Thinking of buying to modernise - where to start

[BetsyClark]

Hi

I am thinking of making an offer on a falling down house in need of total refurbishment / modernisation, and am unsure where to start.

1. The Estate Agents haven't properly defined the boundaries yet so I have no idea what size the site is. Can they legally offer a house for sale without this information? I will only proceed if I know what size the site is.
2. If I make an offer subject to having a full structural survey done, can I withdraw my offer with no obligation if I wish to after the survey is done.
3. I hope to buy the house for cash and then get a mortgage for refurb or demolition and re-building if necessary, but can just about squeeze the purchase price and not any stamp duty or fees. Can I get a mortgage now to pay the stamp and fees etc and then draw down in stages for the works?

Many thanks

Betsy

 

[ClubMan]

You should be talking to a solicitor about the first two points.

 

[2cracks]

Hi
My partner and i have just bought similar house. We had our offer accepted and put the initial booking deposit on the house, which was conditional to structural survey. I think thats the normal course of events.

 

[Dreamerb]

1. The Estate Agents haven't properly defined the boundaries yet so I have no idea what size the site is. Can they legally offer a house for sale without this information? I will only proceed if I know what size the site is.

The EA doesn't give you the legal boundaries, normally - that's something that's checked on titled searches, I think. You could also check with the Ordnance survey map - they'll have site maps which should show the bounday. Try the National Map Centre (I think that's what it's called) on Aungier Street. It'll be a few euro (maybe €15 or thereabouts) but it should show them.

2. If I make an offer subject to having a full structural survey done, can I withdraw my offer with no obligation if I wish to after the survey is done.

Yes, provided you state explicitly that it's subject to satisfactory survey. But if the house is falling down (and with references to possible demolition, sounds like you're quite literal about that), the vendor may not wish to accept a "subject to" offer or may not take it off the market until you've decided. What's a satisfactory survey, in the circumstances?!

3. I hope to buy the house for cash and then get a mortgage for refurb or demolition and re-building if necessary, but can just about squeeze the purchase price and not any stamp duty or fees. Can I get a mortgage now to pay the stamp and fees etc and then draw down in stages for the works?

If the house isn't even notionally habitable, you might have difficulty getting anything but a self-build mortgage, and there are fewer providers doing those. You also have potential planning risk if you're going down the demolition route, which will probably make lenders a little more nervous.

Do a search on self build mortgages and you should get some useful information. Remember you'll have to get suitable insurance too.

 

[woods]

I do not think that it is reasonable to expect to sell a run down property subject to a structural check unless you state exactly what you are looking for. It is an open ended excuse to pull out.