Multi-unit property - complications?

busterjones

We're interested in a property but I was hoping I could understand more before progressing any further with it...

It is an unusual one (as far as I can see).

It is an older house (mid 1800s) and is being sold in 2 units:

1. the ground floor (includes basement apt, front and back gardens, including any parking

2. the 'main' house i.e. 2 story building that sits on the ground floor unit - I understand that there is a necessary right of way i.e. you can access your front door, but have no access to gardens or parking etc.

All wiring and utilities are co-joined currently (i.e. wiring, plumbing, heating) - being sold as a probate and seller will not be doing any work to separate these in advance.

It is unit 2 that we'd be interested in.

Q's:

- Should this be 'devalued' by the fact that there is no access to gardens and parking etc and the utilities are shared - as I feel it is being sold closer to X sq meters in the area and not with full context of any complications of multi-unit property?

- How do you get work done etc. if the other owner has access/ ownership at ground level should they not co-operate e.g. scaffolding?

- How would you manage utilities as everything is currently joined up between the 2 units (heating, wiring and plumbing)?

- Any limitations of getting a mortgage on such a property?

- Any issues in the future if we needed to sell?

Thanks for any information or advice.

listermint

This sounds like a solicitors mine field.

Not to mention the mortgage department in the bank,

You have next to no chance getting a mortgage on this as its described today.

4ensic15

Is there an estate agent involved? A solicitor?

Sonny noggs

Is it clear who is responsible for resolving issues with foundations, roof etc.

busterjones

Haven't spoken to solicitor or estate agent yet but will. Just trying to arm myself with as much info as possible in advance.

4ensic15

busterjones wrote: »

Haven't spoken to solicitor or estate agent yet but will. Just trying to arm myself with as much info as possible in advance.

How do you know it is being sold as 2 individual units and not as a whole block?

busterjones

The for sale sign says its 2 individual units - can obviously be bought as a whole but we couldn't afford that

Claw Hammer

busterjones wrote: »

The for sale sign says its 2 individual units - can obviously be bought as a whole but we couldn't afford that

Does it say that is it is in 2 units or 2 units for sale individually separately? From what yu have described it doesn't seem feasible to sell them separately.

3DataModem

I am going to guess that the current owner is trying to sell the "upstairs" unit and remain in the "downstairs" unit themselves.

As Claw Hammer above says, very unlikely to be sellable as a seperate dwelling as you've described. Joined wiring!

busterjones

My understanding is that the house was rented in units in the past, with one owner, hence the wiring etc. is joined. I understand that its been sold as either 2 units separately or as a whole i.e. one person buying both. So it says that its been sold individually - but not sure how's they value them separately.

3DataModem

Most solicitors will say run a mile. However if you are a cash buyer with a good solicitor who can get the access / ROW / maintenance locked down, you could be on for a bargain as all that nonsense drives a lot of bidders away.