MSE Guide: Properties to be cautious about buying

MSE_Kit

Hello everyone,

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

If you haven't already, join the forum to reply.

Section62

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

Lots of the guide seems excessively cautious and liable to make first time buyers even more twitchy than they already are.

Bossypants

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

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 

user1977

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

Thanks for your feedback, all. We appreciate it.