Converting Non Standard Construction to standard build for mortgage

AgapeKer

DullGreyGuy said:

Whats the current construction? Is it the whole property or part of it?

It’s Unity. And it’s the whole property 

AgapeKer

eddddy said:

I believe there are different types of PRC building systems. Some types can be repaired, but it's not economic/viable to repair other types.

So you probably need to get a survey and quotes for your specific house to get a reasonable idea of costs.

Is the house detached, semi or terraced? If it's semi or terraced, you might not be able to get a certificate unless the house it's attached to is repaired as well.

So it might only ever be suitable for a cash buyer, or for demolishing and rebuilding (which might be difficult if it's joined to another PRC house).

It’s a semi detached and it doesn’t look like the adjoining house has been repaired as it looks exactly like mine 

AgapeKer

Grizebeck said:

Take a picture and should be able to tell you what type of PRC it is
how on earth did you buy a house and not realise it was Non standard construction?
Some PRC's are better then others

I specifically asked the agent as I know properties in that area are NSC and they did say it was standard. 

There was nothing in the legal pack as well about that. 

So legally I don’t have anything to hold against them. 

AgapeKer

lincroft1710 said:

AgapeKer said:

I recently purchased a property on auction without realising it was a non standard build. 

My plan is to refurbish and get a buy to let mortgage afterwards. 

I would like to find out if anyone has done this and how much the repair is likely to cost. Also if with a PCR certificate, the property can be viewed as normal standard build. 

Thank you 

You need to give far more details for anyone to even hazard a guess as to possible cost. Size of property, whereabouts in UK. what exactly the construction is, etc 

It’s 3 bedroom 1 bath semi detached house in the Swindon area. And it’s unity construction 

mi-key

AgapeKer said:

lincroft1710 said:

AgapeKer said:

I recently purchased a property on auction without realising it was a non standard build. 

My plan is to refurbish and get a buy to let mortgage afterwards. 

I would like to find out if anyone has done this and how much the repair is likely to cost. Also if with a PCR certificate, the property can be viewed as normal standard build. 

Thank you 

You need to give far more details for anyone to even hazard a guess as to possible cost. Size of property, whereabouts in UK. what exactly the construction is, etc 

It’s 3 bedroom 1 bath semi detached house in the Swindon area. And it’s unity construction 

Ouch, once done it should be possible to get a mortgage on it, but I would be guessing at least £50K for the work. Also expect it to be valued less as the lenders still won't view it as a standard property once done

caprikid1

Here is a link to a company that fixes them - PRC Repair Co Specialists in PRC Repairs PRC Homes Ltd PRC Repair (prc-repair.co.uk)

Unfortunately to get it mortgageable is a specialist job and if the attached property is not done it still could be a challenge (Although the above says otherwise). Repairing a PRC property is ultimately a gamble, I would speak to a mortgage advisor first and see if anyone would lend on it now and then see if with a certificate it would be mortgageable.

Looking at the article this is a very big Job to get a PRC Certificate - Even a replacement certificate costs £1K !!!.

Personally I would renovate and rent it out.

caprikid1

I had a friend who purchased a PRC house in Swindon I think it was Pinehurst ? (One of the P's) it was excellent value for money and very spacious on a great plot, ultimately he refurbished it and moved on. He did get a mortgage on his whether he still could is another thing.

AgapeKer

caprikid1 said:

I had a friend who purchased a PRC house in Swindon I think it was Pinehurst ? (One of the P's) it was excellent value for money and very spacious on a great plot, ultimately he refurbished it and moved on. He did get a mortgage on his whether he still could is another thing.

Thank you. 

I bought it for cash but I was hoping to remortgage to get my money out for other investments.  

The challenge with refurbish and renting out is that all my money will be stuck in for a very long time with just the rental income. 

I’m actually considering repairing and the selling it off. Hopefully that’ll at least get my money back even if I don’t make any profit. 

AgapeKer

Thank you everyone for your comments and advice. 

I have since made some enquiries and my mortgage advisor has come back to say that there are a few potential lenders. 

Selling might be an issue so I might keep as a rental property to start with and then later do the repairs. 

I really appreciate everyone’s contribution