Independent Mortgage Advisors

Itismehonest

Senior_Paper_Monitor wrote: »

As I see it - the OP wants 'professional advice' to effectively 'pre-package' his property in terms of layout/use and identify which lenders would consider such a deal, so that the potential vendors can overcome likely financing problems.

Did something similar for a vendor a while back with a split commercial/residential . Unregulated advice process (no different to painting his living room or consultancy on how to run his business). If faced with that description of requirement I would guess that most brokers would want something in the region of £300 (a typical broker fee) to assist.

Yes, thank you. That's exactly what I need.
A "Would it be better to rip out, change use &, if so, what to?" type of thing. It can't be made fully residential due to where we are.

There's absolutely no point putting the place on the market if nobody but a cash buyer could buy it.
It would probably just sit on the market for years, as many others do around here, which only makes potential buyers think there's something wrong with the property when there isn't.
It's just down to what lenders are or are not lending on at a given point in time.

Miss_Marple_2

dunstonh wrote: »

Just so I can understand their process, did you get a written report recommending a specific lender and terms after providing them with copy statements, payslips etc at that stage? (not talking about a list of providers based on a sample of questions).

I cant see how a business model that provides "free advice" could survive long term as you would use them for advice. They then take on the advice liability but you could then go direct and avoid the fee and they end up with no fee, no commission but liability for the advice issued.

My guess, and it is just that, is that they provide basic information to begin with. Not advice. A concepts and ideas and information rather than advice. Advice would start at the application stage.

I didn't get a list of providers - I was recommended a specific lender ( I had some adverse credit ) and then the broker got me a DIP and then we discussed the specific product from their range that would be best suited to me - which I selected, based on their information and I got the key fact thing and then I agreed to go ahead with the application & paid the fee.

Does that help decide whether it was advice or not ? Again, apologies if I've used the incorrect terminology.

Itismehonest

kingstreet wrote: »

If the property will be marketed through an estate agent, why not get them to do some work for their money?

They'll be trying to stitch up the potential purchaser with every service under the sun, why can't their advisor be in on this?

I used to do it when I was an EA advisor.

We were on the market for a few months a couple of years ago. We used the largest EA who markets most of the properties around here. They, frankly, didn't have a clue about the mortage side or didn't say if they did & appeared only to be interested in getting properties on their books.

When we came off the market we spoke with another couple of EAs & had intended to go ahead with one the following year.
In the meantime I discovered the mixed use problem with mortgages. I actually rang the EA who knew nothing about it. went to check with their own MA (tied to one of the big banks) & was told that we were right & no mortgage would be given. EAs seem to think that if you sit on their books long enough someone will turn up but I think that course is less than desirable.
Hence, I have little faith In EAs & would rather ask someone who should, hopefully, know exactly what lenders attitudes/requirements are at any given time. Although I've never had to use one, I thought an IMA would be the best person to consult.
Or am I wrong? Would it be someone else?

kingstreet

What is it a semi-commercial?

Itismehonest

I don't think I've used the term semi-commercial, have I? Or are you speaking to another poster?

If me. I suppose, yes, it could be described as that. Part of the property & the land is residential but the rest is/was (some have been decommissioned) holiday cottages restricted to maximum fortnightly holidays for 10 months of the year.
Not suitable for a residential mortgage because of the cottages. Not suitable for a commercial mortgage because haven't traded in 10 years. The property is actually more suited to be a 2 or 3 generation family type of place but that would mean a normal mortgage & a fully residential status which won't be granted around here.
Deeds can't be split tidily due to the lay out & way that all cottages are dependent on the house for utilities etc.

Senior_Paper_Monitor

A good experienced MA should be than able and willing (depending on work pressure - the good MAs are up to their necks at the moment) to progress this to your satisfaction.

Try to check if they are used to similar or non standard cases.

Itismehonest

Senior_Paper_Monitor wrote: »

A good experienced MA should be than able and willing (depending on work pressure - the good MAs are up to their necks at the moment) to progress this to your satisfaction.

Try to check if they are used to similar or non standard cases.

Very many thanks, once again. This has taken several years to sort out to the stage we're at today. We really just want to be able to move, downsize & enjoy retirement.

Dave_Ham

Hi there,

Apologies late to the game and guessing this is geographically sensitive (or maybe cost prohibitive) but are you certain there is no way you can split the deeds?

What sort of restrictions do you have?

I would fancy a decent broker will have access to a decent solicitor for some initial free advice, as alternatively a residential mortgage does unfortunately sound virtually impossible.

Itismehonest

Dave_Ham wrote: »

Hi there,

Apologies late to the game and guessing this is geographically sensitive (or maybe cost prohibitive) but are you certain there is no way you can split the deeds?

What sort of restrictions do you have?

I would fancy a decent broker will have access to a decent solicitor for some initial free advice, as alternatively a residential mortgage does unfortunately sound virtually impossible.

Hi & thanks for replying

It's a bit of both - geographic (National Park) & cost (asset 'rich', DH in mid 70s & we want to downsize).

Planning was granted to convert farm buildings to holiday cottages with use restricted to 2 weeks for 10 months per year.

The deeds could be split but not in a way which would work at all well. Basically the place has always been one farm & doesn't lend itself to being divided. The only way the place is considered as anything other than one property was for BR (& since retiring 10 years ago, CT) purposes.

It would be OK if the same buyer bought both parts but would be a non-starter to have separate owners. We certainly wouldn't want to sell part to find we were stuck with the other.

Edit: I did write more but have deleted it.

amnblog

Seems a bit unfair that you need some information and expect a professional to give it to you for free with no benefit to them at all.