer

Hi, we are just starting the hunt for our next home, which will be seen as our last big move and the family home. I would really appreciate some wisdom from you guys on what kind of information that you might find out on a property or its location, neighbours or neighbourhood, that would put you off from buying the property? as this is only our second purchase and could be in a location we are unfamiliar with.

To provide context to this question, I recently had an experience where my mother had an offer accepted on a property and was about a month into the purchase when her solicitor advised not to purchase the property as some of the conditions of the building regs where not signed off, and as such not cleared for building regs. My mother pulled out straight after, I argued that she could of got building reg insurance against it as she also had no need for a mortgage or to be selling anytime soon, so could of potentially continued with the purchase.

Any wisdom would be greatly appreciated, thanks in advance everyone.

Cakeguts

Building reg insurance is alright but does it pay out if the house collapses?

xsor

Hmm, for a flat I guess it would be lease details?
e.g terms, leasehold years, ground rent, service charge, hidden increased charges etc.

House, not too sure, possibly what damage has been done, leaks, damps, roofs, extensions without permission etc.

cjmillsnun

One thing that would make me walk is a lease of any kind on a house (for example thr house is leasehold or there are solar panels on a tent a roof scheme)

Lolly88

cjmillsnun wrote: »

One thing that would make me walk is a lease of any kind on a house (for example thr house is leasehold or there are solar panels on a tent a roof scheme)

I used to think the same but now it really depends on the lease. In some parts of the country leasehold houses are commonplace to the extent where you will not find minimal homes that are freehold. But these tend to have leases that can easily be purchased for about £300 and only charge something ridiculous like 50p a year in ground rent which is why most people in these areas don't bother buying them.

Leasehold house where the freehold is owned by some private company that doubles the ground rent every year, I wouldn't touch. I would also steer clear of houses with japanese knotweed, I don't want the hassle of that

hazyjo

Gawd, way too many things to list.

Trouble is, when you buy a house with your heart, it's like falling in love. What would put me off some men would all go out the window if love came into it. I'd forgive a lot of flaws. If I wasn't that keen on them, I'd bin them for ridiculous reasons. Same with houses.

Missus_Hyde

I’m afraid that if I found that the prospective property I was purchasing turned out to have a large development in the vicinity, then I would be running for the hills like a scalded cat!! :eek:

NaughtiusMaximus

cjmillsnun wrote: »

One thing that would make me walk is a lease of any kind on a house (for example thr house is leasehold or there are solar panels on a tent a roof scheme)

Surely you would ask the vendor this before making an offer?

fromtheshires

In all fairness, not a lot would put me off as most things are fixable. My do not pass go do not collect £200 for a forever home list is:

No off road parking or garage
Serious structural defects / work such as pinning or subsidence
Leasehold properties or freehold with maintenance charges for the estate upkeep
Serious crime instances in the area i.e. Known for a large amount of street robberies

For anything else, it's all about price and how competent you are with DIY. I purchased a repo as my first house and it needed some work doing but the price was right for me to proceed. For things like building reg anomalies, indemnity insurance covers it in most cases

Thrugelmir

When the valuation comes in £35k under the offer price and the full survey report has 8 pages of comments. May have appeared to be a chocolate box property. Yet beneath the skin the renovation was totally flawed.

Cakeguts

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