Looking to buy a property but has some issues

[ibby]

Hi Guys need some advice.

I Have recently seen a property through an auction side which needs complete renovation but has some additional problems with it.

one of the most serious problems is "Some encroachment has occurred from the adjoining property within the walk-in loft area."

Please correct me if I am wrong

Now my understanding though limited is that this would be classed tresspass.
How would you actually go about asking the neigbours to move.

I am more that happy to construct a breeze block wall at my cost inbetween the houses.

Ideas?

thanks

 

[JohnD]

have you been to look at it?

 

[ibby]

Yes I have been inside the property.
It needs a clean up and a renovation,

Whoever did the attic conversion next door also damaged the roof purlins.

"proper supports to the purlins in the roof have been removed and indeed two of the purlins have been cut short and have inadequate support– we have put in temporary supports."

As a temp measure the builder has supported the lower floor and the upper floor with adjustable floor jacks, and propped up the beams with braces.

The ceilings have been damaged by leaking water as one of the squatters managed to damage a central heating pipe, which has leaked into the floor and caused the old wood/lime ceiling to sagg.

Looks like the encroachment on the loftspace is around 1foot, but the issue is to support the purlings and the cross members correctly.

So a wall built inbetween the houses and metal extention bars (joints) aross the purlings and cross members .

 

[ibby]

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[Blasphemous]

"proper supports to the purlins in the roof have been removed and indeed two of the purlins have been cut short and have inadequate support– we have put in temporary supports."

Are you quoting that from the Auction site literature?

 

[JohnD]

I hope it's cheap

 

[merlin50]

this will turn nasty and you will have to live next to them

 

[Burnerman]

Unless I was a property developer with access to loads of constructional plant I'd run a mile from that one.....
Messing with the purlins must have compromised the roof big time, and I would doubt that repairs could be made good from within this property alone.
John

 

[ibby]

Are you quoting that from the Auction site literature?

No, This is what the council officer told me, ( they have had a building inspector out)

The roof has not sagged / moved - 2 purlings have been cut, half (dont know why)

I have seen this first hand.

 

[ibby]

Unless I was a property developer with access to loads of constructional plant I'd run a mile from that one.....
Messing with the purlins must have compromised the roof big time, and I would doubt that repairs could be made good from within this property alone.
John

I am a DIY man. but even I know fixing the roof correctly will require proffessional help

this will turn nasty and you will have to live next to them

I dont plan to live next door, only to buy, fix and make into a rental property.

Houses in the street are valued around 110k, What price would the property be worth buying at?

thanks

 

[SALL2009]

To me £60K or less might be worth considering.

 

[freddiemercurystwin]

I dont plan to live next door, only to buy, fix and make into a rental property.

Houses in the street are valued around 110k, What price would the property be worth buying at?

This depends on loads of things, how much cash you have to invest, how much will be on a mortgage, will you be able to get a mortgage on it, how much the rent may be, will you be letting and managing it yourself or through an agent, what return you need to make it work, accurately how much its gonna cost to sort everything out, long term investment (25 years) or short term, completely stupid buying a property at an auction without knowing all of this stuff inside out. If you don't know all of this information now then developing is not for you. Someone throwing a £60K figure in is just guessing.

 

[ibby]

I dont plan to live next door, only to buy, fix and make into a rental property.

Houses in the street are valued around 110k, What price would the property be worth buying at?

This depends on loads of things, how much cash you have to invest, how much will be on a mortgage, will you be able to get a mortgage on it, how much the rent may be, will you be letting and managing it yourself or through an agent, what return you need to make it work, accurately how much its gonna cost to sort everything out, long term investment (25 years) or short term, completely stupid buying a property at an auction without knowing all of this stuff inside out. If you don't know all of this information now then developing is not for you. Someone throwing a £60K figure in is just guessing.

I have had some estimates of repairs ( stuff that I cant do my self)

Rewiring - 2.5k
New Boiler + repair of existing pipe work ( might strip it out and start fresh). - 3k
Fixing the Roof - ? Not sure on cost but it would depend on how for I got with stripping the roof off and reparing the damage.

Also,
New Kitchen - 1k, I have most of the appliances in the garage already (gas hob, oven, fridge freezers)
Bathroom 1k.

Plaster the entire house 2k

I would hope all the major work would cost around 10k (excluding the roof)

If the property is cheap, ie below 50k, I could buy out right in cash and not worry about the monthly payments.


I am thinking straight with the prices or have I missed the plot!

thanks every one so far!

 

[SALL2009]

You’re right Freddy.

I was obvious assuming too much when I came up with the 60K figure and considering the current housing market and the issues with the house, 60K seems expensive.

 

[SALL2009]

I was thinking of the same ammount. I wonder if I could get it any cheaper!

What is the guide price?