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Buying a new house with a collapsed drain
KBNewby
Posts: 33 Forumite
Hi, thanks in advance for any responses, I am new here!
Wanted to get some thoughts. We are in the process of buying a 1920's semi detached property which we have properly fallen in love with! It needs a lot of work but is for sale at about 25k less than market value for that street, it is very much much a "Project" house. We have budgeted for new electrics, windows, bathroom and plastering throughout and have the money in the bank.
However, we have just had a full building survey done and it needs new drains, as one side has collapsed and caused some very minor subsidence. The surveyor doesn't think this is a horrendously expensive job, but the concrete "yard" around it will need to be ripped up in the process which is fine.
We were planning on extending over this area in the next few years, so were considering:
1,Getting the drains and extension done straight away, and getting a home improvement loan to cover it. Would this be possible so quickly after purchasing?
2, Just getting the drains done, then getting the extension done in a couple of years when we can better afford it without a loan but digging up the same bit of land again....
shared experience HUGELY appreciated
Wanted to get some thoughts. We are in the process of buying a 1920's semi detached property which we have properly fallen in love with! It needs a lot of work but is for sale at about 25k less than market value for that street, it is very much much a "Project" house. We have budgeted for new electrics, windows, bathroom and plastering throughout and have the money in the bank.
However, we have just had a full building survey done and it needs new drains, as one side has collapsed and caused some very minor subsidence. The surveyor doesn't think this is a horrendously expensive job, but the concrete "yard" around it will need to be ripped up in the process which is fine.
We were planning on extending over this area in the next few years, so were considering:
1,Getting the drains and extension done straight away, and getting a home improvement loan to cover it. Would this be possible so quickly after purchasing?
2, Just getting the drains done, then getting the extension done in a couple of years when we can better afford it without a loan but digging up the same bit of land again....
shared experience HUGELY appreciated
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Comments
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The first thing to ascertain is whether the drain that will be affected by the build is shared with any other property. Things will be easier if it's yours alone.0
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Luckily it is just ours...0
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Why not just get a bigger mortgage and keep back some of your equity?1,Getting the drains and extension done straight away, and getting a home improvement loan to cover it. Would this be possible so quickly after purchasing?
If that's not an option because you're at the limit of affordability, then you won't get the loan anyway.
The groundworks for the extension will be very different to those for the drains anyway. I really wouldn't worry about the "duplication".2, Just getting the drains done, then getting the extension done in a couple of years when we can better afford it without a loan but digging up the same bit of land again....0 -
It needs a lot of work but is for sale at about 25k less than market value for that street, it is very much much a "Project" house. We have budgeted for new electrics, windows, bathroom and plastering throughout and have the money in the bank.
It sounds to me like that work will cost every penny of the £25k, and more!
If there's been some subsidence, you could have problems with insurers. Have you checked with them?No reliance should be placed on the above! Absolutely none, do you hear?0 -
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Thanks! I can get a mortgage about 80k more than we need to buy this house on affordability but want to keep cash spare so are going for 90LTV to keep some cash free for the Bathroom/Wiring/Plastering etc... can we mortgage for more than the value?
It's up for 25k less than the average price on the street but is one of the few semi detached and has the largest plot so should be worth an additional chunk even if we pay out the whole 25k. It's also going to be our "longer term" home as well so as long as we don't get into negative we're happy!
Good to know about the works being different so not duplicating...0 -
Not building over the drain, no. The drain is on the outside wall we'd be extending level with.0
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