NatWest

Viperex

Hi i have a Natwest mortgage approved and would like some advice and to recent event news on a house i am purchasing. Now its just about there and nearly  complete when my solicitor finds out that the dormer room which has been there for 6 years does not have building reg certificate. So they have left me with a choice or either proceeding with out it or not at all. If i go ahead Natwest would have to be told and they would revalue the house if they do that how long would it take and would they have to come out and view the property again  as they did first time . Also LTV is 48% 

granville14

We had similar issues with our house purchase approx 18 months ago with a Natwest mortgage. Our solicitor reported 3 different 'issues' that Natwest came back and said didnt affect value same day / next day on all 3 occasions. I spoke directly to Natwest regarding one of the issues as our solicitor was on annual leave so couldn't update us, and they said they go back to original valuer to ask if they think it would make a difference to market price.. The solicitor definitely made much more of an issue than Natwest about them. Natwest were really quick with any value questions. 

Viperex

granville14 said:

We had similar issues with our house purchase approx 18 months ago with a Natwest mortgage. Our solicitor reported 3 different 'issues' that Natwest came back and said didnt affect value same day / next day on all 3 occasions. I spoke directly to Natwest regarding one of the issues as our solicitor was on annual leave so couldn't update us, and they said they go back to original valuer to ask if they think it would make a difference to market price.. The solicitor definitely made much more of an issue than Natwest about them. Natwest were really quick with any value questions. 

So did they devalue the house Natwest ? and what was your problem loft/dormer?  

granville14

No, they said market value was the same.. Our issue was garage / shower room with no regs, shared drive issue in that the land registry shows the whole road as 'ours' rather than shared, and some issue with water pipes under the house.. none of the issues changed valuation, or caused another full valuation, the initial valuer just confirmed it didn't affect the market value of the house

Viperex

Also i have never viewed  what NatWest valued the house at . can i ask them to send me there report ? 

JMA74

Viperex said:

Also i have never viewed  what NatWest valued the house at . can i ask them to send me there report ? 

no, the valuation is done for their benefit only

ElwoodBlues

I've been in the same position - discovered during purchase that loft conversion and rear extension on my house didn't have building regs (and certainly isn't built to any recognised standard!). I was fully expecting Natwest to retract their mortgage offer, as it's a significant portion of the house affected. Conveyancer informed NatWest who very quickly came back and said that they were still happy to lend on the agreed terms/valuation.

Viperex

Did you proceed with purchase ? Because of the building reg

ElwoodBlues

Viperex said:

Did you proceed with purchase ? Because of the building reg

Yes I did. But my hand was forced somewhat as I was already living in the property as a tenant. The vendor (my then landlord) was getting very twitchy and served me notice - "either exchange now or get out". So my hand was forced somewhat. If it was a normal purchase then I would probably have pulled out or asked for a suitable discount. But I knew the place inside out and that I could live with the lack of conformity. The work was done 30 years before and I'm pretty confident it's not going to fall down despite being structurally deficient. It also doesn't meet standards for things like insulation and fire regs. I factored in the cost and logistics of moving over buying the place and staying put, my legal fees so far, and trying to find somewhere else at short notice. What'll happen when I come to sell is another matter entirely...