15% deposit for maisonette

Rumana03

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? They clearly must have known that the property advert was incorrect as I have seen many other properties listed clearly as maisonette whereas this one repeatedly used the word "house".

Also I noticed on Zoopla it lists the property as a terrace property (no use of word maisonette)...will this help at all when broker appeals decision?

My husband has asked the mortgage broker to call him so that we can discuss the appeal ans understand what grounds they will be appealing on.

K_S

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? They clearly must have known that the property advert was incorrect as I have seen many other properties listed clearly as maisonette whereas this one repeatedly used the word "house".

Also I noticed on Zoopla it lists the property as a terrace property (no use of word maisonette)...will this help at all when broker appeals decision?

My husband has asked the mortgage broker to call him so that we can discuss the appeal ans understand what grounds they will be appealing on.

@rumana03 Renegotiation - you can definitely ask, but whether or not they'll be willing to entertain a reduction will depend on a lot of factors.

Appeal - to put it bluntly, Nationwide will not care about what was on the listing, they will go by the valuer report. If the valuer's report is factually incorrect to describe the property as a flat/maisonette, then you can potentially appeal to have that corrected.

user1977

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

simon_or

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less desirable" than a terraced house.

Granted, the seller has no obligation at all to reduce the price but that doesn't change the fact that they (or their agent on their behalf) has lied on the listing for the property.

user1977

simon_or said:

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less" than a terraced house.

But it's obvious just from that photo what it comprises, never mind a viewing. Doesn't really matter whether you call it a coach "house" or a "flat" or a "maisonette".

housebuyer143

simon_or said:

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less" than a terraced house.

Granted, the seller has no obligation at all to reduce the price but that doesn't change the fact that they (or their agent on their behalf) has lied on the listing for the property.

You could try for a reduction on the grounds you applied to the wrong lender due to their misrepresentation and now the rates have gone up. 
You might also have to choose a more obscure lender with higher rates. 

I would assume your valuation can't be appealed because I can't see what ground your broker is expecting it to be over turned on?
The agent listing has no bearing on the Val. They could list a house as brick built when it's concrete. The bank isn't going to agree it's built with brick because the agent said it was. 

Rumana03

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

Yes but they lied in the advert. You can't just decide to call a maisonette a house in the advert to draw more attention and also get higher asking prices. At no point were we told that this is a maisonette. As mentioned we now may have to find an additional 5% deposit because of this. Had we known this was going to be the case, we would have looked at other properties which would be within our budget.

Yes I know the seller will not reduce price massively (if they do at all). But any reduction would help as we may now need to borrow the money from family.

simon_or

user1977 said:

simon_or said:

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less" than a terraced house.

But it's obvious just from that photo what it comprises, never mind a viewing. Doesn't really matter whether you call it a coach "house" or a "flat" or a "maisonette".

I accept that that's your opinion and that it's obvious to you that it's a coach house flat, but I don't share that opinion.

It does matter how you describe a property on an advertisement and if it was that obvious, the EA wouldn't go through the trouble of lying on the listing.

Rumana03

housebuyer143 said:

simon_or said:

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less" than a terraced house.

Granted, the seller has no obligation at all to reduce the price but that doesn't change the fact that they (or their agent on their behalf) has lied on the listing for the property.

You could try for a reduction on the grounds you applied to the wrong lender due to their misrepresentation and now the rates have gone up. 
You might also have to choose a more obscure lender with higher rates. 

I would assume your valuation can't be appealed because I can't see what ground your broker is expecting it to be over turned on?
The agent listing has no bearing on the Val. They could list a house as brick built when it's concrete. The bank isn't going to agree it's built with brick because the agent said it was. 

Unfortunately we can't go to a different lender as Nationwide were the only bank who can offer us a big enough mortgage. Other banks would only offer maximum £230k (including deposit). This property we are trying to buy is £257k. So we really are in a bad situation.

Had we known before that this is maisonette we could have easily found a different property within our budget.

housebuyer143

Rumana03 said:

housebuyer143 said:

simon_or said:

user1977 said:

Rumana03 said:

K_S said:

Rumana03 said:

K_S said:

@Rumana03 Coach-house flat, flying free-hold, etc are the kind of things that came to mind when I saw the picture. Definitely something that I would expect the broker to dig into before placing the case, that's assuming they looked the property up on RM/Zoopla.

Nationwide even offer a pre-valuation enquiry service to brokers for precisely these kind of situations https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/db62-pre-valuation-property-form.pdf

If the buyers are FTBs then the second property issue doesn't come into the picture.

Will the broker be able to use the property advert to help with the appeal? As it was clearly listed as a house.

@rumana03 I wouldn't expect that to be a valid reason. In any case, as it is a flat/maisonette in fact, that's what Nationwide will treat it as.

To be honest I'm not entirely sure what the appeal is based on and whether he's appealing the valuation or something else. Nationwide's valuation appeal criteria is given here https://www.nationwide-intermediary.co.uk/lending-criteria/property-and-constructions#valAppeal

Can we ask the seller for a reduction on the price agreed? 

On what basis? It is what it is, no matter whether you want to call it a house or a flat

For lying on the ad by calling a coach house flat a terraced house? They're two entirely different things aren't they, with coach house flats typically perceived as "less" than a terraced house.

Granted, the seller has no obligation at all to reduce the price but that doesn't change the fact that they (or their agent on their behalf) has lied on the listing for the property.

You could try for a reduction on the grounds you applied to the wrong lender due to their misrepresentation and now the rates have gone up. 
You might also have to choose a more obscure lender with higher rates. 

I would assume your valuation can't be appealed because I can't see what ground your broker is expecting it to be over turned on?
The agent listing has no bearing on the Val. They could list a house as brick built when it's concrete. The bank isn't going to agree it's built with brick because the agent said it was. 

Unfortunately we can't go to a different lender as Nationwide were the only bank who can offer us a big enough mortgage. Other banks would only offer maximum £230k (including deposit). This property we are trying to buy is £257k. So we really are in a bad situation.

Had we known before that this is maisonette we could have easily found a different property within our budget.

Good Luck! I do hope you can find the additional monies or get a suitable reduction.