Selling a Wates House
A Wates house is a specific type of prefabricated concrete construction property that could create some extra challenges when trying to sell it.
Your top questions when selling a Wates property
✅ What type of property is a leasehold or freehold Wates house?
Wates houses, whether they’re freehold or leasehold, are a certain type of prefabricated non-standard construction property that was built from 1947 until 1956 by the Wates Construction company. They were made using concrete sections that were produced off-site and then assembled, and it’s estimated that roughly 20,000 such homes were built across the UK.
✅ What are the structural concerns with freehold or leasehold Wates homes?
The primary concern with Wates properties is that the prefab concrete and steel materials used to construct the houses can be highly susceptible to corrosion, which in turn can lead to structural damage at the properties. Some of the structural problems caused from this construction method may not be visible, whereas others could be quite prominent.
✅ Would a buyer be able to get a mortgage for buying my Wates property?
Although it’s not impossible for a private buyer to get approved for a loan to purchase a Wates property, they still might find it difficult to get a lender who will agree to one. That’s because mortgage providers will have doubts about whether the home could be resold at a profit in the future, if such a move becomes necessary should the buyer default on the mortgage payments.
✅ Should I invest in corrective work at my Wates house before selling it?
One option you could pursue is spending effort, money and time on addressing the prefab concrete at your property and any associated structural damage before trying to sell it. This would have the benefit of potentially removing buyers’ concerns about owning a Wates house, but you are not required to invest in such work and you can sell your home in its current state.
✅ What is my fastest option to find a buyer for my Wates property?
Usually, contacting LDN Properties or another quick home buying company will be the most rapid way to sell your Wates house, because the entire process should only take a few weeks, and that includes exchanging contracts and paying you the full proceeds. Selling with an estate agent, an auctioneer or on your own are all methods that can take at least many months.
✅ How much will I need to pay in commission when selling a Wates house?
If you sell your Wates property to a zero-fee quick home buyer or without any third party help then you won’t have to pay any fees. By contrast, you’ll need to pay commission at about 2.5 percent of the home’s eventual sale price when selling through an auctioneer, and between 1.15 percent and 1.40 percent if you use an estate agent to sell your property.
✅ How do I know to trust a quick buyer with the sale of my Wates home?
You can ask individual quick home buying companies if they are registered with an independent entity called The Property Ombudsman (TPO). This organisation issues policies, which all members must follow, that help homeowners avoid fraud in the quick property buying sector.
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