Where your customer uses our remortgage service, we will pay our conveyancer's legal fees, any registration fees and, if the property is leasehold, their landlord's fees for answering our conveyancer's enquiries. Find out how to do it in our guide. Talk to your broker if youre worried about your credit history as they may be able to find you a specialist bad credit mortgage. If youre looking to buy a high rise flat, a lot of lenders have limits on the number of storeys in the building. Anything else is considered non-standard construction. 2023 Online Mortgage Advisor. Barn conversions arent for everyone but they can be beautiful. K Lath is a reinforced mesh that is sometimes applied to reinforce cladding and stucco walls. Mortgage Pre-approval Get an immediate response to your online application. Finding a mortgage broker who specialises in non-standard construction mortgages isnt always straightforward, but you can rest assured that all of the advisors we work with have been pre-vetted by our expert team. Non-standard construction properties often come with a higher commercial risk. We will match you to a real human being who's an expert in your circumstance with a proven track record at finding mortgage wins. The lower your LTV, the better rates you will be able to negotiate. These two types are on the 1985 Housing Defects Act list and are unmortgageable until repaired in accordance with the guidelines set out by PRC Homes Limited. Specialist lenders are available who accommodate non-standard construction mortgages. Let us take the hard work and stress out of the equation for you and ensure you get the best possible deal. CanWise Financial & CanWise Mortgages are owned and operated by Ratehub Inc. Is now the right time to remortgage? Derby, You may be able to buy your home at a discount to its market valuation. Step 1: Find out what we could offer you Get a personalised indication of how much you could borrow in less than 10 minutes. By categorising construction types as standard and non-standard, lenders can mitigate risk. A buy to let mortgage is a loan you can take out to buy a property that you intend to rent out to tenants. If you want a mortgage for a high rise with cladding for example, your lender may ask for an ESW1 form, or if youre looking to buy a concrete home you might be confused about how the large number of different construction methods can impact a mortgage. Get in touch for an initial free, no obligation chat with an advisor about how we might be able to help. The main difference is the perceived level of risk, so with non-standard constructions being seen as more high-risk, you can expect more onerous terms, including: The following building materials are considered non-standard or non-traditional for property construction: Clay lump houses are most commonly associated with Norfolk, where the material was very popular in the 19th and 19th centuries. If you have any questions, feel free to call us on 0808 189 2301, By continuing to browse our site you consent to our use of cookies. As are Santander, who will also consider mortgages for converted churches and coach houses. There are a number of acceptable schemes, but the main one is run by the National House-Building Council (NHBC). Santander has granted finance on steel framed properties, which are more subject to the valuation. This income multiple is not widely available to customers who are applying directly with a lender. Halifax tends to be more cautious in their approach, excluding certain kinds of pre-cast reinforced concrete, as well as properties that have had their frame cavities filled. You must provide a copy of the final inspection report and completion certificate and complete the build within two years of the first release of funds. If the property is leasehold, then you will own a temporary right to occupy the property and the land its built on. You may have been offered an agreement in principle (AIP) by Halifax only to be declined on full application due to bad credit. Copyright 2021 The Mortgage Mum. 10 positive effects of population growth on economic development If lending criteria changes, you may find it very difficult to find a buyer who can obtain a mortgage later on. Halifax and Barclays for example are both open to non-standard construction mortgages on a range of property types including 100% timber construction homes, thatched roofs and concrete homes. Leases can last for decades or centuries. These mortgages aren't available to first-time buyers or applicants under the age of 25. The solution was found in prefabricated concrete homes (PRC homes). Non-standard construction can cover a whole host of building materials and property types, including, but not limited to: If its not immediately obvious, it should say on the property details if its non-standard construction. With a listed building, for example, they will probably require a specialist Listed Building Survey. If you rent your home from your local authority or a registered social landlord, you may have the Right to Buy your home under certain conditions set out by your landlord. Home valuation: Free. If we are still unable to resolve them, you can take your complaint to an independent Ombudsman. Theres always the temptation to rush out to another mortgage lender in the hope of a better outcome, but its important to hold your horses in the short term. At OnlineMortgageAdvisor we know that everyone's circumstances are different. . If you think Halifax are likely to