Mortgage provider that doesn't mind an older property that needs some TLC

I'm tearing my hair out (ok, what little hair I have left)! 

We've had an offer accepted 

Comments

  • ACG
    ACG Posts: 23,622
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    I bought a house that was from the 1970s.
    Valuation came back fine. 

    Most mortgage lenders just need it to be water tight with hot running water and heating (which could just be a fire place). Old decor etc could just mean it affects the valuation but so long as the house is below others it should be fine. 

    Is there an actual problem with the property or have you had an issue with a surveyor? 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Apologies - an errant tab+enter sent this post out and there's no option to delete or edit...  :-(

    Anyhow...  So we have an accepted offer on a property, our current mortgage company (Principality) are insistent that they cannot make our mortgage offer until a small amount of stitchfixing is done to the brickwork and a structural surveyor comes back to OK the work. We've got a builder lined up to do the work, but he's pushed back until mid-Feb, getting a quote from a reliable builder has been a mission in itself, and the rest of our chain is ready to move and getting annoyed. Principality will not entertain making the offer and allowing us to do the work after moving in, I can understand this if the place were falling down, but it really is not. 

    Now I'm wondering whether it's worth just binning them off and going for a different provider. However, who is more sympathetic to an old almost two century old house that needs a bit of TLC, and likely to issue an offer where we can just move and salvage our chain?  Any ideas?
  • ACG said:
    Is there an actual problem with the property or have you had an issue with a surveyor? 
    The property has some cracking in a couple of areas (a bay and an attached outbuilding), the surveyor suggested a structural engineer because of structural movement, the structural engineer report says that there is no subsidence; that trees need to be looked at as the culprit, suggested an arboriculturist look at the trees and report on how to manage them, and suggested stitchfixing as the remedy for the existing cracks.

    We've got the tree report which says the trees can be managed or removed with no/little risk of heave. So now we're just awaiting the builder to do his work and then we get to pay the structural engineer to come back and certify the work.

    It's just annoying that the lender won't make our offer until all the work is complete. Frustrating as it may cause our chain to collapse :/
  • ACG
    ACG Posts: 23,622
    First Anniversary Name Dropper First Post I've helped Parliament
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    Its funny you mention principality as my purchase was with them. 

    A lot of things like this are subject to surveyors comments, so not really the lender. I think the problem is that there is something causing something else and so the remedy could cause problems. Having done up a few properties myself, I can say that sometimes fixing one job results in another job or you find out a problem is a bigger problem than expected. 

    It sounds like the surveyor is being cautious from the way that you describe it, but they are looking out for the lender. 

    Chains threaten things all the time, but in reality most people are emotionally attached and wont pull out. But I think it might be worthwhile discussing with your agents that you cant complete until the 20th of Feb (or whenever you think you can complete by). If people pull out, they will pull out. But usually giving people a definitive date helps to reduce the stress as everyone then knows it wont be any sooner and why. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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