Long time lurker, first time poster here! I hope this is in the right place to post, and not too off topic!
I was quite close to buying a house about a year ago and being uncomfortable about the market (and doubtful of what the media was pushing) started doing a bit of research and came across this site. Decided to hold fire and I am glad I did. I have my opinions of the state of the market and predictions for the next year or two, but that’s not really what I am looking to discuss. What I am interested in is the increasing amount of repossessed unfinished houses appearing for sale. I have seen several houses that are between 60% – 80% complete (cost wise) and being a quantity surveyor I feel I have a good understanding of the cost of completing these properties. To me a few of them seem like good value for money (real value, not good value compared to what EAs are trying to peddle!). They are also exactly what I am looking for as I would like the ability to put my own stamp on my home, without doing the complete self-build hassle. I am still holding off as I foresee more and more of these type of houses coming onto the market, but I would like to be fully prepared to be able to go for a property if I decided to.
What I am looking to do now is investigate how I could finance one of these properties when I find one that I do want to go for. Having spoken to my banks mortgage advisor I was told that as these buildings are not liveable / habitable they couldn’t offer a mortgage. Even properties that only require bathrooms and kitchen fitted are considered not habitable and they wouldn’t offer a mortgage, not even just for the value of the “shell”.
The other issue is that because these properties are for sale by banks, etc they are not really open to any negotiation such as PC sums for kitchen, bathrooms, etc.
Basically I am looking to see if anybody has bought a property like this before and how they done it. Or even somebody who has bought a ruin to renovate / restore it? Are there specialist money lenders that would be of assistance, or is this maybe just a game for those who have that sort of cash in hand?
Any help, or even being pointed in the right direction would be very much appreciated.