decline you for a mortgage because of any of the above issues, keep in mind that it could still be possible to get approved for the finance you need with the help of the right mortgage broker. Registered in England No. These are both new builds and also older, especially wartime properties. The customer must provide documentary evidence of income and assets, and adherence to all three criteria must be recorded in notes. All the advisors we work with are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. Opens in a new browser tab. See T&Cs. Usually you own 100% of the property but pay a reduced amount to the builder, for example 75% of the property value. Aaron went above and beyond. Get Started with an expert broker to find out exactly how much you could borrow. If bad credit was the problem. Where ex-local authority flats are involved, Santander doesnt set limits on the height theyre willing to lend on, as long as the property passes the necessary inspections. Available at all hours, including after bath time! HSBC HSBC accepts timber framed mortgage applications but excludes houses built from 1920 to 1965 and allows up to 80% LTV. Maybe that rejection was a blessing in disguise. 3894404. This is why its essential to have a survey carried out before applying for a non-standard construction mortgage, and maintenance may be a key component of any mortgage deal you get. Concrete was cost-effective, lightweight, hard wearing, and fireproof. OnlineMortgageAdvisor took some details and within 24hrs had secured an Agreement in Principle elsewhere, at a better rate than I have with Halifax, Aaron went above and beyond. Our customers love Online Mortgage Advisor, Author: We'll only lend on leasehold properties with at least 70 years left on the lease when you apply. In Scotland (except in rare cases where there is a form of long lease known as a 'tack') all properties are owned outright by the 'registered proprietor'. Often it will be stated on the property details if its non-standard construction. But if you dont plan on selling for a long time it can be well worth it. We've found the absolute perfect forever home but estate agent informed us that previous offers from potential buyers had fallen through due to not being granted a mortgage because of the cob walls. If you are considering a non-standard construction mortgage, you should keep the following in mind: Many types of non-standard construction require special maintenance or treatments that can be expensive. The information on the siteis not tailored advice to each individual reader, and as such does not constitute financial advice. There are over 500 different BRE Recognised 'System Built' Properties. The key issues with non-construction properties come from the extra inherent risk to lenders, which is why you can expect to pay slightly higher interest rates and be subject to a more rigorous application process. Is now the right time to remortgage? If they declined you for a mortgage on affordability grounds, its likely that the combined earnings of each applicant didnt add up to the full amount they need to borrow when this calculation was applied. How Long Should You Fix Your Mortgage For? Non-standard construction lenders who do cover Scotland often have postcode restrictions, so securing a mortgage on an unconventional property in, say, the Highlands or off the mainland may be particularly difficult. United Kingdom, The remortgage service is available on most, but not all, of our remortgage products. Although this isnt technically a legal requirement you may find some lenders wont offer a mortgage without it. Get an Agreement in Principle Step 2: Ready to apply for your new mortgage? Variable Rate Mortgages. Any neglect in maintenance can show itself in a drop in property value, which could impact your ability to resell or remortgage in the future. We guarantee to get your mortgage approved where others can't - or we'll give you 100*. Think carefully before securing other debts against your home. How strict are Halifax as a mortgage lender? If you have any questions, feel free to call us on 0808 189 2301, By continuing to browse our site you consent to our use of cookies. Some lenders would consider letting you borrow. A DTI of 36% or below is generally seen as 'healthy', but non-standard construction mortgage lenders may request a DTI of 30% or below, which demonstrates a high level of disposable income. Getting a Mortgage on an Uninhabitable Property . Prefab/modular houses are non-standard construction. This gives a ten-year warranty against material defects. Once the construction is over, the loan amount . Our knowledge and experience of the differences in lender criteria could be the difference between getting a great mortgage and being swiftly declined. The customer must declare that they have adequate knowledge and experience to evaluate the risks and benefits of entering into a mortgage with HSBC UK. If Halifax turned you away for one of these reasons or another that we havent listed, the steps to take are exactly the same. This gives Halifax one of the lowest property tax rates in Atlantic Canada, however it is made up for by the city having the highest home prices in Atlantic Canada. Pop trivia - the 'no fines' refers to the fact that concrete contains no fine . Mortgages with No Early Repayment Charges, Getting a Mortgage if You Have One Already. For most residential mortgage borrowers, Halifax cap their lending at 4.75 times the applicants income. Standard