Within this guide, we cover all the pitfalls that can result in your property not being mortgageable. Sellers make innocent mistakes without knowing that their house will not be foreclosureable.

So what makes a property not mortgageable?

• Properties that have been neglected for years as they may not be suitable for human habitation. People can find themselves in this situation when buying a property to reform. Running out of funds or changing circumstances may affect your project.
• Those without kitchens and bathrooms or those that are very outdated are considered useless.
• Believe it or not, a property with two kitchens. Because? Lenders assume that you could sublet part of the property after you have purchased it with a residential mortgage.
• Which are valued under £50,000, you will need a reliable cash buyer.
• Apartments or Houses with leases of less than 70 years. The owner has the right to take possession of the property after the lease expires.
• Properties with structural problems, evident by cracks in ceilings and walls. These properties will require foundation and repair work. Such properties remain unmortgageable and uninsured for five years or more after all the work.
• Subsidence occurs because the soil surrounding the foundation shrinks or swells. This causes the foundation, which supports the walls, to move. Evidence of subsidence can be uneven floors, cracks inside external walls, and cracks above window openings. Even when fixed subsidence and structural issues are a stigma on a property. You will be required to disclose any of these issues to a buyer.
• Properties that are near mining works, landfill areas, or a history of flooding are not mortgageable.
• Properties with seated tenants or regulated tenancies are not mortgageable. If the tenants moved out before January 15, 1989, you have permanent tenants.
• Properties with a defective lease cannot be mortgaged. An example of a defective lease is a block of flats and the maintenance of a shared roof is unclear.
• Properties with wet, dry, or wet rot, damaged wall ties, or damaged floor joists cannot be mortgaged.
• Properties with boundary disputes
• Buildings in disrepair or dangerous
• Illegal extensions without permission from the planning and building control departments of the municipalities
• Properties with non-standard construction, such as precast concrete
• Properties that are next to commercial premises or apartments above take-out or shops
• Properties within the vicinity of Japanese Knot-weed.
• Properties with flying free domain
• Fire Damaged Properties
• abandoned farm buildings

This is not an exhaustive list. If any of the above apply to you or if you know your property is not mortgageable, there are many real estate companies that can buy your property for the best price.