Cash buyers onky

cherry76

Saw a flat am interested Cash buyers only? Is there a catch  I should be aware. The lease is 999 yrs. Thanks

El_Torro

There’ll be a reason why the flat is not considered mortgageable. Maybe the building has cladding issues, or the service charge is very high, or it’s above a business, or something else.

The best thing to do is ask why they are asking for cash buyers only. 

user1977

Let's see the listing and we can have an educated guess. But there's obviously some sort of "catch" which mortgage lenders wouldn't like.

FreeBear

user1977 said:

Let's see the listing and we can have an educated guess. But there's obviously some sort of "catch" which mortgage lenders wouldn't like.

And if it is an ugly "catch" with no solution, you'd have to sell it to "cash only" buyers when the time comes. That would severely limit the field of potential buyers and reduce the amount you could sell for.

cherry76

https://www.rightmove.co.uk/properties/153713915#/?channel=RES_BUY

user1977

Nothing obvious from the listing, looks a conventional enough property, and no "bad" neighbours I can see. Could be something like significant common repairs needing done (or not paid for), or something defective about the title/lease.

daveyjp

Or as its chain free they want a quick sale.  However cash only does not mean its any quicker.

cherry76

user1977 said:

Nothing obvious from the listing, looks a conventional enough property, and no "bad" neighbours I can see. Could be something like significant common repairs needing done (or not paid for), or something defective about the title/lease.

It does look that the outside needs painting and repairs. Will find out when I do a viewing.

tealady

1st things that jump out at is is the vagueness of the listing:-

1) how long is left on the lease
2) is it registered as a separate residence for CouncillTax
3) What is the council tax banding
4) Parking and access arrangements

A call to the local council and a few pounds spent downloading the lease documents could be worth it before getting solicitors involved.

jimbog

tealady said:

1st things that jump out at is is the vagueness of the listing:-


3) What is the council tax banding

the top two flats are council tax B, the ground floor is C

user1977

tealady said:

1st things that jump out at is is the vagueness of the listing:-

1) how long is left on the lease
2) is it registered as a separate residence for CouncillTax
3) What is the council tax banding
4) Parking and access arrangements

A call to the local council and a few pounds spent downloading the lease documents could be worth it before getting solicitors involved.

The listing seems to be of normal vagueness!

Not sure why council tax is a particular concern but it's Band C according to Haringey Council's website.

And assuming the lease was at any point 999 years, how much is left is inevitably going to be "more than enough". Nobody is marketing leases from the 11th or 12th centuries, especially for a conversion of a Victorian house.

The parking seems to be obviously on the street.