We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Seller’s started an extension but now selling
dkts
Posts: 21 Forumite
Hi all,
Looking for some advice from experience.
i’m sourcing properties to buy, refurb and flip; i’ve seen one come up that needs a refurb and has an extension half done (loft extension and first floor extended out into the garden). I’ve rang the estate agent and they’ve said that the sellers had applied for planning permission but got rejected, they then decided to do the work anyways and now want to sell. Thought the answer was a bit off, so i did a bit of research and found that the initial pp got rejected, then they re-submitted and got it approved (turns out it was one minor change - adding frosted glass instead of a solid wood panel for privacy). It also looks like the pp ran out as it’s now been 3 years since of last month. What sort of questions should I be asking here?
why are they selling? Could they not re-apply or ask for extended pp?
has pp changed hence if they re-apply/extend pp it will be rejected so costs more to tear down work vs just selling?
Surely the cost of hiring another planning consultant or asking the same architect to re-submit is better in the long run (e.g when house is done can sell for more than they’re asking for now)?
Any other ideas/thoughts welcome...
Thanks.
Looking for some advice from experience.
i’m sourcing properties to buy, refurb and flip; i’ve seen one come up that needs a refurb and has an extension half done (loft extension and first floor extended out into the garden). I’ve rang the estate agent and they’ve said that the sellers had applied for planning permission but got rejected, they then decided to do the work anyways and now want to sell. Thought the answer was a bit off, so i did a bit of research and found that the initial pp got rejected, then they re-submitted and got it approved (turns out it was one minor change - adding frosted glass instead of a solid wood panel for privacy). It also looks like the pp ran out as it’s now been 3 years since of last month. What sort of questions should I be asking here?
why are they selling? Could they not re-apply or ask for extended pp?
has pp changed hence if they re-apply/extend pp it will be rejected so costs more to tear down work vs just selling?
Surely the cost of hiring another planning consultant or asking the same architect to re-submit is better in the long run (e.g when house is done can sell for more than they’re asking for now)?
Any other ideas/thoughts welcome...
Thanks.
0
Comments
-
If work has started, then the PP won't have expired.5
-
Does what they've built so far correspond with the approved plans?
Lenders/insurers might not be keen on a property with significant works half-done.1 -
A million reasons.dkts said:
Thanks...Any thoughts on why they would sell?AdrianC said:If work has started, then the PP won't have expired.
They're getting divorced. Their jobs have moved. Their jobs have ended and they're a step ahead of repossession. They're relocating to another area... <continue ad infinitum>
Does it make a difference?3 -
The op is not interested in that sort of thing, but he wants to make sure that it’s not an issue with the property itself. Entirely sensible IMHO.AdrianC said:
A million reasons.dkts said:
Thanks...Any thoughts on why they would sell?AdrianC said:If work has started, then the PP won't have expired.
They're getting divorced. Their jobs have moved. Their jobs have ended and they're a step ahead of repossession. They're relocating to another area... <continue ad infinitum>
Does it make a difference?No reliance should be placed on the above! Absolutely none, do you hear?1 -
I'm sure. But what's the chances they'd admit to that?GDB2222 said:
The op is not interested in that sort of thing, but he wants to make sure that it’s not an issue with the property itself. Entirely sensible IMHO.AdrianC said:
A million reasons.dkts said:
Thanks...Any thoughts on why they would sell?AdrianC said:If work has started, then the PP won't have expired.
They're getting divorced. Their jobs have moved. Their jobs have ended and they're a step ahead of repossession. They're relocating to another area... <continue ad infinitum>
Does it make a difference?
A thorough survey, of course, goes without saying. I presume a builder will be involved in the work, so get them involved in assessing what's there now.1 -
I suppose not, just treading cautiously as it’s not mortgageable and also doing due diligence hence asking if there were any questions I should be thinking of instead of the ones i’m asking.AdrianC said:
A million reasons.dkts said:
Thanks...Any thoughts on why they would sell?AdrianC said:If work has started, then the PP won't have expired.
They're getting divorced. Their jobs have moved. Their jobs have ended and they're a step ahead of repossession. They're relocating to another area... <continue ad infinitum>
Does it make a difference?2 -
Not needing a mortgage makes no real difference - lender valuations are minimal compared to what you'd want for yourself on a semi-build project.1
-
How ready will a builder be to take on a half finished project? Will they need proof of the work and quality done so far?
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards