Calling a 100 yr old build a new build!

Gss85

We made an application for a mortgage and it is stuck on its last step - the valuation. Today I called up Natwest mortgage team to check on progress and they said that everything was fine but its come back as a new build.

I was very angry with the builder since I thought this was already confirmed as not being one.so I called them and spoke to them and the seller's agents.

The property in question is not a "refurbishment" and not a new build. Your definition of refurbishment and the seller's agents definition of refurbishment is entirely different - I have had this clarified with the builders themselves and have offered to send in a whole of paper work but they keep asking me to hold it back - is this what Natwest does? Makes you spend time and money and effort to come back and give you false details and not even let you clarify?

I actually paid a lot of money for a detailed building survey for the property since I was told the property is over a 100 years old and the building survey of 90 pages certifies this. I confirmed with the sellers agents who were present at the valuation and they said they only spent ten minutes - I can obviously see whats happened here - a complete mis communications with the seller's agents and your valuation people.

The developer has confirmed that there have been no structural changes - floor boards have been changed, there is new paint, new kitchen fittings and bathroom fittings. It was converted 15-20 years ago and there have been occupants since - all this paperwork is available but your team says that they will send it back to their post valuation process etc since it depends on what the valuation person comes back with.

The confusion has been with the seller's agents and the person who was on the valuation. This confusion also happened with the seller's agents when they first put the property on the market - their definition of refurbishment is just an exaggerated term used to attract more buyers.

I am happy to go with another bank if they refuse to even accept the documentation from the builders themselves - what other confirmation can you get but I just wanted to say that if this is the way it is then this is a Natwest Scam to get people in at the door and make them out more money towards their mortgage and I will take this to a higher level.

Very disappointed especially given all this push the government is making towards the first time buyers - im sure the FSA will be interested in this.

I hope they will actually look into this and be reasonable - while I am aware of all the definitions of a "new build" I know that this property doesn't fill in that - I paid £600 on a valuation to confirm this and confirmed it with the builders.

ACG

Its at the lenders discretion as to whether they lend or not. They would usually go off the surveyors report/comments. You can always appeal the decision and go from there.

holly_hobby

The selling/estate agts or indeed builders description of a property, has little baring on what a qualified surveyor will determine a property to be classified as. And ultimately thats what the lender will base the decision to lend and at what level.

What level of work was undertaken by the builder ?

Why has the surveyor deemed it to be a new build ?

Is the reduced max LTV re a new build that is a problem for you ?

Holly

Simon_gloster

Probably the last comment Holly, otherwise there wouldnt be an issue.

Dave_Ham

Has it been separated into 2 or more units, or converted from another use?

Natwest are a bit of a pain at the moment and are being very selective, however the surveyor is professionally qualified and I would be surprised if they just made it up.

You need to try and obtain more information and specific reasons why it is classified as a new build, there will be some.

At this point, you need to try and remain pragmatic as frustrating as it is being angry or upset will hinder your progress.

chewback

"however the surveyor is professionally qualified and I would be surprised if they just made it up."

I wouldn't!!!

Surveyors are one of the main reasons we got into the problems we are all in now. Most are inept, with a large majority being corrupt. IN the good times they would say a property was worth whatever the developer said it was.

Now, they just subtract 15% from the sale price or the homeowners valuation.

They really are worse that useless

Dave_Ham

Aside from personal opinion and valuations, they would not classify something as a new build if it was not - especially as it would advantage no-one and serve no purpose at all..

Wh05apk

chewback wrote: »

"however the surveyor is professionally qualified and I would be surprised if they just made it up."

I wouldn't!!!

Surveyors are one of the main reasons we got into the problems we are all in now. Most are inept, with a large majority being corrupt. IN the good times they would say a property was worth whatever the developer said it was.

Now, they just subtract 15% from the sale price or the homeowners valuation.

They really are worse that useless

Thank you for that wonderful insight, I now see where everything has gone wrong.

holly_hobby

chewback wrote: »

"however the surveyor is professionally qualified and I would be surprised if they just made it up."

I wouldn't!!!

Surveyors are one of the main reasons we got into the problems we are all in now. Most are inept, with a large majority being corrupt. IN the good times they would say a property was worth whatever the developer said it was.

Now, they just subtract 15% from the sale price or the homeowners valuation.

They really are worse that useless

You do have to smile don't you .... I know it wasn't meant to be funny, but it really made me giggle :rotfl:

Wh0. and I have had our ups and downs, but this time his post hit the nail on the head :T

Lets get back to proactive help - OP if you can give some more details re the unit, we can offer more assistance, but you need to be aware that it is doubtful that you will have the current surveyor amend his report.

I understand your frustration, and wish to have another lender look at this, the problem you have with that, is that your alternative lender may use the same panel surveyors, and in saying that the same guy may turn up to conduct the valuation (has been known !!) - as individual or 2 will manage geographical areas.

Or indeed, an alternative panel surveyor is instructed, but may be of exactly the same opinion re the build classification, and you're back to square 1 .... so you can see that this is something you need to have in mind if you choose to take the case elsewhere.

A broker may be able to assist, via speaking to his lender reps/BDMs, who will in turn discuss the property type via the UW and the panel surveyor likely to be instructed. But other than this, or finding a fee free pch deal where the val fee is absorbed by the lender, then you face the risk of incurring further survey fees for potentially no further gain.

Its an akward one, but as DH says, try and remain focused on solving the issue - venting makes you feel better but ulitmately has no benefit.

Indeed, you may not be happy with something we say here, but remember we are here to help, and sometimes we can't always provide a solution to a posters issue, despite our experience and best efforts to do so.

Hope this helps

Holly

Dave_Ham

Holly you are correct, although worth noting OP and our positive friend Chewback are different people...

holly_hobby

Dave_Ham wrote: »

Holly you are correct, although worth noting OP and our positive friend Chewback are different people...

Yep knew that Dave x, indeed Chewy sounds like a well balanced poster.

H