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Are you missing out on a retirement windfall by not downsizing?

Millions of homeowners approaching retirement are living in houses which they themselves consider too large for their requirements (25 percent of over 60s) and yet only a dearth (14 percent) have considered downsizing as an option to free up cash, according to a survey commissioned by Churchill Retirement Living.

Downsizing can have wider social benefits as it is estimated that every downsize move frees up two or three more houses down the property chain. This is important when we consider how many first-time buyers and families struggle to buy an appropriate home.

However, in response to the pandemic, fewer people approaching retirement age are looking to sell, exacerbating the UK’s unprecedented housing supply crunch, and contributing to spiralling house prices over the past 12 months.  According to Legal & General Financial Advice, these proposed moves would free up roughly 2.9m homes.

What is interesting, is it is thought that on average people believe they could make £150,000 if they were to downsize, with 1 in 10 people surveyed by Churchill saying this figure would be between £250,000 and £500,000.

Aside from the potential financial benefits, there are also other advantages to considering a smaller home. Many people are aware that their homes are too large to suit their daily needs and as they get older, properties become harder to clean and maintain, particularly if they become less able to manoeuvre through as many rooms and stairs.

Many people have spare rooms which are seldom used, and often become storage rooms. Downsizing, whilst it can seem a daunting prospect, especially when years of family memories are often engrained in the walls of a home, can also bring about greater freedom and a more enjoyable retirement.

Here are our top 5 benefits to downsizing:

  1. Increased cash flow

Downsizing enables homeowners to free up equity, particularly if you move within the same location or perhaps even somewhere with lower house prices which would enable you to still buy a property with plenty of room…but not too much. If you are approaching retirement age and haven’t yet paid off your mortgage this could be a good way to do so.

  1. Eliminate clutter

Moving to a smaller home provides an opportunity to declutter. As we age, we accumulate pieces of furniture and sentimental belongings. By moving to a home that will not be able to accommodate these possessions, homeowners are stricter with filtering out what they really want to keep.

  1. More time

A smaller home means less time spent on maintenance and chores and more time taking days out and doing activities for pleasure.

  1. Lower bills

One of the main benefits of downsizing is the fact that a smaller home will incur lower monthly costs. Not only will the mortgage be cheaper (if you have one) but homeowners won’t be heating up and powering a 4-bedroom home with multiple living zones when only 25 percent of the space is being utilised.

This results in noticeable reductions in everything from energy bills to maintenance costs. In terms of monetary savings, it is also worth noting that a smaller home will also reduce insurance costs.

  1. Lifestyle changes

Another one of the great benefits of downsizing is the lifestyle changes that such a move triggers. As previously mentioned, downsizing gives more time and freedom to enjoy hobbies, activities and weekends away.

Of course, it is a difficult decision and homeowners must weigh up these benefits against the practical and sentimental reasons which may prevent them from downsizing.

If you have considered downsizing but would prefer not to go down putting your home on the open market and would prefer a quick sale, for whatever reasons, WeBuyProperty is available to talk through your options and provide you with a no-obligation valuation.

We could help you transact and free up retirement cash in a matter of weeks.

Phone number: 0207 938 3007   Email: info@webuyproperty.com

 

 

 

The cost of selling a property

You may be tentatively looking at moving or may have inherited a property and be looking at the current market and the best way to go about selling the property. One thing you may not have considered yet is the cost. There is no doubt about it, selling a house can be an expensive business, with the average cost of selling a house valued at £250,000 sitting at approximately £5000-£6000.

Of course, the total cost of selling will vary significantly depending on the price of the house, your choice of solicitor, whether you use a traditional or online estate agent (or even sell privately yourself) and whether you are liable for any other fees such as those for re-mortgaging, if your house requires a new EPC and if you require removal or house clearance services.

In this blog, we have broken down some of the main costs of selling a house to help you budget and consider where you might be able to make savings.

Estate Agent Fees
An estate agent will typically charge a homeowner a commission fee of between 0.5% and 3% (+ VAT) of the final sale price.  As of June 2021, the average house price in the UK, according to Land Registry UK House Price Index, was £265,668. That means selling a property at this value would cost anything between £1,328 and £7,970.  We should point out that paying a fee at 0.5% is pretty rare and most agents land somewhere in the middle around £1.2% which would equate to £3,188 + VAT.

