Sellers often make innocent mistakes that then cause their house to become unmortgageable. Here our helpful guide to sell your unmortgageable house will help you to avoid these issues where possible, and advise you how to rectify them if you have found yourself in this unfortunate situation.
So what makes a property unmortgageable and turns it from a perfectly good house to a problem property?
- Derelict, empty or abandoned properties that have been neglected over the years are unmortgageable because they may not suitable for human habitation. Often such properties may be boarded up. You may have bought a property as a refurbishment project but have since run out of funds or had a change of circumstances. If this is the case, why not let us buy your house. Start by filling in the enquiry form.
- Believe it or not but if your property has two kitchens it is unmortgageable! This is because lenders consider that you could sub-let a part of the property having bought it using a Residential Mortgage. If your property has two or more kitchens do not panic! We can still buy your property.
- Properties that are valued below £50,000 are unmortgageable. You will require a reliable cash buyer for your house. We can do that.
- Apartments or houses with leases less than 70 years are unmortgageable. This is because the freeholder has the right to take possession of the property after the lease expires. We can buy your house or apartment with a short lease. There are a lot of properties in this situation located in the South East and London. A short lease actually devalues the property over time.
- Properties with structural issues, especially evident problems such as cracks in the ceiling and walls, are unmortgageable. These properties will need underpinning and remedial works. They will not be mortgageable or insurable for a further five years or perhaps longer depending on the severity of the structural issues. We can buy properties that have structural issues. Fill in your post code to get your free offer.
- Properties with subsidence are unmortgageable. Subsidence occurs due to shrink or swell in the behaviour of the soil. Subsidence is a severe disease as far as your property is concerned and the bill for repairs can run into tens of thousands of pounds. Common signs and symptoms of subsidence are uneven floors and cracks running through the back of your property. Subsidence and structural issues will remain a stigma attached to your property long after the problems have been fixed. As a seller, you are obliged to disclose to potential buyers whether your property has been affected by subsidence or structural issues at any time in the past.We will buy your house no matter how severe the subsidence issues are. Contact us now to get your free offer.
- Properties close to mining works, landfill areas or that have a history of flooding are unmortgageable.
- Properties with sitting tenants or regulated tenancies are unmortgageable. If your property was tenanted before 15th January 1989, you have sitting tenants! We can still buy your property, just call us now on 0113 320 6700.
- Any property that has a defective lease is unmortgageable. A prime example of this is a block of flats where it is unclear whether the freeholder or leaseholder maintain and fix a shared roof.
- Properties with damp, dry or wet rot, wall ties or damaged floor joists are unmortgageable.
- Properties where the building is in severe disrepair or even possibly so dangerous that it needs to be demolished.
- Properties are unmortgageable if they have had illegal extensions carried out without the permission of the local council or planning department.
- Properties of unusual or non-standard construction such as pre-fab concrete. We will buy properties that are not mortgageable. Just fill in the enquiry form.
- Properties with flying freehold are also unmortgageable.
- Derelict agriculture farm buildings are unmortgageable.
This is not an exhaustive list, and it may be that your property is unmortgageable. If your property is unmortgageable or you are not sure, why not get in touch with us today by filling in our enquiry form. We charge no hidden fees and will even offer to pay £500 towards your legal fees.