More issues!! FFS!! We’ve owned house for ten years exactly. Bought it with a loft that has been converted though clearly not to building regulations as stair case isn’t wide enough. Hence why listed as 2 bed and not 3 bed. Valuation survey for mortgage values property at £0 pending a building regulations certificate or a completion certificate. Are we screwed?
That’s a positive. So long as it’s more than 10 years. How keen are the Buyers and have they bought before? Have the Buyers bought it as and for a 2 bedroomed or 3 bedroomed house? Not what you sold it as but what are they buying it as.
The buyers are very keen but it’s the mortgage company that’s calling it at £0. Yes they have bought before (well shared ownership) We’ve sold it as a 2 bed house. No idea what they are thinking unless they told the Nationwide it is a 3 bed?!
This might be the more difficult part. Is it feasible to say that the property is really a 2 bedroomed property and that the “3rd bedroom’ is actually storage or is going to be used by the Buyers as such? That’s why the Buyers intended use is important. You might need to speak with the Buyers to find out what they have said to the Lender and/or the Valuer. It’s extremely difficult to get a Valuer to change as their valuation as they are always protecting their own backs and it would have to be the Buyers who try. Are they prepared to go to the Valuer and point out they only want to use property as a 2 bedroomed house and the extra bit as storage. Depending on how many kids they have is that a possibility? From what you said it seems as though it wouldn’t have gotten b regs at the time of the works. Is that the case? The above is a long shot but the old saying is ‘shy barns…..’ If you want pm me tomorrow and I’m happy to have a chat. Unfortunately, no guarantees though.
Or here's an idea. Tell the buyer that Nationwide are ****ingshite, take ages to do anything, and to find another lender
For what it’s worth I had the same issue when I did a makeshift garage conversion. I left the garage door on and put partition walls in which was insulated. Exactky the same problem. The bank said it was classed as a room without fire regulations. Thus I said to the buyer tell them it’s a ****in garage. They asked me to rip it all out or the mortgage company wouldn’t give them it. So I did. Sale went through.
