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Mortgage offer recieved - advice needed!
- Thread starter matthew
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Nemesis
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It would be useful to compare that survey with one by a firm such as R******.... and draw the discrepancies to the attention of the C and G...
Ok..
After many phone calls to the C&G (looking at the calls logs about 3hr!), ultimately speaking to their underwritting deptmartment, they have agreed to the following.
1) Accepting the findings of a second Timber and Damp Survey
2) Allowing Ridouts to carry out the survey
but
3) All work advised by Ridouts must be carried out before any funds are released.
They are most concerned about the "infestation of beetle found in the property". Which I don't think there is....
According to them the C&G no longer hold retentions on mortgages, and the reason that all the work must be completed before the funds are realised is to ensure that, should they re-possess the house, it can be easily sold on again!
Brian Ridout has also helped out by talking to C&G to ensure that his report is accepted by C&G and is doing his best to fit the visit in asap - as soon as I get the go ahead from the vendor.
The Estate Agent (eager not to see his commisions vapourise - as they have sold our house and the one we're trying to buy!) is trying to persuade the vendors to carry out the work and we will pay for it on completion.
We being pragmatic about his now, after the initial dispair, and have decided that if it all goes pear shaped we will stay put and make some changes to this house. This will cost us less money and allow us to retire earlier! So we either move to a house that we all desparately want or we go for early retirement. A bit of a win-win sittuation! It also puts the Estate Agent under a but of pressure as they know we are now happy to walk away from it all and not be too upset.
Just waiting for the call from the Estate Agent....
Thanks for everyone's support. I plan to take this issue further with the C&G when the dust has settled, as I believe we have been treated unfairly by an organisation who doesn't understand the first thing about listed buildings and they have been heavily influence by their valuer who made several glaring mistakes. And guess what - he used the trusty damp meter on the lime plaster and limewash so has convinced the C&G that the place is about to fall down!
I'll post an update when I have some more news!
Thanks
After many phone calls to the C&G (looking at the calls logs about 3hr!), ultimately speaking to their underwritting deptmartment, they have agreed to the following.
1) Accepting the findings of a second Timber and Damp Survey
2) Allowing Ridouts to carry out the survey
but
3) All work advised by Ridouts must be carried out before any funds are released.
They are most concerned about the "infestation of beetle found in the property". Which I don't think there is....
According to them the C&G no longer hold retentions on mortgages, and the reason that all the work must be completed before the funds are realised is to ensure that, should they re-possess the house, it can be easily sold on again!
Brian Ridout has also helped out by talking to C&G to ensure that his report is accepted by C&G and is doing his best to fit the visit in asap - as soon as I get the go ahead from the vendor.
The Estate Agent (eager not to see his commisions vapourise - as they have sold our house and the one we're trying to buy!) is trying to persuade the vendors to carry out the work and we will pay for it on completion.
We being pragmatic about his now, after the initial dispair, and have decided that if it all goes pear shaped we will stay put and make some changes to this house. This will cost us less money and allow us to retire earlier! So we either move to a house that we all desparately want or we go for early retirement. A bit of a win-win sittuation! It also puts the Estate Agent under a but of pressure as they know we are now happy to walk away from it all and not be too upset.
Just waiting for the call from the Estate Agent....
Thanks for everyone's support. I plan to take this issue further with the C&G when the dust has settled, as I believe we have been treated unfairly by an organisation who doesn't understand the first thing about listed buildings and they have been heavily influence by their valuer who made several glaring mistakes. And guess what - he used the trusty damp meter on the lime plaster and limewash so has convinced the C&G that the place is about to fall down!
I'll post an update when I have some more news!
Thanks
Nemesis
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I'd also do as Andrew suggested and get a copy of the letter he sends to mortgage companies... as a local authority Historic Buildings Officer he deals with this sort of thing regularly I'm sure...
The point about repossession etc applies to all houses. It seems to me though that in this case the sum borrowed is so far below the house valuation that, even in its 'Building at Risk' state (!!!) it would be very easy to sell on!
