Due to exchange and terraced house next door has burnt down ...
bumbling · 16/08/2007 21:16
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.
whomovedmychocolate · 16/08/2007 21:19
I would cut your losses and start looking for a new property - quite honestly you will find it hard to get a mortgage and there is no telling what will go up next to it when it is finally bought (as land for development) if the old duffer can't afford to rebuild. Sorry bumbling prob not what you want to hear but unless you want to go through a major building project I think you are doomed.
Though the nephew could sue the old man for damages if he has got any assets (doubtful though) (and not terribly nice either).
franke · 16/08/2007 21:20
How much do you want this particular house?
If you really want it, you must get the surveyor back and negotiate the price down.
If you've got a bad feeling about it, then cut your losses and walk away now. A better prospect will come your way.
Sorry to be abrupt, but as I see it those are your choices.
DreamtOfMandalay · 16/08/2007 21:21
oh god, what a nightmare. Puts my (minor) selling woes into perspective.
Can you have a chat with your surveyor beforehand and ask for an informal opinion on how likely the mortgage company are to go ahead?
How devoted are you to the house - do you think another possible might come up in the area? TBH in your shoes I think I'd bail out if there was a realistic prospect of finding another property, but then I'm quite a coward about structural stuff.
DreamtOfMandalay · 16/08/2007 21:24
Just a thought - have you been round to see the burnt-out property yourself (from the outside I mean)? Do you know the roof has fallen in or is this just a guess? It may not be as bad as you think - it's possible the interior has been gutted but without causing any major structural damage.
LIZS · 16/08/2007 21:27
Sounds like a nightmare tbh. Friends had a flat and the one above had a fire which caused structural damage and theirs was inetrnally damaged by water. Took about a year to sort out, involving various insurance assessors even though man at top wasn't insured, them being rehoused at their insurer's expense etc. Whole building was sold to a developer as a shell in the end.
Your vendor needs to talk to old man's insurer and their own , if there is one, and I suspect your mortgage company would need to be informed of such a material change which may affect the current valuation and may withdraw its offer as a result, in which case you might as well look elsehwere.
bumbling · 16/08/2007 21:59
Oh god .. my gut feeling is that after all the hassels we've had and there are more, yes really, than I put in original post, are all pointing to the direction you guys are all suggesting... Oh arse! Whole future was mappe dout, a year of building hell but then school/nbursery place for Ds who'll be three in a year, I can keep working, etc etc ad infitum..Can't bare it, we've waiting so long and now it's all pants. Thanks for advice, think know which way the poo is pointing really just don't want to admit it ...
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