Trying to sell our house but keep getting zero valuation - what do we do?!

_MrBojangles_

user1977 said:

The comments seem fair enough - they highlighted to you that you may wish to consider a specialist survey (I guess you didn't?) and that lenders may have a concern about it (was it flagged it up with them at the time?).

No we didn't consider a specialist survey as the estate agent at the time contended that because we'd secured a household mortgage there wouldn't be any problems in future with getting mortgages on it. More fool us for listening to him, but we were FTB and didn't know any better. Should have posted here first! No idea if the lenders had it flagged to them, I know that our solicitors would have been supposed to do that, but they missed several things at the time (and have since gone out of business). 

km1500

are you sure it's the substation ?

RedFraggle

Have you had the levels tested? 
https://www.ukpowernetworks.co.uk/safety/around-substations/living-next-to-electrical-equipment
I can see a mortgage lender probably isn't interested in that as they are focussing on ability to get their money back should they need to but it could help with a cash buyer as a think many people would be hesitant 

_MrBojangles_

km1500 said:

are you sure it's the substation ?

99% sure but I'm still waiting for the report to get to us via the estate agent. 

RedFraggle said:

Have you had the levels tested? 
https://www.ukpowernetworks.co.uk/safety/around-substations/living-next-to-electrical-equipment
I can see a mortgage lender probably isn't interested in that as they are focussing on ability to get their money back should they need to but it could help with a cash buyer as a think many people would be hesitant 

Yes, we have a current EMF certificate showing the levels are very very low compared to the recommended safe minimum. 

Zerforax

Do you know if your buyers used a mortgage broker in both cases? I know you mentioned the 2nd buyer applied to a specialist lender.

silvercar

I wonder if NatWest were aware they were already lending on it? If the buyer's broker could remind their contact at NatWest they may be more willing to accept it.

user1977

silvercar said:

I wonder if NatWest were aware they were already lending on it? If the buyer's broker could remind their contact at NatWest they may be more willing to accept it.

I don't think that works, otherwise lenders never rid themselves of the risky properties which they don't want to have on their books.

NameUnavailable

A substation is possibly a better thing to have underneath than noisy neighbours playing loud music etc., so it's a case of selling the benefits. I guess the thing is to ask the EA to get potential buyers to obtain mortgage quotes via their own brokers (they can do some groundwork and get suitable lenders lined up).

letom

_MrBojangles_ said:

user1977 said:

The comments seem fair enough - they highlighted to you that you may wish to consider a specialist survey (I guess you didn't?) and that lenders may have a concern about it (was it flagged it up with them at the time?).

No we didn't consider a specialist survey as the estate agent at the time contended that because we'd secured a household mortgage there wouldn't be any problems in future with getting mortgages on it. More fool us for listening to him, but we were FTB and didn't know any better. Should have posted here first! No idea if the lenders had it flagged to them, I know that our solicitors would have been supposed to do that, but they missed several things at the time (and have since gone out of business). 

I think always bad to listen to estate agents and take at face value but I don't think it makes you a fool, the fact a high street bank gave you a mortgage was evidence that getting a mortgage in the future wouldn't be a problem, however that is a sample of 1. Realistically a good broker should have flagged this to say "the market is hot now and lenders are looser than normal but this is the type of property that they might stop lending on in the future".

I think it's good to understand if the buyers used brokers, if not then your next potential buyer might have better luck if their broker steers them to a more friendly lender. However either way this all comes to price i.e. you'll need to lower it to reflect that it will be harder to get financing, financing is likely to be more expensive and ultimately this is a riskier property for a buyer.

letom

NameUnavailable said:

A substation is possibly a better thing to have underneath than noisy neighbours playing loud music etc., so it's a case of selling the benefits. I guess the thing is to ask the EA to get potential buyers to obtain mortgage quotes via their own brokers (they can do some groundwork and get suitable lenders lined up).

This is an excellent idea, if they have it, to ask the in-house broker to already have a list of lenders they know would lend on it then steer the buyer to them.