houses have brick or stone walls with a roof made of slate or tile. Halifax said they wouldn't touch me because I had 2 new credit cards and late payments on my credit report. All high street mortgage lenders are strict in the sense that theyre likely to reject an application that falls outside of their lending criteria. Some types of buy to let mortgages are not regulated by the FCA. 5,347 posts. We do not charge a fee for our advice, instead we charge for arranging your mortgage. It isnt particularly helpful to think in terms of which lenders are best. Its possible to modify certain property types to move them within the boundaries of a standard construction, or at least reduce the structural risk. Im asked a lot of questions about non-standard construction properties and mortgages. Most lenders will offer a maximum loan to value of 75% on non-standard construction buildings, which means you'll need at least 25% deposit. For joint applications at least one applicant can earn 75,000, or the joint applicants can earn a combined income of 100,000. For insurance business we arrange policies from a panel representative of the whole of the market. They are also concerned about the propertys value decreasing due to lack of maintenance in certain property types. This involves removing the external panels and external columns, these are then replaced with a traditional brick and block external wall. Non-standard construction: Including thatched roofs, timber or log frames, and prefabricated concrete Listed buildings: Listed buildings require specialist insurance due to the extra regulation that surrounds how they're built and renovated Subsidence: A history of subsidence needs to be declared. Onlinemortgageadvisor.co.uk is an information website all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up-to-date information on all things mortgages. Apply online Contact Us Have additional questions? Learn more, Three simple steps to getting your mortgage approved. Mortgages for Properties With a Flat Roof, Online Mortgage Advisor, Non-Standard Construction Mortgages . The share you first buy may be as little as 25%, but if you wish you may be able to buy more shares later until you own the property outright. Opens in a new browser tab. There is no better way to maximise your chances of approval and securing the most favourable deal available to you. You can increase your chances of lodging a successful appeal by enlisting the services of a mortgage broker and have them do the legwork. Our experience with lenders lets us know which of them have financed properties like the one youre looking at in the past. Six-times salary mortgages are usually only available under very specific circumstances. Getting a mortgage on a non-construction house can be more difficult, but its definitely not impossible, especially with the right specialist broker in place. We currently only offer this type of mortgage if you are applying through a mortgage broker. I found Online Mortgage Advisor who offered fantastic but specific insight to my issues. Your outgoings may also have been factored into the equation, especially if you have other substantial financial commitments. It typically involves a clay mix wherein sand or crushed flint is added to provide strength and volume. Again, the details will come down to your survey. It won't impact your credit score. They will offer any advice specific to you and your needs. For many mortgage lenders, a standard property construction involves brick walls, concrete foundations and a tiled roof. No, but it means youve reached an advanced stage in the process if the surveys have come back without any issues. If you recently turned self-employed, theres a good chance youd have a mortgage application declined by Halifax. Sign up for the latest market news, new lender product information and helpful tips and advice from our experts! If you dont know much about surveys and how they work, listen to ourrecent interview with Colin Horton. Halifax accepts various build types that are classed as non-standard including 100% timber construction and mundic block, but if, for example, non-repaired prefabricated reinforced concrete was flagged up during the surveys, the mortgage application might be declined. Whatever your situation, at OnlineMortgageAdvisor we know that everyone's circumstances are different. When potential mortgage lenders are already wary about non-standard methods of construction of the home you want to buy and the available pool of willing lenders is restricted, you are likely to find that the conditions attached to any mortgage advance are that much tighter. - Director of Distribution. The most you can borrow is linked to the amount of rental income we think you could earn. Nationwide doesnt lend on anything above 5 stories unless it is located in London. For these lenders, anything that deviates from this is non-standard. Its a form of earth construction that involves clay-rich materials. Think Plutus is a trading name of The Finance Planning Group Limited. United States. Halifax accepts various build types that are classed as . So dont be put off. You might find that a lender wants a damp and timber survey on the property. Read on, or listen toour new episode from The Mortgage Mum podcast is out now on all major podcast directories including Apple and Spotify. 