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MSE Guide: Properties to be cautious about buying

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Hello everyone,

This is the discussion thread for the 'Property - what not to buy' guide.

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Comments

  • Section62
    Section62 Posts: 9,748 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    MSE said:

    Missing planning permission.
    For example, if a property has had an extension built but not got the relevant planning permission or building regulation approval, you won't get a mortgage on it (until the planning permission/approval has been granted).
    This should probably be a "might not get" rather than "won't get".

    It isn't always possible to get planning consent and/or retrospective building regulations signoff, but a mortgage co might still lend on it.

    Generally, indemnity policies are a popular and cheap fix for all kinds of issues in many cases - it would be worth a brief mention in the article about what these are and how they work.
  • user1977
    user1977 Posts: 17,789 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Lots of the guide seems excessively cautious and liable to make first time buyers even more twitchy than they already are.
  • Bossypants
    Bossypants Posts: 1,284 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    user1977 said:
    Lots of the guide seems excessively cautious and liable to make first time buyers even more twitchy than they already are.
    I agree. A lot of it is also asking buyers to figure out for themselves what they are unlikely to have the skills or information to figure out. How many first time buyers would recognise non standard construction when they see it? Where are they supposed to get the terms of the lease before their solicitor receives the documentation? Of course they can ask the EA but they often won't know either.

    IMO what would be far more useful in a guide is explaining what these challenges are, what the potential pitfalls are and how they can be overcome. As it is the guide just seems to be telling buyers that any imperfection is reason to run away screaming, when we know that often things like lack of building regs for historic work can be overcome.
  • twopenny
    twopenny Posts: 7,552 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Read with interest as I'm looking to move again 
    But it's about what to buy if you want a mortgage.
    I think that should be made clear because it doesn't necessarily apply to buyers moving from house to house 

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  • user1977
    user1977 Posts: 17,789 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    twopenny said:

    it's about what to buy if you want a mortgage.
    I think that should be made clear because it doesn't necessarily apply to buyers moving from house to house 
    True, though generally cash buyers would still want to know that a property is difficult to mortgage (because "difficult to mortgage" means "difficult to sell" and many of those problems are ones which any buyer would want to consider anyway).
  • MSE_Kit
    MSE_Kit Posts: 113 MSE Staff
    Sixth Anniversary 10 Posts Name Dropper
    Thanks for your feedback, all. We appreciate it.
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