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Joshua
Joshua, Lawyer
Category: Law
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Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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what constitues conventional construction? mortgagable

Resolved Question:

what constitues conventional construction? for a mortgagable property! my house is timber frame and part brick to next door, building a block two storey extension, at what percentage does it become conventional from a valuers point of view for a bank to then say its mortgagable?
what ratio is it from timber to block eg,
60/40- 70/30 or?????
Submitted: 1 year ago.
Category: Law
Expert:  Joshua replied 1 year ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. May I ask has a particular bank advised you they will not lend on non conventional construction please?
Customer: replied 1 year ago.

halifax lends if you have an A1+ credit rating, we do not, but over 95% will not lend, and its usually at the descression of the valuer that views it. Well this house is presently a small 2bed semi weatherboarded cottage , so we have planning for a 2 storey extension in block that will make the house about 70% conventional. my mortgage advisor has tried for months and its always a no on the construction of the present house!

Expert:  Joshua replied 1 year ago.
Thank you. That is interesting to note as my understanding was that timber frame construction was now widely accepted by lenders - I was not aware that there was an additional credit rating contingency attached specifically to the construction type. I do not suggest for a moment your information is incorrect but it would be worth if you have not already done so speaking to a mortgage broker because I deal with them regularly and one of the brokers I deal with advised me only last month that there is no problem securing lending for timber frame construction any longer as used to be the case some years ago. However it is true that in this case there were no credit issues. In respect of your specific question, there is no absolute rules on what a lender must or must not accept as each lender is entitled to set its own lending criteria and policy the what follows will not apply universally for every lender on the market however in general terms valuers will typically consider alternative construction methods as "ancillary" to primary construction method if 1) the alternative construction has been used for a minority of the square footage of the property and b) the alternative construction method does not make up any part of the main body of the property but rather is confied to an extension. There in no ratio however that would result in the property being described absolutely as one or the other. Rather it would be described as "of primaryly *** construction with ancillary *** construction extension" or words to that effect. If your property is timber frame with a conventional extension, if the main part of the house is timber rame then this will be considered the primary construction method with ancillary conventional extension. Unless an extension is so large as to be more than the original part of the house which would be very rare due to planning constraints, then the original dwelling would normally be the primary construction method considered. However as above, providing the building work has all achieved building regulation approval my and if less than 10 years old, has a building warranty attached to it, my understanding subject as above is that most mainstream mortgage lenders are happy to lend on non conventional construction these days with the exception of some building societies. A mortgage broker is likely to be able to assist in sourcing lending if you are having difficulty with a particular lender. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me.
Customer: replied 1 year ago.

thanks for your reply, but we sold our last house to get rid of a large mortgage, and used the equity to buy this house, now we were offered mortgages up to whatever we wanted, then we thought ok what could we buy for cash, so we bought this house , and its only been since trying to get finance on this that we hit this problem, we have spoken to 6 mortgage advisors and they all say no! plus our bank santander the same, hsbc, they do not lend on a 1910 timber frame property across the board! now i am a builder so i can get a bridging loan and rebuild most of it, but they need an exit mortgage when the 9 months of the loan is due, i have the offer, but again it needs to be of mainly conventional construction, so i need the ratio, as i do not want waste time throwing up walls, its money to? so whats the magical ratio? thats waht i need?

Expert:  Joshua replied 1 year ago.
Thank you for the clarification - I had not appreciated it was such an old timber frame property. Modern constructed timber frame properties constructed after 1970 which comply with ISO standards and obtain building regulation approval are no longer typically a problem, but old timber frame properties continue to be an issue as you say. With such properties there is no consistency to lending criteria and there is no magic ratio or other number which will apply. Many lenders refuse to lend on properties that comprise any component of non standard construction. Others will lend poviding the property meets certain technical and or other lending criteria. Before you carry out any work, the approach to take is to contact a non standard construciton specialist broker and source lenders that are prepared to lend or who would be prepared to lend subject to a schedule of required works.As an example you could contact Fairfield Brokers on 01952 812 280 who specialise in timber frame lending. Once you ave identified target lenders you retain a surveyor who deals with mortgage valuations (the broker can give you contacts) who can prepare a report for your as to which works will be required to bring your property in line with your chosen mortgage lenders lending criteria. Or alternatively you could go further and carry out works sufficient to make your property eligible for greater mainstream lending to allow your property to be more saleable on the open market. Carrying out works without a technical report from a surveyor will give you no guarantee that your property will be suitable for greater lending once you have completed the works. By carrying out the above approach you have reassurance that subject to your works meeting the technical specification provided by the suppliers report you should have access to your chosen lenders lending criteria. I hope that is of some assistance? Does the above answer all your questions or is there anything I can clarify or help you with any further?
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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Expert:  Joshua replied 1 year ago.
Is there anything above I can clarify for you?
Expert:  Joshua replied 1 year ago.
I hope the above is helpful? Can I help you with anything else or has the above answered your questions satisfactorily? If you could drop me a quick message to let me know I'd be very grateful.

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