September 2, 20206 yr Spit balling a bit of an idea here, that's basically true for me. We're wanting to move to a renovation place with character, due to job changes and corona can't take out a new mortgage but can port mortgage to a new property, any difference is made up of savings. Fallen for a place (from photos) that is uninhabitable/ non mortgageable. Could one in theory offer the seller an amount on condition it's removed from and buyer would pay for repairs to make habitable, along with the cost of the surveyor to re-issue the home report? The house needs to be made watertight (roof) kitchen installed and electrics signed off as the main cause of concerns. A solictor would draw up a contract something along the lines of: If seller pulls out of deal any money spent on property by buyer would be owed with interest if not paid back with in X days If buyer pulls out money spent will remain fixed at cost but must be repaid in full on sale of property or by seller if property shall not be sold buyer would pay for new home report to be issued buyer to pay for any increase of seller's solicitor fees. buyer would "project manage" renovation works to achieve house to mortgageable standards Or am I just day dreaming here with something that banks would see past and is too much of a risk?
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