trickery of estate agents and mortgage brokers: cash only property due to "cement cancer"

Matt-less

I am urgently seeking help and I apologise if I am contacting the wrong thread, in which case I would kindly ask that you point me in the right direction, please, as I am struggling to understand whom to address myself to.

I was about to buy a high-rise flat ex-council (ex right to buy) in Islington until someone in this line of work pointed me to the high-risk of a mortgage lender not granting me the mortgage due to the famous issue of "concrete cancer".

This expert claims some of the other properties on sale at the ex council development in question (Harvist Estate, Borough of Islington) are only open to cash-only purchasers precisely because mortgages have been refused in the past due to concrete cancer being suspected in the structure.

Neither my own estate agent nor mortgage broker have of course made any mention of this to me, and are keen to sell me this flat at a suspiciously advantageous price for the average house price in this area of London, though I do appreciate that it being an ex council flat brings price down.

How and where can I seek info and proof this building is structurally sound? Would a PRC certificate suffice?

Could you be so kind to point me in the right direction? I would like to know which is the correct public body/office where I can get assistance/info on this, information on whether this building is affected by this or sound and safe to buy, and ideally know which relevant office would provide a engineering report outlining the structural integrity of the building

Thank you ever so much for your kind advice
Matt-less

keithdc

Matt-less wrote: »

I am urgently seeking help and I apologise if I am contacting the wrong thread, in which case I would kindly ask that you point me in the right direction, please, as I am struggling to understand whom to address myself to.

I was about to buy a high-rise flat ex-council (ex right to buy) in Islington until someone in this line of work pointed me to the high-risk of a mortgage lender not granting me the mortgage due to the famous issue of "concrete cancer".

This expert claims some of the other properties on sale at the ex council development in question (Harvist Estate, Borough of Islington) are only open to cash-only purchasers precisely because mortgages have been refused in the past due to concrete cancer being suspected in the structure.

Neither my own estate agent nor mortgage broker have of course made any mention of this to me, and are keen to sell me this flat at a suspiciously advantageous price for the average house price in this area of London, though I do appreciate that it being an ex council flat brings price down.

How and where can I seek info and proof this building is structurally sound? Would a PRC certificate suffice?

Could you be so kind to point me in the right direction? I would like to know which is the correct public body/office where I can get assistance/info on this, information on whether this building is affected by this or sound and safe to buy, and ideally know which relevant office would provide a engineering report outlining the structural integrity of the building

Thank you ever so much for your kind advice
Matt-less

Summary:

Estate agent is trying to sell you a flat- that is their job.
Broker is trying to sort a mortgage- that is their job.

You need a surveyor.

davidmcn

Pretty much any council high rise is unmortgageable, concrete cancer or not.

kingstreet

We only get paid on completion, so if we did a mortgage which didn't proceed, we wouldn't get paid.

Not much point in that 'trickery', is there?

amnblog

Problems with lending options in London High Rise Concrete blocks is commonplace.

The Estate Agents knows this, but they are not 'your Estate Agent'. They are working for the Vendor. How you fund your purchase is not their concern other than they want you to be able to complete.

A Broker who has considered the properties before would know there is a problem. An experienced Broker would assume a potential problem.

I have looked at remortgages for residents in similar blocks and found them to be 'unmortgageable' in today's market even though the residents already have lending.

You have just discovered why the property is relatively inexpensive.

Move on.

silvercar

Ask the current seller if they have a mortgage and who with. They may, possibly, be willing to lend again on the basis that they already have the risk of the property.

Everything is cheap for a reason, think carefully if you want to proceed with the risk of owning and selling such a property.

Matt-less

I thank you all for your kind replies and useful info, however, I would kindly ask if my actual questions could be addressed, rather than issues that are less concerning to me right now e.g. getting the mortgage (which I have reason to believe I WILL get), and which I hought I would share just to give more background on the whole thing.

My questions were:

- where can I seek info and proof this building is structurally sound? Would a PRC certificate suffice?

- which is the correct public body/office where I can get assistance/info on this, information on whether this building is affected by this or sound and safe to buy, and ideally know which relevant office would provide a engineering report outlining the structural integrity of the building


Thanking you all ever so much,
Matt

kingstreet

Local Authority Housing Dept will be able to confirm construction style and if deemed defective under 1984 and/or 1985 Housing Acts.

Nobody is going to give you the reassurance you request. That will come from your own investment in the usual survey/report.