500K? For a house not signed off it would have to be a cash sale as no Buillding society or bank would lend that amount in the present climate.
Partly true.
Banks,building societies and other lenders,lend, based on risk.
If they are lending 60% of the purchase cost,and the lack of certs or similar,is assessed as reducing its' value by 10%,they may well guage the risk as fine.
They may increase the cost of said loan,or decline. The appetite for risk withered,post 2007,but the signs are now showing,of a relaxing lending policy,manifesting itself in some selective property boosts.
I will leave you with a pretty salutary example of the mid 2000's lending race...a friend purchased a property,with a mortgage from a well known high-street bank...£380,000...looked VERY expensive to me,but...few years down the road,re-mortgages with the same lender for another £100,000...he has some problems,towels it,and drops it back on the banks toes.
Property goes up for auction,and sells,(to a gentleman i also know) for less than £250,000.
Now,this property has issues with the ownership of the land it sits on,its' water and electric come from and via,the original owner (owns land adjacent) the gas meter hut is owned (1m x 2m) by same,one boundary has a strip of land (of disputed size) owned by someone else.......i could go on about the sewerage,rights of access etc etc but you get the picture...
Did any of these long standing issues prevent any sale,in either instance? ...I rest,your honour...:icon12: