Laing Easiform Flat and Mortgage??

CHR15

Hi,
A few Months ago I was looking for a 2 bed flat in Bristol.
I went to view one which was just refurbished, new kitchen, new combi boiler, new jacuzzi bath, big garden, DG, CH parking for 2 cars etc etc.

The flat was priced at £139,950. About the going rate in the area.

The only thing which put me off was a young couple and a newborn in the flat upstairs.

My search continued but I can't say I found anything better.


I have just noticed the same flat but now looking for offers around £95,000!! :eeK:

A Whopping £45,000 reduction:eek: :eek:


I rang back and it turns out the Flat is constructed by Laing Easyform but no-one can obtain a Mortgage for it!!

Apparently none of the Mortgage companies will touch it and even those owners already in one cannot re-mortgage with their existing lenders.

The sale is now a Cash Only Sale due to the lack of Mortgage availability.


This flat is hardly unique in the area. There are hundreds (more likely thousands) of houses in that area built the same.

Are the Mortgage companies condeming the entire town to the demolition ball?? Weird!!!!


For those interested, here is the flat

http://www.taylorsestateagents.co.uk/tyw/properties-sales-tswrps-SHI070580-1201019672

CHR15

Someone must have heard of this stuff :)

oldMcDonald

Here is a link all about this type of housing:

http://www.pre-war-housing.org.uk/mass-production.htm

Here is a link to a case regarding a similar type of housing, which may or may not be helpful as I am too lazy to read it! (sorry!):

http://www.users.globalnet.co.uk/~lesnsue/izzardvfield%20palmer.htm

We have lived in two types of concrete pre-cast housing. The first one was the same as the one in the second link. The 3 bed houses were selling for £45k in the eighties and fell sharply during the 90's crash to £20k (which is what we sold our for.) Currently, 3 bed houses of this type are being put up for sale at around £85k. http://www.rightmove.co.uk/viewdetails-8143056.rsp?pa_n=1&tr_t=buy This is a lot cheaper than other 3 beds in the area, the reason being that only Halifax will lend on them now, and ONLY if there is a current Halifax mortgage in place on the property, otherwise it is cash buyers only. Further up the estate there is another type of pre-cast concrete house which the local housing association going to buy, flatten and rebuild - most people expect the properties like the one above to go the same way, eventually.

Our second concrete house was compulsary purchased by the same HA a couple of years ago as these were also unsafe and unmortgageable.

Trust me, we will never, ever buy another pre-cast concrete house again and I cannot tell you strongly enough how bad an idea I think it would be for you to buy one.

CHR15

Blimey! I have sympathy for the owners of these places.

Some of them are quite nice!

I know Rowner estate fairly well. A number of my colleagues lived in them some years back when they were MOD Married Quarter properties.

One of my frinds bought one when they were sold off. Within 6 Months of him moving in, the balconies were all condemned as unsafe!



EDIT: Just reading the second link and it too, mentions the balconies lol