1 King Street, London, EC2V 8AU Unusual properties and construction methods can impact finances and plans further down the line, not just at the mortgage application stage, so its important to consider the following implications too before deciding whether its worth getting a non-standard construction property. 8.100% 1. There are more than 200 varieties of timber frame properties on the market, so its difficult to talk about them in any depth. So before you enter the market you should be an experienced house buyer and have fully researched investment properties. This means there are all sorts of construction types that can fall into the non-standard category, including: In a word: yes! Anything you can do to help mitigate this risk will make it easier for you to get a mortgage, so if youre able to put down a larger deposit for example, then this can bring down the cost and open up more options. They will offer any advice specific to you and your needs. Your survey will then be able to go into more detail. Plywood and hardboard are usually lapped at the corners or fitted to a corner board. To get a mortgage on a non-standard construction property, you'll most likely need to use a mortgage broker like John Charcol. Please Enter to access social media links. If they, declined you for a mortgage on affordability grounds. If Halifax turned you away for one of these reasons or another that we havent listed, the steps to take are exactly the same. See what we do to help our chosen charities and the great work that theyre involved in. And remember, being initially turned down by Halifax might end up being a positive in the long run, as the right broker could potentially find you an even better deal. Reinforced concrete houses helped provide housing for lots of people after WWII in desirable locations outside the big cities. The lender specifies that self-employed applications must have at least 12 months trading under their belt before they can be considered for a mortgage. Non-standard construction means the construction materials do not conform to this standard. 4.8 out of 5 stars across Trustpilot, Feefo and Google! That's why we only work with expert brokers who have a proven track record in securing mortgage approvals for Non Standard properties. There are many clay lump buildings that have fallen foul of improper maintenance, meaning many of those that are still standing have been patched together with modern materials like bricks and cement. Yes. It really depends on your circumstances and the nature of the property in question. They will offer any advice specific to you and your needs. High rise flats with cladding may also be subject to an ESW1 form by some lenders. It describes any building that is not built from bricks and mortar - think things like rural cottages made from clay or penthouses in a high rise made of steel and concrete. . Nationwide The Halifax property tax rate fell in 2020 to 1.038%, from 1.2055% in 2019. Whereas a typical mortgage might have a basic 10% deposit requirement, non-standard construction mortgages may require a larger deposit sometimes up to 25% as a minimum. An unusual home can be full of character and charm, but getting a non-standard construction mortgage isnt always simple. If you think you might want to resell your property in the future, its worth considering whether the property type might limit the pool of potential buyers and make it more difficult to sell. including 100% timber construction and mundic block, but if, for example, non-repaired prefabricated reinforced concrete was flagged up during the surveys, the mortgage application might be declined. Even so, if a non-standard construction house doesnt fully meet their criteria, a risk-averse lender still may not offer a mortgage on it. Our advice is covered under the Financial Ombudsman Servicehere. You may have managed to obtain a mortgage on a non-standard property, but that doesnt necessarily mean that another buyer will be able to later on. Halifax and Barclays for example are both open to non-standard construction mortgages on a range of property types including 100% timber construction homes, thatched roofs and concrete homes. So theres a clear trend here. The roof needed fixing and the lender wouldnt accept the property unless the work was done. Mortgages on non-standard construction types are frequently handled on a case-by-case basis. The most common types of construction in the UK include: Timber Frame. Anything else is considered non-standard construction. Registered address: 539-541 London Road, Westcliff-on-Sea, Essex, SS0 9LJ. Non-standard mortgages are a niche lending market and eligibility is particularly important. Sign up for the latest market news, new lender product information and helpful tips and advice from our experts! Pan-Tile- A roofing tile with an S-shaped profile, laid so that the down curve of one tile overlaps the up curve of the next one. The mortgage experts we work with have enjoyed helping hundreds of young people all over the country successfully secure their first home. With special guest and co-founder of Bespoke Sourcing, Hannah Mills. Watch Sarah Tucker, Shelley Walker and Sonya Matharu talking about the current housing market at FSE Week 2021. Helped us understand the process and gone over and above to help in a difficult situation. Some types of buy to let mortgages are not regulated by the FCA. Some mortgages are declined after the AIP stage because a credit problem has been discovered when the underwriting team carries out its hard credit search. Derby, You apply at the end of each stage for an instalment. If you've made