Plantagenet Road, Barnet EN5

2 minute read posted by Nick Kyriacou

1 Bedroom Ground Floor Maisonette

When it comes to buying a property, while you will always need to have a good property agent to help guide and advise you, it is also essential that you also have the best legal and financial representatives and that the 3 parties work well together and communicate to ensure the purchase goes through as quickly and as smoothly as possible.

With this particular property, having a mortgage adviser who was experienced enough to know when it was appropriate to push back, inevitably allowed our client to secure their dream home.

mi homes recommended our trusted mortgage advisor who we work with on a regular basis and trust them to do the best possible job for our clients.

The buyer had a mortgage valuation done and was told by the surveyor that they would get granted a mortgage on this property as the garden backed onto a sports club which caused disruption to the local area. As a result, the bank refused her mortgage application.

There were two options left to offer for our buyer.

#1 try a different lender (which would take time and cost money and could result in the vendors pulling out of the sale)

#2 appeal this case (appeals are very unlikely to be granted with 8/10 of appeals not failing to be overturned).

As a team we worked together and decided that the mortgage advisor would go ahead with the appeal on the grounds that the property did not in fact back onto the sports club (it was the property alongside it) and therefore it could not cause any disruption.

Despite the risk, an appeal was launched. The bank sent a different surveyor to carry out another valuation. This resulting in the appeal being granted and the bank lending to our buyer after all.

All the time we kept in constant communication with both our buyer and seller to keep them updated.

Why we class this as a major success is that without the finance secured for our buyer, the sale could not have gone through, and both our buyer and seller would have lost out. This seemed like an impossible situation to work around but both our sales team and the mortgage advisor did not let them deter them. Sometimes risks are worth taking to achieve the right ending.