100% Mortgage Retention

suziemoon

Thanks ACG,

We are using Sequence to arrange our mortgage and our Mortgage Advisor is currently talking to Abbey to see why they are holding a full retention. I have probably jumped the gun so to speak but as you will appreciate this is my dream home and I am desperate to get moved in to it!

The mortgage offer expires end July so we do have a little time to play around with the situation but not much.

Will let you know how we go on tomorrow after I've spoken to Sequence....

amnblog

Did the broker at Sequence know this was an unconverted office?

GMS

Poor effort from the broker if they were aware of the curcumstances.

How much deposit do you have? What is the purchase price?

Will the vendor not do the work prior to exchange, or could your solicitor make it a condition of exchange that the works are done prior to completion?

suziemoon

The Broker was aware that it is currently an Office but the layout is so close to how we will be using it as a home it didn't really figure as being a problem. The property is 3 large rooms downstairs which we intend to leave in this configuration, except for opening up the current kitchen so it is part of the middle of the 3 rooms making a family room, then upstairs of the family room it is currently two 5m x 5m rooms which are bannister galleried to a void space showing the roof beams, we intend to put in stud walls in place of the bannister making two rooms above the Family room, then to the left in one of the other rooms we plan on making our bedroom and a guest room above in the space above with a shared bathroom between the two. The Owners of the property don't want to do the alterations as they say they just want to sell it how it is.

suziemoon

I tried to put a link to enable you to see the property and to see how little work is needed but it won't let me as I'm new on here.

Our Mortgage Advisor has spoken to Santander today and he said they are due to review the case tomorrow and he will be able to update me tomorrow so another sleepless night ahead...

suziemoon

I spoke to Santander yesterday and the lady there told me they are keen to lend to us. She has told me to write in requesting a review, to draw up very bland plan works, minimal alterations to the property from how it is now but showing the room partitions as this seems to be what the Valuer has got a bee in his bonnet over. I also need to get quotes from Builders in respect of the works and submit those along with the plans and they will recommend to their Valuer that he considers a retention based on the works needed. Is this normal proceedure? Is this likely to succeed?

Thrugelmir

You are going to require fully drawn up plans for the conversion. In order to cost the works properly and comply with building regulations.

suziemoon

Tha plans have already been drawn up and approved by the Council by the Vendors. Residential permission was granted in October 2013. We are applying to the Council to amend the plans only because we want the roof lights in a place different to those on the original plans. While we are amending the plans we are going to put our internal layout on them so that we fully comply with the Council's approved plans so that Santander don't query that. Anything else we need to do?