Mortgage Rejection

Chas3333123

BigAunty wrote: »

Sounds like a bargain for a property until such point the council decide to replace windows, paint all the communal corridors, upgrade the lifts, fit new fire doors, re-roof and clad the exterior and then send you your share of the costs.

All that work, barring the lifts, has been done. The whole block has undergone a multi-million pound refit, and to a pretty high spec for such a property. There's even solar panels on the roof, that preheats three massive tanks of water on the roof, to take the edge off heating costs.

Chas3333123

PeacefulWaters wrote: »

Don't get your hopes too high.

If, prior to instructing the valuer, you'd provided enough information to tell them it was outside their own lending criteria you'd have a case.

From memory, Halifax do lend on flats at any level, but not freehold flats. So if you've told them it was a freehold flat the application should gave stopped there. If you've told them it's an eighth floor flat and not mentioned freehold (or it isn't freehold) then it's reasonable for them to have progressed.

I still think they owe you a copy of the report. However brief.

It's a 125 year leasehold. Well, it would have been.

kingstreet

Ring Colleys and ask them if they will let you have a copy;-

http://www.colleys.co.uk/customer/

You'll need your roll number 10/51XXXXXX-XX.

Avoid estate agency mortgage advisors in future. Limited panel, charge a fee, expensive conveyancing, insurance tie. There's nothing in it for you!

Then, they make no suggestion to contact the surveyor to see if you can get a copy of the valuation. Typical.

ging84

You might be able to claim a refund if it was declined before they even did the survey because it was outside the lending criteria.
Many years ago i was able to get a valuation refunded by nationwide after i was eventually declined as it turned out i was outside of their lending criteria due to the nature of my employment

ladeeda

It does seem to fit within Halifax criteria from what you have said. There was a time that Halifax used to state that more than 20% of the block needed to be privately owned. It was not mentioned when I looked tonight, however if you are the first or one of the first purchasers this could raise concerns for them. It's a re-sale thing.

I have never agreed with the valuation process whereby borrowers pay for a home buyers survey but are not allowed a copy of it but it has been standard practice for some time. Whether you are successful in getting a copy of it depends mainly on luck, I think. Have you asked the broker to see if she can get a copy?

kingstreet

ladeeda wrote: »

I have never agreed with the valuation process whereby borrowers pay for a home buyers survey but are not allowed a copy of it

As a HomeBuyer's is always done for the purchaser, the purchaser always gets the only copy.

A mortgage report & valuation is done for the lender alone, but many lenders still provide a copy to the purchaser.

Richard_Webster

It is a mortgage adviser's business to know that certain kinds of property may not be mortgageable, so they should ask about the nature of the property.

If they don't they are negligent and you have a complaint against them and they should refund the charge for the valuation.

You should lean on the advisor and insist on a refund.

amnblog

Richard_Webster wrote: »

It is a mortgage adviser's business to know that certain kinds of property may not be mortgageable, so they should ask about the nature of the property.

If they don't they are negligent and you have a complaint against them and they should refund the charge for the valuation.

You should lean on the advisor and insist on a refund.

Bearing in mind that sometimes the full nature of the property is not always made clear by either the client of the agent.

Potentially troublesome properties include:

Listed status
Non standard construction ( not brick and tile)
High rise
Ex Local authority
Auction property
Repossessions
Studios
Small flats
Semi commercial
Freehold flat
Flats over shops
Large amounts of land
Outbuildings

The list goes on..

Chas3333123

ladeeda wrote: »

It does seem to fit within Halifax criteria from what you have said. There was a time that Halifax used to state that more than 20% of the block needed to be privately owned. It was not mentioned when I looked tonight, however if you are the first or one of the first purchasers this could raise concerns for them. It's a re-sale thing.

I have never agreed with the valuation process whereby borrowers pay for a home buyers survey but are not allowed a copy of it but it has been standard practice for some time. Whether you are successful in getting a copy of it depends mainly on luck, I think. Have you asked the broker to see if she can get a copy?

I have asked the adviser for a copy, yes. She says she's tried to reach Countrywide to obtain whatever information the surveyor took, but doesn't seem too bothered about following it up, and has seemingly ignored my most recent re-request for it. I guess (though I don't pretend to know for sure) that she'll have made some part of her commission from this, and isn't interested in getting caught up in any afters.

Chas3333123

kingstreet wrote: »

As a HomeBuyer's is always done for the purchaser, the purchaser always gets the only copy.

A mortgage report & valuation is done for the lender alone, but many lenders still provide a copy to the purchaser.

Not in my case unfortunately. I want to see it mainly in case in sheds any light on whether it's worth my while trying the same process with another lender. For nearly £300 you'd think I'd be privy to the feedback from the surveyor!