Buying a house furnished

[Deleted User]

Hi MSE community!

Hoping once again you may be able to help me understand something. House is on the market and am looking at new place to buy.

I expect to take very little furniture from my current house with me, and some of the properties I have seen (and one in particular I am hoping all the stars align for timing wise!) are not people's homes. They are not new builds, but a house somebody has renovated and then 'dressed' with furniture to show.

I've enquired on a few who have said they would sell the house as seen I.e with furniture. I am well aware this probably the most cost effective way to do it, but it would suit my situation perfectly to walk into a house ready just with a suitcase and a few boxes!

So my question: i increase the offer to cover the cost of the furniture, assuming all ok do I just get a mortgage against the total cost or do I have to pay separately for the furniture? The former would be the preference (even though I know I will pay more long term and more stamp duty) but can't seem to find if this is acceptable.

Any guidance appreciated. Thanks!

marliepanda

The mortgage you get will be based on the property price, not the furniture cost. They may not match the valuation you offer. The mortgage company will not !!!8216;knowingly!!!8217; mortgage furniture.

need_an_answer

When a relation of mine emigrated and sold house with furniture it was done under a separate negotiation where the purchase price for the property was one figure and the additional payment was made in cash.

lookstraightahead

A mortgage is a loan for the actual property

need_an_answer

Actually you've got me thinking...

Buyer agrees price with seller and the fixtures and fittings list is completed to indicate items included in the sale,whats to stop you having a really detailed list?

Would anyone pick up on that and query it if the valuation price of the property was greater than the mortgage required.

need_an_answer

I've bought in the past and carpet curtains and light fittings have been included together with integrated white good so I am wondering just how long the fixtures and fitting list needs to be before it would be questioned as a separate sale.

I guess it comes down to valuation for mortgage purposes and how big a deposit you have to offset it.

bethwilliams95

I think that if it wasn't excessively more than the price for the house currently then it probably would be agreed, and you include all furniture etc in the detailed list of fixtures and fittings. However im no expert and I could be wrong.

MovingForwards

If the house is valued for ease at 100k, the fixtures and fittings list covers the furniture and is priced at 10k your lawyer will inform the mortgage company who will deduct the 10% 10k deposit and 10k furniture making a mortgage offer to you for 80k.

If there is no price for the furniture on the fittings list, but they are listed, your mortgage company will deduct what they think it is worth or more than likely ask your lawyer to contact the sellers lawyet for the cost and deduct it.

Best off making a private agreement/sald for what you want but tie it into the purchase of the property so if that falls through for whatever reason you are not stuck with having to buy it all and not having a home to put it in.

Lastly, the furniture may just be on hire or borrowed therefore it wont be for sale.

Tom99

[FONT=Verdana, sans-serif]Its best to state the price being paid for furniture separately in the contract then you will not pay stamp duty on that figure.[/FONT]

tacpot12

It is a bad idea financially to take out a mortgage for any more than thus absolute minimum amount you need to buy the house. If you include the furniture in the mortgage you are paying interest on the money for 25 years plus. You can haggle hard over the furniture as it will be easier for the company to sell it to you than have to arrange for its removal.

martindow

I would imagine the value of the furniture is minimal. Having tried to give away some a couple of years ago it was difficult and in the end I felt lucky that someone had taken it without charging me.


If a seller doesn't want to take the furniture when they move it is an advantage to them as they will have reduced their removal costs.


I would certainly not pay a significant sum for them to leave furniture behind.