What makes a house unmortgageable?

[42daystogo]

We had an offer accepted on a house pre-lockdown, now the restrictions have eased the estate agent is a nightmare, takes ages to get back to us, very very slow.

We will be ready to complete the sale of our house in the next couple of weeks and are happy to short term rent as we dont want to hold the sale up any longer and dont want our buyer pulling out.

We had planned to live with family short term but im pregnant and due in 6 weeks so now after all this time renting and having our own space is better (all organised)

The only thing now is my DH has seen a house for sale which is perfect but needs a LOT of work. This would be a dream forever home. We are viewing it next week. Im not scared of the work but from looking just at the outside its clear the chimney needs taken down and replaced.

So...

• At what point do we get a survey done?
• would the estate agent know if its unmortgageable ie cash buyers only?

To be honest after the estate agent messing us around for so long i wouldnt fee bad pulling out of the current house (its a repossession so no one is living there and the bank is dealing with it)

However i dont want to pull out straight away if we have no hope of getting a mortgage on the dream house.

It's worth asking estate agent if its cash buyers only though wouldn't rely on that answer.

Our last house we bought was unmortgageable as part of chimney breast had been removed and not supported. This house the chimney needed taking down and rebuilding as we got a mortgage on it.

I would get a surveyor out very quickly in process.

If the new house is a repossession that’s probably where the hold up is. Is your Solicitor on your case chasing things for you. With regards to mortgage, you will get an offer and if there is any work that needs doing the offer will be subject to the work being completed in an agreed amount of time. But yes, if the mortgage company doesn’t think it is worth of amount loaned then they will say so,

Well, normally if it has no functioning kitchen or bathroom. I don't think a problem with the chimney would make it unmortgageable unless it wasn't structurally sound. We once had a house we offered on valued at zero because the drains were collapsing.

I know they have to have a kitchen & bathroom. Some more info here.
www.auctionhouse.co.uk/guide/what-makes-a-property-unmortgageable

Once you have made an offer and you have your solicitor the surveys are generally done.

www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/house-surveys-akbw67f03dkx

Who knows we may view it and not even like it, ill ask estate agent and see what they say.

From the photos online it looks like a house that has been lived in for decades without any maintenance, however this is also the only reason its within our budget.

Hopefully we can get a survey done very quickly

DH is in a trade so knows people that would know the extent of the work involved too so we could get them to have a look too

@iftherewereahorseyinthehouse

Well, normally if it has no functioning kitchen or bathroom. I don't think a problem with the chimney would make it unmortgageable unless it wasn't structurally sound. We once had a house we offered on valued at zero because the drains were collapsing.

Yes im worried about them coming back and saying its not structurally sound, one of those things where we may have to pay for a survey and potentially waste that money and time if they say its then unmortgageable. Ive seen some houses online stating cash buyers only, if this was the case it would be easier and we wouldn't even view it

@Mindymomo

If the new house is a repossession that’s probably where the hold up is. Is your Solicitor on your case chasing things for you. With regards to mortgage, you will get an offer and if there is any work that needs doing the offer will be subject to the work being completed in an agreed amount of time. But yes, if the mortgage company doesn’t think it is worth of amount loaned then they will say so,

He initially did say these sales take longer but hes just useless. We will ring for an update and he simply doesnt get back to us! DH has then rang after about 5 days/a week and he'll say 'oh yes i was going to ring you today'

Non traditional construction.

I couldn't get a mortgage on a house with insulative foam sprayed on the roof- the surveyor said that the foam would cause the room beams to rot, the house valuation came in at zero

It must have a kitchen, bathroom and some form of heating- be it electric, wood burner etc

Severe structural issues. Type of concrete - mainly on ex local authority houses, some types of concrete erode the beams. Flammable cladding or potentially dangerous outer materials. If leasehold, stupid service charge clauses. Proximity to council housing, if close or next to/above retail premises, dangerous or potentially dangerous industrial works nearby... can’t think of any more for now

Probably not relevant here but un mortgageable if a property has seriously onerous ground rent or too little time left on lease - tends to be flats.