house now worth £0

ALANSHERWOOD

hi there, help desperately needed. I have a property which I own with my ex partner. we purchased the property under 3 years ago, now we need to sale the property. We have had sold the property on two accessions . But the deal has fallen trough each time due to our loft room, this was already in place when we purchased the property. No mortgage company will lend on the property with the valuations coming back as £0, even our bank we have are mortgage with, have valued it at that. my question is can I go back to the solicitors ? the surveyor ? who agreed for the bank to lend the money, I have spoken to the bank there not interested unless I fail on repayments. any help would be fantastic.


Many thanks Alan

stator

Do you know what exactly is wrong with the loft room? Is it just a lack of building regulation certificates or planning permission or does it violate a lease or covenant?
What sort of survey did you originally have done, and did you pay for it yourself? eg a home buyer's survey, building survey or just a mortgage valuation report?
It is something that should have been checked at the time, so go back and read the report, does it highlight the issue? Your solicitor should have checked it if they were aware of it. You could check the answers your solicitors got to the standard questions.

somethingcorporate

What is wrong with the loft room?

What kind of survey did you have when you bought the property? have you discussed it with the solicitors you purchased the property with?

ALANSHERWOOD

The problem with the loft is it has no planning permission and is used for a playroom/office. The room was picked up in the survey the solicitor said its fine you just need an indemnity insurance which we have. the survey was a basic one carried out by NatWest. I've not spoken to the solicitor's involved until I have more information available. I didn't want to go in there thinking I am blaming them with out the full facts.
THANKYOU for taking the time out to respond.




Alan

hcb42

is it being marketed with the correct no of actual bedrooms, i.e. excluding the playroom?


It seems like a simple fix, I would probably try and get retrospective permission, assuming the work has been done to the right standard


who has said it is worth £0???

somethingcorporate

We had EXACTLY this problem when we sold our house 2 years ago. The "third" bedroom (being used as an office/study) didn't (or we couldn't find) the permissions and building regs, it was converted a long time ago.

All it required was us taking out an indemnity policy when we sold and it was all fine.

Both our bank when we bought it and our buyers bank were more than happy to accept this.