I see one is for sale locally for cash buyers only.

What is so wrong with these that I can't get a mortgage?

Is it that likely to fall down around your ears?

"Fredxx" wrote in message
...
I see one is for sale locally for cash buyers only.

What is so wrong with these that I can't get a mortgage?

try a google for

"non standard construction"

tim

Fredxx wrote:

I see one is for sale locally for cash buyers only.

Probably as they want a quick sale.

What is so wrong with these that I can't get a mortgage? Is it that likely
to fall down around your ears?

There are a number around this area. Many on 2 estates got pulled down
15 years ago as the steel reinforcement was corroding and cracking the
concrete.
Others, built by different companies are still standing.
There are 8 up the road from me, they come up for sale occasionally, and
nearly always sell quite quickly (mainly as they are 20% cheaper than
similar brick built houses).
Mortgages are available, otherwise none would be sold. I'd guess there
are problems with surveys, as the surveyors are not well aquainted with
concrete walls, so tend to err on the side of caution, and give a
generally negative review of the house, hence the mortgage company
decline to lend, when, in reality, there is nothing wrong with many of
the houses.
Alan.
--
To reply by e-mail, change the ' + ' to 'plus'.

try a google for

"non standard construction"

tim

Some mortgage companies will take them on anyway. You may also need to
find a specialist insurer willing to offer structural cover. Mortgage
company can advise, or have a look at http://www.smartandcook.co.uk
(they used trade as Slater Marchant).

On 2010-01-25 15:23:41 +0000, Fredxx said:

I see one is for sale locally for cash buyers only.

What is so wrong with these that I can't get a mortgage?

Is it that likely to fall down around your ears?

As well as problems getting mortgages I guess there may also be
problems getting buildings insurance - although I'm sure cover will be
available, again, from specialists.

Fredxx wrote:
I see one is for sale locally for cash buyers only.

What is so wrong with these that I can't get a mortgage?

Is it that likely to fall down around your ears?


"Concrete Cancer" is the problem. Local authority put loads up round
here after WWII and sold them cheap to tenants in the 80s & 90s and then
had to offer to buy them back at full market price when they started
crumbling and the owners could not re-sell because no one could get a
mortgage.
Nearly all the owner accepted and made 10's of £k overnight. The council
repaired them by building a structural brick skin round the outside and
rented back to the original occupiers. Cost the ratepayers a pretty penny.
No lender will touch them still.
Bob

"A.Lee" wrote in message
...
Fredxx wrote:

I see one is for sale locally for cash buyers only.

Probably as they want a quick sale.

What is so wrong with these that I can't get a mortgage? Is it that
likely
to fall down around your ears?

There are a number around this area. Many on 2 estates got pulled down
15 years ago as the steel reinforcement was corroding and cracking the
concrete.
Others, built by different companies are still standing.
There are 8 up the road from me, they come up for sale occasionally, and
nearly always sell quite quickly (mainly as they are 20% cheaper than
similar brick built houses).
Mortgages are available, otherwise none would be sold. I'd guess there
are problems with surveys, as the surveyors are not well aquainted with
concrete walls, so tend to err on the side of caution, and give a
generally negative review of the house, hence the mortgage company
decline to lend, when, in reality, there is nothing wrong with many of
the houses.
Alan.

The houses in question say on the description for a cash purchaser only as a
mortgage was unobtainable.

As you say they do represent a reduction and would be ideal for a "cash" buy
to let. But even at such a reduced price, they seem very difficult to
shift. Also being a semi, it's not practical to rebuild.

wrote in message
...

try a google for

"non standard construction"

tim

Some mortgage companies will take them on anyway. You may also need to
find a specialist insurer willing to offer structural cover. Mortgage
company can advise, or have a look at http://www.smartandcook.co.uk
(they used trade as Slater Marchant).

I guess there's a premium to pay in the form of increased interest. I also
presume insurance is hard to come by. But the real value of a house is its
resale value, which puts me off them, yet at the reduced price, they still
take years to sell.

Fredxx wrote:

As you say they do represent a reduction and would be ideal for a "cash" buy
to let. But even at such a reduced price, they seem very difficult to
shift. Also being a semi, it's not practical to rebuild.



Depends how often they come on the market. One wonders whether it one
had the cash available it would be worth buying at a discount and
renting. Then buying the other half when that comes on the market also
at a discount and knocking both down and replacing with a pair of new
semis. Or two or more detached or a block of flats depending on the size
of the gardens etc.

Andrew

In article , Fredxx
scribeth thus

wrote in message
...

try a google for

"non standard construction"

tim

Some mortgage companies will take them on anyway. You may also need to
find a specialist insurer willing to offer structural cover. Mortgage
company can advise, or have a look at http://www.smartandcook.co.uk
(they used trade as Slater Marchant).

