Bottom of incomplete chain - Found new property

FTB_Dan

Falafels said:

FTB_Dan said:

We have been checking RM etc and have viewed a property today which needs ALOT of work (a complete overhaul - current owner has lived there for 40/50 years and has barely touched the place). 

One thing that occurs to me is that this property may not be mortgageable if it needs a huge amount of work; it's not just a question of getting an offer accepted, but getting a lender to stump up the readies on that particular property. Do you have a large deposit? 

So my advice is to get your ducks in a row before withdrawing from your current purchase.

So whilst it needs a huge amount of work, it still has a functioning kitchen, bathroom, heating etc. 

The current owner has lived there for many years and hasn't really updated it much, so things like a rewire/new windows/kitchen bathroom/insulation etc will all need doing to get it to the standard we would like. 

But you make a very good point and it is why we are hesitant to pull out of the first property until we a) get our mortgage offer and b) ideally get a full survey to see if it's structurally sound.

Thankfully the chain consists of us and our vendor so we can get things moving quickly.