House with mundic block - how much?

hallnaomiuk

Hi,

Was wondering if anybody could help advice me i have done a property search in my local area to see how much simular houses sell for.

The Estimate is £225,000 - £180,000

But was wondering how would this price effect a house with mundic block?
And what the valuation would then become.

End terraced house,
3 bed rooms,
1 bathroom
Living room
Dining room
Utilty room
Double glazing
Central Heating in some rooms
Gardens front and back
2 off road packing spaces and also on road parking available
Newly decorated throughout - modern design

5mins away from main town centre, post offices, corner shops, and public transport.


House is mundic though - what sort of price region would we be looking at? As we will be looking to put the house on the market at some point. But need some sort of price to work with to know what we could buy next (house is not ready to be valuated by estate agent yet - as still decorating)

Help and advice much appreciated.

Thanks

PasturesNew

It would depend which level of mundic.
Having mundic can devalue a house to half its non-mundic neighbour.

You need to either fix the mundic, or accept that reselling may be troublesome as there are limited lenders that will lend on it.

I know somebody that bought one. They had to pay for the mundic test from the lender and theirs was the lowest level of mundic/risk.

Kez100

A mate had the problem and it made tens of thousands difference to her sale value. Another person I know has had a row of blocks replaced which has left him thinking his house will be like all normal properties.

You really need proper advice on value and bear in mind getting a mortgage may be much harder.

hallnaomiuk

we have a morgage on the house at the moment but want to sell and move to a different area.

And we re-morgaged it with no problems

Kez100

All I know is my mate sold for about two thirds of the normal market value. She sold to a builder who didn't need a mortgage. The other person hasn't sold but did the work when he found out to hopefully retain the value as normal. I would get proper advice if I were you.

PasturesNew

Ask your local estate agents. They will have the experience of selling/reselling many of those houses over the years and will know exactly how much less that particular one is worth.

jackomdj

We sold a house with grade C (pretty sure it was that) in 2000 in Torpoint (Cornwall). We had no end of problems selling, firstly it was non mortgegable (I bought it about a year before the banks/building societies decided to start getting surveys done on this type of property & had not even heard of it) although I had a mortgage on it & had changed my mortgage no problem.

When we came to selling it we ended up dropping by over 1/3 of the price. As it had the problem all over it was not an option to do remedial work. We ended up selling to a structural engineer who bought it as his retirement property - so he knew what he was getting & that in reality it would probably outlast many new builds!

We had problems with estate agents as they kept showing the house to people who needed a mortgage, who would then put in an offer...but their mortgage co's would not give them the money on our property.

Kez100 stated that a friend had a row of brick's replaced which they now think the house will sell as normal - this may be the case but another test would do samples in other places in the property & may find other area's. On our house we had an offer put in on day one it was on the market. They had a test done & it came back with some problems. We thought we would have our own test done & it may show up as better - WRONG! the sample locations the 2nd company chose had a lot more problems!!!

When you put the house on the market it may be worth going to auction (we were in the process of doing this had our sale not completed by the auction date - & we exchanged & completed on the same day about 5 days before the auction). With an auction you have a lot more people that don't need a mortgage (ie builders etc) & also you may have a couple of people who want the property to up the price (so long as you have a reserve in mind so it does not go for silly money)

When we sold we thought it was our only option, but we now wish we rented it out. We sold in 2000 (as I said) & got £44k for it!!! We already had our new house (in Swindon) as we relocated due to work. Although it would have been a stretch if the property was empty we now know that it would have been the best option in the long run!

Good luck with everything, I know how hard it can be (especially as we were, for most of it, living on a friends bedroom floor as our new house went through & travelling back to cornwall each weekend in summer Friday traffic!!!)

Best Wishes
Nicky

vickyh_2

You need to find out if it is mundic A, B or C. I believe there are sub-catagories too of A/B, B/C . If you already have a fairly high LTV mortgage on it it must be A or A/B. Have you been on the Rightmove site? If it is A or A/B I don't think the value will be affected very much at all. If its C its unmortgagable and the value is affected greatly. I'm not sure about B. If you know you have mundic you will have a mundic test report somewhere which will tell you the catagorie. Once you know, just call a local agent and they will tell you.
Good luck!
A fellow Cornishman (lady)!

Strapped

Nearby, similar property with Mundic. I've only seen mundic properties advertised as "cash buyers only", sorry.

http://www.rightmove.co.uk/viewdetails-16127335.rsp?pa_n=2&tr_t=buy

hallnaomiuk

thanks

Think we might get a estate agent in now, while we are still doing the place up - top see if its worth spending more money or just a lil bit to tidy up.

Fingers crossed its worth enought to sell, otherwise it wont be worth moving.

redcar_2

Ooo had to google that one, thought it was a typo, so mundic is my new word for the day!

Good luck with it, it sounds like quite a problem to have.