Inherited property "unmortgagable" advice

user1977

Even if it actually was the property condition which resulted in it being turned down by a lender, that doesn't necessarily mean it's generally unmortgageable - lenders have different criteria about what they accept. I wouldn't be rushing to declare it to be for cash buyers only.

crazyoldmaurice

deano2099 said:

Is it non-standard construction by any chance? Metal frame, etc? 
We're dealing with this at the moment, there's no actual problem with the property, but the construction type is rare - so lenders are less keen to lend on it. Used to be there were just a couple of lenders who offered mortgages on those properties but even they've become reluctant over the past 6-12 months as rates have gone up.

No, it's a 100 year old mid terrace. It's absolutely solid as a rock. 

I'd be absolutely in agreement to cash buyers only if there wasn't a mortgage offer retracted and if that's what others had advised but it's just needing a whole refit inside.

martindow

You really need to find out if there is a specific reason related to the house that would cause mortgage providers to withdraw the mortgage offer or whether this is just an excuse given by the prospective buyer to cover their real reason for withdrawing.

Would it be worth the OP going to a local mortgage broker with full details of the house to see what they say?  You would need to offer to pay them as they have no chance of getting a fee from you as a result of this enquiry. 

markin

A kitchen sink, toilet, and a working heating system is required for it to be habitable is it not?

If it can't be heated you cant have running water, insurance problems if the is a burst pipe?

I would clean with sugar soap, paint every room and fix the boiler, And maybe replace the kitchen sink and its cabinet.

Where both buyers FTB over stretching themselves?

user1977

markin said:

A kitchen sink, toilet, and a working heating system is required for it to be habitable is it not?

A lack of central heating doesn't generally make a property uninhabitable.

crazyoldmaurice

It's has a kitchen sink, toilet and an immersion boiler with storage heaters. 

markin

user1977 said:

markin said:

A kitchen sink, toilet, and a working heating system is required for it to be habitable is it not?

A lack of central heating doesn't generally make a property uninhabitable.

If the is a working kitchen and bathroom, would they really not lend based on needing painting and new carpets?


Hard to google this as the results im getting are all on renters and the "The Homes (Fitness for Human Habitation) Act 2018"


..........

The most basic requirements for a property to be habitable (suitable for living in) are:

• It’s watertight – the roof is in good repair
• It has a basic kitchen
• It has a functional indoor bathroom (with inside toilet)

"In addition, most mortgage lenders will require:

• electricity and central heating
• the property is secure
• it’s free of refuse and vermin "

https://www.cliftonpf.co.uk/blog/08012019190054-how-to-get-finance-to-buy-an-uninhabitable-property/

NeverTooLate

eddddy said:

NeverTooLate said:

Is an estate agent really allowed to change the wording of the rightmove advert without the client approving it?

Well...  I suppose the estate agent would argue that they are breaking the law if they don't change the advert.

But the Property Ombudsman's Code of Practice says that "written details of a property must be agreed with the seller to confirm that the details are accurate" - but it doesn't say that the seller can veto information, if it's accurate (or required by law)

So the argument would be whether the information is accurate or not.

In that situation I would expect the EA to say to the seller 'the information is not accurate, either I change it or remove the listing', I wouldn't expect them to just change it without consultation - they do work for the seller.