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Ex Council Houses

sealady · 2008-05-10 12:47:38

For the purposes of applying for a new mortgage - after how many "owners" or years does a ex-council house no longer have the restrictions of being an ex council property? Any ideas

Comments

Richard_Webster Posts: 7,646 Forumite

12 May 2008 at 8:14AM

I don't know what lenders are doing about criteria but they could feel that ex-Council property would suffer more in a depression. If it is really non-standard construction then it should be valued lower in the first place.

It might be the age of the property. Many years ago when I was looking to buy my first house, they went on age, so pre 1919 they would only lend 75%, pre 1945 80%, pre 1960 90%, and only post 1960 were 95%. Flats and maisonettes would not attract more than 90% in any event! The dates might not be quite right but some lenders did take that kind of line and also it was "have you been investing with us, and if so, how long...?

RICHARD WEBSTER

As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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