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Surveyor has deemed my property unsuitable/ unsaleable!
Bymsj
Posts: 3 Newbie
Just seeking some advice from anyone that can help!
I am currently going through a right to buy mortgage with halifax. Everything was going fine, I passed their credit check and the next step was a valuation. The valued appointed by halifax came to view my property and I got a letter in the post stating my property is not something they would give a mortgage on as not a lot of people in my block have bought their property!
Property info: 2nd floor flat in a block of 39. Currently going through major works (new windows, doors, roofs &electrics) South London, near mainline train station and underground.
Is there anything I can do? I have spoken to my broker and they have tried to appeal it, but it came back with the same result.
I am currently going through a right to buy mortgage with halifax. Everything was going fine, I passed their credit check and the next step was a valuation. The valued appointed by halifax came to view my property and I got a letter in the post stating my property is not something they would give a mortgage on as not a lot of people in my block have bought their property!
Property info: 2nd floor flat in a block of 39. Currently going through major works (new windows, doors, roofs &electrics) South London, near mainline train station and underground.
Is there anything I can do? I have spoken to my broker and they have tried to appeal it, but it came back with the same result.
0
Comments
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Look for another lender, but ensure it (and its surveyor) will be happy with the property and the percentage in private ownership before you shell out on a valuation.
TBH you or your broker could have rung Colleys (LBG in-house survey firm) and got an opinion before going to the hassles and expense of making a mortgage application.
http://www.colleys.co.uk/customer/contact-us/find-your-local-surveyor/
Anyone else considering similar is advised to do the same.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 -
Is it a tower block? A lot of mortgage companues will refuse a mortgage on a block.
Also, would it not be wise to wait until the works are completed or you may be liable for some of the costs (depending on what stage the consultation is at)0 -
Most lenders are not keen on blocks where the majority of the flats are still in council ownership I think you will find. So best to let the fact of the block still being mostly in council ownership be known when trying any other lender.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Hi
Thank you for your replies. The block goes up 2 floors and I am on the second floor.
I just thought it was rather strange as the mortgage is less than half the value of the property. This is based on the fact that the discount of over £70,000 is the deposit!
Oh well, I will start the search over again.
Thanks!0
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