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Get a survey on rented period house with issues before mortgage application to buy?
frangipan23657
Posts: 20 Forumite
I have the chance to buy the property I have been renting for several years from the owner. The property has recently been valued, and even though it's being offered to me below the valuation price, I still believe it to be a bit overpriced as there are some issues with the period structure (subsidence in two places and several rotten sash windows needing replacing, the kitchen and bathrooms also need full renovation). I personally think the present condition could create problems for getting a mortgage accepted at the current asking price, but I could also be wrong! I don't want to negotiate on price unless it is really going to be a very bad investment as a first time buyer, or I am likely to get mortgage rejected. I have very little experience in this.
I was thinking it might be a good idea to get a survey done before I even apply for a mortgage on it. If that's a good route to go, what type of survey would be best to get? Is there anything else I should do to make sure that the valuation is accurate?
I was thinking it might be a good idea to get a survey done before I even apply for a mortgage on it. If that's a good route to go, what type of survey would be best to get? Is there anything else I should do to make sure that the valuation is accurate?
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Comments
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Single glazed sash windows ?
What is the EPC for the property ?
If it's F or G the landlord can't rent it out !
You can check on the EPC register
You need a full structural engineers report and survey before you consider buying.
As a FTB unless you have deep pockets and lots of money to invest I would start looking at something better1 -
Whether you get a survey or not, any mortgage lender will still want their own valuation done.
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dimbo61 said:Single glazed sash windows ?
What is the EPC for the property ?
If it's F or G the landlord can't rent it out !
You can check on the EPC register
Not completely true - a landlord can apply for an exemption for a property with a rating of F or G for a number of reasons - for example if the suggested recommendations on the EPc woudl be prohibitely expensive to implement.
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p00hsticks said:dimbo61 said:Single glazed sash windows ?
What is the EPC for the property ?
If it's F or G the landlord can't rent it out !
You can check on the EPC register
Not completely true - a landlord can apply for an exemption for a property with a rating of F or G for a number of reasons - for example if the suggested recommendations on the EPc woudl be prohibitely expensive to implement.Listed buildings are exempt from having an EPC..Is this period property listed ?If so, that could increase renovation costs considerably.Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.1 -
Yes, I am aware that will happen in addition with any mortgage application. The idea of doing it before was to potentially reveal any issues that might deem it to be too difficult to take on.p00hsticks said:Whether you get a survey or not, any mortgage lender will still want their own valuation done.0 -
You have been renting the property for several years.
However that in itself does not make it a good investment for a FTB with limited savings ?
It might need huge amounts spending on it0
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