Selling via an online agent may offer a cheaper commission fee, with many offering a fixed price rather than a percentage of the sale. However, it is important to note that you are usually required to pay this up front which means if you pull the property off the market, or the sale falls through and you decide to go with a different agent, you will already have paid the commission.

Conveyancing Solicitor Fees
All homeowners must instruct a solicitor or licenced conveyancer to manage the sale of their property. An approximate fee for selling a property based on the above value would be £1000. This amount will increase with the value of a property, reaching closer to £2,000 for a property priced at £1 million.

In addition to this fee, there will be several administrative costs to cover, including a fee to send the title deeds to the buyer (around £6), the cost of money-laundering checks (£8 per person) and a fee for transferring the final sale funds (around £40).

Re-mortgaging Fees
If you choose to end your current mortgage and move to a new provider, there may be exit fees to pay. These vary but are typically between £50 and £300. You can port your existing mortgage to a new property but that too is likely to come with fees depending on whether you are borrowing the same amount, increasing or decreasing the amount you borrow. Early repayment charges may also apply and these range from 1-5% of the total loan amount.

The Cost of an Energy Performance Certificate (EPC)
You must have an EPC by law when selling your home. These are valid for 10 years, so if you haven’t moved in a while there is a good chance that this will be out of date. The certificate provides a good indication on the property’s energy usage and where areas could be improved, either by you or future owners. An EPC will cost between £60 and £120.

Removal Costs
These can vary wildly depending on the size of your property, how far you need to transport your belongings and what level of service you require, such as if you require the company to pack and unpack your belongings for you. Some companies will charge a fixed fee for the entire job; others will set an hourly rate. Giving an accurate cost is very difficult for the above reasons but as a guide, the average cost for moving from a three-bedroom house is around £800 for 50 miles to around £900 up to 150 miles.

A house buying service such as WeBuyProperty can not only help homeowners to avoid some of the higher fees listed above which are associated with selling, such as estate agent commission, and avoid the stress and cost with a failed sale.

Contact us today for a no-obligation valuation of your property.

 

 

Property chains are collapsing

It is one of the most common but frustrating parts about trying to buy or sell a home, and according to reports it’s on the rise…property chains are falling through.

As we know, record property sales and skyrocketing house prices have dominated the headlines, however, data released from Quick Move Now indicates that the high-pressure property market is leading to an increase in the number of property sales falling through.

Their figures suggest that more than one in five property sales fell through between April and June this year because of buyers trying to lower their initial offer after a sale had been agreed, or because they got cold feet and decided to pull out of the sale entirely.

 

In the first quarter of 2021, 12 % of failed sales were attributed to the buyer trying to lower their offer or getting cold feet. In the second quarter of the year, that figure almost doubled to 22 %. Quick Move Now says over the last quester they have also seen the race to beat the final stamp duty holiday deadline, with 11 % of sales falling through because the buyer or seller felt the sale was not progressing quickly enough to meet this deadline.

In another report, Propertymark says that agents are seeing property chains falling through due to the additional 2% stamp duty charge applicable to non-UK residents.

From 1 April 2021, homes bought in England and Northern Ireland by non-UK residents attract an additional 2% stamp duty charge on top of the rate that applies to purchases made by UK residents and this seems to be causing much confusion and having an impact on sales.

 

Overseas buyers are now being treated as non-UK residents if they were not present in the UK for at least 183 days during the 12-months before their purchase.

Many foreign buyers will fall into this category due to travel bans and, as such, are now subject to the additional 2% stamp duty charge. Case studies show many are unaware of the charge until they have progressed through a transaction.

Reports from agents, predominantly in London, say they have seen a dramatic drop in the number of overseas property buyers.

Finally, it would seem as the demand for property outpaces supply, gazumping, the term used to describe the process of a seller accepting an offer to later reject it for a higher offer from another buyer, has also returned. Meaning the original buyer has to start all over again and this can in turn impact the sale of their own property.

So to re-cap, it would seem there are a number of factors all at play which are causing property chains to collapse:-

  • Buyings lowering their offer after an offer is agreed
  • Buyers getting cold feet and pulling out
  • Sales not progressing quickly enough to meet the stamp duty deadline
  • The return of Gazumping
  • Additional 2% Stamp Duty for non-UK residents

If you think your chain could be at risk because a buyer wishes to pull out, WeBuyProperty buys properties for cash and can transact in a matter of weeks. To talk through your personal circumstances and get some no-obligation advice, please contact us on:

Phone number: 0207 449 9797   Email: info@webuyproperty.com

Is your property weatherproof?

