Unmortgagable House

[sadams]

We have a house that is officially 'unmortgagable', at least according to one very bolshey valuer's opinion. The House is having a complete facelift, having been bought for cash at an auction. It was mortgaged when we bought it.It is being prepared for rental - New Windows, Kitchen, Bathroom And All Newly Plastered.

Now it is a Victorian house and in an area that was heavily bombed in the war - aot of houses are a bit 'characterful' shall we say. We would have liked to put a B-T-L Mortgage on it before the tennants move in, but it's not 'The End Of The World', as the whole property is set to be a new Development Site for us within the next three years (after we have fully completed our current other site). Does any Landlord out there have properties that wouldn't pass a Structural Survey, but they happily let out ?

Are we Duty Bound to let the tennants know what are our obligations please ?
Any answers would be gratefully received.

[P.Pilcher]

There are valuers and valuers and many base much of their opinion on what they see! If the property is in a state of disrepair because you are doing some major building work then as sure as sure another valuer will find it most satisfactory and eminently re-mortgageable once all the cracks are appropriately repaired and the property is re-fitted and redecorated!
Of course if a structural survey found that said structure was in imminent dange of collapse, or some other danger to life and limb then the situation would be different if you did not intend to effect repairs to remedy such a situation.
I would suggest that you attempt to obtain the opinion of another valuer once the property is re-furbished and a tenant is in place.

P.P.

[sadams]

The text was fine when I originally typed it, but as I posted it, it all changed. Now I changed the first paragraph manually, but then gave up. But yes, it looks dreadful, and I am all for a bit of Capitalisation, especially to offset the tax......

[sadams]

Thank you to P Pilcher... Yes I think we were very premature in getting him in, but it was a 'freebie', and he was looking at another house for us at the same time. But non-the-less he shook us a bit, and even went into the loft - never known that before on a free-one, although I suppose he needed to try to support the fact the house looks damaged. We spoke to another exerienced friend last night and he said too that we should just get on and finish it, and that its not 'going' anywhere, then get another opinion. Same as you have said, you are both right............