Wimpey no-fines non standard construction

deathtrap3000

Me and my partner have been looking for a home together for ages now. We finally found a place we both like and put in an offer which was accepted. Going through the process we had the mortgage accepted and everything is going well. I read through the surveyors report which states the property is non standard construction (wimpey no-fines or similar). This is very concerning to me. Should I be worried? This should have been disclosed to me when we viewed as it could have potentially stopped me from putting in an offer. I'm now in two minds as im now thinking the potential resale value will be affected when we move on in years to come. Or should I make a point about it and try to get the price down?

Mortgage_Moog

It makes no difference. I went through this myself and there are many threads on here about it. There are thousands of Wimpey no-fines homes all over the place and people buy and sell them all the time without trouble.

Davesnave

People buy and sell Wimpey no fines houses, but not necessarily at the same price as standard construction comparables.

What was it that attracted you to this house? Was it perhaps that it appeared to offer more bang for your buck? If so, maybe the price is already discounted and broadly in line with other houses of the type in the area.

What sort of survey did you have and what was the broad conclusion of the surveyor about the condition of the property and its value? Those are things missing from your post, which will be of importance to the answers you hope to generate here.

deathtrap3000

The house was well presented and in good condition. It was just a basic survey arranged by the mortgage lender. It stated that the property is in good condition, valued at our offer price and with a warning saying the construction type may put off potential buyers in the future.
The property had been on the market for a while and had its asking price reduced a few times before we came along. I'm now wondering if the construction type was a factor in this or if it was just over-valued to begin with.

kerri_gt

The construction type may or may not have been a factor for some people, but so are a lot of other things when looking at houses, you say you've looked at loads before choosing this one and I assume most of those were standard construction, yes you still decided against them. It will be the same when / if you come to sell this house.

Question is, what actually attracted you to the house? The price, or the house itself? You clearly thought the price was ok when you put the offer in and the mortgage company do not consider it overvalued from what you say.

Unless there are actual serious things that need doing to the house as brought up in the survey, as a seller I might not be too forthcoming about a buyer that agreed a price then tried to negotiate. Didn't you notice the construction when you viewed? (Though it can be difficult to tell)

Davesnave

If the house sat on the market for a while and didn't sell then it was overpriced.

It may now offer reasonable value, since your mortgage lender is happy to advance money at the offer price, but there could still be room for further negotiation based on the new information.

Valuing isn't an exact process, but nor is it random. A non-trad house carries a stigma, just like an underpinned house, but that can make it a bargain to the right person at the right price. Sometimes there are mitigating factors too. For example, I know a small, no-fines estate which has great open views, good plots and a very convenient location.

There must be other Wimpey NF houses in the area, so use sold data to see if you can work out the sort of discount you'd want, Compare what they sold for historically with what similar conventionally constructed properties in the same area fetched at that time. This might help you decide on an acceptable price.

deathtrap3000

Its a mid terrace with tiled roof and rendered walls so I had no idea. It seems reasonably priced now with similar properties on the same road going for roughy the same price.

I've read that these types of properties can have issues with damp/condensation and cracks in the walls, but this one seems OK at the moment.

My only real issue is that they were not forthcoming with this information and potential issues buyers will have with it when we move on. I don't want to find myself in a situation where banks stop mortgaging these types of properties. It is 50 years old already.

C.C.L.

We've just sold our Wimpey No-Fines house after 19 years. It has to be the best house we have ever lived in and we've had a fair few. No damp, condensation or any other problems. It's the only house I've ever felt sad to leave (downsizing).
As for selling it in the future, well ours sold within 4 hours (yes 4 hours) of putting it on the market for the full asking price and was on par with other 'traditional construction' homes in the area. On Rightmove it's listed as highest price paid, so I wouldn't worry at all about resale value.
If the house hadn't been far to big for just the two of us now, I would still be living in it, far better than this stone built Victorian one we have now.

stator

Have the house looked at by a structural surveyor who is familiar with these types of properties.
Look closely around the windows for cracks.
If it is in good condition then go ahead and buy it.
Insurance is a little more complicated, not all insurers accept this type of house. Direct Line don't. But there are plenty that do.

AFF8879

Non-standard construction only lowers value due to issues with obtaining a mortgage as lenders cannot be sure the property will be adequate security to their investment. If you sailed through the mortgage process with no issues (and sounds like the lender has been made aware) then I don't think you have anything to worry about, but I'm not a broker.

Richard_Webster

Wimpey No Fines seem generally acceptable to most lenders so they seem to be worth nearly as much as traditional houses in the same area of the same size.

You can never predict lender attitudes over this in the future. What was acceptable at one time may not be in the future.