I guess there's a premium to pay in the form of increased interest. I also
presume insurance is hard to come by. But the real value of a house is its
resale value, which puts me off them, yet at the reduced price, they still
take years to sell.



I've bought and sold a couple .. no problems with mortgage and or
insurance. Not all of this type of house are exactly the same, some were
built a lot better then others...

Put that another way, I doubt if someone would give one to you FOC...
--
Tony Sayer

On 25/01/2010 15:41, A.Lee wrote:
wrote:

I see one is for sale locally for cash buyers only.

Probably as they want a quick sale.

What is so wrong with these that I can't get a mortgage? Is it that likely
to fall down around your ears?

There are a number around this area. Many on 2 estates got pulled down
15 years ago as the steel reinforcement was corroding and cracking the
concrete.
Others, built by different companies are still standing.
There are 8 up the road from me, they come up for sale occasionally, and
nearly always sell quite quickly (mainly as they are 20% cheaper than
similar brick built houses).
Mortgages are available, otherwise none would be sold. I'd guess there
are problems with surveys, as the surveyors are not well aquainted with
concrete walls, so tend to err on the side of caution, and give a
generally negative review of the house, hence the mortgage company
decline to lend, when, in reality, there is nothing wrong with many of
the houses.
Alan.
Around here mortgages are not available unless they are bricked - this
appears as a brick outer skin but no idea if there is any other work
carried out.
Bank loans are available to those who can satisfy a bank they are a god
risk. I have not heard of any mortgages secured on unbricked properties

"Fredxx" wrote in message
...

"A.Lee" wrote in message
...
Fredxx wrote:

I see one is for sale locally for cash buyers only.

Probably as they want a quick sale.

What is so wrong with these that I can't get a mortgage? Is it that
likely
to fall down around your ears?

There are a number around this area. Many on 2 estates got pulled down
15 years ago as the steel reinforcement was corroding and cracking the
concrete.
Others, built by different companies are still standing.
There are 8 up the road from me, they come up for sale occasionally, and
nearly always sell quite quickly (mainly as they are 20% cheaper than
similar brick built houses).
Mortgages are available, otherwise none would be sold. I'd guess there
are problems with surveys, as the surveyors are not well aquainted with
concrete walls, so tend to err on the side of caution, and give a
generally negative review of the house, hence the mortgage company
decline to lend, when, in reality, there is nothing wrong with many of
the houses.
Alan.

The houses in question say on the description for a cash purchaser only as
a mortgage was unobtainable.

As you say they do represent a reduction and would be ideal for a "cash"
buy to let. But even at such a reduced price, they seem very difficult to
shift. Also being a semi, it's not practical to rebuild.

There was a "Homes under the hammer" non standard construction, that was
knocked down and rebuilt (at a profit!)

tim

"tim...." wrote in message
...

There was a "Homes under the hammer" non standard construction, that was
knocked down and rebuilt (at a profit!)

Smiths houses are frequently repaired by supporting the floors and roof on
props, ripping the walls out and rebuilding in brick/block.
It costs about £40k-£50k.
Its actually cheaper to pull them down and rebuild but only if you can do
both halves at the same time.

If you can get one for a reasonable cash price you can easily make a profit
and they usually have a lot more garden than modern builds.

On Jan 25, 7:42*pm, Invisible Man wrote:
On 25/01/2010 15:41, A.Lee wrote:

*wrote:

I see one is for sale locally for cash buyers only.

Probably as they want a quick sale.

What is so wrong with these that I can't get a mortgage? Is it that likely
to fall down around your ears?

There are a number around this area. Many on 2 estates got pulled down
15 years ago as the steel reinforcement was corroding and cracking the
concrete.
Others, built by different companies are still standing.
There are 8 up the road from me, they come up for sale occasionally, and
nearly always sell quite quickly (mainly as they are 20% cheaper than
similar brick built houses).
Mortgages are available, otherwise none would be sold. I'd guess there
are problems with surveys, as the surveyors are not well aquainted with
concrete walls, so tend to err on the side of caution, and give a
generally negative review of the house, hence the mortgage company
decline to lend, when, in reality, there is nothing wrong with many of
the houses.
Alan.

Around here mortgages are not available unless they are bricked - this
appears as a brick outer skin but no idea if there is any other work
carried out.
Bank loans are available to those who can satisfy a bank they are a god
risk. I have not heard of any mortgages secured on unbricked properties

I had no trouble getting a mortgage on my mud hut with wattle and daub
extension (twice).

There were some bits of brick, but most of the house was clay lump.