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Found 3 results

  1. Hi Guys, I’m just in the process of purchasing my first property, it is a repossessed 2 bedroom flat so is in need of modernisation. I would say the flat needs a full refurb which would include a new kitchen, bathroom, redecorating, flooring and a new boiler. The surveyor said the electrics and plumbing seem to be fine but may need changing in the near future, so I was thinking to get this down whilst I’m changing everything else. I just wanted to know how much would something like this cost to be done at a good level. In my head I’ve budgeted for about £20k - £25k. Would be great to get some realistic cost from those who have done this type of work. Also if you know any good trades people that could do the job I would really appreciate it if you could forward me their details. I’m based in Croydon. I have attached the floor plan so you can get an idea of the size. You Thanks Charles
  2. Hi all, There are 2 vacant houses, side by side, round the corner from where I'm living. I spoke to the next door neighbour, who told me the place had been empty for 30 years!! The front garden is totally overgrown and forest-like, being an eyesore around neighbouring houses which are lovely. Apparently there have been various people that have tried to buy them over the years and failed. I spoke to the Council today who told me they have tried to sue and serve notices to the owner and also try and buy them - but the owner is in his 90's and doesn't seem in the least interested in the houses. The daughter also has issues and similarly has no interest in dealing with anything to do with them. They're on such prime real estate it's such a shame. I'd desperately like to purchase them, but don't know what to do, if even the Council has failed. Is this a lost cause, or is there something I can do to purchase these? Does anyone know the law relating to abandoned properties - surely if they're empty for 30 years, there are grounds to legally transfer the deeds? Any advice would be greatly appreciated. Olivier.
  3. I would like to buy a repossession flat to live in. I am having trouble figuring out how much to put in an offer for. Here's the background information, my husband and I want to buy a flat to live in. It was put on the market at the beginning of the year, then pulled from the market because they weren't sure if it was mortgagable, and it has now gone back on the market again and has been for a few weeks now. It was previously on the market for 400k and it's again on the market for 400k. Someone else, previous to the flat being pulled from the market, put in an offer of 408k. I put in an offer of 370k when it went back on the market, because I understood that there were no offers on the table anymore. I was then told that the offer was rejected due to the bank waiting to hear back from the person that put in the offer of 408k if they still wanted to buy the property. I just spoke to the estate agent again, and he explained that the other buyer had to renew his buy to let mortgage offer as it has expired, but has been rejected due to the bank's BTL criteria changing between the beginning of the year and now. He's now waiting for approval from another bank for a BTL mortgage. The estate agent said that if I put in a matched offer of 408k then it'd probably be accepted (I guess since I'm more reliable since I have a mortgage in principle?). My question is, what kind of offer should I be making at this point? Should I ask to put in another offer of 370k? Should I put in the offer of 408k? The bank is not in any hurry to sell the property (contrary to what I've heard about repossessions in general) and that they just want to sell for as much money as possible. I put in an offer of 370k because I know it'll cost 30k to do up the place to make it liveable. I know the bank doesn't care how much I'm going to have to spend on the flat once I buy it, but I wonder how get an offer accepted? Should I just bite the bullet and offer 408k? But if I do, the flat still stays listed and someone else could come in and gazump us. Should I get a survey done and then put in an offer since I'll be working off of better information to put in an offer? Could use some advice now, I really want this flat but not willing to go bankrupt myself! Thanks, Rebecca
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