Barclays deemed 4th floor flat close to Central London to have no sustainable resale potential

1st_time_london_buyer

user1977 said:

Albermarle said:

there is also delivery drivers where some will just dump a parcel in the foyer. Even more difficult what about removal people or people delivering sofas, washing machines. Probably extra charges every time.

3rd floor flats with no lift are pretty commonplace in urban Scotland, but I'm not aware of any regular surcharges for deliveries etc (though I expect movers would charge more) or couriers refusing to come upstairs. Doubt 4th floor really matters from that point of view.

I currently live on the fourth floor without a lift, which is why I don't perceive it as an issue. However, being in my 30s and in good health, I acknowledge others may have different perspectives.

Regarding deliveries, delivery drivers typically have a limited time per delivery, and even if there is a lift, they usually don't go up. Parcels are usually left on the ground floor.

macman

There must be tens of thousands of mansion flats in central London that fall into this category. Try someone without such a crude blanket policy.
How this will affect the resale value in 25 year time is anyone's guess. It certainly reduces the potential market, but doesn't eliminate it.

kingstreet

We do a lot of shared ownership business around London (W7, UB1, UB6, TW4 etc) in blocks of five storeys or more. It is one of the first questions on the list when we get such a case it's such a regular issue.

1st_time_london_buyer

kingstreet said:

We do a lot of shared ownership business around London (W7, UB1, UB6, TW4 etc) in blocks of five storeys or more. It is one of the first questions on the list when we get such a case it's such a regular issue.

That's an interesting revelation. Initially, I thought the concern with this property was due to the absence of elevators, which might deter some individuals. However, it appears to apply to all properties with five storeys or more

housebuyer143

1st_time_london_buyer said:

kingstreet said:

1st_time_london_buyer said:

kingstreet said:

It's pretty much standard across the board. Blocks over four storeys must have a lift. Barclays is not out on its own in this regard.

So that means that all of the 20 plus fourth floor flats in this development, which was build in 1938, are unmortgageable?

I wouldn't like to speculate. If I had such an enquiry I would research the available options as that is what pays the bills.

What does your broker say?

I'm working with a broker and even he was surprised that this became an issue, considering the property's location in London. He mentioned experiencing mortgage refusals from lenders based on seemingly arbitrary reasons, such as proximity to a take away restaurant that might occasionally cause the area to smell?!

I'm optimistic that this might be another instance of subjective judgment by the surveyor. Maybe I shouldn't be?

I'm surprised he didn't check because it's common place for lenders to require a lift for 4 or more stories. The lending criteria is clearly published.

You will find someone else, they may just be a little less mainstream. 

1st_time_london_buyer

I'm presently exploring another lender, but I find myself at the mercy of the valuer's judgment now.

As long as the property's valuation accurately considers its fourth-floor location without a lift, what's the issue? Many young, first-time buyers would gladly consider it as a stepping stone onto the property ladder. Later in life, they can opt for a more suburban setting with a garden, and sell it to another set of young first-time buyers working in the city.

Considering the current housing challenges in London and the difficulty in buying your first property, excluding these types of properties from the reach of young individuals seeking a mortgage should be considered a disservice.

user1977

1st_time_london_buyer said:

As long as the property's valuation accurately considers its fourth-floor location without a lift, what's the issue? 

The issue is that lenders are averse to properties which have features which may make them more difficult to sell quickly, so they have criteria which deem properties unsuitable from their point of view. Those can be a bit clunky, but things which make a block "multistorey" or "too high to not have a lift" are often among them.

Admittedly this can get a bit chicken-and-egg ("this would be difficult to sell because buyers would have trouble getting a mortgage..."), but it's something you're going to have to run with.

DullGreyGuy

user1977 said:

Albermarle said:

there is also delivery drivers where some will just dump a parcel in the foyer. Even more difficult what about removal people or people delivering sofas, washing machines. Probably extra charges every time.

3rd floor flats with no lift are pretty commonplace in urban Scotland, but I'm not aware of any regular surcharges for deliveries etc (though I expect movers would charge more) or couriers refusing to come upstairs. Doubt 4th floor really matters from that point of view.

It tends to only be very large items... when our fridge and freezer were delivered we were asked how many stairs there were so well beyond just how many flights. 

Lived in a 4th floor flat in Scotland without a lift... was ok most the time but occasionally just really didn't feel like the climb. There was no door at ground level, just an opening to the staircase, so delivery guys hopefully did come to the door. 

My personal favourite was the time we had a knock on the door, answered it and there was a guy panting away from the climb. After he finally got his breath back he asked if we'd ever considered getting a conservatory? We said yes instantly and he said the Designer would be calling to draw up some plans... he never did

Emily_Joy

DullGreyGuy said:

My personal favourite was the time we had a knock on the door, answered it and there was a guy panting away from the climb. After he finally got his breath back he asked if we'd ever considered getting a conservatory? We said yes instantly and he said the Designer would be calling to draw up some plans... he never did

Perhaps he meant a balcony?...

DullGreyGuy

Emily_Joy said:

DullGreyGuy said:

My personal favourite was the time we had a knock on the door, answered it and there was a guy panting away from the climb. After he finally got his breath back he asked if we'd ever considered getting a conservatory? We said yes instantly and he said the Designer would be calling to draw up some plans... he never did

Perhaps he meant a balcony?...

The photo was something like:


But as the designer never arranged the appointment we will never know