Valuation Outside Lenders Policy

alias00

We found a house we love, it's a grade II listed building from 1800s and it's Ina beautiful sought-after village. It does need a lot of work but as FTBs this appealed to us as it's the only way we can afford to live in a nice area with our budget.

We got as far as the valuation stage with Aldermore bank but they said on the report it was 'a listed building with outstanding repairs' and therefore outside their policy.

The estate agent told us the previous prospective buyer dropped out because of breakdown in her chain. She had the middle survey done and apparently no issues. Our broker advised us to go through another bank so we are trying Nationwide now. We really love the place and think we could make a lot of money on it by doing it up.

However I'm a bit worried now about resaleabilty. Is it likely that Aldermore bank have a stricter lending policy than other banks? Are listed buildings difficult to sell? Am I right in thinking if the Nationwide valuation comes back ok we shouldn't worry about continuing with the purchase?

Thanks

Thrugelmir

What are the outstanding repairs? For a listed building the expense could be considerable.

alias00

They didn't say. Although the broker pressed them for more information they didn't list anything specific on the report.

ACG

Why would you apply to Aldermore before Nationwide?
When someone applies to Aldermore, there are normally other issues to contend with.

In terms of the property, it is entirely possible that it is fine for one lender but not another.

amnblog

Sounds like a risky property for a FTB unless you are in the building trade.

Like ACG I can see no reason why a borrower who would be accepted by Nationwide would be applying via Aldermore.