Valuation of £0 need advice

sammyj84

Hello 
We were turned down for the right to buy mortgage but not because of us, we passed all the checks.
So we had the lender valuation report and they have said the following ...
"Unfortunately the property has been deemed as unsuitable security for the Society and a £0 value given.
The valuer has stated...
"The subject property is located in a predominantly public sector block and development. It is accessed via a balcony deck which is unacceptable to many lenders. The maintenance and management of the block appears to be poor and there is little evidence of adequate saleability for this type of property in this location. These factors have a significant negative impact on saleability and mortgage-ability and therefore render it unsuitable security." 

Neighbours have brought flats in the same block, can we challenge this or where can we go from here. 
Any advice welcome.

Thanks in advance

[Deleted User]

You could try another lender.

sammyj84

We dont want to many hard searches on our file tho. 

[Deleted User]

You won't get a mortgage without hard searches.

Lenders understand that searches are a part of getting a mortgage.

Voyager2002

Try asking your neighbours which mortgage lenders they used. Or ask a broker to help.

Alternatively, leave this property as social housing and buy somewhere on the open market.

sammyj84

This is through a broker. 
We have not been saving as we had planned to buy this so will take us a few years to save a deposit now.

K_S

sammyj84 said:

Hello 
We were turned down for the right to buy mortgage but not because of us, we passed all the checks.
So we had the lender valuation report and they have said the following ...
"Unfortunately the property has been deemed as unsuitable security for the Society and a £0 value given.
The valuer has stated...
"The subject property is located in a predominantly public sector block and development. It is accessed via a balcony deck which is unacceptable to many lenders. The maintenance and management of the block appears to be poor and there is little evidence of adequate saleability for this type of property in this location. These factors have a significant negative impact on saleability and mortgage-ability and therefore render it unsuitable security." 
Neighbours have brought flats in the same block, can we challenge this or where can we go from here. 
Any advice welcome.
Thanks in advance

@sammyj84 Is this Nationwide? They're currently top sourcing for RTB hence the question. This could be a result of being placed with the wrong lender more than anything else. You need a lender who is ok with majority council owned, deck access, etc and there are plenty that are.

What is your broker suggesting as next steps? And don't worry too much about a hard check, by itself it shouldn't have a huge impact on your next application.

sammyj84

K_S said:

sammyj84 said:

Hello 
We were turned down for the right to buy mortgage but not because of us, we passed all the checks.
So we had the lender valuation report and they have said the following ...
"Unfortunately the property has been deemed as unsuitable security for the Society and a £0 value given.
The valuer has stated...
"The subject property is located in a predominantly public sector block and development. It is accessed via a balcony deck which is unacceptable to many lenders. The maintenance and management of the block appears to be poor and there is little evidence of adequate saleability for this type of property in this location. These factors have a significant negative impact on saleability and mortgage-ability and therefore render it unsuitable security." 
Neighbours have brought flats in the same block, can we challenge this or where can we go from here. 
Any advice welcome.
Thanks in advance

@sammyj84 Is this Nationwide? They're currently top sourcing for RTB hence the question. This could be a result of being placed with the wrong lender more than anything else. You need a lender who is ok with majority council owned, deck access, etc and there are plenty that are.

What is your broker suggesting as next steps? And don't worry too much about a hard check, by itself it shouldn't have a huge impact on your next application.

It was with Nationwide, and we cant challenge it apparently. 

They suggested trying other lenders.. but again dont want to go to lots of lenders an have loads of searches and apparently not many lenders will lend if its devk/balcony access 

K_S

sammyj84 said:

K_S said:

sammyj84 said:

Hello 
We were turned down for the right to buy mortgage but not because of us, we passed all the checks.
So we had the lender valuation report and they have said the following ...
"Unfortunately the property has been deemed as unsuitable security for the Society and a £0 value given.
The valuer has stated...
"The subject property is located in a predominantly public sector block and development. It is accessed via a balcony deck which is unacceptable to many lenders. The maintenance and management of the block appears to be poor and there is little evidence of adequate saleability for this type of property in this location. These factors have a significant negative impact on saleability and mortgage-ability and therefore render it unsuitable security." 
Neighbours have brought flats in the same block, can we challenge this or where can we go from here. 
Any advice welcome.
Thanks in advance

@sammyj84 Is this Nationwide? They're currently top sourcing for RTB hence the question. This could be a result of being placed with the wrong lender more than anything else. You need a lender who is ok with majority council owned, deck access, etc and there are plenty that are.

What is your broker suggesting as next steps? And don't worry too much about a hard check, by itself it shouldn't have a huge impact on your next application.

It was with Nationwide, and we cant challenge it apparently. 
They suggested trying other lenders.. but again dont want to go to lots of lenders an have loads of searches and apparently not many lenders will lend if its devk/balcony access 

@sammyj84 Unless there's something shockingly wrong with the estate, I would be surprised if this weren't placeable.

But yes, if you're with a broker who simply sources the cheapest and goes trial-and-error from there, you may well end up with a few futile hard searches on your credit file before chancing upon the right lender.

With Nationwide, I'd only consider placing a deck-access flat with them if it was in/around central London. They're not very good with deck-access outside that.

Thrugelmir

sammyj84 said:

Neighbours have brought flats in the same block, 

How recently? 

How many flats in the block have been sold recently and how many are currently for sale? 

sammyj84

Thrugelmir said:

sammyj84 said:

Neighbours have brought flats in the same block, 

How recently? 

How many flats in the block have been sold recently and how many are currently for sale? 

Within the last 5 years (one brought it last yer but paid outright) 
Non for sale as there all occupied, out of the 15 maisonettes 4 are already brought (my an my next door neighbour trying to buy ours)