Homes Under the Hammer: Martin views ‘unmortgageable’ home
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Martin Roberts pointed out a huge issue with one particular house that made it “unmortgageable” during a search of the Homes Under the Hammer property in Forest Gate, London. The derelict property was in desperate need of renovation but despite the worrying feature, the house sold at auction for £334,000 to a property developing couple on the BBC show.
“Half a mile from Forest Gate train station is the property I’m here to see.
“A mid-terrace, two-bedroom, £250,000 was the guide price, that sounds like it’s worth investigating.”
Walking into the property, Martin continued: “Relatively new entrance door but it could be the most modern thing in the house by looking at this.
“That’s not necessarily the most attractive of views when you walk through the door, is it?”
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“Clearly a house that’s going to need a bit of work but on the plus side, wow, look at that fireplace, that is gorgeous,” he shared.
“I’m thinking this is a house that hasn’t been touched in a very long time.
“What’s good about that? The fireplace, the doors, the floorboards are probably originals.
“The bad news is probably the electrics will need doing, the plumbing, it’s going to have damp, you’ve got polystyrene tiles on the ceiling.”
“Major programme of renovation required but what does matter is it’s got the opportunity to add value,” the presenter explained.
Moving through the property, he quipped: “I’m getting a tingle of excitement, I haven’t been in such a derelict building in a while and as a developer, you’re going, ‘Yes, look at this, I can make so much from this.’
“I know a lot of people would be put off in the auction by the state and actually a lot of people might be put off by the fact it’s an unmortgageable property.
“It hasn’t got a kitchen and as you can see it’s just a room, that’s a no-no to a lot of lenders.”
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“It’s a cash-only purchase which cuts down the number of people able to bid for it,” Martin added.
“As yet I’m struggling to find the loo, I don’t think it’s upstairs so it’s got to be here somewhere.”
The Homes Under the Hammer presenter located the toilet in a roofless room attached to the back of the property.
At the auction, the property sold for £334,000 to property developer Cardiza and her husband Zahfor, who hoped to spend £30,000 renovating it.
Explaining why they purchased the house, Cardiza said: “We thought it’s a good investment and after renovation hopefully we can make some money.”
“We’ve been doing for a while and we’ve had worse properties than this,” Zahfor added.
“We thought because it was a cash buy we could get it for a lot cheaper than it turned out to be.”
Sharing why they got into property development, he said: “We’ve watched your programme from the beginning and it used to excite us.”
“From the beginning?” Martin questioned. “It’s all gone down here from there.”
The couple’s spent £60,0000 over budget but luckily an estate agent valued the property at £575,000.
Homes Under the Hammer airs on BBC One on weekdays at 10am.
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