Cash buyers onky

theartfullodger

Nothing to stop you putting in an offer requiring a mortgage.  If it was generous enough the vendor would be mad to ignore it.  However sanity not required!

thegreenone

My only thought would be, as it's top floor and completely "refreshed", could there be a problem with the roof and damp/leaks?  New roof required that needs to be paid for?

Or the seller just needs the money. 

A lovely flat though.

eddddy

cherry76 said:

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

Phone the estate agent and ask why it's cash buyers only - they'll almost certainly tell you.

Unmortgageable property sells for less than similar mortgageable property - so you should expect to pay less for this flat than for similar mortgageable flats, but also expect to re-sell it for less than similar flats when you eventually move on.

Unless you can put right the problem before re-selling and make it mortgageable - which could earn you a nice profit.

FreeBear

tealady said: 1) how long is left on the lease

999 year lease on an Edwardian building. At a guess, I'd say there is probably 900 years left. Ground rent is likely to be peanuts too.

eddddy

FreeBear said:

tealady said: 1) how long is left on the lease

999 year lease on an Edwardian building. At a guess, I'd say there is probably 900 years left. Ground rent is likely to be peanuts too.

It would have been built as a single house. Planning consent was granted for the conversion in November 1994 - so the lease was probably granted in 1995.

So there's likely to be around 970 years left on the lease - although 900 years vs 970 years makes no difference to the value.

our_des

One of the properties under recently sold looks like it could be the flat downstairs, sold for 300k in 2016. Ask the estate agent why it's cash buyers only. Feels like a red flag if the one downstairs sold 8 years ago for the same listing price

bouicca21

Have I missed something?  Where does it say there is a 999 year lease?  Isn’t it more likely that the conversion was done with a 99 year lease, which if not renewed in the meantime is now way less than the magic 80?

user1977

bouicca21 said:

Have I missed something?  Where does it say there is a 999 year lease?

In the Rightmove listing.

tealady

Trouble is the estate agent can only go by what the seller tells them.
A few basic checks could save lots of money being wasted

So it's been established that it is a separate residence for council tax purposes
It has no parking
However there could be something else.
So personally speaking I would still ask the agent why it is cash buyers only and download the lease from the land registry (less than a tenner from memory) just to check it is a 999 year lease.

Bookworm105

bouicca21 said:

Have I missed something?  Where does it say there is a 999 year lease?  Isn’t it more likely that the conversion was done with a 99 year lease, which if not renewed in the meantime is now way less than the magic 80?

it says that where it says so