an offer, complete your mortgage application online now! That said, Halifax are known to cater for first-time buyers, low-income customers and even people with certain credit issues. A non-standard construction house is built from materials that, unsurprisingly, dont conform to the standard definition. Self-Employed Mortgages with One Years Accounts, Buy to Let Mortgages for the Self-Employed, Documents Needed for a Self-Employed Mortgage, Joint Mortgage When one Applicant is Self-Employed, 539-541 London Road, Westcliff-on-Sea Essex, SS0 9LJ, Joint Mortgage When One Applicant is Self-Employed. With the exception of first-time buyer products that Halifax recently brought back to the market, the lender typically offers residential mortgages with a maximum loan-to-value (LTV) ratio of 85%, which means youll need a mortgage deposit of at least 15%. We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. Your solicitor will also do searches on the property to check for major problems, so you are well covered. That's why we only work with expert brokers who have a proven track record in securing mortgage approvals. Top 5 reasons Halifax decline applications, Getting a Mortgage in Sole Name When Married, Joint Borrower, Sole Proprietor Applications. Mortgage Protection; Critical Illness Cover; Income Protection; Redundancy Cover; Buildings & Contents; Life Assurance; The steel supports were corroding and concrete blocks were becoming cracked, prompting mortgage lenders to stop offering mortgages on these properties. Registered in England & Wales. We'll also consider an application to buy a property that you want to rent out to someone else. 10.000% 3. By making an enquiry you accept that your information will be passed to one of the specialists. Lending criteria - residential. Every lender has different criteria and rules . The most competitive premiums that youd see on a standard property may not be accessible. Flagstar offers 3% down payments on conventional loans for first-time home buyers. Plus, prefabricated houses are quite easy to identify. I needed to remortgage to consolidate debts. All the advisors we work with are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. As a whole of market mortgage broker, Think Plutus has access to lenders that simply arent available to the general public. You can read more about how Halifax uses credit scoring in this digital brochure. Think carefully before securing other debts against your home. Halifax, for example, will not consider buildings clad with certain precast reinforced concrete (PRC), and will only lend on a timber framed and clad property, if the cavity between frame and cladding has been retrospectively insulated. Grounds to appeal include the lender basing their decision on incorrect or outdated information, or if you failed to declare capital or assets that are held with another bank or financial institution. We are an officially recognised Introducer Appointed Representative and can be found on the FCA financial services register, number697688. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. While most homes fall under standard construction the classic bricks and mortar there are a significant number of properties in the UK that are classed as non-standard construction, meaning anything from a modern, steel framed house to a thatched country cottage. I got a great deal thanks to him and I couldnt recommend him highly enough. Modern, warm and organic textures combine to create a truly amazing home. Not considered to be non-standard but very popular for covering listed buildings. Lenders will often want to see a structural engineers report to check the frame. Getting a mortgage in Scotland is a very similar process to in England and Wales, but its worth noting that overall there are fewer lenders offering mortgages in Scotland and some of them impose postcode restrictions, making it harder to get mortgages in some areas of the country than others. The scoring formulas take into account multiple data points for each financial product and service. If you want to speak to an adviser in branch you'll need to book an appointment. The amount borrowed: 88000. Recreational gambling, meanwhile, is only likely to lead to a mortgage rejection if the lender finds what they think is evidence of excessive betting. Get pre-approved Let's connect slide 1 of 4 Found your dream home? Visit the Halifax Facebook page. A valuation is an important part of any mortgage decision, but when your new home isnt run of the mill its even more crucial. Consequently, the most important factor that will dictate whether your application is successful is choosing the right lender. Your broker may be able to help you find a good deal with a specialist insurer as they will already have a good knowledge of your home. The British Iron and steel federation (BISF) built around 50,000 steel-framed houses from 1946. It may be necessary to apply for a non-standard construction mortgage if you hope to buy a property that is built out of anything other than bricks and mortar. Barclays does not lend to homes made from defective precast reinforced concrete (PRC) but Halifax may consider it if the property has been repaired through an approved scheme. Non-standard homes tend to be common areas where the materials used to build . Scotia Ultimate Variable Rate Mortgage - 3 Year Closed Term. Their actual processing times can vary depending on how long the conveyancing takes and whether there are any issues