Fri Jan 29, 2010 3:26 pm
Getting a mortgage for house with a single skin extension
We're selling our house and two buyers have been refused a mortgage as we have a very small double story single skin extension. Valuation surveys have stated that this will impact on resale. A full structural survey has shown that the building is sound. We have had 6 offers of the asking price in 5 months as the property is period and in a desirable location.
We know that lenders have tightened up their lending criteria, but this 10ft by 5 ft extension, build in the 1930s is a tiny percentage of our property. Most of the other properties in our street have the same construction as this was a common way to build before modern building regs came in.
Key question: what modification would be needed to get the extension through a valuation survey. It contains a fitted kitchen, so we've assumed that external modification would be the best route forward. Before we invest in building we need to know that this would have the desired impact on our next buyer's valuation survey.
All comments gratefully received.
We know that lenders have tightened up their lending criteria, but this 10ft by 5 ft extension, build in the 1930s is a tiny percentage of our property. Most of the other properties in our street have the same construction as this was a common way to build before modern building regs came in.
Key question: what modification would be needed to get the extension through a valuation survey. It contains a fitted kitchen, so we've assumed that external modification would be the best route forward. Before we invest in building we need to know that this would have the desired impact on our next buyer's valuation survey.
All comments gratefully received.
