Selling a house with issues, increasing mortgage - Advice?
Discussion
Hi Chaps,
For anyone who remembers the thread about by 'New Build' flat in the homes section a while back, I've decided (after seeking some advice about repairs) to move it on.
To summarize:
Bought my first place last year - a 1 bedroom new build flat/conversion in a local listed building. Numerous issues on moving in such as all-electric chinese boilers which kept failing and blowing up, poorly fitting sash windows which leaked and had gaps around them, various electrical problems throughout such as flickering lights etc.
We fought the developer as far as possible, but apparently he has no liability due to not having the property NHBC registered. Lack of NHBC was deemed a non-issue by our solicitor as the property had an architect's certificate, something which we have later determined barely covers anything.
Anyway, we had a sash window specialist inspect the windows which are now a year and a half old. The consensus was that several thousand pounds worth of work would be needed to make them last. I wont bore you all with the full breakdown, but they truly are shocking.
We also had a heating specialist come out and inspect the boiler to quote for a replacement. Due to the heating system not incorporating a water tank, options for replacement are few and far between. The cheapest the company could source came in at 3.5k fitted, so we have been making do with the current Chinese boiler which works albeit sometimes trips the breaker and costs over £1 an hour to run.
At this point, we decided that in our current situation it's not worth replacing the boiler or windows and we would like to move it on. We had the window specialist back out to tidy the windows up but not fully repair, so they have been resealed to stop the leaks and also repainted. We're currently in the process of painting the kitchen and tidying a few other things up before sale such as a new kitchen kickboard and regrouting the bathroom etc.
A few questions:
- I am more than happy to disclose information about the boiler/windows if asked - do I need to if I am not asked?
The windows now look tidy, but still let in a fair bit of noise. They are also still quite draughty and it's obvious that they need re-weighted when opening and closing them.
The boiler functions fine for the moment, with the exception of tripping the breaker when hot water is run for longer than 30 minutes continuously.
- If someone buys the flat, is there any recourse on myself for issues they uncover? I presume not since I had none on the developer I bought the flat from.
I'm now in a better role with an increased salary, so I'd like to get a bigger place this time around and therefor increase my mortgage. I've discussed it briefly with my mortgage provider and they said I'll need a top up and to get an agreement in principal.
- When applying for an agreement in principal on top of an existing mortgage, am I only asking for the 'top up' amount and hope that they realise I'm an existing customer already? Customer services couldn't give me a firm answer and I don't want to harm my credit rating with a rejection.
- This is my first move as part of a chain. Is there anything else I'll need to have done before getting an estate agent out and having the property listed? I'm trying to get a handle on the costs involved to get out, but I know the whole process will probably take a few months at least so I have a while to save.
Cheers chaps,
For anyone who remembers the thread about by 'New Build' flat in the homes section a while back, I've decided (after seeking some advice about repairs) to move it on.
To summarize:
Bought my first place last year - a 1 bedroom new build flat/conversion in a local listed building. Numerous issues on moving in such as all-electric chinese boilers which kept failing and blowing up, poorly fitting sash windows which leaked and had gaps around them, various electrical problems throughout such as flickering lights etc.
We fought the developer as far as possible, but apparently he has no liability due to not having the property NHBC registered. Lack of NHBC was deemed a non-issue by our solicitor as the property had an architect's certificate, something which we have later determined barely covers anything.
Anyway, we had a sash window specialist inspect the windows which are now a year and a half old. The consensus was that several thousand pounds worth of work would be needed to make them last. I wont bore you all with the full breakdown, but they truly are shocking.
We also had a heating specialist come out and inspect the boiler to quote for a replacement. Due to the heating system not incorporating a water tank, options for replacement are few and far between. The cheapest the company could source came in at 3.5k fitted, so we have been making do with the current Chinese boiler which works albeit sometimes trips the breaker and costs over £1 an hour to run.
At this point, we decided that in our current situation it's not worth replacing the boiler or windows and we would like to move it on. We had the window specialist back out to tidy the windows up but not fully repair, so they have been resealed to stop the leaks and also repainted. We're currently in the process of painting the kitchen and tidying a few other things up before sale such as a new kitchen kickboard and regrouting the bathroom etc.
A few questions:
- I am more than happy to disclose information about the boiler/windows if asked - do I need to if I am not asked?
The windows now look tidy, but still let in a fair bit of noise. They are also still quite draughty and it's obvious that they need re-weighted when opening and closing them.
The boiler functions fine for the moment, with the exception of tripping the breaker when hot water is run for longer than 30 minutes continuously.
- If someone buys the flat, is there any recourse on myself for issues they uncover? I presume not since I had none on the developer I bought the flat from.
