Buying a repossessed property.

mat995

My partner and I have found a property we really like and in the area we want. Problem is that it is an repossessed property and the previous owners have ripped out the kitchen. All that is left is a few cupboards piled up in a corner and a sink that is leaning on the floor. Rest of the property seems fine. Does this class it at unhabitable and therefore the mortgage company (nationwide) will refuse the mortgage. Advice please.

davidmcn

Think it does, yes. And that all which would be needed is for the sink to be reinstalled (you don't need a fully fitted kitchen). Perhaps the vendors could be persuaded to sort that out if it makes the property more marketable (assuming they haven't thought about it). But you might be competing with other buyers who have the cash.

mat995

This is what is left of the kitchen.

Unicorn_cottage

Looks like it have been newly plastered???

Slithery

Unicorn_cottage said:

Looks like it have been newly plastered???

Really? 
It looks to me like that's where the units were.

mat995

Yh i think the previous owner over spent whilst doing an extension. I think it had granite worktops and they got ripped out. Wonder if i could go for a viewing and put the sink on top of one of the cupboards, just have to distract the vendor! Water, gas and electrics have all been turned off by the mortgage holder.

AdrianC

Unicorn_cottage said:

Looks like it have been newly plastered???

It probably was when the kitchen was fitted...

OP - hope you don't mind, but google's image search makes it a doddle to trace that image back to the listing.
https://www.rightmove.co.uk/property-for-sale/property-65521815.html

It's been on the market since October. They're clearly not getting anywhere with it.

Will the vendors make it mortgageable? Probably not. Not their problem. Their borrower ripped the kitchen out, their borrower takes the hit for the place being unsaleable - remember, unless they get bankrupted, they're still going to get a final bill that reflects debt vs sale price. And they appear to have paid £183k for it twenty years ago. Must've been doing some very ambitious remortgaging to get into this pickle.

Will they let you do the basics prior to valuation? Maybe, at your risk... What's the risk? Minimal. A sink and a kitchen unit or two will probably be available FOC from your local freecycle - or some basic disposable rubbish won't cost much from Ikea/B&Q/Screwfix/wherever.

Perhaps the vendors will be amenable to waiving that restriction if you arrange your own mortgage through them? It can't hurt to ask.

Unicorn_cottage

Slithery said:

Unicorn_cottage said:

Looks like it have been newly plastered???

Really? 
It looks to me like that's where the units were.

Slithery said:

Unicorn_cottage said:

Looks like it have been newly plastered???

Really? 
It looks to me like that's where the units were.

What you don't think there is plaster behind units?

Slithery

Of course there is. I meant that it doesn't look fresh, just old and unpainted.

Unicorn_cottage

Slithery said:

Of course there is. I meant that it doesn't look fresh, just old and unpainted.

As someone said above they ran out of money...therefore the plaster has been left untouched apart from ripping out the worktop.

davidmcn

AdrianC said:

Unicorn_cottage said:

Looks like it have been newly plastered???

Will they let you do the basics prior to valuation? Maybe, at your risk... What's the risk? Minimal. A sink and a kitchen unit or two will probably be available FOC from your local freecycle - or some basic disposable rubbish won't cost much from Ikea/B&Q/Screwfix/wherever.

Perhaps the vendors will be amenable to waiving that restriction if you arrange your own mortgage through them? It can't hurt to ask.

I doubt a lender in repossession is going to let any potential buyer carry out work (or even turn on the services), and I've never known  them to link up mortgage applications with their own sales in that way - rules is rules.