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Inheriting unmortgageable property
in Deaths, funerals & probate
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It might be worth asking about your options on the housing board where you are likely to find people with better knowledge of these sort of properties.
Until we have a PRC we don't know whether there's nothing to do, or whether there's a 6 figure bill.
So I am factoring in for that uncertainty not just that they need cash.
Yes it's been valued by 2 estate agents at £250k-£260k for probate purposes, I think they would be assuming it's mortgageable.
I'll also put up a very pertinent letter found but can't confirm it's the latest situation which obviously we need to confirm.
I understand you will be buying the property with cash and we have already discussed the implications of you purchase i.e. that the property is considered unmortgageable (1997) and therefore you would not be able to sell the property to anyone who is buying with the benefit of a mortgage. You are also fully aware that the alterations which were done ("bricked up") to the property (by Local authority) were not done to a fully licensed scheme, and this again could cause problems on a resale.
From your personal knowledge of the property (lifetime in engineering) and the surveys and inspections you have had carried out. I know that you are happy to proceed with your purchase of the property in any event.
I agree with you.
The valuations were done yesterday and the letter was found afterwards, so it's an unfolding situation.
We've been quoted £1473 by a firm we know is familiar locally, but first I think it makes sense to exhaust household paperwork and conveyancing paperwork.