Wimpey no-fines houses - any experiences?

prutter

Morning All,

Just wondering if anyone has any experience of getting mortgages on, and/or living in a wimpey no-fines construction home?

It's a long story, but my wife and I have found the house of our dreams. Our sale is going through nicely and so was our purchase - until now.
The valuation and our HBR was done last week (neither of which I've seen yet). However, yesterday I got a call from our mortgage broker with news that the valuation had rasied a question mark over the construction of the house - the surveyor wasn't sure if it was brick built with rendering, or concrete built with rendering.

He has chased up the agents to ask the vendors if they know.
In the meantime, I have contacted our council as the house is ex-local authority, to ask about the construction.

I spoke to two of their surveyors who were reasonably helpful. They said if the house was built 1940's or earlier it would be brick, but if 50's onwards would be wimpey no-fines concrete construction.

Our lender is Northern Rock, who haven't told our broker either way if they'd lend or not on a concrete construction. However - clearly there's some issue for them.

Anyway, hopefully we'll know for sure in the next day or so. But, in the meantime, if it turns out to be no-fines, just wondered if anyone has any experience of these type of houses?

Do most lenders lend on them? (most in the street are private now, so some lenders must do?).
This is going to be a long term house for us, so in 15 or so years time, would this type of house become impossible to sell?

Arrrgh - what a headace!!

prutter

Bump - anyone?

Richard_Webster

My impression (and its only an impression) is that the bigger High Street lenders will normally accept them - but some of the smaller regional BS and the sub-prime lenders will be more choosy for some reason, so there might be a slight discount on price compared with a similar brick built ex LA house.

They are not classed as "Defective" but for some lenders the fact that they are concrete is a worry! But I think Halifax/Abbey/Nationwide etc should be OK. Hopefully for you, Northern Rock too!

Hopefully I won't get banned for this, but have a look at http://www.rwco.co.uk/concrete_council_house.htm on my website that mentions the point.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.

TJ27

One of my degree course lecturers was a cement chemist and I seem to remember something about these houses being prone to alkali agregate reaction. They are also prone to penetrating damp. There are surface treatments available but in my mind most surface treatments are a bit rubbish. Perhaps that's why they are considered a bit risky. I could be wrong though because I was in college over ten years ago.

There's also something in the back of my mind regarding problems with BISF housing having big problems. I think these were put up by British Steel and are of a similar construction. (Edit. Actually I think they might be a completely different construction! Please ignore.) My employers (local authority) have been involved with surveying a load of these. I'm not sure what the specific problems are though.

I'd be a little bit cautious about buying a no fines house to be honest. I don't want to worry you but research it thoroughly would be my advice.

dnwilliams

There were about 300,000 of these houses built around 1950/60. As a guess I would suggest half of these are owner occupied and given average statistics then around 20,000 change hands every year. In my experience they are readily mortgageable.

prutter

Thanks all - that's very reassuring. All my reading online has suggested there are no problems with this type of construction. My only worry really was the mortgage - but Richard and dnWilliams has put my mind at rest.
Have spoken to our mortgage adviser who's getting on to NR today with all the info. Fingers crossed there wont be a problem. Will let you know.

prutter

Phew - Panic Over!!

Just had a call from our Mortgage Advisor and NR have formally approved the mortgage offer. No questions or quibbles!!
Should have it in writing by the end of the week! All that headache and hassle for nothing!

Am delighted! One less thing to worry about.
Shame I blew my car up yesterday - looks like the head gasket! But that is another long story.......