It would be very, very useful though if a few people did start kicking up a fuss about the whole damp proofing and timber treatment industry...
I bet those who have diagnosed the 'widespread' damp and infestation have nothing like the expertise of people such as Brian Ridout.
Also - what C and G don't seem to be appreciating is the fact that work as specified by the firm which gave the 'free' survey may require LBC, which isn't a rapid matter.
Please also do let the SPAB know about all this...
The point about repossession etc applies to all houses. It seems to me though that in this case the sum borrowed is so far below the house valuation that, even in its 'Building at Risk' state (!!!) it would be very easy to sell on!
It would be very, very useful though if a few people did start kicking up a fuss about the whole damp proofing and timber treatment industry...
I bet those who have diagnosed the 'widespread' damp and infestation have nothing like the expertise of people such as Brian Ridout.
Also - what C and G don't seem to be appreciating is the fact that work as specified by the firm which gave the 'free' survey may require LBC, which isn't a rapid matter.
Please also do let the SPAB know about all this...
Lime
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I agree with that.Nemesis said:I'd also do as Andrew suggested and get a copy of the letter he sends to mortgage companies... as a local authority Historic Buildings Officer he deals with this sort of thing regularly I'm sure...
The point about repossession etc applies to all houses. It seems to me though that in this case the sum borrowed is so far below the house valuation that, even in its 'Building at Risk' state (!!!) it would be very easy to sell on!
It would be very, very useful though if a few people did start kicking up a fuss about the whole damp proofing and timber treatment industry...
I bet those who have diagnosed the 'widespread' damp and infestation have nothing like the expertise of people such as Brian Ridout.
Also - what C and G don't seem to be appreciating is the fact that work as specified by the firm which gave the 'free' survey may require LBC, which isn't a rapid matter.
Please also do let the SPAB know about all this...
It amazes me that C&G take such a dreadful attitude towards older housing.
Not a very good advertisement for them.
matthew I'm pleased that you have taken charge of the situation and wish you well.
Just a quick question...
If the house goes back on the market, does the Estate Agent have to declare that they know there are problems with damp, timber and beetle, and that conditions have been imposed on a mortgage.
Or can they pretend it all never happened?
Thoughts please!
Many thanks
If the house goes back on the market, does the Estate Agent have to declare that they know there are problems with damp, timber and beetle, and that conditions have been imposed on a mortgage.
Or can they pretend it all never happened?
Thoughts please!
Many thanks
Lime
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Goto another estate agent.
Nemesis
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Erm... don't know about that! I think that maybe is up to a buyer to find out, and there will something carefully worded put into the details...
Another surveyor, another mortgage company, and there may well be a different result.
It sounds to me that this is all so way over the top, I gather the house doesn't feel as though it's dripping with damp or riddled with insects!
It's no consolation I know but many of us have been there... in our case the treatment recommended for the worst case of damp apparently ever known to man was to hack off all plaster to ceiling height, chemical inject, render all walls with cement etc etc.. The damp was even rising, apparently, into the bedrooms!
The actual problem was that under the wallpaper was that sort of old fashioned bitumen and foil paper which once was thought helped with damp.
Pointing the walls would have been more useful...
Sticking a damp meter into that gave off the scale readings, because of the metal foil.
Blocked airbricks, plastic on top of flagstones, insufficient heating... none of those were mentioned in the 'damp' report by a nationally known firm...
If you are still keen, I add that, unless the house was valued at a lower value because of perceived problems, you could seek a price reduction to cover any remedial works.
Another surveyor, another mortgage company, and there may well be a different result.
It sounds to me that this is all so way over the top, I gather the house doesn't feel as though it's dripping with damp or riddled with insects!
It's no consolation I know but many of us have been there... in our case the treatment recommended for the worst case of damp apparently ever known to man was to hack off all plaster to ceiling height, chemical inject, render all walls with cement etc etc.. The damp was even rising, apparently, into the bedrooms!
