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Buying a partially built house

  • 15-02-2016 10:18pm
    #1
    Siobhan_d13
    Closed Accounts Posts: 38 ✭


    Hi all,

    Does anyone have any experience with completing a partially built house in the countryside? OH and I have been offered a a gift of a partially built 4 bed dormer bungalow on a 0.5 acre site, currently advertised at 70k with lots of room for negotiation. Up to roof level with slates, no windows or doors, exposed to the elements since roughly 2007. I've no idea what state the house is in currently, that's going to be inspected superficially tomorrow. I've been told if the joists have disintegrated at the ends then forget about it which is fine.

    My main questions are: is it complete madness to take on a project like this? And also, would the banks take the site and partial build as a deposit i.e would that strengthen a mortgage application? OH is full-time permanent supervisor in a local private industry, I've just finished my second non-casual substitution in a secondary school i.e. non-permanent work. Roughly 15k in savings. Finance of probably 100k would be required to finish the house, with the existing development as collateral.

    All advice/opinions appreciated EXCEPT being told I'm mad to be considering buying when I'm not permanent. Secure or not in my profession, I won't be leaving this area. The reason I'm considering it is the fact that the existing development would be gifted to us, and our other option is an ex-3 bed council in a built-up area for 100k. Seems like too good an opportunity to pass up, however, ultimately the decision lies with the current state of the partial build, and the banks.


Comments

  • #2
    Rackstar
    Registered Users, Registered Users 2 Posts: 1,347 ✭✭✭Rackstar


    Potential minefield. Leaving aside the structural integrity which would be very questionable at this stage.

    Have the planning conditions been met?
    Have the development fees been paid?
    Do you qualify to live in the house under planning conditions?
    Will bank loan against an uncertified structure that is not compliant with planning permission, I highly doubt it.
    If you have to submit a commencement notice again you'll have to meet the 2009 building regs.

    You need to be very careful and get some professional advice from engineers architects etc. In the mean time you should look up the planning conditions from the local authorities website.


  • #3
    Siobhan_d13
    Closed Accounts Posts: 38 ✭Siobhan_d13


    Thanks Rackstar - your advice is consistent with what information I was able to find. Best of luck to whoever actually buys it!


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