Lenders that accept Architect certificate after build

indy.gill

Hi

I in the process of getting a mortgage for a property but it is a very oddsituation:

1) The property is a new build and was built in 2008 and has never beenlived in

2) The original Architect and Builders unfortunately dissolved due toeconomic crisis. Thus the building does not have a NHBC certificate

3) The property has then been issued an Architect Certificate by anotherArchitect 18 months after the build is completed

4) The property have been fully finished and are lovely, they have passedall Council regs and has been certified by local council


I have applied for mortgage with Barclays for the property and the MortgageAdvisor said that the Architects Certificate was suffice for Barclays. Howeverafter the valuation has been done by eSurv the Surveyor has advised that the ArchitectsCertificate is not valid as it was done after the build and according toBarclays this is not allowed. The underwriterdoes not approve the property.

I have purchased this property at auction and I am due to loose £20k depositafter Barclays have refused the mortgage.

So my question is

1) Will every lender not accept the certificate due it notbeing from original architect. Does anybody know of any lenders that will acacpet this Architect Certificate

2) Can I take action against Barclays for first saying they would offermortgage and then backing out at 11th hour.

Many thanks in advance

kingstreet

I can't think of anyone, but there may be a lender out there somewhere. A broker might be able to find one for you.

The others on here will need the loan to value, I would guess, before they make any suggestions.

You have no issue with Barclays. Any mortgage is subject to status and valuation. You should have resolved such issues before you bid in an auction.

Thrugelmir

indy.gill wrote: »

2) Can I take action against Barclays for first saying they would offermortgage and then backing out at 11th hour.

Unfortunately not. Purchasing at auction is at the buyer's risk. Auction houses are the domain of cash buyers in the main for good reason. As you are now finding out to your cost.

indy.gill

Hi

thanks for the above posts, I am happy to put down down 30% to 40% LTV. Does this make it more viable?

How about if I paid for it in Cash and then applied for a mortgage afterwards, does make it more possible and would it still be deemed as a new build?

Many thanks in advance

kingstreet

The bigger deposit makes the chance of you finding a lender, greater. Paying cash and remortgaging later (in many cases you'd have to wait at least six months) is not going to make any difference.

A property built within ten years will normally be required to have certification or a warranty from NHBC.

So, this doesn't go away until 2018.

If you haven't already done so, find a decent whole market or independent broker. Let them do the legwork for you.

Let_Us_See

It maybe a long shot but have you tried:-

1. Contacting NHBC direct to check if they have a copy in their records?
2. Contact local council as they should have overseen the construction and their records should be complete.

I had a similar case about 2 years ago and managed to mortgage with Architect Certificate and full copies of council files.

indy.gill

Let us see, that is really helpful

I will see what I can do, what lender did you go with?

Let_Us_See

Halifax. They use Colleys for all their valuations. Google Colleys and phone them and explain your predicament and ask to speak to any available surveyor. They are usually very helpful. Try 0845 120 4459 and say it is your intention to apply for a Halifax mortgage.

indy.gill

Let Us See, thanks again for a really helpful post. I am currently in contact with Halifax to find out.

In the mean time Natwest have got back to me and they would be happy with a completed LABC certificate which I have. So Natwest might be an option. In general are Natwest a relatively quick/reliable in processing applications.

If I beg, scrape and borrow, I might be able to pay cash. I am only having to do this as I am restricted by time. However I would want to get a mortgage straight after. I am I OK to this after I have purchased it in cash. I heard that a lot of lenders will not allow me to do anything within the 6 months?

Many thanks in advance

Thrugelmir

Normal rule is 6 months ownership before remortgaging.

Do you have time to complete a mortgage before time has elapsed. Auction purchases normally require completion within 28 days.

Let_Us_See

NatWest are average for processing - but seemingly willing to lend. Very limited restriction for lenders willing to lend within six months of cash purchase. However, isn't your main aim to secure purchase and save deposit?