Concrete frame flats

confusedmortgageapplicant

Hi everyone. I’m in the process of buying a flat and have just received the valuation report. My mortgage provider (Halifax) is willing to lend on the property but there is a note in the report that some lenders will not lend on this type of property which may affect saleability. 

It is a 5 storey block constructed with a reinforced concrete frame. It is not an ex-council flat. It’s a nice looking building in a popular area which was built in 1999. 

Despite Halifax being willing to lend on it, this comment has caused me some concern. I have read about concrete cancer in post-war tower blocks - is this something I should be worrying about on a newer build? Surely most multi-storey flats are built in this way, so am I worrying unnecessarily? 

I am planning to get a level 2 survey done but not sure if this will suffice.

I have also just learned that the building not having a lift may also be an issue for some lenders. 

Any advice would be much appreciated. Thank you in advance! 

born_again

Each lenders has their own criteria. Some will not lend on high EPC rating or if built on a flood plain.
All Halifax are doing is warning you about any possible issues should you come to sell later. If not they could be open to complaints.

Did you not notice the lack of lift when viewing, or is this a ground floor flat. So would not be a high priority?

It's is up to you to make a judgment call. I guess it depends on how much you like the flat & how long you are planning to keep.
Just look at how the whole cladding issue has gone with flats & how they have left people with a unsaleable property. As well as how that effects mortgage lenders.

MultiFuelBurner

Well you sound like you understand when you come.to sell some people.offering and when you accept will get denied either porting their existing mortgage or getting their preferred mortgage as their lender won't lend against the purchase.

Expect to sell for less money except if you are lucky with purchaser and lender when it comes time to move on.

One way is for you to purchase it cheaper and then be happy with any delay selling and selling it cheaper.

confusedmortgageapplicant

Thank you both very much for your replies. I love the flat so am keen to go ahead but I’m also not a very risk averse person! I have just found out that there is in fact a lift, hidden round a corner - so can cross that concern off the list! 

I guess I’m just looking to get a sense of how normal it is to buy and get mortgages on flats with a concrete frame. There must be loads of them! But now I’m googling it maybe this is an issue for everyone and I’ve just never realised!

confusedmortgageapplicant

@bornagain and yes, I have avoided flats with cladding like the plague! I hope this isn’t a future scandal waiting to happen!