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Selling a problem property. 11 examples where only cash will do. Thu, 14 Nov 2013 16:10

In the U.K. marketplace, due to property prices, most buyers use a mortgage to purchase a property.  If you are selling a problem-free property, usually you will achieve the best price by selling it to an owner occupier with finance in place.

However, there are certain circumstances when a property is not suitable for those buyers who can only purchase with a mortgage, and in those instances the only option is to sell to a cash buyer.

Here are some examples of unmortgageable properties:

1.  A derelict property cannot have a mortgage secured on it.

2.  A property without a kitchen and bathroom is unmortgageable.

3.  Most lenders do not lend on properties valued below £50K, especially buy to let lenders.

4.  Most lenders will not lend on a leasehold property with a short lease > typically less than 70 years.

5.  Most lenders will not lend on a property with any kind of structural defects or properties close to mining works, areas of landfill, recent flooding, or subsidence.

6.  Lenders are very unlikely to lend on a property with sitting tenants/Regulated Tenancies

7.  Lenders are unlikely to lend on a property with any kind of defective lease.

8.  Properties with damp, dry or wet rot, wall tie or structural problems.  

9.  Properties where there are boundary disputes or where planning applications have not been applied for correctly.

10.  Properties where part of the building is in severe disrepair and needs demolishing.

11.  Properties of unusual/non-standard construction.

Richard Hill, Founder of Dream House Buyer, commented:

"The money and property forums are full of home owners who have suddenly been shocked to find that they are struggling to sell their property because it is unmortgageable, or where there are sitting tenants who will not leave without a fight. They may have inherited the property or not realised the problems with their property until they try to sell it or serve notice to attempt to end the tenancy.

I have also read stories of novice investors buying a property at auction for cash with a bridging loan and then finding out that it is unmortgageable. They cannot exit the bridging loan through a mortgage, and then, if they cannot find another solution, they may have to sell on the property to another cash buyer.

In cases such as these, a cash sale of the property really is the only option and the vendor should look to work with a reputable property buying company that makes a fair offer and sticks to transaction landmarks. Companies such as ours also buy property with sitting tenants, however long term they have been in situ.

As a family owned property business, we pride ourselves on offering a reputable and fair service for property owners who want a quick, and hassle-free sale, without fees and your legal costs will be paid.

We do not rely on banks or finance, and pay cash for your property, which enables us to buy property very quickly. We really can work to any timescale that you request, be it days, weeks or months, we tailor the timescale of the sale to suit you - our customer". 

Find out why we are different to other quick sale house companies >>> here.

Dream House Buyer is a family owned property buying company that considers all types of property, and we buy property with sitting tenants too, regardless of whether they have been there for 6 months, or 60 years.  We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk

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