HELP! Failed Survey - Single Skin Brickwork

strikesy

Hi, I was wondering if anyone is able to help me with the results of a recent survey that has been completed as I am trying to buy a property.

The property has been rejected for the following reason :
'It is not possible to recommend the property as a suitable security for a mortgage because a significant part of the three storey structure is constructed of single skin brickwork'

The estate agents we have been dealing with are apparently dumbfounded by this and claim it shouldnt have been an issue, especially as it was built in 1826 and many buildings of this age have this particular issue. Needless to say this information has put serious question marks over the property for me, I have tried to speak to the surveyor directly, but a request needs to go through our mortgage lender, who will then contact them on our behalf, before coming back to us.

The estate agents claims that they sell a large number of properties built with this single skin brickwork, and have told us that they know a lender who will have no issue with lending to us on such a property. They are very keen to move us along, to the point of coming across as pushy, telling me that the vendors will even pay for our next survey, as well as the charge for using the estate agents. However my request that the problem be rectified has been rejected, so if we were to move forward with the property it would have to be under these terms.

I'm not sure how simple it would even be to resolve the issue, as the property itself is grade 2 listed.

Put simply, I would love to know if anyone can shed any light on this problem and offer any advice as to what to do. I am scared that I could end up buying a property that is unsafe, or could present further problems in the future, especially when it comes to selling the property myself. Any information on this would by greatly appreciated!

vax2002

It makes no difference what you think, the surveyor has condemned the property, nobody will lend on it.
MOVE ON

strikesy

Well if you read the post it states that the estate agents do know a lender that will lend on it despite the issue raised. Thanks for your thoughts, but I was after some professional advice rather than opinion.

kingstreet

You seen this?

https://forums.moneysavingexpert.com/discussion/3593439

The question you have to ask yourself is do I want to buy this property in the knowledge there is only ONE lender available to someone who might wish to buy it from you in the future?

What happens if this lender decides not to lend on such properties in future?

You could leave yourself only able to sell to a cash buyer!

Avoid.

ex_surveyor

Look on the 'About my place' website (closing on the 15th Nov) to see how many houses have sold in that immediate area over the years. If several have, that's a likely sign that there may be no problem with lenders for these houses. This could then indicate that it may just be a problem of the inexperience of the valuer sent to do the valuation.
If you're still keen on the house, bearing in mind the likely ongoing maintenance costs associated with a Listed building, you could consider asking a structural engineer to look over the house for you and report on its construction and stability. If this shows there is no, or limited, single skin walling your lender may reconsider their position.

dunstonh

The estate agents we have been dealing with are apparently dumbfounded by this and claim it shouldnt have been an issue, especially as it was built in 1826 and many buildings of this age have this particular issue.

I used to work in an area that had a high proportion of non standard build properties of various types. It was well known to everyone yet estate agents there always used to express surprise.

The houses always did sell in the end. Often because they got higher deposit buyers or cash buyers or they accepted much reduced offers.

The estate agents claims that they sell a large number of properties built with this single skin brickwork, and have told us that they know a lender who will have no issue with lending to us on such a property. They are very keen to move us along, to the point of coming across as pushy, telling me that the vendors will even pay for our next survey, as well as the charge for using the estate agents. However my request that the problem be rectified has been rejected, so if we were to move forward with the property it would have to be under these terms.

The estate agents job is to sell the property on behalf of the vendor for the highest price possible at the maximum speed. It is not to help the purchaser.

The desperation should be viewed either as a reason to walk away or to find a more willing lender but put in a significantly reduced offer knowing that the same will happen to you when you want to sell up and move on.

hexiburner

I cannot sell a property due to single skin wall. DO NOT PURCHASE THIS HOUSE!

Regards

jungle_jane

I must say, I am starting to see more and more hassle with single skin properties - i was considering one myself earlier in the year but this is not likely to be my 'forever' house and so i didn't go ahead with the transaction. It used to be (before the bubble burst) that there were no issues with borrowing on a single skin property. the last couple of years though its almost impossible to find someone to lend against it. the market (or lenders) have changed.

I would advise against it unless you want to stay there for a longgg time and the price is great.

I was looking at fixing the property with the single skin and the cost was about 10 grand (and that's with my OH doing a lot of the work). It would have been a really messy job too...the floor would have been ruined and i think even the wiring would have to move (that could have been this place in particular though - the wall that needed working on also contained the mains wiring)

So it seems as though something that was perfectly fine 5 years ago is now suddenly unsellable. I feel really sorry for people like hexiburner who are now stuck with something they can't shift....

Leon_W

It seems just to be a perceived problem rather than a real actual problem. If it has been there since 1826 then I suspect it will be around far longer than some of these new builds that seem to be thrown up.

I had a surveyor condemn the electrics in a house as dangerous and unsafe because the wiring was old (about 25 years). The copper in the wires was as good as the day it was fitted and it was covered in the same grey PVC that we recognise today, the same PVC that earth dogooders say takes 4000 years to bio-degrade. They both can't be right. Long story short, an electrician didn't know what the surveyor was on about.

Again, a perceived problem rather than a real one.

It doesn't help you I know, but it does seem to be the case that more and more properties are becoming unmortgageable for reasons I can't fathom.

Amphion

This is a problem that seems to be becoming more prevalent since the credit crunch kicked in back in 2007.I think your property has probably been rejected because of the surveyor’s valuation report and the lenders own lending criteria rather than a structural problem as single skin walls can be stronger than cavity walls.
Mortgage lenders are worried that if a buyer defaults on a loan the house won’t sell for enough money to cover the initial loan.
Single brick properties due to a lack of a cavity suffer from damp/condensation problems and they aren’t as well insulated so cost more to heat. Every house sold now in the uk has an energy rating and in these penny pinching times household running costs are something buyers are more concerned about therefore these properties are falling very quickly out of fashion hence less buyers. This in turn demonstrates to mortgage lenders that the market for single brick dwellings isn’t as buoyant as it has been because of fewer buyers so it’s deemed a risk and they won’t lend!
Buyers with high deposits would probably find their mortgage applications being accepted due to there being less for the mortgage company to claw back should you default.
If you like the house, are planning to stay there for a number of years and unless there are any major structural problems with the house then I wouldn’t necessarily walk away. There are lenders out there who will provide a mortgage for these types of property.

Good Luck

rising_from_the_ashes

Not worth the hassle - if you do manage to get a mortgage, as others have said what happens if you need to move and the next person can't?

You could end up having to accept much less than you've paid as only cash buyers will be able to purchase it.

Find somewhere else....