Q: Morning All,
Just wondering if anyone any experience of getting a mortgage on, and / or living in a Wimpey no fines house construction?
It is a long story, but my wife and I have the house of our dreams. Our sales goes through beautiful and so was our purchase – and our appreciation to now.
The HBR was done last week (neither of which Ive seen). But yesterday I have a call from our mortgage broker came up with the news that the valuation was rasied a question mark on the construction of the house – the surveyor was not sure if the brick was built with the rendering, or built with concrete has rendering.
He chased the officers to ask the sellers if they know.
In Meanwhile, I contacted our board as the former town house, to the questions construction.
I spoke with two of its inspectors who were quite helpful. She said if the house was built in 1940 or earlier it would brick, but if 50s would be from Wimpey no fines concrete construction.
Our lender Northern Rock, which have not told our broker either way, if they would lend or not a concrete construction. But – there is clearly a problem for them.
Anyway, hopefully we know certainly in the next day or so. But in the meantime, if it appears to be no penalties, just wondered if anyone any experience with these homes?
Do Most lenders lend to them? (most in the street are now private, so some lenders to do?).
This will be a long term home for us, so in 15 years time or so, then this type of house impossible to sell?
Arrrgh – what a headace!
Just had a call from our Mortgage Advisor and NR have formally approved the mortgage offer. No questions or quibbles!!
Should have it in writing by the end of the week! All that headache and hassle for nothing!
Am delighted! One less thing to worry about.
Shame I blew my car up yesterday – looks like the head gasket! But that is another long story…….
There's also something in the back of my mind regarding problems with BISF housing having big problems. I think these were put up by British Steel and are of a similar construction. (Edit. Actually I think they might be a completely different construction! Please ignore.) My employers (local authority) have been involved with surveying a load of these. I'm not sure what the specific problems are though.
I'd be a little bit cautious about buying a no fines house to be honest. I don't want to worry you but research it thoroughly would be my advice.
They are not classed as "Defective" but for some lenders the fact that they are concrete is a worry! But I think Halifax/Abbey/Nationwide etc should be OK. Hopefully for you, Northern Rock too!
Hopefully I won't get banned for this, but have a look at http://www.rwco.co.uk/concrete_council_house.htm on my website that mentions the point.
As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.