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M S E Refugee

Buying next door

Question

I looks like there is a possibility that my neighbour who rents next door is moving out it may come up for sale as I think it will be difficult to rent as it has 1 bedroom,bathroom and living room  no off street parking or central heating and we own all of the back of the house and a flying freehold over part of her living room as the cottage was split in the 70's and I would say that we own 2/3rds of the cottage.

Do you think my mortgage lender would loan us the money to buy the final 1/3rd of the house,my research says it could be possible but it can be fraught with problems due to deeds on two properties etc.

 

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Probably of no use whatsoever to you mate, but I tried a similar thing in the late 1990s.

The old bloke next-door died, and when I got talking to his daughter as she sorted out his affairs, it was revealed that the family would happily accept a very favourable offer for the place if a quick completion was possible. No problem in my case, as I had a top credit rating, and a small deposit if needed.

These were two-bedroomed terraced houses - and my idea was to knock them both into one decent-sized family home.

To cut a long story short, I pulled-out of the deal.

With the benefit of hind-sight, that was probably a good thing in my case - but back then I was convinced it was a dead-cert.

It was the phrase that the manager of The Halifax in Peterlee used - the people my then current mortgage was with - that gave me the jitters.

"Sorry, but we can't help you with that Mr XYY.", he said.

"But - unofficially of course - I can introduce you to certain 'specialist-lenders' who can help you"...!

Reckon I dodged a fucking bullet there mind...

;)

 

XYY

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4 hours ago, M S E Refugee said:

I looks like there is a possibility that my neighbour who rents next door is moving out it may come up for sale as I think it will be difficult to rent as it has 1 bedroom,bathroom and living room  no off street parking or central heating and we own all of the back of the house and a flying freehold over part of her living room as the cottage was split in the 70's and I would say that we own 2/3rds of the cottage.

Do you think my mortgage lender would loan us the money to buy the final 1/3rd of the house,my research says it could be possible but it can be fraught with problems due to deeds on two properties etc.

 

If you're going to return it to one house the title can be changed back to a single title. Its not possible to say whether the mortgagor will allow you to borrow more but there are others who will.

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1 hour ago, sleepwello'nights said:

If you're going to return it to one house the title can be changed back to a single title. Its not possible to say whether the mortgagor will allow you to borrow more but there are others who will.

We spoke to our lender today and they said usually they would flat out refuse to do this apart from unique cases.

The advisor consulted with her boss and said that we would have a good chance of success due to it being one dwelling in the past and the fact we own 2/3rds of the building and the flying freehold.

 

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The two dwellings are almost certainly worth more on the market if kept as two dwellings. This may be why lenders are reluctant to lend on two properties that might be combined as one.

If you do connect them up internally, it may be a good idea to make it reversible, so the two can be sold off seperately in the future.

Combining and later separating plumbing, heating and electrics could be the difficulty. And Council tax.

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