AIP - when to accept an offer - Live/Work

[IamwhoIsayIam]

We are selling a complicated property which is part residential/part commercial. A designated Live/Work scheme.

We have three offers on the table, all of whom need mortgages. Only a few providers offer finance on Live/Work schemes so I want to be sure that lender will offer a mortgage for a Live/Work not just the value of the property before accepting an offer. I don't think 'just' an AIP for the value is enough to prove they are proceed-able.

Any ideas on how to check this? Our EA explained that the AIP is not property specific but surely anyone with any sense would be checking that their lender would lend on that type of property otherwise it really is pointless and a time waster for all involved!

just find out out who their AIP is with the. ring up those banks and ask them if they lend on Live / Work schemes

Should your estate agent not do that? Surely if their job is to check if someone is actually proceed-able this would be part of the process.

I'm going to tell the EA I won't accept an offer unless their AIP is from a lender offering Live/Work.

A mortgage in principle is just a general brushstroke really, I suppose it depends if it’s from a broker or a specific bank/building society.
They can’t offer anything more until they know the actual property you are wanting to buy.
We had a mortgage in principle but once we found a house our broker then recommended the most suitable provider for our situation, that’s why we used a broker.
I wouldn’t worry too much just choose the offer from the person in the best situation, ie not in a chain or large deposit, it’s their issue to find the right type of mortgage, the EA should be telling people it may/will need a specialist mortgage.

I think this is what I'm getting at - once they know the actual property they want to buy - in this case ours with a Live/Work restriction I want to see an AIP from a provider who will lend on it. Not just any lender.

I'm being picky because we have been burnt by someone who had an AIP for the funds but then failed to get their mortgage application accepted.