The actual problem was that under the wallpaper was that sort of old fashioned bitumen and foil paper which once was thought helped with damp.
Pointing the walls would have been more useful...
Sticking a damp meter into that gave off the scale readings, because of the metal foil.
Blocked airbricks, plastic on top of flagstones, insufficient heating... none of those were mentioned in the 'damp' report by a nationally known firm...
If you are still keen, I add that, unless the house was valued at a lower value because of perceived problems, you could seek a price reduction to cover any remedial works.
Penners
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I'm sure you can answer that question yourself. You'll have read dozens of estate agents' house details that say things like "benefits from a pleasant aspect".matthew said:Just a quick question...
If the house goes back on the market, does the Estate Agent have to declare that they know there are problems with damp, timber and beetle, and that conditions have been imposed on a mortgage.
Or can they pretend it all never happened?
When did you last read details that said "suffers from damp, woodworm, subsidence and smelly drains"?
Penners said:I'm sure you can answer that question yourself. You'll have read dozens of estate agents' house details that say things like "benefits from a pleasant aspect".matthew said:Just a quick question...
If the house goes back on the market, does the Estate Agent have to declare that they know there are problems with damp, timber and beetle, and that conditions have been imposed on a mortgage.
Or can they pretend it all never happened?
When did you last read details that said "suffers from damp, woodworm, subsidence and smelly drains"?
I thought that estate agents were under certain obligations - the vendor has banned us from applying for planning permission until will exchange contracts in case it's refused and any future buyers are put off.
Perhaps I've been a bit mislead!
OK. we've heard from the Agent.
The vendors will not carry out any work unless we underwrite to pay for it, even if the sale falls through.
The only option we have is to exchange and complete on the house we are living in now, and exchange on the "new house", giving a completion date of about 12 weeks later.
Then we move all our stuff into storage and move into alternative accomodation.
We then have to get the survey done, get LBC for the work (8weeks), get the work done and present the invoices to the lender.
Then we can complete in the 12th week etc.
As far as I can see, this is fraught with danger - what happens if I can't get LBC? What if the contractors over run, or don't turn up. Then I'm left with a house I am committed to buy, but can't get any funding for it! Can't see my solicitor going for that one! Can you?
This is also the proposal that the C&G are pushing. I think I need to send them a fax over the weekend to point out the silliness of their ways! They've at least agreed to accepting the Ridout surver, but still want the work doing between exchange and completion!
Think this is the end of my quest for a character property.
The vendors will not carry out any work unless we underwrite to pay for it, even if the sale falls through.
The only option we have is to exchange and complete on the house we are living in now, and exchange on the "new house", giving a completion date of about 12 weeks later.
Then we move all our stuff into storage and move into alternative accomodation.
We then have to get the survey done, get LBC for the work (8weeks), get the work done and present the invoices to the lender.
Then we can complete in the 12th week etc.
As far as I can see, this is fraught with danger - what happens if I can't get LBC? What if the contractors over run, or don't turn up. Then I'm left with a house I am committed to buy, but can't get any funding for it! Can't see my solicitor going for that one! Can you?
This is also the proposal that the C&G are pushing. I think I need to send them a fax over the weekend to point out the silliness of their ways! They've at least agreed to accepting the Ridout surver, but still want the work doing between exchange and completion!
Think this is the end of my quest for a character property.
Nemesis
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Yes, it's all a bit of a mess, but hang on in there and take a deep breath! It's all very stressful I know.
Ask the agent if, when the house was valued, he took into account the work which its is now revealed as needing to be done... did he mention in the particulars that some 'updating' may be required? Make the b*gger work for his money!
And make a lower offer, to cover it. Frankly I doubt it's as much as the survey and the Man with a Van say is required, but...
The vendors should realise that most other people will have exactly the same sort of survey etc etc... it's only prolonging the process. Either they ensure the house is sellable or they accept that it's likely they will have eaxctly the same problems with other offers.
AND CONTACT SPAB!!!
PS If someone like Ridouts recommend work, I doubt that you will have any problem at all getting LBC for it. It will be necessary and as non-destructive as possible.
