Last night we had a message from the couple who were buying our house. It seems that the banks will not offer a mortgage on it as it is of non- standard construction. Although the survey report shows that it is in good condition, well maintained with no visible defects, the fact that it is a 1920s timber framed concrete construction means that it is apparently unmortgageable.
We shall have to speak to the agents when they reopen after Christmas to see if they think we may be able to sell at a lower price to a cash buyer who could get planning permission to demolish it and build a new house in its place.
In the meantime, we shall need to find a loan to go ahead with the cottage we are buying, and just hope our sale doesn't drag on too long.
Needless to say, not much sleep was had last night.
Oh well, Merry Christmas!
What a rotten surprise - and what a rotten time to get it! Hopefully something will get sorted out.
ReplyDeleteReally hope you manage to have a great Christmas nevertheless!
Thanks Carruthers. I admit I was quite upset at first but am now becoming more pragmatic about it all. I am sure we shall be able to work something out.
DeleteLooking forward to just enjoying a little festive celebration. Bubbles are on ice!
Oh no. That non standard construction thing caused lots of problems with concrete Council Houses that all had to be knocked down.
ReplyDeleteIt is such a nuisance, especially when there is nothing wrong with the house!
DeleteOh no JayCee, thats a setback. Hope that you can sort everything and still be able to buy the cottage. House moving nearly always seems to be a nightmare ..... don't they always say, divorce, death and housemoving are the three most stressful things { sorry, I should be cheering you up with positivity !!!
ReplyDeleteWishing you both as good a Christmas as possible and look forward to more blogging friendship next year. XXXX
Thank you Jackie. It helps sometimes to set down my thoughts here on my blog to get a sense of perspective.
DeleteHave a great Christmas xxx
So sorry to hear that, and I’m sure the would-be buyers are equally disappointed. I’m hoping another buyer with cash will come your way. I’m
ReplyDeletesurprised this issue was not already known.
Merry Christmas and enjoy the iced Bubbles!
Thanks Bob. 30 years ago, when we bought the house, it did not appear to have been an issue for the Building Society who granted us a mortgage. Nowadays the banks are much more cautious, unfortunately for us!
DeleteGood to be pragmatic about it. Around here they get advertised as "cash buyers only". We have a lot of non standard construction. I am sure the right person will come along, especially with all that lovely garden and land and perhaps a tweek of the asking price. Happy Christmas again JayCee.
ReplyDeleteThanks Rachel x
DeleteSorry about that JayCee. I would talk to an architect about getting a compliance certificate or maybe make planning changes? What about a new bungalow where you now live?
ReplyDeleteWe are going to leave everything now until the New Year. The cottage we wanted is now also off the agenda as our survey report came back today. It is riddled with damp and rotten wood so would be too much work for us. Back to square one!
DeleteIt used to be the same on the Islands. Last year I had to change insurance company because my house is non-standard construction. It is in excellent condition and nearly 100 years old. In English (sic) terms almost everything (even modern) on the Island is non standard construction despite being built to high standards to meet our extreme weather conditions. I'm surprised there isn't a building society somewhere to cope with situations like yours in the I o M. Good luck anyway. I hope it doesn't spoil your Christmas.
ReplyDeleteGraham unfortunately we have no Building Societies left on the island as they all collapsed after the last financial crisis. There are only the big banks left here and they are rather ruthless.
DeleteI feel strangely relaxed about it now.
Well, you know, it hasn't even been up a hundred years yet. It could fall down any minute. Pillocks!
ReplyDeleteExactly my thoughts, Tasker
DeleteBack to square one, then? That is a shame. Wishing you better luck in the New Year! Happy Holidays?!!
ReplyDeleteHappy Christmas to you Ellen!
DeleteOh no. So sorry. What a bad Christmas present. I always found moving so stressful that I haven't plucked up courage to do so again in 32 years. Hope you still manage to enjoy Christmas. 2021 has got to be better. X
ReplyDeleteC'est la vie! I am now relaxing with some chestnuts roasted on our open fire and a glass of chilled fizz!
DeleteGood grief. Read in your comments that the house you were going to buy is evidently not in good shape, so perhaps this discovery turned out to be a blessing in disguise. At least now you will know what you are facing when it comes to selling and buying. Better luck next time. And hope you have Happy (less stressful) Christmas.
ReplyDeleteYes Mary. It does seem to have worked itself out somehow. Time to dust ourselves down and start again.
DeleteOh dear.We are in house moving business at the moment.We have two buyers but they have to sell their house.If you have been in your present house for thirty years I guess it is ok and must hold lots of memories.Remind me again why you are moving.How many other people have paid for a survey on the property you wanted to buy.It should be on the market with a disclaimer.
ReplyDeleteYes, we have loved living here and have only decided to move in order to be closer to town, with shops and other conveniences within walking distance. Plus P is beginning to find the garden a bit too much work now he is getting older.
DeleteThe cottage we were going to buy had only been on the market for a short time and I think we were the first to view it and make an offer. I shall let the agent know about the survey results. Shame it cost us so much to find out!
Sorry things haven't worked out for you, however, maybe it all wasn't meant to be yet. I've never heard of houses of non standard construction. Sounds like a get out clause from the banks if you ask me! I'm glad you're feeling ok about it all and ready to relax and enjoy Christmas. Have a lovely day tomorrow, Merry Christmas. x
ReplyDeleteMerry Christmas to you too! x
DeleteYou really are back to square one. It sounds a good idea to sleep on it for a while, enjoy your holidays as much as you can.
ReplyDeleteHopefully better deals are coming your way.
Merry Christmas from here in the med.
Merry Christmas LA ! xx
DeleteMerry Christmas , be covid safe, be happy x
ReplyDeleteAnd the same to you John xx
DeleteOh dear, you must be very disappointed. I don't understand the mortgage Co's aversion to non-standard building methods. Don't worry, there are plenty of cash buyers around; I for one have never had a mortgage, I've always paid cash. Have a good day, Cro xx
ReplyDeleteThank you Cro. As my old boss was fond of saying "it is what it is". We just keep slogging on. Have a wonderful day xx
DeleteGood grief! My heart hurts at the thought anyone would tear down a historic home in good shape... my home was built in 1925, and if I thought anyone was buying it with the intent of tearing it down, I would refuse to sell it! There's something about losing bits of history that just puts holes in me. And don't get me started on bureaucracy... so aggravating!! You feel like asking the government agencies, "So, this is the first old house you've ever seen, is it? All the other houses were built yesterday? Never had to insure or sell an old house before? EH??" Eejits.
ReplyDeleteWell, best of luck to you, I hope it all works out well in the end. Makes me wonder if there are real estate lawyers... bet there's some law on the books somewhere that could help you out.
I know, Marcheline, but here the banks are a law unto themselves. We are all at their mercy.
DeleteOh God, what crappy news. I hope it all works out in the end...fingers and everything crossed for you.
ReplyDeletexxx