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I am a FTB cash buyer, how could I make sure the property I am buying is mortgageable

I am lucky to be a FTB cash buyer, how could I make sure the property I am buying is mortgageable if I am cash buying?
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  • Hobby83
    Hobby83 Posts: 14 Forumite
    10 Posts
    I would ensure you get a survey done and that your offer is the same or under the valuation of the survey. 
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    When you commission your survey just make sure you ask the surveyor to point out anything that would make it unmortgageable.
  • user1977
    user1977 Posts: 17,450 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    And ask your solicitor similarly (though in practice I'd expect them to highlight anything adverse).
  • Apply for a mortgage on it and then don't take it up?
  • J41721
    J41721 Posts: 59 Forumite
    10 Posts
    edited 24 January at 5:59PM
    Apply for a mortgage on it and then don't take it up?
    Could I do that ?  Is it thru a bank ?
  • Of course you can apply for a mortgage and choose not to take it - but you could also get a survey, which won't touch your credit file. Basically, it needs to be habitable to be mortgageable (typically functioning utilities), and the surveyor will check this for you. 
  • Doozergirl
    Doozergirl Posts: 34,064 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 24 January at 5:59PM
    J41721 said:
    Apply for a mortgage on it and then don't take it up?
    Could I do that ?  Is it thru a bank ?
    It's a really silly idea that costs time and money.   You can employ a RICS surveyor yourself, which is exactly what mortgage companies do.  You just need to ask them if it is suitable security for a mortgage whilst they're surveying it.  
    Everything that is supposed to be in heaven is already here on earth.
  • As a quick reference.....

    Things that make property difficult to mortgage (or not available to all lenders)

    In terms of flats (this is mostly stuff I've picked up here)
    Lack of EWS1 form (or a way of getting it right)
    cladding / balconies
    Dodgy leases, particularly with ground rents doubling

    In terms of all properties....
    non-standard construction. Prefabs, wooden, park home, that kind of thing.
    Lack of working kitchen
    Lack of working bathroom / hot water
    Proximity to commercial, particularly takeaway and smells
    Severe damp / Dry rot / Structural damage
  • J41721
    J41721 Posts: 59 Forumite
    10 Posts
    As a quick reference.....

    Things that make property difficult to mortgage (or not available to all lenders)

    In terms of flats (this is mostly stuff I've picked up here)
    Lack of EWS1 form (or a way of getting it right)
    cladding / balconies
    Dodgy leases, particularly with ground rents doubling

    In terms of all properties....
    non-standard construction. Prefabs, wooden, park home, that kind of thing.
    Lack of working kitchen
    Lack of working bathroom / hot water
    Proximity to commercial, particularly takeaway and smells
    Severe damp / Dry rot / Structural damage
    Thanks, it is a 1900  house on a residential street and in reasonable move in condition

    I think I need to ask the surveyor and solicitor would be able to check others criteria
  • user1977
    user1977 Posts: 17,450 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    J41721 said:
    As a quick reference.....

    Things that make property difficult to mortgage (or not available to all lenders)

    In terms of flats (this is mostly stuff I've picked up here)
    Lack of EWS1 form (or a way of getting it right)
    cladding / balconies
    Dodgy leases, particularly with ground rents doubling

    In terms of all properties....
    non-standard construction. Prefabs, wooden, park home, that kind of thing.
    Lack of working kitchen
    Lack of working bathroom / hot water
    Proximity to commercial, particularly takeaway and smells
    Severe damp / Dry rot / Structural damage
    I think I need to ask the surveyor and solicitor would be able to check others criteria
    In practice, they're both going to tell you about anything relevant as standard, so you don't really need to raise this as a specific query with either of them. If something makes the property unmortgageable then it's going to be relevant to the value and marketability of it even to a cash buyer.
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