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Due to exchange and house next door has burnt down...

8 replies

bumbling · 16/08/2007 21:04

Oh god what a nightmare. It's a victorian mid-terraced house, and the process has been fraught with difficulties already as the house we're buying is owned by elderly lady now in home, and nephew is selling it for her. It's already taken four months as newphew has no power of attorney so has to get (ongoing) court protection approval and now the house next door has burnt down. We were hoping to exchange in the next three weeks having waited all this time...

Burnt down house is also owned by eldery gent (he's fine I'm told). Upshot is neither are likely to have insurance. Property is perfect location, good schools lots of kiddie friends etc, but already involved tons of building work, but now we face lviing next door to a burnt out house potentially for years with rain pouring in through the roof onto what could be our internal walls etc. To add to the drama elderly gent was clearly a bit odd and firemeen could barely get in through the door as he'd colleced so much rubbish, bit like that guy out of Life of Grime a few years back on TV...

Solicotor says next job is to get surveyor back - more cash - to guage the damage and mortgage company amy refuse to lend given the damage. Should we go ahead or should we abandon, was already dreading the building works as it's verging on uninhabitable anyway...

Feeling so miserable this evening and any advice very gratefully received.

OP posts:
CatIsSleepy · 16/08/2007 21:19

oh poor you
house buying is bad enough without all that.
It sounds like a potential nightmare tbh, would be tempted to pull out especially with all the other factors you mention...
sorry, not v. helpful I know

Califrau · 16/08/2007 21:23

This reply has been deleted

Message withdrawn at poster's request.

BigGitDad · 16/08/2007 21:51

Check your buildings insurance as you may be covered even if your neighbour was not. By this I mean if you have incurred any damage or are about to as a result of the fire next door. If it is the case then the cover may be transferred between owners so as such the new owners will take on the existing policy with the insurers consent and knowledge that at some point soon a claim will be made. You do see this happen where subsidence is an issue.
Worth a try.

BigGitDad · 16/08/2007 21:55

Oops just seen you say that the house you were buying may not have buildings cover. Hmm, some people are really not too clever.
You may be able in that case to significantly reduce the house price given the circumstances and as such get the house on the cheap.

phatcat · 16/08/2007 21:59

if you were at an earlier, less committed stage what would you do? it doesn't sound an attractive prospect tbh and it's bound to affect the resale prosepects while next doors is in that condition. I'd walk - it's a buyers market at the moment.

bumbling · 16/08/2007 22:01

Thanks for kind words, it's just crap really and I think I know in my heart and my head sadly, that we're going to have to ditch it.. Just don't want to admit it and feeling msierable. We're renting and have waited three years for property in right place to come up that we can afford, ie needs work and now it's all gone tits up...

OP posts:
bumbling · 16/08/2007 22:03

Phatcat. Meant to say, very very good simple question. Has really made me go back to basics and the nub (sp?!) of the matter ...thanks for that.

OP posts:
tatt · 16/08/2007 22:09

I'd negotiate a price reduction for the potential hassle or walk away.

The house you are buying should have insurance as the Court of Protection should require assets to be protected - but you'd need to check. You could possibly ask your solicitor to arrange that funds are withheld for, say , a year and you get to keep them for necessary repairs if the previous owners insurance doesn't cover anything needed.

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