Bank won't lend money.

Pippa65

Selling our 1930's house. It has first floor extension built in 1996 with planning permission, building regulations and completion certificate. The people buying our property have Cash and mortgage but the bank they are borrowing the mortgage with won't lend them the money as they are questioning the construction of said extention. How can they do this when everything was done legally and correctly in line with the regulations in 1996. I agree that regulations have changed but it feels like we're being penalised for something that was done right at the time. Has this happened to anyone else? Any advice gratefully accepted. Thank you.

Fisa002

Do you know what the actual reasoning is behind the refusal? What does the bank say is actually wrong with the extension

Comms69

To answer your question they can do this because it’s their money...

Now another lender may think differently but blaming the bank is not going to fix the situation

jimbog

They may be softening you up ready to reduce their offer - there may be little if anything wrong with it

davidmcn

Pippa65 wrote: »

first floor extension built in 1996 with planning permission, building regulations and completion certificate. the bank won't lend them the money as they are questioning the construction of said extention. How can they do this when everything was done legally and correctly in line with the regulations in 1996. I agree that regulations have changed but it feels like we're being penalised for something that was done right at the time. Has this happened to anyone else? Any advice gratefully accepted.

You'll need to explain what you mean by "questioning the construction". Do you mean the surveyor has some concern about a defect in the extension? If so then there's nothing unreasonable about them asking questions - and just because it was compliant with regulations at the time doesn't necessarily mean it'll still be in great condition 22 years later.

seatbeltnoob

Most importantly is it complaint to todays regs?

00ec25

seatbeltnoob wrote: »

Most importantly is it complaint to todays regs?

utterly irrelevant since it does not need to be

AnotherJoe

seatbeltnoob wrote: »

Most importantly is it complaint to todays regs?

\
Rubbish. Thats not important at all. No house built more than few months ago will be.

societys_child

seatbeltnoob wrote: »

Most importantly is it complaint* to todays regs?

*Did you mean compliant?

Anyway, if that was so important every house would have to be rebuilt before it could be sold.

flower77g

Not enough information here to tell: it needs more specific detail on what the bank's concern is with the construction of the extension.

As an example, some banks do not lend on properties with extensions that have concrete walls, even where they meet the building regulations, other banks will lend on such properties.

Pippa65

No fault with construction they just don't seem to like it being timber framed with correct amount of insulation, plasterboards inside and rendered and pebble dashed outside as per regulations in 1996.