The weather in recent months has been unpredictable to say the least. In July, the mini heatwave, which saw temperatures in many parts of the county hit 32C, was shortly followed by torrential rail causing flash floods. UK flooding and extreme weather shows that our homes need to change to withstand climate change.

It was when the water started coursing through Covent Garden and Pudding Mill’s Docklands Light Railway Stations on July 25 that people began recording the somewhat biblical scenes on their phones – torrents of water tearing down steps and submerging ticket barriers.
In total, nine stations on the London Underground had to close due to flash flooding caused by heavy rain showers, homes were evacuated, and the London Fire Brigade said they had received over 1,000 calls.

Extreme weather – from flooding to unseasonably high temperatures – is the reality of climate change. Despite successive governments kicking both the crisis in housing and the climate emergency into the long grass for years, this is no longer a distant problem for future generations. It is here right now on the doorsteps of our homes and experts warn that those homes are fatally unfit for purpose.

According to the Climate Change Committee (CCC), the Government’s official advisors, one in five UK homes already overheats. Last year, summer heatwaves caused 2,556 deaths in England. In 2015, government ministers rejected CCC’s advice to implement new heat-proofing regulations for buildings. In 2017, the CCC warned that the number of people dying from heat could triple by 2040 if nothing is done to climate-proof housing.

The Environment Agency predicts that the UK will experience a 59 per cent increase in rainfall and a rise in summer temperatures by 7.4°C by 2050, which is likely to lead to more floods, heat and subsidence issues.  According to reports, in England alone, over 570,000 homes have been built since 2016 that will not withstand future high temperatures.

 

In June this year, the CCC condemned the Government’s inaction as “absolutely illogical”.

Yet the measures that need to be taken to ensure homes are future-proofed for climate change would also improve housing standards. Simpler measures include installing thick blinds, curtains, double glazing and insulation. More complex changes would cut to the heart of how we build homes in the first place: thoughtful design which maximises shade, airflow and proper ventilation, and incorporating sustainable drainage systems and water harvesting.

 Do you have a property which overheats, floods or is just uncomfortable in extreme temperatures? Such properties can often be difficult to sell.  WeBuyProperty considers all types of properties and will provide a no obligation valuation to purchase for cash.

If you would like to find out more, contact 0207 449 9797 or info@webuyproperty.com

Slow and steady wins the race

Last week the UK had so called ‘Freedom Day’ where all restrictions were ‘lifted’ and people were in theory allowed to return to living normal lives. However, with cases rising, travel restrictions changing on a daily basis and talk of further lockdowns by autumn, it’s easy to see why it doesn’t quite feel like we are ‘FREE’ just yet. But what about the property market – that doesn’t seem to be all doom and gloom?

I think the secret in the property market over the long term will be much like the restrictions. In areas where it is rushed (house prices shot up rapidly), things will have to be readjusted slightly at some point, but in areas where the rise was more modest, the fall will be less severe.

Let’s take London for example. The usually busy London housing market trailed behind the rest of the country in the stampede of activity over the last year, with the average time to complete on a home in the capital taking 57 days compared to the national average of 34 days. It’s a similar story with pricing, where crazy pandemic price tags have meant the average house price across the UK has risen 5.7 per cent but edged up just 0.5 per cent in the capital.

 

Over the course of the pandemic, prices in the more affordable outer boroughs of London soared as buyers’ swapped convenience for space, while the more central areas of the city recorded price falls.

This trend is now slowly and cautiously reversing in anticipation of offices reopening in the autumn. This month asking prices in Westminster rose five per cent to £1,437,811 – the highest jump of any district of London, followed by Kensington and Chelsea (up 2.4 per cent to £1,689,368). Camden and Islington also saw positive change.

The spike in activity over the last 12 months has most certainly created a “bubble” in some parts of the UK.  According to Rightmove, the average asking price of a property coming to market has hit a new record high for the fourth consecutive month, and it is now £21,389 higher – 6.7 per cent – than six months ago.  The new all-time high of £338,447 follows a June-to-July rise of 0.7 per cent – the largest monthly rise at this time of year since July 2007.

 

History tells us that such rapid house price growth simply isn’t sustainable. The only two areas which showed negative monthly growth in July were London and Yorkshire and Humber.

I think there will be a lot of investors wanting to cash in their gains over the next few months and use this time to readjust their portfolios and get rid of properties they no longer require.

