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Hi, 

I would be very grateful for some experienced advice on an apartment purchase, which has hit a problem at the lenders survey stage.  

 

The property was purchased off-plan - terms of the contract were 5% upfront, then remaining 5% upon completion.

 

I am pleased with the build quality, however, i have now hit a snag in that the lender will not lend on the property citing "high risk" and "unsuitable security". In fact, after discussion with my broker, it appears a number of lenders are not willing to lend on the building. I'm trying to locate the exact problem, but understand it may be down to the concrete construction (this was originally an office block built in 1980s and now converted to residential).

 

I'm put off the fact i'm having difficulties obtaining a mortgage, which could mean refinancing and/or selling issues in future. If i pull out, could i recover my 5% deposit? - and worse still, would i be required to pay the outstanding 5% since the contract is already signed 12months ago? I would argue i did not sign up to a development that would be very difficult (or even impossible) to obtain a mortgage on!! 

 

Many Thanks

Lee

 

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