What makes a property

What conditions define the reasons for a property being classed as ‘un-mortgageable’?

If a mortgage cannot be obtained on a property it can still be purchased via cash. With some of the points listed below there is great potential to add maximum value to a property, say, without a kitchen or bathroom so sometimes being a cash buyer is beneficial.

Properties with structural issues

This is the most common reason and the biggest reason for a structure problem is damage due to subsidence

Properties that are ‘uninhabitable’

This could be because the property is derelict, unsecure or not weatherproof. Either way banks will not lend on this type of properties

No kitchen or bathroom

These cause the property to be seen as ‘uninhabitable'

Properties of non-standard construction

A short lease is generally considered to be those with under 75 years left. This is around the point lenders will refuse mortgage applications

Short-lease property

It is important that you evaluate your exit strategy even if you are a long-term investor. Ensure you buy into property that fits with your strategy. Yes, you may want to keep the property forever and pass on to your children but there may come a time when you need to sell or even to release some equity for another investment. Bare this in mind when choosing the right deal.

Sitting tenants

A lifetime tenancy means that a person holding one - a life tenant - has the right to live in their property, indefinitely, until death (It is called an assured tenancy). Typically, a tenant who is over 60.

Other reasons

Other reasons a property may be seen as un-mortgageable include severe damp problems, dry or wet rot, properties at risk of flooding, problematic commercial properties, properties that has never been registered with HM Registry and property with Japanese knotweed.

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