Estate Agent Advise

PaulyH

I also have an AIP from HSBC for £60k over the house value This is from 6 month ago when we started viewing. Of course it is for a 90% mortgage but still it is clear we can afford no problem if someone will lend up to 85%. AbbeyN have agreed they will (verbal only at this stage but am speaking to my own broker tonight about it).

IHS88

Hi PaulyH

My comments with regards to "non standard construction" come from experience.

As a small time / part time property investor with 20 years experience I have encountered such properties on several occasions.

Though I'm sure they will still be standing long after I'm gone, my point lies in the fact that they are almost impossible to raise finance on which is why I have always been offered them exceptionally cheaply. As I know they are always difficult to resell, I've always walked away.

Perhaps I'm wrong and you will be able to raise a mortgage for the house you wish to purchase.

You mention you have spoken to lenders and recieved a mortgage offer. Is this mortgage offer applicable to this type of construction?

Before you incurr costs by going down the solicitor / surveyor route, can I suggest you contact a few local Surveyor Firms for an informal chat about this type of housing to ascertian in their experience whether they have encountered lender restrictions in the past.

I certainly don't want to appear contraversial, merely trying to be helpful.

chickmug

PaulyH wrote: »

A detailed comb through is what they have implied is required. Pay slips, bank statements the lot. Will find out tomorrow I guess.

Tell this to the EA and ask point out the top two red bits.

We used to make sure but DID NOT expect to comb through.So make a stand let us know how you get on. PM me with an email addy if you want to whole Code of Practise emailing.

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Following from the NAEA Code of Practise

Offers
a) By law you must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been exchanged (in Scotland, missives have been concluded) unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on. You must confirm such offers in writing at the earliest opportunity and keep a written or computerised record of all offers you receive.

b) You must not discriminate, or threaten to discriminate against a prospective purchaser of your client’s property because that person refuses to agree that you will (directly or indirectly) provide services to them. Discrimination includes the following:
• Failing to tell the client of an offer to buy the property.
• Telling the client of an offer less quickly than other offers you have received.
• Misrepresenting the nature of the offer or that of rival offers.
• Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them.
• Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else.

c) You must take reasonable steps to find out from the prospective purchaser his source and availability of the funds for buying the property and pass this information to the client

PaulyH

Thanks. I've printed that off chickmug.

Thanks for clarifying IHS88. I have now had 5 offers of a mortgage on this property (and type of construction) form 4 different banks.

I will be checking with a specialist surveyor too but my own Brother in Law is a practising surveyor who ironically owns a NTC house with an 100% mortgage (of a type of construction which has a history of defects too)

I've done and continue to do, my homework on the property. Thanks for the concern though.