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" <(E-Mail Removed)> wrote in message
news:hjkd27$86f$(E-Mail Removed)...
>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 <(E-Mail Removed)> 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" <alan@darkroom.+.com> wrote in message
news:1jcvslp.kpedea1d1nreoN%alan@darkroom.+.com...
> Fredxx <(E-Mail Removed)> 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.

<(E-Mail Removed)> wrote in message
news:6f006418-642c-4d14-ba86-(E-Mail Removed)...
>
>> 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

On 25 Jan, 15:23, "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?

It may well have a very limited and foreseeable lifespan. It is very
likely to have appalling thermal insulation (U value of 1.86 W/m2K is
quoted for Orlit houses in one of the case studies), cold bridging,
condensation and dampness. The exact problems depend on the individual
house type. They can be renovated, usually by using some form of
structural external cladding, which bolts through the concrete panels
to the framework and stops everything falling off. Eg
http://www.structherm.co.uk/Refurbis...-Cladding.aspx

Once the cladding is done the property may be mortgageable - indeed it
may be possible to get a mortgage to do the work - but the property
will still be blighted as 'non-traditional construction' or 'prefab'.
Also if there are large numbers of surrounding properties that have
not been refurbished then the area may be planned to be demolished,
leading to the possibility of living in the middle of a building site
for several years or being compulsorily purchased.

Owain