How bad is this?

pboae

Wow, that was a quick change round natwill, what changed your mind? Have you spoken to your solicitor about it yet?

natwill_3

My lender will value flat as a one bed, which knocks alot off the value.

Indemity covers me for converting back to a one bed but not for loss in value of flat. I was paying 285k, as a one bed not worth this.

And I suspect very difficult to sell. for 285k I could get a fab one bed but I wanted a 2 bed....

natwill_3

And it goes on, vendor is now applying for retrospectibe building cert...

If council give it I will still buy, if not its a one bed flat which will be revalued downwards significantly

CFC

Now that sounds like a very positive step - best of luck with it, I really hope it works out well for you. Please let us know!

Debt_Free_Chick

natwill wrote:

Thank you...I must admit the 4 year / 10 year I don't follow.

Can anyone explain the 4 year / 10 year rule?

Alteration done 7 years ago, and I thought if more than 10 years old buildings regs were a moot point?

Thanks alot

Frazzled in London

The four year rule applies to planning permission - or lack of it. No enforcement can be taken regarding the alterations, if no planning permission was obtained, once the works have been "substantially completed" for four years.

The ten year rule relates to change of use. Where a property or land has been used for a different purpose, no enforcement action can be taken once that new purpose has been in use for ten years.

Your issue doesn't seem to involve change of use, which would cover a residential building being converted to commercial/business use, for example.

Not 100% sure of the limit on building control, but I think it's four years.

HTH

robwend

well done natwill, been watching your post and pleased yourve pulled out, i feel thers far better out there for you:D

natwill_3

Mmmm...turns out the blt vendor who lives abroad has just put down a big deposit on a new flat (why!!!)

Getting retrospective building cert and planning will take about 2 months per council

Pondering going for a price reduction and an indemnity policy from vendor.

Slightly blinded by my desperation to move I admit!

Vendor is coming back with a price reduction on 285K for 2 bed which should be one bed

Bl@@@dy glad I read all these posts or I would have bought as is. FTB unless they have 30% deposit will not be able to get a mortgage on current valuation of 285

natwill_3

Debt_Free_Chick wrote:

The four year rule applies to planning permission - or lack of it. No enforcement can be taken regarding the alterations, if no planning permission was obtained, once the works have been "substantially completed" for four years.

The ten year rule relates to change of use. Where a property or land has been used for a different purpose, no enforcement action can be taken once that new purpose has been in use for ten years.

Your issue doesn't seem to involve change of use, which would cover a residential building being converted to commercial/business use, for example.

Not 100% sure of the limit on building control, but I think it's four years.

HTH

Thanks for that, I rang Council who were full of doom and gloom and said regardless that they cd insist/enforce a change back even after 7 years????

EdInvestor

Each flat gets own building ins and my solicitor pointed out no cover for foundations or roof so vendor got an indemnity policy for me then a day later this

You need to get this sorted out too, it's a no no.I'm surprised the lender hasn't mentioned it (yet)..... This rings a great big bell marked "freehold flat" which will cause any sensible lender (or buyer) to head straight for the exit.Sit your solicitor down and get him to explain this matter to you properly.Has he confirmed that the indemnity policy is adequate ( I wouldn't be happy with this, especially given all the other problems).

Start by reading the introduction on this site:

https://www.lease-advice.org

natwill_3

Thank you...yes there is now an indemnity policy in place for this:-)

I chose the worst flat possible, resigned to staying where I am to be honest and moving next year unless present vendor comes back with a lower price (I offerd asking!)