My Property Selling Expert - Not Mortgageable Properties

Structural Issues: Problems like subsidence, severe damp, or a deteriorating roof.
Lease Issues: A short lease (typically less than 70 years) can make a property unmortgageable.
Construction Type: Unusual construction materials (e.g., concrete, timber frames) can deter lenders.
Legal Issues: Lack of proper building regulations approval, planning permission, or title issues.

Professional Inspection: Get a detailed report from a surveyor or structural engineer, or Conveyancer to identify and document the problems.
Repair Estimates: Obtain quotes for necessary repairs or renovations to give potential buyers an idea of the costs involved.

As-Is Sale: Selling the property in its current condition might appeal to investors or cash buyers looking for a project.
Making Repairs: If the repairs are feasible and within your budget, consider fixing the issues to make the property mortgageable and more attractive to a wider range of buyers.

Estate Agent: Hire an agent experienced in selling problematic properties. They can provide valuable insights and market the property effectively.
Auction: Auctions can attract investors and buyers looking for deals. This method might lead to a quicker sale, but beware leaving a digital footprint of a low guide price if the property fails to sell.
Cash Buyers: Consider selling to cash buyers or property investors who are less concerned about mortgageability.

Reflect the Condition: Set a competitive price that accounts for the property’s issues. Overpricing can deter buyers, while under-pricing might not cover your costs.
Market Comparison: Look at similar properties in your area, especially those sold with similar issues, to get a realistic idea of pricing.

Highlight Potential: Emphasise the property’s strengths, such as location, size, and any unique features, to attract buyers despite the issues.
Full Disclosure: Be transparent about the problems. Provide the inspection report and repair estimates to potential buyers.

Understand Buyer Concerns: Buyers may request a price reduction due to the issues. Be prepared to negotiate and understand your minimum acceptable price.
Offer Solutions: Provide potential solutions or estimates for resolving the issues to help buyers make informed decisions.

Full Disclosure: Ensure all known issues are fully disclosed to avoid legal complications.
Clear Title: Make sure the title is clear and ready for transfer. Resolve any legal issues that could hinder the sale.
Conveyancing Solicitor: Work with a Solicitor experienced in handling problematic properties to manage the legal aspects of the sale.

Consider a Pre-Sale Survey: Providing a recent survey can reassure buyers and speed up the process.
Flexibility: Be open to different selling methods and be flexible with negotiations to increase the chances of a successful sale.
Time the Market: Consider selling during a favourable market to maximise your return.

Selling a property that is not mortgageable requires a strategic approach that includes understanding the issues, targeting the right buyers, and being prepared for negotiations. By working with professionals and being transparent about the property’s condition, you can navigate the complexities and successfully sell your property.
Contact My Property Selling Expert and let us guide you through the process

Properties that are not Mortgageable