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

J41721
Posts: 59 Forumite

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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Comments
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I would ensure you get a survey done and that your offer is the same or under the valuation of the survey.2
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When you commission your survey just make sure you ask the surveyor to point out anything that would make it unmortgageable.
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And ask your solicitor similarly (though in practice I'd expect them to highlight anything adverse).2
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Apply for a mortgage on it and then don't take it up?1
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[Deleted User] said:Apply for a mortgage on it and then don't take it up?0
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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.0
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J41721 said:[Deleted User] said:Apply for a mortgage on it and then don't take it up?Everything that is supposed to be in heaven is already here on earth.
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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 / balconiesDodgy leases, particularly with ground rents doublingIn terms of all properties....non-standard construction. Prefabs, wooden, park home, that kind of thing.Lack of working kitchenLack of working bathroom / hot waterProximity to commercial, particularly takeaway and smellsSevere damp / Dry rot / Structural damage0
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newsgroupmonkey_ 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 / balconiesDodgy leases, particularly with ground rents doublingIn terms of all properties....non-standard construction. Prefabs, wooden, park home, that kind of thing.Lack of working kitchenLack of working bathroom / hot waterProximity to commercial, particularly takeaway and smellsSevere damp / Dry rot / Structural damage
I think I need to ask the surveyor and solicitor would be able to check others criteria0 -
J41721 said:newsgroupmonkey_ 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 / balconiesDodgy leases, particularly with ground rents doublingIn terms of all properties....non-standard construction. Prefabs, wooden, park home, that kind of thing.Lack of working kitchenLack of working bathroom / hot waterProximity to commercial, particularly takeaway and smellsSevere damp / Dry rot / Structural damage0
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