surrounding the property seller as well as the buyers personal circumstances. Non-Standard construction property? All properties, regardless of their construction type, will always be subject to the valuers comments. Steel-framed homes are another type of non-standard construction and, yes, they are mortgageable. All rights reserved. In many non-standard property types, failure to keep up with maintenance can cause damage that diminishes the propertys overall value. A non-standard construction mortgage is, as the name suggests, a mortgage specifically for properties that arent of standard construction i.e. Any builder you use to build your property must be registered with an acceptable Building Standards indemnity scheme, or the construction must meet our current monitoring requirements. Onlinemortgageadvisor.co.uk is an information website all of our content is written by qualified advisors from the front line, for the sole purpose of offering great, relevant, and up-to-date information on all things mortgages. The finance Planning Group Limited brick walls, concrete foundations and a tiled roof also... Home can be considered for a mortgage in Sole name When Married, joint Borrower, Proprietor. Means the construction materials do not charge a fee for our advice is under... Solution was found in prefabricated concrete homes ( PRC homes ) stucco walls earn 75,000, or the applicants! Isnt always simple mortgages with no Early Repayment Charges, getting a deal! Carefully before securing other debts against your home mortgage halifax non standard construction mortgage for Non standard.. Derby, you apply at the end of each stage for an instalment on steel framed properties, which more!, no obligation chat with an Advisor about how Halifax uses credit scoring in this brochure... Westcliff-On-Sea, Essex, SS0 9LJ only work with have enjoyed helping hundreds of young people all the! To keep up with maintenance can cause damage that diminishes the propertys overall value of... If its non-standard construction means the construction is over, the details will come down to survey. Enjoyed helping hundreds of young people all over the country successfully secure their first.. Property to check the frame for lots of people after WWII in desirable locations outside the big.! Most important factor that will dictate whether your application is successful is choosing the right lender hsbc accepts timber mortgage. The whole of the market you should be an experienced house buyer and have researched. Organic textures combine to create a truly amazing home then be able go! Ve made an offer, complete your mortgage insight to my issues be able to negotiate on most but! We only work with expert brokers who have a proven track record in securing mortgage approvals for standard. The surveys have come back without any issues and adherence to all criteria! Repayment Charges, getting a great deal thanks to him and I couldnt recommend highly! Earn 75,000, or the joint applicants can earn a combined income of 100,000 types buy... Complete your mortgage approved where others ca n't halifax non standard construction mortgage or we 'll you. To find out exactly how much you could borrow mortgage lenders, a standard property not! Lenders have limits on the number of acceptable schemes, but getting a great deal thanks to him I! Its market valuation fully researched investment properties a discount to its market valuation speak. You recently turned self-employed, theres a good chance youd have a proven track record in securing approvals. 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On non-standard construction mortgages joint Borrower, Sole Proprietor applications your outgoings may also have been factored the..., theres a good chance youd have a proven track record in securing mortgage approvals bad credit.... Stated on the property and the great work that theyre likely to reject an application that falls outside of construction. As such does not constitute financial advice formulas take into account multiple data points for each financial product and.... They, declined you for a mortgage if you & # x27 ; impact! Thanks to him and I couldnt recommend him highly enough the whole of whole! 1.2055 % in 2019 which of them have financed properties like the one youre looking buy.: timber frame and steel federation ( BISF ) built around 50,000 houses. Be beautiful we currently only offer this type of non-standard construction mortgages cost-effective. Criteria could be the difference between getting a mortgage broker higher commercial.! Cladding and stucco walls most common types of buy to let mortgage is, as the name suggests, standard. The sense that theyre likely to reject an application to buy a high rise flats with cladding may have... Other debts against your home at a discount to its market valuation their. Onlinemortgageadvisor we know that everyone 's circumstances are different this type of mortgage if have. I had 2 new credit cards and late payments on my credit report any issues,. ; canwise mortgages are not regulated by the FCA the & # x27 no... Concrete houses helped provide housing for lots of people after WWII in desirable locations outside the big cities pre-approved... But the main one is run by the National House-Building Council ( ). Now the right lender steel-framed houses from 1946, Shelley Walker and Sonya Matharu talking about the housing... Applying directly with a lender wants a damp and timber survey on the property is leasehold then...