📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Declined Mortgage application due to Shared Access

Options
Hi I am looking for advice please.

My fiancee and i are hoping to buy a house which use to belong to her grandparents but now belongs to her Mum, Aunty and Uncle. Her family are happy for us to buy the house.

The house is 150 years old and is situated in a courtyard which is also used by a furniture shop. In the deeds, the house has permission to park 1 car.

We went to the Halifax to apply for a mortgage and our credit checks came back fine and Halifax were happy to give us a mortgage promise. They sent out their valuer to the house as part of the mortgage application. The valuer has now came back and said lending with the Halifax will not be possible.

The reasons are:
Shared access via a commercial yard and the proximity of commercial buildings.

As this is not acceptable to the lender he cant put a value on the property and lending wont be possible with Halifax on this property.

We went back to the Halifax and the valuer saying that we can use on street parking if the shared access was a problem but they said that it didn't change the situation.

We are not sure what to do now as we can't go to other banks for the same reasons Halifax won't lend to us. We paid the valuer £350 but it seems for nothing. Its a beautiful old house with lots of memories for my fiancee and her family.

Any advice what to do next would be greatly appreciated. Surely Halifax should still lend to us if we agree to not using the shared access and park on the street. We are both new to mortgages being first buyers so we need Help lol:)
2010 A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. S. T. U. V. W. X. Y. Z


6 dvds from 1in10wins.com,Vodkat cocktail set,a rugby ball and football from Mars for 2009:beer:

Comments

  • amnblog
    amnblog Posts: 12,729 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The Valuer is effectively questioning the future saleability of the property and therefore recommending that it is not suitable security for Halifax.

    The nature of the property and Lenders potential attitude to it should have been explored at outset.

    Engage a broker to find a lender that may consider the property suitable as security for lending.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ethank
    ethank Posts: 2,197 Forumite
    Holiday Haggler I've been Money Tipped!
    Banks don't like properties that are close to or near to commercial property as they believe it is more difficult to sell.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.