If you have a lot of capital tied up in a property it can be devastating if it becomes unsellable. After all, buyers are often reluctant to take on a property that they know will take work or stands to lose money. Yet even if you do find a buyer for your problem property, they could find it impossible to obtain a mortgage.
So what turns your investment from a perfectly good house into a problem property, and how can Open Property Group help you sell it?
A buyer will not find a lender willing to finance the purchase of derelict buildings because they are unlikely to be fit for human habitation. In fact, a single structural defect is often enough to put off both potential buyers and mortgage lenders.
Poor drainage or waterproofing
Visible cracks in the ceiling and/or walls are usually the result of poor drainage or waterproofing. If left for a prolonged amount of time, these problems could lead to damp, or even flooding, both of which can compromise the integrity of the foundations.
To add to the problem, mortgage lenders may not wish to finance the purchase of your property for five years. Depending on the scale of the structural defects, lenders could be reluctant to have anything to do with a home once considered a problem property for even longer than that.
Properties suffering from subsidence will also be hard to sell. Most subsidence occurs due to sinking or swelling in the soil around a property. The vast majority of such cases will stem from excessive extraction of ground water, however, it can also happen if your property is built on an old underground mine or landfill.
Signs of subsidence include uneven floors and visible cracks on the ceiling and walls of the property, both of which may have become damp from excessive moisture. Having caused a structural defect subsidence could distort the building and make doors hard to close. Because of its relationship with ground water extraction, subsidence also puts your property at greater risk of flooding.
A property with fire damage will also be difficult to sell by traditional means. The structure of the building is most likely compromised by both the fire itself, and the gallons of water the Fire Brigade used to put it out.
Illegal extensions and boundary disputes
An extension for which planning permission was not sought from the local council is illegal. As a result, mortgage lenders are likely to refuse to finance the purchase of the property. Without the proper checks and paperwork involved in gaining planning permission this could lead to an extension being built too long or unsafely.
This in turn could lead to boundary disputes with neighbours. It could also result in ill-feeling, legal battles and all of the time and stress that comes with resolving such issues. Boundary disputes are a major cause for concern from buyers and mortgage lenders.
Time and money
As far as your property is concerned, structural issues, subsidence, damp, fire damage, illegal extensions and boundary disputes are all serious enough to deem your investment a problem property. Buyers and lenders won’t want anything to do with it.
To fix most of these issues, the relevant areas need underpinning and remedial works at great expense. This may leave you with a repair bill that could run into tens of thousands of pounds. Then of course you also need to consider the time and money involved in seeking quotes from contractors, obtaining planning permission, undertaking safety checks and more.
Yet if you don’t have the funds to pay for the work, you could be left with an unsellable home and a huge amount of capital tied up within it. But it doesn’t have to be this way…
How can Open Property Group help?
Open Property Group offer to buy your property. Whether it’s fire-damaged, suffering from a structural defect, subsidence, flooding, or subject to one or more boundary disputes – we can help. With Open Property Group on hand, there is no need to wait for a buyer to come along while you’re stuck with insurance costs, council tax and repair bills on a property you don’t want.
We offer you a 100 per cent cash sum. We also work as quickly or as slowly as you like. As highly reputable house buyers, we have substantial financial backing and the ability to offer you a competitive price on your problem property. We buy directly from you, do all of the work internally and never pass on leads to third parties. We are expert house buyers and purchase properties across England and Wales.
With all of this in mind, you can trust Open Property Group to ensure a smooth transaction. Once we’ve made our offer, we never try and force your hand. We also provide a range of options to suit your needs. To sell your problem property quickly and with ease, call Open Property Group on 0800 990 3939.
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