Ask the agent if, when the house was valued, he took into account the work which its is now revealed as needing to be done... did he mention in the particulars that some 'updating' may be required? Make the b*gger work for his money!
And make a lower offer, to cover it. Frankly I doubt it's as much as the survey and the Man with a Van say is required, but...
The vendors should realise that most other people will have exactly the same sort of survey etc etc... it's only prolonging the process. Either they ensure the house is sellable or they accept that it's likely they will have eaxctly the same problems with other offers.
AND CONTACT SPAB!!!
PS If someone like Ridouts recommend work, I doubt that you will have any problem at all getting LBC for it. It will be necessary and as non-destructive as possible.
Nemesis
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To add - have you asked the CO for some indication that you would be able also to convert the outbuildings to residential use?
No use buying and then finding that there are local policies in place which will prevent this...
No use buying and then finding that there are local policies in place which will prevent this...
Nemesis said:Yes, it's all a bit of a mess, but hang on in there and take a deep breath! It's all very stressful I know.
Ask the agent if, when the house was valued, he took into account the work which its is now revealed as needing to be done... did he mention in the particulars that some 'updating' may be required? Make the b*gger work for his money!
The details stated that some updating my be required and we were fully expectin some things to need looking at.
Nemesis said:And make a lower offer, to cover it. Frankly I doubt it's as much as the survey and the Man with a Van say is required, but...
We've tried that - the Vendors just said that they were happy to put it back on the market. The money isn't the issue, we'd planned to spend over £150k on the site to sort it out. The problem is this impass with the C&G that all remedial work needs to be completed before they'll give me a penny!
Nemesis said:The vendors should realise that most other people will have exactly the same sort of survey etc etc... it's only prolonging the process. Either they ensure the house is sellable or they accept that it's likely they will have eaxctly the same problems with other offers.
Their attitude is that another lender etc won't be as fussy, or they'll sell to a cash buyer! They were advised by the Estate Agent to have some of these works carried out before it went on the market, but they declined!
Nemesis said:AND CONTACT SPAB!!!
I've delegated this to my father, who has much more time and is also lending me a lot of money to help buy the house - they will live in the converted outbuildings eventually. so he's keen for it all to go well!
I'm busy drafting my fax to C&G, and talking to other lenders - despite the redemption penalty.
Many thanks
Matthew
Nemesis said:To add - have you asked the CO for some indication that you would be able also to convert the outbuildings to residential use?
No use buying and then finding that there are local policies in place which will prevent this...
Yep - we've two ways to apply - either the granny annex approach of the Rural Building Conversion router. Both the Planning Control manager and the CO were supportive of the conversion.
Cheers for mentioning it anyway.
Nemesis
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Try Norwich and Peterborough, try Coventry, (who have been very good to us...) try the Ecology..
See my post re endowments - don't give in. Go have a few glasses of wine!
Ev
PS - you said that the valuation was more than the asking price?
See my post re endowments - don't give in. Go have a few glasses of wine!
Ev
PS - you said that the valuation was more than the asking price?
Nemesis
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PPS... worth pointing out to C and G that the bad publicity they are getting over this isn't enhancing their reputation as guardians of our heritage...
Nemesis said:Try Norwich and Peterborough, try Coventry, (who have been very good to us...) try the Ecology..
See my post re endowments - don't give in. Go have a few glasses of wine!
Ev
PS - you said that the valuation was more than the asking price?
Yep - we're paying £450k and they've valued it at £460k! http://www.rightmove.co.uk/viewdetails-10919156.rsp?pa_n=1&tr_t=buy
Will go and dive on the websites of those Lenders. Coventry we're on my list.
Nemesis
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OK - has there been a great deal of other interest? Or are you the only contenders?
Have you also considered the problems of selling on, with a conversion in place?
Have you also considered the problems of selling on, with a conversion in place?
Nemesis said:OK - has there been a great deal of other interest?
Apparently yes - it came down to who sold their house first. And we did!!