We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 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!
Property not Mortgageable
abccba
Posts: 7 Forumite
I own a flat privately with a mortgage in a council owned building.
I bought the flat from a private seller about 8 years ago.
I have tried to sell the flat and had a very strong buyer with a 40% deposit, clean credit history etc.
The surveyor has refused to value the flat and has said that the bank will not lend on this property. Their reasons are that the building is council owned and the construction is concrete.
My estate agent has suggested putting it back on the market for cash buyers only. That would be great if one came along as the flat does offer a great return if let out.
But I'm not sure where this leaves me? Could I be stuck with this property forever?
When I purchase it, the process was straight forward with no hiccups at all. I got a mortgage from a high street bank so I'm really surprised with what the surveyor has said.
My estate agent has tried various mortgage brokers and they all agree that this flat is not mortgageable.......even the bank that I am with said the same 😓
Not sure what to do 😩
I bought the flat from a private seller about 8 years ago.
I have tried to sell the flat and had a very strong buyer with a 40% deposit, clean credit history etc.
The surveyor has refused to value the flat and has said that the bank will not lend on this property. Their reasons are that the building is council owned and the construction is concrete.
My estate agent has suggested putting it back on the market for cash buyers only. That would be great if one came along as the flat does offer a great return if let out.
But I'm not sure where this leaves me? Could I be stuck with this property forever?
When I purchase it, the process was straight forward with no hiccups at all. I got a mortgage from a high street bank so I'm really surprised with what the surveyor has said.
My estate agent has tried various mortgage brokers and they all agree that this flat is not mortgageable.......even the bank that I am with said the same 😓
Not sure what to do 😩
0
Comments
-
what did mortgage brokers say of the reason why it's not mortgageable? just because it's council owned and the construction is concrete?
is it a high rise? what floor is it on?0 -
The steel rods in the concrete will eventually corrode0
-
Five floors. Mine is on the fourth. So not high rise.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards