Please help: house purchase - no completion certificate?

Terry78

Hi all, this is my first post on the forum: here goes-:

Myself and partner are in the process of buying our first house, the property we are buying has been extended and has all relevant planning in place and granted but has not been finished internally and has been inspected recently upto pre plaster stage. We are aware of this and still wish to buy and complete the work. As such it does not have a completion certificate from BC although the remaining inspections upto completion and including the completion certificate are all paid for in advance by current owner:)
We have the banks valuation and they all came back positive that the house is suitable for mortgage and our mortgage offer pack came out and we are over the moon!
However we have started the conveyancing process and for some reason I'm starting to get worried that when the conveyancing searches reveal that although planning is all in place and approved but that the completion certificate has not been issued due to the incomplete nature of the house at present and this may cause the bank not to borrow or have it re inspected and slap a retention on it? Is my worrying unecessary? Or could I be right? Haven't heard anything untoward yet from solicitor as at early stages but just wanted some reassurance that this won't be a problem? Can anyone offer any advice or maybe been through this kind of purchase before? Your help and advice would be appreciated from a very nervous first time buyer here.
Any conveyancers or bank mortgage advisors out there to who may be able to have a little input? Or anyone who has been through this situation....or just anyone, please talk to me!! Haha

Terry78

Anyone?? Surely someone must have a take on this.

GMS

Your solicitor is the best person to speak to. Even if somebody has a 'similar' experience it does not mean it will be the same as yours.

Meadows

These are issues you need to address with your solicitor and possibly ask the question of the lender.

Let_Us_See

The fact that the lender has received a satisfactory valuation and issued an offer without (?) conditions is a positive step.

In my experience, and as someone has already pointed out, all are different, the solicitor is more likely to be worried about the relevant planning permissions than a completion certificate. they may well assume if the lender has issued an offer, then there is not a problem with the property, and unless specifically requested or very thorough (many are not - especially if charging a flat fee), the completion certificate issue might never come to light.

However, you still have the "do I, or do I not mention it" dilemma. Personally, having come this far I would sit tight and see what happens.

Terry78

I have spoken with the lender and solicitors whom have both said it might be a problem or it might not! About as much help as a chocolate fire guard!
Hence I'm on here looking for any additional advice? I have tried searching the law society for my lenders terms but still can't find a clear cut answer to this so my pain goes on waiting:-(
If I knew wether to take out indemnity or something I would be happy to as would do anything possible to secure the house. But not sure if I can even do that as the house hasn't finished being altered so not sure i could even get a policy to cover this?
Then again I may just be going way over the top here and the sale will fly through? As its been valued on its current condition and no problems .......oh so frustrated not knowing

Terry78

Thanks let us see:-)

That's what I was thinking, the thing is I contacted the lender and made my question just as a general enquiry as didn't want to stir anything up. But with the solicitors I just spoke to the secretary and gave me advice that it may or may not be a problem-wish I handmt now and just hope the information discussed wasn't passed onto the solicitor :-( silly silly me!! But just was desperate to find out if it would be a problem as anxious about getting the house we have fallen in love with.

Terry78

Starting to think I'm my own worst enemy!!

GMS

If you really want to research try this

http://www.cml.org.uk/cml/handbook

Select the region and lender. This will give the handbook the solicitor/conveyancer needs to conform to for the lender.

May need matchsticks for your eyes though!!

HAve you got a copy of the valuation report? Does it mention the need for conveyancers to ensure certificates or similar?

Terry78

Thanks for that:-)
No mention of proof of certificates etc, I have just called another local solicitors to make a general enquiry with the situation and have reassured me this should not be a problem at all:-)!
They said your lender is aware the finishes are not completed as this is stated by your valuation and the lender still decided to borrow based on this report. Therefore they cannot expect a certificate of completion as is contradictory to the offer they have made you based on the fact the valuer clearly stated the property has been extended and currently incomplete. This makes sense and just needed to hear this :-) feeling better now i think, and thanks for all the input guys, much appreciated

Thrugelmir

Personally I would want a completion certificate prior to purchase. As any remedial work would be at your expense.

I assume that there's not an electrical certificate either.