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Help! House is un- mortgageable

30 replies

GrrrrrreeeNotgreatactually · 02/11/2022 21:01

Name change as I have spoken to so many people in RL today.
We accepted an offer two months ago. Our house is an ex local authority house with a PRC certificate. The other half of our semi is still local authority. They say that the previous tenant was offered the chance to have their property repaired but declined.

Now we have been told that there is very little chance that our buyers can get a mortgage. We were not told any of this when we had a mortgage, they didn't even ask if next door had had the work done! Now we're probably not going to be able to sell unless to a cash buyer so could be 100k less, meaning we can't buy anywhere else.
We have to move, there is no choice about that. So is our only option to rent ours out and rent another property?

OP posts:
Roselilly36 · 03/11/2022 07:47

The options are:

sell back to council as a PP said, councils are so short of housing they are buying properties back at full market value. I know someone who did this, simple process, 3 independent valuations by local estate agents, council offered the average of the 3 prices, took a while to go through, councils don’t rush! But it all went through ok. No hassle with viewings, no Estate agents fees to pay.

Sell at Auction, could be a quicker option than the council should you need to sell quickly.

Non standard construction are often marketed as cash buyers only, as obtaining a mortgage on this property type is often impossible, without the complication of the adjoining property not having the necessary repairs, of course depending on the repairs required it could have an effect on your property.

Good luck OP.

NoSquirrels · 03/11/2022 07:52

Who is your existing mortgage with? Your buyers would be best advised to approach them.

However, if I were them then yes, I would pull out because it’s unlikely I’d want to buy a property at full market value that I knew would be difficult to sell on in the future.

Did your solicitor not advise you about the issues with buying non-standard construction?

GrrrrrreeeNotgreatactually · 03/11/2022 08:22

Ok, thanks all, I will give the council a call.

OP posts:
Denny53 · 03/11/2022 08:27

We had same problem. Paid £950 for full structural survey which our buyers were then able to get a mortgage on

GrrrrrreeeNotgreatactually · 03/11/2022 08:40

@Denny53 that's not too bad then. Depends if they feel it's worth it or too much hassle if they need to sell.

OP posts:
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