If you would like a no obligation valuation on selling your property away from the open market for cash, WeBuyProperty can discuss your options, offer free advice and, if you decide to go ahead, we can transact in a matter of weeks.

 

Call 0207 449 9797 or Email: info@webuyproperty.com

Do you want to complete by Christmas? Yes, you read that right

While the process of selling a home has accelerated rapidly, the time to complete a transaction has only slowed down — with transactions now taking around 20 weeks. That means if you have an offer accepted or you accept an offer on your home today, you may be looking at completing around the first or second week of December! Crazy isn’t it?

The stamp duty holiday was introduced on properties up to £500,000 by Chancellor Rishi Sunak last July, intended to kickstart the market which was frozen during the first lockdown.  However, what the policy actually did was pour fuel on to the already heated property market, which had huge pent-up demand for larger properties following lockdown.

As we know, the original deadline of 31 March was then extended to give breathing space to those who risked missing the deadline. But what the move actually did was open the floodgates to a wave of new buyers.

So, there you have it – the perfect storm, which has put all those who work in the process of helping a property transaction complete under enormous pressure. We have heard stories of some lenders having telephone hold times of two hours, and some valuers not responding to post-valuation queries.  Conveyancing solicitors are struggling with the backlog which has built up as a result of high demand and there is a similar backlog in the workload of local authorities who can’t cope with the amount of property searches being requested.

According to online mortgage broker Mojo Mortgages, the influx of property transactions over the last year led to a postcode lottery over who would meet the stamp duty deadline.

The online broker found that Ashfield District Council in Nottinghamshire had the quickest turnaround time for searches at five working days.  However, homebuyers in Hackney will be waiting 180 working days to get a search returned.

Of course, now the first stamp duty deadline has passed, some of that has eased, but ultimately once people make the mental commitment to move, they don’t want to have to wait nearly half a year for that to happen! Also, the longer the progress takes, the more chance there is for sales to collapse as buyers see something else they prefer or change their mind.

There are a few things you can do to give yourself the best chance of a fast house sale:

  • Get together valid proof of earnings (such as your last three or four pay slips, or if self-employed, you will need end of year accounts for the last three years). You will need to provide these to your lender at point of application.
  • Ensure your chosen solicitor and agents are clear that you have a desire to move as quickly as possible and ensure they are reliable and well known for their communication and customer service.
  • Try to learn as much as possible about the people you are selling to. There are many people who enter the sales process who end up withdrawing due to various reasons – leaving the other party at a financial disadvantage. Try to find out their position and so you can establish how committed you think they are.
  • Remember, things don’t always go exactly to plan and circumstances can change, but you will get there in the end.

If you are in a position where you have just lost your buyer or where you need to move quickly and don’t have 20 weeks to wait, WeBuyProperty can provide you with a no-obligation valuation to buy your property for cash. We can transact in a matter of weeks leaving you with the freedom to move as soon as you like.

 

Enquire today by emailing info@webuypropery.com or by calling 0207 449 9797

Are EPC ratings set to become the next property scandal?

Last week we spoke about buyers’ and renters’ ever-growing desire to live in sustainable properties, not least for their impact on the environment but also for their lower running costs. What we also mentioned is that those living in energy inefficient homes could soon find it harder to get a mortgage. Today, we are looking at a report published by the Department for Business, Energy and Industrial Strategy (BEIS), that has called on lenders to help improve energy performance of properties. The Government is planning to publish its response later this year.

BEIS said mortgage lenders could play a vital role in driving the energy performance improvements required to meet the UK’s 2050 net zero carbon emissions target.  In relation to lenders, the report stated, ‘they are uniquely placed to influence mortgagors at critical trigger points, such as home purchase, renovation or re-mortgage.
BEIS recommended that lenders consider energy efficiency as part of their mortgage assessment criteria, and review rules to encourage green mortgages.  In a nutshell, mortgage lenders may soon be required to track and annually disclose the average Energy Performance Certificate rating of the properties they lend against. The Government could then use this information to publish ‘lender league tables’ based on the average EPC ratings within their portfolios.

Lenders could also be set ambitious targets relating to energy performance and be required to factor these into their lending decisions. The move is intended to send a clear signal to borrowers about the importance of their homes’ energy performance.