I'm now in a better role with an increased salary, so I'd like to get a bigger place this time around and therefor increase my mortgage. I've discussed it briefly with my mortgage provider and they said I'll need a top up and to get an agreement in principal.
- When applying for an agreement in principal on top of an existing mortgage, am I only asking for the 'top up' amount and hope that they realise I'm an existing customer already? Customer services couldn't give me a firm answer and I don't want to harm my credit rating with a rejection.
- This is my first move as part of a chain. Is there anything else I'll need to have done before getting an estate agent out and having the property listed? I'm trying to get a handle on the costs involved to get out, but I know the whole process will probably take a few months at least so I have a while to save.
Cheers chaps,
NickCQ said:
I think the rule of 'don't be a dick' applies here.
You have been screwed over but that doesn't mean someone else deserves to be screwed to get you out of it.
Fair enough, I don't plan on hiding anything but and I don't want to fleece anyone. But at the same time listing all the bother I've had at any viewings would be enough to make anyone run a mile. Just trying to toe the line for what has to be disclosed and what doesn't. You have been screwed over but that doesn't mean someone else deserves to be screwed to get you out of it.
The windows have been made presentable and the boiler is currently working fine, I just don't think it'll be reliable.
If I planned to stay long term I'd have it all rectified myself, but it was a starter house for me so it doesn't seem cost effective to rectify everything.
It's what a survey is for, your buyer needs one and you'll need one for the place you're buying. What you're worrying about now might be completely different to what actually comes up.
Also let your selling agent advise you, they've dealt with it all before and ultimately want to sell your house for the best price.
What you get chipped on your selling price, you might make up on the one you are buying.
Also let your selling agent advise you, they've dealt with it all before and ultimately want to sell your house for the best price.
What you get chipped on your selling price, you might make up on the one you are buying.
chadders74 said:
It's what a survey is for, your buyer needs one and you'll need one for the place you're buying. What you're worrying about now might be completely different to what actually comes up.
Also let your selling agent advise you, they've dealt with it all before and ultimately want to sell your house for the best price.
What you get chipped on your selling price, you might make up on the one you are buying.
Good advice, thanks. I'll get in touch with a couple of agents and go from there.Also let your selling agent advise you, they've dealt with it all before and ultimately want to sell your house for the best price.
What you get chipped on your selling price, you might make up on the one you are buying.
The place was surveyed when I bought it in November '18 and nothing was highlighted as an issue, but I can discuss with the agent anyway. Cheers
Anyone applying for a mortgage on that property will have a shock when the mortgage company arranges a survey - it will be picked up that its a conversion and has no warranty. They wont lend.
I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
MOBB said:
Anyone applying for a mortgage on that property will have a shock when the mortgage company arranges a survey - it will be picked up that its a conversion and has no warranty. They wont lend.
I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
OP has bought this flat with a mortgage?I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
MOBB said:
Anyone applying for a mortgage on that property will have a shock when the mortgage company arranges a survey - it will be picked up that its a conversion and has no warranty. They wont lend.
I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
I have a mortgage on it at the moment and there were a few big name lenders who were all willing to give me a mortgage on it when I was initially buying - I disclosed the lack of NHBC from the start.I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
Surely for the second owner this would be the same as buying any other older property as it's been lived in and thus is no longer 'New Build'?
Foliage said:
Your solicitor and surveyor aren't liable?
The solicitor possibly, but there were 20 flats in the development and not a single one of the other buyer's solicitors raised it as an issue either. The survey was included as part of my mortgage deal, I haven't pushed in that direction but at this point I'm not sure it's worth it? What would the desired outcome be?
I may have mentioned already, but a neighbour has sold her's and had a survey carried out - same issues as mine and nothing serious reported on the survey so possibly the issues mentioned aren't things that are checked as part of the process?
Hammy98 said:
MOBB said:
Anyone applying for a mortgage on that property will have a shock when the mortgage company arranges a survey - it will be picked up that its a conversion and has no warranty. They wont lend.
I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
I have a mortgage on it at the moment and there were a few big name lenders who were all willing to give me a mortgage on it when I was initially buying - I disclosed the lack of NHBC from the start.I tried to buy a conversion last year that had no warranty, the mortgage companies wouldn't touch it. A retrospective warranty may have eased some of the mortgage providers attitudes but I never got far enough to find out, we pulled out.
Surely for the second owner this would be the same as buying any other older property as it's been lived in and thus is no longer 'New Build'?
MOBB said:
Interesting that they would lend on it, but as above if you got a mortgage then so should a buyer. Was the architects cert in place when you bought it? That’s probably the difference.
I think you're correct. The architect's cert was given when the building was passed for habitation and is supposedly valid for 7 years. CheersGassing Station | Finance | Top of Page | What's New | My Stuff