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

J41721

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?

Hobby83

I would ensure you get a survey done and that your offer is the same or under the valuation of the survey. 

Slithery

When you commission your survey just make sure you ask the surveyor to point out anything that would make it unmortgageable.

user1977

And ask your solicitor similarly (though in practice I'd expect them to highlight anything adverse).

[Deleted User]

Apply for a mortgage on it and then don't take it up?

J41721

[Deleted User] said:

Apply for a mortgage on it and then don't take it up?

Could I do that ?  Is it thru a bank ?

propertyhunter

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

J41721 said:

[Deleted User] 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.  

newsgroupmonkey_

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

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 / 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

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 / 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.