What Essentials Do Lenders Require in a Property?

not_loaded

Can anyone help with a brief summary of what ‘essentials’ lenders require in a property? I’ve just been told by an EA that a kitchen with hot and cold running water, sink and drainer intact does not qualify as a kitchen as far as lenders are concerned.

The property also has a bathroom with shower, sink and toilet.

It has heating, has a water supply via meter, it’s on mains electric, gas available, and is connected to normal drainage.

It’s a fixer upper, but as far as I’m concerned that’s certainly liveable condition. What are lenders looking for?

Annisele

Not sure, but I'd guess that as a minimum the house would have to be "fit for habitation". Quite a few councils have the same list as to what counts as "fit for habitation", there's an example here.

So far as the kitchen is concerned, it seems that the property must have:

an adequate piped supply of wholesome water [and] satisfactory facilities in the dwelling for the preparation and cooking of food, including a sink with a satisfactory supply of hot and cold water.

Is it possible that the problem is there's nowhere to prepare and/or cook food? Could that be fixed with a camping table and a microwave?

not_loaded

Thanks Annisele.

It seems a bit crazy to think that a table and microwave would tip the balance, especially as 1) we’d remove them on completion, or 2) the new owner would just give them away when starting work on the ‘fixer upper’.

I was wondering if lenders have a clear definition?

I was there recently and easily prepared meals for myself. Perhaps I should put one of those ‘one use’ BBQ trays on the drainer?

clutton_2

why on earth are you listening to an Estate AGent to tell you what a mortgage lender will want ???? Ask the lender... or better still contact a good whole-market Mortgage Broker and ask them....

Property Tribes forum has some good mortgage brokers and professional builders posting there - you might get a lot more help over there.

not_loaded

clutton wrote: »

why on earth are you listening to an Estate AGent to tell you what a mortgage lender will want ???? Ask the lender... or better still contact a good whole-market Mortgage Broker and ask them....
Property Tribes forum has some good mortgage brokers and professional builders posting there - you might get a lot more help over there.

A slight misunderstanding there unfortunately. I am selling the property, hence the contact with the EA.

We originally discussed the restricted market because it is a freehold flat. (and the same on MSE too) Plenty of freehold flats are mortgaged. The lenders aren’t so plentiful, but they’re there, and they lend.

The issue now raised by a negotiator within the agency is ‘I’m showing it to viewers, but of course it’s cash only as it has no kitchen’. It clearly does have a kitchen, and also everything as described in post #1.

Sellers frequently take their super-duper range cooker with them on moving, so I can’t see that a cooking ‘facility’ is that critical to mortgage companies.

As I said, I was wondering if lenders have a clear definition? I’m sure I’ve seen it discussed here before, but searching on ‘no kitchen’ and ‘lending’ produces loads of irrelevant hits.

not_loaded

not_loaded wrote: »

…The issue now raised by a negotiator within the agency is ‘I’m showing it to viewers, but of course it’s cash only as it has no kitchen’. It clearly does have a kitchen, and also everything as described in post #1…

Said negotiator now says she ‘did not say that’…

She was on speakerphone and OH standing next to me heard her clearly too.

I wonder how many viewers were blown out by her ignorance.

EAs eh? Don't cha just love ‘em? :mad: