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gruffydd

Weirdest house sale - landlord repo - sign of the times?

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Just been looking at a repo from a landlord... estate agent and solicitor very light on the detail - started normally then switched to sealed bids. 

Then I started noticing things: No consent to discharge. Planning permission breached (slightly different location, different shape of house, no garage, different drive location onto road and so on), then I noticed no final building certificate although the house seems well built. They are saying planning covered by 4 year rule (really? That serious a breach) and that the "no final building control certificate" OK to fix - they have pre plaster building control cert. 

Is this a sign of the times. I can't even see how the bank can sell such a property. How many junk houses did the banks lend on? Who else is coming across similar?

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Any chance of a link. Based on what you say the house is worth the following 

the value of the land

less demolition costs and removal of the rubble

less potential legal costs

so about £1 max

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11 hours ago, gruffydd said:


Is this a sign of the times. I can't even see how the bank can sell such a property. How many junk houses did the banks lend on? Who else is coming across similar?

They can sell it easily enough.  It is the 'getting a mortgage' part which limits.  I guess they can think that there are enough cash buyers to get rid of it (or buyers where they get the cash through remortgaging a different house).

 

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20 minutes ago, dgul said:

They can sell it easily enough.  It is the 'getting a mortgage' part which limits.  I guess they can think that there are enough cash buyers to get rid of it (or buyers where they get the cash through remortgaging a different house).

 

I wouldn't be so sure. Any sane solicitor would be warning the buyer to run a mile to ensure they didn't end up being sued / investigated down the line.

As I said no planning permission - arguable depending on who you are and the council.

No  final building control - granted there are enough bits by the sounds of it for them not to want to knock it down but really....

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You pick up on an interesting point here gruffydd. It IS a sign of the times. There is a lot of poor quality housing stock for sale. The number of failed sales and non-sales can't always be down to the EA's excuse of "the vendor found somewhere else".

I have previously sought advice on this forum for a place we had viewed that had been dangerously altered (cross beams sawed through and roof sagging). It went off the market and the EA coudn't tell me why (!)

Another house: After proving that a major extension to the house did not have building regs, despite vendor insisting it did (they confused having Indemnity Insurance with having Building Regs) we were so annoyed we told the Council. House is now under offer with some other poor sap and I give it a week until they find out that the house is uninsurable and the sale falls through.

You cannot get a Hight St lender to approve a mortgage on a house with 2 kitchens (it's quite common around here to have a basement flat). I gather it's because the lender can't get the house back if you've let it out and default on payments. Cash sales only then!

And yet the asking prices are    i n s a n e !

Rightmove is just a bunch of pretty pictures of houses, like an Instagram page. If they were actually for sale they would be affordable and safe.

 

 

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I've seen a few properties for sale in my area recently that are two self contained flats being sold as a house. Although I've also seen the inverse - one house with one kitchen (strangely on the first floor) being sold as two flats. Who's going to spend £450k on a flat with no kitchen?

Kitchenless flat

Upstairs flat

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4 hours ago, Fretful Mother said:

You pick up on an interesting point here gruffydd. It IS a sign of the times. There is a lot of poor quality housing stock for sale. The number of failed sales and non-sales can't always be down to the EA's excuse of "the vendor found somewhere else".

I have previously sought advice on this forum for a place we had viewed that had been dangerously altered (cross beams sawed through and roof sagging). It went off the market and the EA coudn't tell me why (!)

Another house: After proving that a major extension to the house did not have building regs, despite vendor insisting it did (they confused having Indemnity Insurance with having Building Regs) we were so annoyed we told the Council. House is now under offer with some other poor sap and I give it a week until they find out that the house is uninsurable and the sale falls through.

You cannot get a Hight St lender to approve a mortgage on a house with 2 kitchens (it's quite common around here to have a basement flat). I gather it's because the lender can't get the house back if you've let it out and default on payments. Cash sales only then!

And yet the asking prices are    i n s a n e !

Rightmove is just a bunch of pretty pictures of houses, like an Instagram page. If they were actually for sale they would be affordable and safe.

 

 

You certainly have to have your wits about you when house hunting or it turns into a very expensive business when you've already forked out for searches; surveyor's fees etc. and then have to withdraw.  A lot of DIY is bodged I would say and doesn't comply with regulations then you also have to check to see if the property is likely to flood etc etc.  Never mind "features" and number of bedrooms etc.  These are the last things to consider.:)

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18 hours ago, gruffydd said:

Just been looking at a repo from a landlord... estate agent and solicitor very light on the detail - started normally then switched to sealed bids. 

Then I started noticing things: No consent to discharge. Planning permission breached (slightly different location, different shape of house, no garage, different drive location onto road and so on), then I noticed no final building certificate although the house seems well built. They are saying planning covered by 4 year rule (really? That serious a breach) and that the "no final building control certificate" OK to fix - they have pre plaster building control cert. 

Is this a sign of the times. I can't even see how the bank can sell such a property. How many junk houses did the banks lend on? Who else is coming across similar?

have you got a link.

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