 

According to the Climate Change Committee, there are currently about 29 million homes in the UK, of which 19 million have an EPC lower than C. That’s potentially 19 million homes that will need improvements to make them more energy efficient. Improvements may include things like fitting loft, under floor or cavity wall insulation; upgrading to double or triple glazed windows; draught proofing and hot water tank insulation. According to BEIS, the average energy running costs for a home with an EPC rating of C in England are around £300 cheaper than for a band D home, and £740 less than for a band E home. However, the average cost to achieve an EPC rating of C or above is estimated at £4000.

If lenders have to start declining loan applications in order to improve their average EPC ratings on a published league table, borrowers living in poorly-rated properties may find it difficult to sell their property or even remortgage.

In my opinion, much like the cladding scandal, it once again risks creating a new cohort of mortgage prisoners trapped in energy-inefficient homes and paying their lender’s higher standard variable rate because they are not able to remortgage.

Some lenders are already offering green mortgages which provide a lower rate for customers in energy-efficient homes – often those rated C and above. So, it is easy to see the direction of travel with this. It could seriously devalue properties, potentially creating negative equity for those with high loan-to-value mortgages.  It could also create problems for older borrowers who want to move in retirement, but who do not have the income to fund improvements to the efficiency standards of their property before selling.

 

If you are concerned about the energy efficiency of your property, and how it could impact its saleability now or in the future, WeBuyProperty will be happy to discuss this with you and give you a no obligation valuation for what it would be worth in the current market if you were to sell for cash.

Call: 0207 449 9797
Email: info@webuyproperty.com

The Green Revolution

The size and appearance of a garden has long been high on the list of features house-buyers look for when considering a new home. The pandemic has further supercharged people’s love affair with nature and their gardens, as they became a life-saver for many during the worst days of the Covid crisis.

But believe it or not, it’s not just gardens that are making buyers and tenants think ‘green’.  Many have become much more environmentally conscious over recent years, and developers and landlord investors are already adapting to demand for sustainable homes.  Solar panels, ground source heating and batteries are also starting to reach production economies of scale and become economically viable, leading to the emergence of exciting new possibilities.

A property’s eco-friendly elements, including solar panels and efficient boilers, are now front of mind. According to a new study conducted by E.ON Energy, 89% of prospective buyers want sustainable homes that are kind to the planet, with 49% explaining that spending more time at home during lockdown has encouraged them to consider an eco-home.

Research also found that 78% of respondents said they would use their savings from the stamp duty holiday to implement sustainable solutions in their new home. Some of the main reasons for this include wanting to lower the cost of energy bills and being more conscious about the environment.

 

Of course, as we wrote about back in January, this could soon be less of a choice and more of a requirement if the Government goes ahead with plans put forward by the Climate Change Committee (CCC).  The CCC recommended that all homes should have an Energy Performance Certificate rating of C or above by 2028 – this would mean two thirds of properties would be unsellable in just seven years from now!

 With this in mind and an ever-growing public desire to be living in a sustainable home, property investors need to be aware that properties with poor eco-credentials are likely to attract less interest from tenants and house hunters. What’s more, those living in energy inefficient homes could soon find it harder to get a mortgage, after a government report called on lenders to help improve energy performance. We’ll be talking more about this in next week’s blog.

If you are a landlord with an old property that is not very energy efficient, and you would rather re-shape your portfolio with more eco-friendly properties than spend money upgrading your existing properties, we will offer you a no-obligation valuation for cash with a guarantee that we can transact in a matter of weeks.

Call: 0207 449 9797
Email: info@webuyproperty.com

 

Phase 1 of Stamp Duty Holiday Ends – will the market suffer fall-through fever?

As the 30th of June marked the end of the full stamp duty holiday, which will now be tapered until the end of September in order to smooth the transition back to the original rates.

 

Since last July until today, buyers have paid no stamp duty on the first £500,000 of property purchases in England and Northern Ireland. From today until 30 September 2021, tapering will mean that buyers don’t have to pay any stamp duty on the first £250,000 in the purchase of a residential property. The nil rate band will return to the standard amount of £125,000 on October 1, 2021.

Whilst some movers feel elated that they have managed to move during this period of ‘no stamp duty’, what it has actually created is a false economy, since the average house price in most areas has risen far beyond any saving made as a result of the stamp duty holiday.

If the cut in stamp duty has done one thing, it has provided a case study in inflation theory.  That’s why, in my opinion, there is little point having a stamp duty ‘holiday’ which creates a time-limited effect but instead, the Chancellor should have made the cut permanent.

