15% deposit for maisonette

Rumana03

TheJP 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? 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".

What was the banks valuation of the property?

The bank's valuation must have come in at the price we offered or maybe above that even. They didn't tell us. We just know that it wasn't lower than what we are buying it for.

diystarter7

Flying freehold and internal hall shared with another?

Rumana03

diystarter7 said:

Flying freehold and internal hall shared with another?

Sorry what do you mean? There is no shared hall. The property is leasehold but appears to be the only leasehold property on that road. It might be because behind the private garden of the property is parking spaces and garages for the properties nearby.

TheJP

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.

Why would you want a reduction in price if the bank has valued the property at what you are paying? 

sidneyvic

TheJP 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? 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.

Why would you want a reduction in price if the bank has valued the property at what you are paying? 

Because a maisonette is worth less than a house and they have been naively misled buy the estate agent.
Play hardball and don't ask tell them you just can't afford it and they need to help you out  as their agent misled you. Maybe meet them half way ?

Section62

ComicGeek said:

The definition of maisonette in the leasehold paperwork may be due to the first floor overhang over the access way. I don't think this is related to the incorrect definition in the EPC, just coincidental. 

I also wonder whether the roof arrangement on the left-hand side has complicated things in terms of the lease - the roof of the house on the left overhangs the property the OP is looking at, but the ridgeline of this property extends some way into the house on the left as well.

In other words, whose space is that wedge of 'slate' roof to the left of where you'd expect the party wall to be.

Rumana03

Section62 said:

ComicGeek said:

The definition of maisonette in the leasehold paperwork may be due to the first floor overhang over the access way. I don't think this is related to the incorrect definition in the EPC, just coincidental. 

I also wonder whether the roof arrangement on the left-hand side has complicated things in terms of the lease - the roof of the house on the left overhangs the property the OP is looking at, but the ridgeline of this property extends some way into the house on the left as well.

In other words, whose space is that wedge of 'slate' roof to the left of where you'd expect the party wall to be.

I'm not sure. This weekend we will be going to see the property again. I will be asking the vendor about the property as there are some grey areas in the paperwork. For example numerous times it refers to 'upper maisonette'. It even says that in the EPC report which makes me wonder if we are only buying the upper part of the property. Also we are not sure if we are laible for all the costs for the car parking & garages behind the property or only for our 2 parking spaces.
The vendor is keen to exchange in 3 weeks time but I think we need clarity around a few matters before we can do this.

BlueC

You're doing the right thing to ask these questions now. On the face of it, it looks like an awkward property so bear in mind when you come to sell you're going to have buyers and lenders asking the same questions that you're asking now. Ultimately this could affect it's saleability or even the value.

If you're not happy with it, either walk away or reduce your offer by an amount that makes you comfortable with the "risk".

It may feel like a pain now but it may be a blessing that Nationwide have picked up on this.

Sandtree

Rumana03 said:

Mortgage broker has said they have appealed saying that the property should be classed as a terrace house as it has it's own private garden. They have also mentioned in the appeal that there is no service charge or ground rent so therefore there is less risk for the bank. We should know outcome in a few days.

We have our own garden with our maisonette and so dont think that its a defining characteristic of what separates it from a terrace... there is no doubts or question in our case as we are on ground and 1st and there are 3 floors above us.

What percentage of the total dwelling is in the element over the driveway? The only possible rational in my head for it not being a house is if that percentage is considered too high and therefore they are considering the void under the property that you dont own as the reason your buying a flat/maisonette rather than house.

TheJP

sidneyvic said:

TheJP 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? 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.

Why would you want a reduction in price if the bank has valued the property at what you are paying? 

Because a maisonette is worth less than a house and they have been naively misled buy the estate agent.
Play hardball and don't ask tell them you just can't afford it and they need to help you out  as their agent misled you. Maybe meet them half way ?

Not in this instance, the lender has valued the maisonette at what the OP has offered. Yes i would be quite annoyed if the house was advertised as something different but it looks as if the EA and seller thought it was classed as a house. 

OP if the 15% deposit is the issue and you still like the house perhaps try a different lender.