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nickmi

Buying neighbours house?

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I have wanted to purchase a property for years now. I have approx £70k in savings (I know that’s not a lot for property but hey ho). 

My neighbour is mentally ill and lives an isolated life. He has one brother who he never ever sees as he lives far away in another country and his sister he only talks to when something in the house needs fixing.

He’s approx 70 years old and his sister is even older so I was wandering whether it would be rude of me to offer to buy his house either after he passes or now under a house reversion scheme where he is allowed to live there until he passes.

 

Ive asked my Mum bout this and she said she will ask the sister if we can make the first offer in the house if they ever sell it. Hopefully my mum will see the investment opportunity and contribute some money to buying it as £70,000 for what the house is and it’s location is next to nothing.

We’ve had people knocking on our door and his asking to buy it thinking they’re going to get a bargain... and they will.

It hasn’t been Maintained for years and is very run down. Infact the kitchen roof collapsed recently but they fix it. 
 

I would love to get my hands in that house. It’s a 3 bedroom (2 of them are double) one reception room one dining room. 3 car driveway with a garage for a fourth car and a garden.

 

it needs total renovation but I could do this myself for next to nothing since I completely redecorated my own bedroom very cheaply but to a high standard. 
 

It really would be a dream come true I just can’t stand waiting for whenever the heck his sister comes back to visit him to ask whether we can have first purchase offer? 
 

I’m almost thinking about making a direct offer to him of £70,000 but I don’t want to insult him plus his other siblings may not like that... 

 

 

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I think all you can do is make it known to him and /or his sister that you would be interested in buying it if they ever wanted to sell it. However, given their ages, that may not be for 20 years, so why not find another property to start your journey?

I would advise against buying it whilst  he lives there as this could become very difficult for a number of reasons - not least him failing to look after it & / or pay his rent.

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Hi nick

Download the title register and make certain the person you think owns it....actually owns it.

Then work out its finished...done up value

Work out costs to get it to this level ( it will not be next to nothing btw)

Put an offer price to the owner, start the negotiations.

Then you can work out how much money you need? How to finance? Or sell on the project to an more experienced developer for a finders fee if you cannot fund it yourself/with mum.

Finding these opportunities is difficult. Just because a place is run down, doesnt make it a bargain. Just because you want to buy it, doesnt make it available.

Hope this helps

Keep us posted

Conrad

 


Conrad Paton

+44 7957 959851

conradpaton@yahoo.co.uk

https://www.linkedin.com/in/conrad-paton-424446110

 

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