Of course, not everyone will have fallen victim to false economy. Some buyers will have agreed sales on homes already on the market – perhaps listed before the pandemic – and those who have decided to downsize will likely have fared well also.

 

So what will happen now? Will this overheated market settle down? According to the latest data by Rightmove, there are signs that things are cooling. The average asking price of property coming to market increased at a reduced rate of 0.8%, or £2,509, this month, although this is still the largest rise at this time of year since 2015.

Although prices are now at a record high in all regions in Britain, an all-time low in the number of available properties on agents’ books are starting to slow the market’s frenetic pace. The phasing out of the stamp duty holiday has diluted some of the urgency to move, yet buyer demand does remain strong.

It will be interesting to see the level of transactions that fall through over the next few weeks, where those who were relying on the stamp duty holiday fail to complete in time. There will be mortgage offers invalidated and a lot of very disappointed people. Even those that have budgeted for the eventuality that they may miss the deadline, do not have control over other buyers and sellers in the chain. Unfortunately, those that exchange on or before today [June 30], but complete after today’s deadline, will have missed the highest level of saving and will have to pay stamp duty on an additional £250,000.  Conveyancers, solicitors and removal companies have been working around the clock to close as many deals as possible.

According to data from property website Rightmove published on 15 June, there were 704,000 sales going through the conveyancing process in Britain. This is over 275,000 more than the previous record of 428,633 set in May 2017.

While the process of selling a home has accelerated rapidly, the time to complete a transaction has only slowed down — with transactions now taking around 20 weeks.

If your buyer has pulled out and you still want to complete before the next deadline on 30 September, WeBuyProperty can buy your home for cash and complete in a matter of weeks. We will provide a no obligation valuation and guide you through the whole process – you can also save on agent fees!

Feel free to contact us today on 0207 449 9797 or email info@webuyproperty.com

Hard to sell property types

 

After a bumper year for the property market which has seen prices and transaction levels soar, it is hard to imagine that any sellers are struggling in the current market when there is such as drought of stock.

However, even in the strongest of markets, not all properties are equal, meaning that some, for one reason or another, remain unsold longer than anticipated. Here is a look at some of those properties and the reasons behind their lack of desirability.

 

Remote houses

Whilst the pandemic has given many more people the freedom to live and work from anywhere, remote houses often have poor internet connection, lack of utilities or nearby amenities. Sometimes after purchasing, those that thought they would like the peace and quiet, find they cannot adapt to such an isolated lifestyle.

Oversized or over-improved homes

Describing something as over-improved may sound odd but it can be a common mistake made by homeowners. Most streets have a ceiling price of what people are prepared to pay for a property. If a house has been over-developed for the size of the plot, it can be very off putting for potential buyers who will also be aware that it could cause them an issue when they come to re-sell in future. If the average house on the street is £500,000, developing and spending vast amounts of money on the very best interior will not automatically land you with a house which command £800,000+.

Non-standard construction

Standard construction for residential property essentially means homes built from bricks and mortar or stone, with a slate or tiled roof. Non-standard houses are typically built from other materials that do not conform to the ‘standard’ definition. There is a greater commercial risk associated with these types of property when it comes to repairing, refurbishing or rebuilding costs. These homes may be susceptible to serious building problems or pose a greater fire risk, such as a timber frame property, and this can mean lenders are often more reluctant to lend, which subsequently makes selling such properties more challenging.

Short leases
Flats and maisonettes with 80 years or less left on the lease rapidly depreciate in value because it may be difficult to renew the lease, and the cost of a lease extension is so high. This makes short lease properties difficult to sell.

Properties in very poor state of repair

If a property is a particularly poor state of repair, let’s say uninhabitable, not only does it not appeal, but even to those that have vision of what it could be restored to, banks and building societies often won’t lend.  This means any buyer would need to be able to buy and foot the renovations with cash. This naturally makes the pool of potential investors pretty slim. Lenders are also reluctant to lend on properties which don’t have either a bathroom or kitchen, and sometimes central heating to.

 

The good news is that whilst some estate agents might be reluctant to take on more difficult properties, WeBuyProperty offers owners stuck in the ‘can’t sell’ trap a way out without having to take their property to auction. We will consider buying your property for cash, leaving you free to move on to a property that is right for you.

For a no obligation quote, please contact us on 0207 449 9797 or email info@webuyproperty.com