Non standard construction

iamssl

Hi everyone

Just looking for some advice

We are currently purchasing a non standard construction property, nationwide valuation complete and mortgage offer issued 2 weeks ago.

Our solicitor have wrote to us to say that the mortgage valuation showed the property being non standard construction, and that we may find it difficult to get a mortgage.

Nationwide have already issued the mortgage offer so what is the liklehood of them pulling out the mortgage now? Any one had any experience in this?

Thanks in advance

CKhalvashi

If they've offered based on the valuation, I can't see there being too much of a problem, as they should have seen it (and would be answerable to the FOS).

My only advice can be to wait for one of the brokers on this site to take a look, as they know far more than I do.

CK

dimbo61

Please be careful about this !
just because Nationwide missed this does not mean that the next surveyor will miss this!
You might have problems selling when you want to move

eeyoreworld

What is the nature of the non-standard construction? I take it this was declared on application when asked if property was standard construction?

good_advice

Hiya,I have heard of these non-standard construction houses.
The one we went to view a wile ago had asbestos (hope I spelt that right?) in the walls.
I think pre fab houses are the same.

Guessing standard means made of brick or stone.

Mokka

Is your solicitor not aware that you had a mortgage offer based on valuation? Maybe he is warning you that you might find it more difficult to sell in the future? The only person who can answer is the solicitor himself. Unless you are still waiting to hear from nationwide?
Banks do not refuse all properties of non standard construction- they assess each case individually and base any decisions on valuation and how secure their money is, so the lower LTV the better.
I do not believe that your bank did not notice the mention that the property is of non standard construction in the valuation.

If nationwide came back to you saying that the valuation is acceptable then all you need to do is sign the mortgage deed and complete the sale.

Din85

There are many types of non standard construction houses, some are perfectly acceptable, others lenders won't touch, I'm guessing yours is one that's ok.

Like ours, which is laing easiform, no problem at 95% htb.

iamssl

Thanks for all the replies!

The banks valuation has got it stated on there that the house is non standard construction wimpey no fines, thats where the solicitor has picked up the information from. I will ring them tomorrow to let them know that the mortgage offer is already based on this valuation.

It just worried me as im now thinking Nationwide will pull out at any minute!

Mokka

If you google 'wimpey no fines' you will see this type of construction is usually acceptable.

Din85

Yup, wimpy no fines and laing easiform concrete ex council houses are normally ok, the vast majority of other types of concrete ex LA houses are deemed as defective and are not mortgageable as they can suffer major structural problems (mainly concrete cancer) due to the steel reinforcements corroding with in the concrete.