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House is Unmortgageable - Now What?
ljv92
Posts: 3 Newbie
Me and my partner bought an ex-council house in 2017 as FTB. Survey noted that house was of “modern timber frame construction” but did not suggest this would be an issue - in fact, it specifies that both walls and roof are of “standard construction”. January 2021 we put the house on the market and since then have had no fewer than 4 sales fall through due to the “non-standard construction” of the property. Now we’re being told that our house might be considered unmortgageable as a result. What are our options here? We’ve lost thousands in broken chains at this point and haven’t paid enough off our mortgage to just sell it at a knockdown price.
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2017 survey for you or for your lender?
What variety of non-standard construction is it?0 -
It was the valuation report carried out by our lender, to be honest. It’s a timber frame construction… one of our buyers told us their surveyor said it had “an incomplete masonry outer leaf”, which I assume is a small section of plastic cladding at the front.user1977 said:2017 survey for you or for your lender?
What variety of non-standard construction is it?
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Needs to be listed as cash buyers only.0
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What about the doors and windows ? I suspect they are running scared of "cladding". Maybe you need to get some quotes on filling the areas with brick / block. How big an area is it ? It can't just be the timber frame else half the houses in Scotland would be unmortgageable including the 1K+ houses that are going up around me at the moment.ljv92 said:
It was the valuation report carried out by our lender, to be honest. It’s a timber frame construction… one of our buyers told us their surveyor said it had “an incomplete masonry outer leaf”, which I assume is a small section of plastic cladding at the front.user1977 said:2017 survey for you or for your lender?
What variety of non-standard construction is it?
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Windows and doors are new UPVC. After speaking to my dad, he seems to think the area of tiling on the side of the outer wall might also be part of the “incomplete masonry”, which is going to mean bricking up a decent amount of the outer area.0
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They can`t afford the price reduction a cash buyer will no doubt want on the property.Thrugelmir said:Needs to be listed as cash buyers only.1
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