I'm a first time buyer needing a 75% mortgage. When putting in an offer it turned into a multi offer situation and feel I'm paying top $ for the property. A building inspection says the property is well presented and in a good state of repair but the LIM has identified there is no consent for the internal garage to be converted to a playroom. The seller has agreed to obtain a COA. I have declared this to my buildings insurance and high street lender, but finance remains conditional until the COA and proof of Insurance with no exclusions is available.. My questions are:-
I would appreciate any experience, opinions or advice.
Kind regards
- Does a COA completely remove the problem of the unconsented element or will it always be an awkward legacy that will reappear or likely affect resale value when I come to sell?
- Will the COA mean the alterations are now considered compliant?
- Am I likely to incur ongoing Insurance loading or exclusions because of the COA element?
- Does the COA effectively put me back in the position of buying a fully consented property or should I really be negotiating a new price as the property isn't as perfect as I thought it was at the time of making my offer?
I would appreciate any experience, opinions or advice.
Kind regards
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