Flats and cash buyers/investors only

kchan

Hi, I'm currently looking at a range of fairly new flats built within the last 10 years (salford quays area) but quite a few of them says cash buyers or investors only. What are the main reasons for this, I'm assuming since the flats are all spread out amongst different builders it's not a case of build issues. Does it mean that most if not all of them are tenant occupied or the owner wants a quick exit with no hassle?

MovingForwards

Could be they having cladding, so very few lenders are currently allowing mortgages on them.

AdrianC

In this post-Grenfell situation, with near-new flats, MovingForwards has hit the most likely reason in one.

With older flats, it may be short lease, or protected tenants. But any landlord looking to sell is more likely to want to sell with vacant possession than take the hit on sale price.

PasturesNew

Could have tenants in them, could be too many renters so owner occupiers tend to pull out, could be cladding, could be something in the lease that puts off mortgage lenders (like service charges doubling). 

When they say that it's best to believe it and not take it any further.... most agents would try to hide something "bad" if they thought they could get away with it. It's good of them to say it up front.... save you wasting your time.

davidmcn

I've also seen ones which seem to be marketed purely at landlords (I think on the basis that the "sellers" are expecting you to retain them as letting agents or something similar).

OP, post some links and we can have a better guess about what's going on.

Wanderingpomm

Some flats near me have doubling ground rent so very difficult to mortgage 

kchan

Thanks to all, never thought about the cladding, currently living in an old house. Looking into this, with possible fire safety issues and high rise, that basically puts the purchase of most if not all high rise flats into question, how can anyone trust what a developer says?!