Building Regs, House Value

billybear1

If I was to look at a house on the market for £125k but had an attic room with no building regs, yet the house without the attic room was worth £125k would a mortgage provider lend on that?

BB

Doozergirl

They should do., as long as they feel that the house without the loft room is genuinely worth £125k. As long as no-one is counting the loft room as a bedroom on the mortgage application - that's when they might get a bit confused. I expect they'd still ask for building control approval if they saw it was being used as a room but it shouldn't be downvalued as they don't know whether it has sign off or not - that's your solicitors job.

Owain_Moneysaver

Not necessarily.

A house without an attic room may be worth £125k but a house with a bodged attic room that would take £30k to make the house structurally safe would be worth £95k. Or less.

Surveyors should be very wary of alterations which can seriously affect the structural integrity of the house and highlight them on their survey report to the mortgagor.

sonastin

I specifically asked for the valuation survey to take into account that there was no building regs approval on the loft "conversion", as the price had been agreed to reflect that. Not sure if the message ever did get through the chinese whispers of me-to-broker-to-mortgage co-to-surveyor but the mortgage company were willing to lend the amount I asked to borrow.

poppysarah

Never mind a valuation survey - what about a real survey to find out if it's a good conversion or not.