Recourse

ReadingTim

old_hat wrote: »

Not being stupid. Samtander leant to us to buy it / then to extend the lease. Seems they were only ever prepared to lend to us and no one else!

So what? It's their money - they can lend it to who they like and on what they like. Or not, as they see fit.

Guest101

old_hat wrote: »

Agreed. So we are stuck

Yes? Look it's unfortunate, but you have a property, so that's something

sparky130a

old_hat wrote: »

Not being stupid. Samtander leant to us to buy it / then to extend the lease. Seems they were only ever prepared to lend to us and no one else!

To be Frank ( Or Grahame or anyone one else for that matter... )

That isn't their problem is it...

You can't appeal another persons finances......

old_hat

I know. It is beautiful. 35 offers so far. But the banks say it is not mortgageable despite lending to us, rules etc. Advice to take a hit on the price but we cant afford to do that as we have still a big mortgage on it not enough equity. Extended the lease and the bank gave us a mortgage to do this but this was only to make it more attractive to cash buyers. We are now moving and have to be out by 24th july. Looks like renting out and waiting until enough equity to do a let to buy for the property we want

old_hat

Im talking about appealing as to why they loaned to us in the first place if now it is not mortgageble

Guest101

old_hat wrote: »

Im talking about appealing as to why they loaned to us in the first place if now it is not mortgageble

Because you asked them to? No you can't appeal this sorry

Guest101

old_hat wrote: »

I know. It is beautiful. 35 offers so far. But the banks say it is not mortgageable despite lending to us, rules etc. Advice to take a hit on the price but we cant afford to do that as we have still a big mortgage on it not enough equity. Extended the lease and the bank gave us a mortgage to do this but this was only to make it more attractive to cash buyers. We are now moving and have to be out by 24th july. Looks like renting out and waiting until enough equity to do a let to buy for the property we want

Make sure you get consent to let.

old_hat

Will do but its ff ing annoying

teddysmum

Why do you have to be out if it's your (mortgaged ) property ?

G_M

Assuming the buyer was turned down on the basis of the property, not their own circumstances, then

* has the property changed/deteriorated in any way?
* has the lender's lending policy changed in any way?

The latter seems most likely. Lenders change their policies all the time.

As it's above commercial premises it was always a risky purchase. Many lenders refuse to lend to flats above commercial premises. Some lenders extend this to properties next to commercial premises. Some extend it further to properties near commercial premises.

And all lenders re-evaluate these criteria all the time.

You chose to purchase above commercial premises, and any superficial searching of the property market would have warned you this carried risks, even if you could personally find a lender at that time prepared to lend.