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

housebuyer143

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

1st_time_london_buyer

housebuyer143 said:

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

I have no idea. I feel that my mortgage advisor provided inadequate guidance. If the requirement for a lift on properties exceeding four floors is so commonplace, why didn't he catch it during my application process?

GDB2222

1st_time_london_buyer said:

housebuyer143 said:

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

I have no idea. I feel that my mortgage advisor provided inadequate guidance. If the requirement for a lift on properties exceeding four floors is so commonplace, why didn't he catch it during my application process?

That’s worth asking him. If you have incurred expenses because of his inadequate advice then you may be able to get him to chip in. At least a partial refund of his fees would be reasonable. 

housebuyer143

1st_time_london_buyer said:

housebuyer143 said:

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

I have no idea. I feel that my mortgage advisor provided inadequate guidance. If the requirement for a lift on properties exceeding four floors is so commonplace, why didn't he catch it during my application process?

 I'm not sure, but it's super common amongst all mainstream lenders. I would be inclined to ask his reasoning seeing as the criteria is literally a few clicks away.
You have to go less mainstream, someone like VIDA might do it as they take a more flexible approach to it, rather than a blanket policy but they do have higher rates. It does impact on resale though as others will have this issue.

SXX

housebuyer143 said:

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

Interesting.

I live close to Central London in a tall period property. 

The street and surrounding area is full of such tall period properties and have no lifts.

I live on the 4th floor (if you don't count the basement).  if you count the basement then I guess my flat would be on the 5th floor.

I find the stairs manageable as there is a landing on each floor. 

Regular deliveries are left inside the ground floor which is the norm. 

If I need to get something large delivered such as a new fridge etc I ensure that the delivery co is extremely clear that the flat is on the top floor no lift.    That seems to work.

I don't mind the stairs - see it as  good exercise. Also I like the peace and quiet of a top floor.

I don't think a top floor would be suitable for people with young families, or people with mobility issues. 

Otherwise I don't see a problem.  Barclays are being idiotic.  My flat would be suitable for a first time buyer wishing to get onto the property ladder.

GDB2222

"I don't think a top floor would be suitable for people with young families, or people with mobility issues. 

Otherwise I don't see a problem.  Barclays are being idiotic.  My flat would be suitable for a first time buyer wishing to get onto the property ladder."

I'm sure you are right, and it seems a bit of a mystery why mainstream lenders are unhappy. 

I feel sorry for the OP. He found a flat that seemed to be a bit of a bargain. There was no obvious reason for its cheapness, so I understand why he went for it.

k12479

SXX said:
Barclays are being idiotic.

Managing risk to your capital is not idiotic.
Focusing on your target market is not idiotic.
Expecting businesses to breach the above for your benefit, is.

hazyjo

SXX said:

housebuyer143 said:

1st_time_london_buyer said:

Unfortunately, Leeds Building Society, like Barclays, declined to provide a mortgage for the property. Consequently, I've decided to withdraw from the purchase.

If only I had been aware of this problem. Lesson learned, I suppose. I incurred expenses on solicitors' fees and a level 2 building survey that confirmed the building and property were in good shape.

This property, once again, seems destined for the hands of a well-off foreign investor with the ability to make a cash purchase, eventually transforming it into a rental for individuals facing challenges, much like myself, in stepping onto the property ladder.

I have to question why your broker applied to Leeds as their policy on lifts is the same as Barclays? 

Criteria Policy Notes:

Leeds Building Society does not have a maximum number of storeys in a flat however if there are more than 4 floors we will require a lift. 

Interesting.

I live close to Central London in a tall period property. 

The street and surrounding area is full of such tall period properties and have no lifts.

I live on the 4th floor (if you don't count the basement).  if you count the basement then I guess my flat would be on the 5th floor.

I find the stairs manageable as there is a landing on each floor. 

Regular deliveries are left inside the ground floor which is the norm. 

If I need to get something large delivered such as a new fridge etc I ensure that the delivery co is extremely clear that the flat is on the top floor no lift.    That seems to work.

I don't mind the stairs - see it as  good exercise. Also I like the peace and quiet of a top floor.

I don't think a top floor would be suitable for people with young families, or people with mobility issues. 

Otherwise I don't see a problem.  Barclays are being idiotic.  My flat would be suitable for a first time buyer wishing to get onto the property ladder.

But yours is on the 4th - ie mortgageable. We're talking about 5th. Your basement won't be counted as you'll not need to use that staircase to go up. They have to draw the line somewhere, as obviously buyers will be limited. The lender doesn't want to restrict their market if they need to sell, and want you to be in a good position to sell too should you need to.

zagubov

Would it be worthwhile checking out some of the lenders that operate in Scotland, where flats without lifts are probably more common due to the prevalence of tenements?

user1977

zagubov said:

Would it be worthwhile checking out some of the lenders that operate in Scotland, where flats without lifts are probably more common due to the prevalence of tenements?

I think it's more the number of storeys which is the difficulty - Scottish tenements don't usually go higher than third floor, and (as I think I said earlier) I've never heard of those being problematic.