Buyer withdrew, Lifetime mortgage anyone?

Skiddaw1

Youth Leader, the railway wouldn't bother me. I like being near trains.


Have you heard any more? And is there any chance of you restoring the link? I'd love to see it....

youth_leader

I love the chartered steam trains, I always go out to wave at the driver.

I am still in the dark as to what is happening.

I did take your advice and rang this morning and asked if she could find out what the mortgage valuer valued the house at - I've still not heard.

Skiddaw1

Like that you wave to the driver! I love waving at trains. A bit sad I know, especially at my age....:o


I'd still love to see the house Youth Worker, if and when appropriate for you to restore the link.

phoebe1989seb

It's a really lovely house, OP and personally I'd not want to tamper with it too much. You need just one buyer, sympathetic to the features and history to fall in love with it, but having been in a slightly similar situation a couple of years back I appreciate it's not that simple.......

With regard to ours, we actually went down the auction route immediately which - with the benefit of hindsight - was a mistake. Ours was a non-listed, detached, Arts & Crafts movement house that we'd bought three years previously and, having fallen out of love with the location (but not the house) had not wanted to throw too much money at it. As a result we'd done loads of prep - stripping woodchip wallpaper from multiple walls/ceilings and replastering, but hadn't fitted the new handbuilt kitchen we'd purchased or sorted the complicated bathroom situation. We'd also sympathetically restored the garden. Things like the 20 crittall windows and 7 doors hadn't been restored.

Anyway, we had 20+ viewings in a month leading up to the auction and a few second viewings. Loads of people downloaded the legal pack. Most people that viewed weren't sympathetic to the house's history and wanted to make massive changes inside and out. A few potential buyers spent between one and two hours at the house, asking questions etc. Several said they were going to bid or even make an offer before the auction.

On auction day the house failed to reach its - low - reserve with only a handful of bids none of which were from people who'd viewed. We'd set our sights realistically and were hoping to achieve less than we'd paid too :eek:. I think the Band G council tax put some people off, tbh. In your case, I guess it might be the railway line - both things that nothing can be done about, sadly, but as shown here, some will love seeing the trains going by!

Eventually we were approached by a lovely couple who missed out on buying it when we did. They offered us *slightly* more than we'd thought we'd get and the sale went through under an auction contract. Nonetheless, they had all kinds of problems with getting a (very small in relation to the price) mortgage due to damp/timber/electrics and retaining wall issues.

Imho, we'd have been better off not putting it in auction and I'd definitely not recommended it for a quirky, period house.

I know my experience isn't terribly reassuring, but I just wanted to share it with you. Like our buyers did, I'm sure someone out there will fall in love with your house and who knows,, perhaps all isn't lost with your current buyer. At least you're doing the right thing with regards to being realistic about the price.

Good luck with everything......

Skiddaw1

Youth Leader, just a thought (probably already suggested) but as from ariel view above the house is obviously associated with the railway is it worth advertising it/promoting it in one of the many rail enthusiast magazines/forums/FB pages?

Van_Girl

I have not seen the property as you removed the link, however I would be extremely cautious of accepting advice from a "damp and timber survey" as they are almost always completely useless for historic properties (and others!).

I very often find myself attending properties which have undergone inappropriate tanking and damp proofing, and having to tell the poor owner the cost of putting it right.

I would highly recommend seeking out a heritage surveyor and paying for a proper survey yourself. If you want to PM me I can recommend a couple who are not affiliated with me (I am a surveyor but work in a different field) or better yet, have a look at the Building Conservation Directory of accredited conservation surveyors, you can find this online.

Your survey can then be used to either challenge the mortgage valuer/surveyor's conclusions or to reassure future buyers and give a true picture of what work actually needs doing.

Good luck!

youth_leader

Thank you for all of your useful advice.

The EA recommended I telephone the damp/timber specialists and ask them to return to inspect the joists/timber. Upon arrival he said he would not have time to inspect them as he had only been allocated a two hour slot.

Apparently the mortgage surveyor did see 'issues' with the timbers on the ground floor, the buyer has quoted £15,000 for repair/replacement. Neither the surveyor or the mortgage surveyor looked under the floor, I am confused.

l have now spoken to the specialist and he is very kindly coming out again, I need to find a joiner to lift the boards. Unbelievably I've locked myself out of the annexe, the door knob on the other side was loose and I meant to push it in again last time I was in there. Off to google how to remove door handles, I've taken all the screws out and it's not shifting.