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Bought a non standard build house?
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Do any of your neighbours know what their homes are made of?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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There aren't that many like this one in the street, and most of those are still council houses. There's one with a very elderly couple living in it, old enough to have maybe lived there for decades, which looks to have been bought so I'm thinking of knocking on their door to see if they've got any background knowledge.0
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Why this type of construction is a problem?Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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We don't actually know what the construction method is yet, so we're not yet sure if it is a problem.Why this type of construction is a problem?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
nigelnorris wrote: »
Anyone had any experience of this? Is my house worth less than I paid because of it? If not any idea which is the best direction to go and ask for advice?
Cheers, nige.
Your worry should not be that your house could be worth less, but might actually be worthless.
I had survey done on a property, the market value came back as £0 and the rebuild cost £80,000k.
Because it was non standard construction it needed to be demolished and then rebuilt.
I had a lucky escape that my surveyor picked it up, but I feel sorry for the poor sods who bought next door who are now in a legal fight over their survey.
From what I gather it is highly likely that they will win, but the good news ends their for them because it's not unusual for surveyors in these cases to go bankrupt and then phoenix the company to get out of paying.0 -
From what I gather it is highly likely that they will win, but the good news ends their for them because it's not unusual for surveyors in these cases to go bankrupt and then phoenix the company to get out of paying.
I might be wrong but I'd imagine any claim would be covered by their insurance and therefore immune to insolvency proceedings.Personal ISA Contributions Challenge - current £0 (as at 1 April 2014) / target £15,000 (deadline 31 Mar 2015)0 -
pivotalgubbins wrote: »I might be wrong but I'd imagine any claim would be covered by their insurance and therefore immune to insolvency proceedings.
Yeah they should pay out, but they are not always guaranteed to have enough cover and probably have a high excess on any claims.
But even getting past this, can imagine the insurance premiums after you have had a successful £500,000 claim against you ?
Much cheaper and simpler to start again.0 -
This is a 20+ year established firm well known in the area. I'm assuming that they're above board and unlikely to be flybynights.0
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nigelnorris wrote: »This is a 20+ year established firm well known in the area. I'm assuming that they're above board and unlikely to be flybynights.
There was a thread on here a couple of years ago where someone was in the same position as you. I.e. discovered they have bought a lemon, sorry I mean a concrete house.
There's was a long established firm as well.0 -
If it is non standard construction, how it was allowed to be built in the first place?Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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