Ive seen a house that I would like to buy. It looks run down and no-one lives there. How do I go about finding if it is occupied. Who the owner is. How to make an offer.
If it's as run down as you imply I hope you've got a lot of cash behind you for the renovation! I had a similar situation to the one you describe. I lost out on a house I had set my heart on but three doors down was a derelict property. I looked up the details via the Land Registry (you have to pay a small fee) and wrote to the owner. It all looked very promising initially as he expressed an interest in selling, but sadly came to nought in the end. Was very much worth having a go however and I wish you well with your search. Link to Land Registry Online below:
Sadly programs like property ladder give the owners of these wrecks the idea you will automatically make £££s on them, so they price accordingly. Still, worth a couple of quid to find out though! (You could try asking the neighbours if they know the owner too )
Why does everyone presume that someone wants to do a house up to immediately sell on for a profit? Some people see a house they can do up, maybe over time, because they think the place has lovely character and potential to make a wonderful home. Perhaps the owner is in a home and so won't be that way inclined to overprice.
Yep, good advice from susiecam, and of course the neighbours like Jim said.
*It is not necessary to understand things in order to argue about them. -- Pierre De Beaumarchais
Thanks for the advice, it's given me a starting point. I hope they don't try to fleece me with the price, because I don't want to just do it up and sell it, but I would like to actually live there.
Do your research first 8181. If the owner shows an interest in selling don't even think about a figure until you've gained access and had estimates for the work. I'd go for a full buildings survey as this will include an indication of the cost of putting right any defects and, if you request it, an indication of the property value pre and post renovation. The price you should pay is the pre renovation figure preferably minus a margin for hassle factor. You must also do your research if you require a mortgage as you will need to have a sizeable deposit if the house is in poor condition. In very poor condition it may be unmortgageable until the basic structural work is done. Good luck!
Originally posted by 8181: Thanks for the advice, it's given me a starting point. I hope they don't try to fleece me with the price, because I don't want to just do it up and sell it, but I would like to actually live there.
Hi 8181. Try ourproperty.co.uk and see what neighbouring properties are worth. Its not scientific but might give you an idea what the property might be worth after its been done up...and then adjust the offer price accordingly. Good luck!
I am tired, I am weary. I could sleep for a thousand years.
There's a trick La Beeny recommends: Do essential structural work, then do up the kitchen & bathroom. At that point the house is worth more & so you can borrow more against it to finish it off.
In my experience banks aren't really interested in what assets you hold, they are only interested in how you are going to pay for the loan. It's very bad business for a bank to forclose on a mortgage so they only give loans to tjhose that can finance them. Being out of work I doubt that they'll want to know - which is where the loan sharks come in.
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