Help - Barclays lending criteria has left me up the creek!

ComicGeek

Retrospective warranties are normally really expensive, as they aren't able to inspect all of the work that is now hidden, and priced to reflect that increased risk. Also require a huge amount of paperwork from the developer that they may not have or be willing to provide, hence the simpler architects certificate route to start with.

Definitely find out from Barclays who they would accept retrospective warranties from (if any) before progressing anything. 

Silvamagna

ComicGeek said:

Retrospective warranties are normally really expensive, as they aren't able to inspect all of the work that is now hidden, and priced to reflect that increased risk. Also require a huge amount of paperwork from the developer that they may not have or be willing to provide, hence the simpler architects certificate route to start with.

Definitely find out from Barclays who they would accept retrospective warranties from (if any) before progressing anything. 

Thanks for the advice, much appreciated.

Elimnmum

Silvamagna said:

ComicGeek said:

Retrospective warranties are normally really expensive, as they aren't able to inspect all of the work that is now hidden, and priced to reflect that increased risk. Also require a huge amount of paperwork from the developer that they may not have or be willing to provide, hence the simpler architects certificate route to start with.

Definitely find out from Barclays who they would accept retrospective warranties from (if any) before progressing anything. 

Thanks for the advice, much appreciated.

Hi there did you manage to get this issue sorted at all? 

We are having the same issue with Barclays now and they are saying this development would not fall into that category, as they seem to be a row of standard properties to the edge of the town. We would therefore not accept a PCC for a development of this type of more than 5 properties." 

could you let me know if you managed to sort this and if not who did agree to lend to you? 

Thanks 

molerat

Elimnmum said:

Hi there did you manage to get this issue sorted at all?

OP has not visited the forum since they made this, their one and only post.

Grumpy_chap

As SDLT Geek suggested upthread, it may be worth sharing the response from the lender with the Developer.  If one lender is concerned and there is potential that makes the whole development difficult to purchase (as individual units) under mortgaged finance, the Developer may be motivated to seek a resolution / appropriate alternative warranty if that is cheaper than the reduction in value for cash buyers only.

I note the original OP seems to have moved on, but this might be a route that @Elimnmum can follow.

Elimnmum said:

Silvamagna said:

ComicGeek said:

Retrospective warranties are normally really expensive, as they aren't able to inspect all of the work that is now hidden, and priced to reflect that increased risk. Also require a huge amount of paperwork from the developer that they may not have or be willing to provide, hence the simpler architects certificate route to start with.

Definitely find out from Barclays who they would accept retrospective warranties from (if any) before progressing anything. 

Thanks for the advice, much appreciated.

Hi there did you manage to get this issue sorted at all? 

We are having the same issue with Barclays now and they are saying this development would not fall into that category, as they seem to be a row of standard properties to the edge of the town. We would therefore not accept a PCC for a development of this type of more than 5 properties." 

could you let me know if you managed to sort this and if not who did agree to lend to you? 

Thanks 

Elimnmum

Grumpy_chap said:

As SDLT Geek suggested upthread, it may be worth sharing the response from the lender with the Developer.  If one lender is concerned and there is potential that makes the whole development difficult to purchase (as individual units) under mortgaged finance, the Developer may be motivated to seek a resolution / appropriate alternative warranty if that is cheaper than the reduction in value for cash buyers only.

I note the original OP seems to have moved on, but this might be a route that @Elimnmum can follow.

Elimnmum said:

Silvamagna said:

ComicGeek said:

Retrospective warranties are normally really expensive, as they aren't able to inspect all of the work that is now hidden, and priced to reflect that increased risk. Also require a huge amount of paperwork from the developer that they may not have or be willing to provide, hence the simpler architects certificate route to start with.

Definitely find out from Barclays who they would accept retrospective warranties from (if any) before progressing anything. 

Thanks for the advice, much appreciated.

Hi there did you manage to get this issue sorted at all? 

We are having the same issue with Barclays now and they are saying this development would not fall into that category, as they seem to be a row of standard properties to the edge of the town. We would therefore not accept a PCC for a development of this type of more than 5 properties." 

could you let me know if you managed to sort this and if not who did agree to lend to you? 

Thanks 

Thanks for your response I appreciate that, we are being told Barclays have been the lender on this small site previously and there should be a record of this issue being rectified and allowed however that doesn’t seem to be the case on Barclays end. Its a really strange one how one plot can be okay but another is not