building extension and notifying mortgage company

seasider10

Hi forum!

Wanted to find out what the implications of undertaking building work (single storey extension and removal of internal wall) without first notifying the mortgage company might be? We dont need to borrow additional money, and all works checked/approved by appropriate building control, however although the work has begun we have missed the fact that we needed to notify our mortgage provider for written permission! Any adivce on likely outcomes when we tell them? (both me and my partner are now quite worried now that we have realised we should have told them!)

Thanks!

kingstreet

You have no duty of disclosure of such an issue.

What made you think this;-

we have missed the fact that we needed to notify our mortgage provider for written permission

because I've never come across it before?

The_J

Yes, I'm sure the mortgage company will be outraged at you increasing the value of your property and making their loan more secure.

Thrugelmir

kingstreet wrote: »

because I've never come across it before?

Notification of structural changes should be sent to the mortgage company under majority of terms and conditions.

Not unknown for people to start projects and not finish then. Primarily due to a lack of finance. Thereby devaluing the property's value rather than increasing.

Dave_Ham

OP - Do not worry, most of the banks would not know what to do with the information if you had provided it in advance.

Seriously with appropriate Building Control ratification you do not need to worry..

All the best..

kingstreet

You're quite right Thrug.

As I never see the terms & conditions given to borrowers with their mortgage offers, I've never had occasion to study them - until now.

In the (for example) Halifax "Information About Your Mortgage Guide" issued with their offers it states;-

You agree:

To get our permission before altering or extending your home or changing the way you use it.

http://www.halifax-intermediaries.co.uk/pdf/mortgage/all-about-our-mortgages.pdf

I shall henceforth check before opening my big gob!

Thrugelmir

kingstreet wrote: »

As I never see the terms & conditions given to borrowers with their mortgage offers, I've never had occasion to study them - until now.

Few people bother reading the small print.

Lenders do cover themselves well in terms of any issues that could result in a breach of contract.

alleycat`

Thrugelmir wrote: »

Few people bother reading the small print.

Lenders do cover themselves well in terms of any issues that could result in a breach of contract.

You also, according to my documents, have to notify your insurer too.