What makes a property unmortgageable?
The most common circumstances are;
- Properties without a kitchen or bathroom.
- Properties with any kind of structural defect, damp, dry or wet rot.
- Properties close to mining works, areas of landfill, areas of recent flooding or subsidence.
- Leasehold properties with a short lease, typically less than 70 years, or a defective lease.
- Where there are boundary disputes or where planning applications have not been applied for correctly.
- Derelict property or where part of the building is in severe disrepair and needs demolishing.
- Properties of non-standard construction. Standard construction has brick or stone walls with a roof made of slate or tile, so anything that differs from this will be classed as Non-Standard.
- Some properties with sitting tenants or regulated tenancies.
- All properties with a value below a threshold, sometimes stated as £40,000.
Any property falling within this category will be clearly marked as ‘Cash Buy Only’