Is this house a safe bet?

[mullingitallover]

Thanks to everyone who's responded to my many recent qs about the house we had an offer accepted on.

We're now moving closer to exchange and I'd really appreciate a sense check.

This 3-bed semi is:

-PRC non-standard construction ex-council house - I'm aware of the stigma here and that this would be 'no' for many
-extended (double-storey extension)
-survey found it to be a reasonable investment
-good footprint, but of an odd layout and needs some updating

• fantastic garden

-we offered asking price but considering negotiating down since learning it's a non-standard build

• we secured a mortgage offer just before the interest rate hike

Am I missing anything important to check/consider about this purchase? Thanks!

www.rightmove.co.uk/properties/124453214

Why would you need to negotiate down on the price if you have secured a mortgage on it? Did the valuation come in much lower?

Given it’s proximity to the A1 is it not noisy?

Does the PRC status come with any additional liabilities? Higher insurance cost? Higher maintenance? Lower insulating properties etc?

Usually the risk of PRC non standard is that it is uncertified, or unmortgagable, but your lender is happy.

What would the basis of a price reduction?

Is this an ex council house? Wow!!! It's huge!

How good are schools in the area? This is very important for me.

It's fully mortgageable with PRC - is completely safe structurally and no different to insure/maintain.

We've been advised to negotiate down based on not knowing it was a PRC house when we offered full asking - essentially because of the stigma and how that can affect re-sale.

It sounds good to me. From what I gather (used to work for a property organisation) non-standard construction is getting to be less of an issue as more mortgage products are OK with it and so on. But it's a good size, lovely garden and pleasant layout - looks like a good bet.

@Echobelly that's a wonderful thing to read before thing to sleep - thanks

Lovely house and garden. Given your lender hasn't raised any objections and it's all going smoothly, I can't see a basis for a reduction personally and wouldn't want to jeopardise the sale.

Thanks @sevenbyseven

We were told we had to let lender know about the non-standard construction - now waiting to hear their response and whether a new valuation is needed by .

So did your lender not know it was a PRC property when they approved mortgage? How did you find out? From survey? I live in an area with many PRC houses and this fact is noted in property particulars usually with a "cash buyers only" note.

If the sellers were not honest about it being a PRC property, I would be questioning what else they are withholding.

It's v spacious.
I had an ex council house and sold it easily,
Cannot get over the price though,
The north/south thing is crazy,
That would be 250k in a nice area where I am.

hope you not paying the asking price!

Do you have the PRC certificate? It's only mortgageable with one confirming that all structural work has been carried out to an acceptable standard. We have many houses that were built with this method locally. They were virtually pulled down and rebuilt. The few that haven't been are unsaleable and unmortgageable.

We have the PRC certificate now ( but only after having to ask for it) and have shared it with the lender.

Heard today that the lender is pausing our mortgage until they've done their own internal inspection.

FFS

Yes, it does make us wonder what else the vendor may have withheld - has certainly broken the trust somewhat.

I would run a mile from PRC and I think it coild
be a nightmare to sell on

Interesting, thanks @Lastqueenofscotland2

I'm getting quite mixed feedback (on here and other property/finance forums) about PRC - suggesting that it might get a mixed response on the market.

Wait to see what your lender says, and in the meantime research similar properties locally - how much have they sold for, do they appear to go for below the local market rate, etc etc.

In some areas they are quite common.

@sevenbyseven it seems that house is the only one in that particular row that's been privately owned/sold in recent years... maybe ever!

The rest must still be council owned.

Different styles of house along the street have done really well on the market - but I don't think they're the same construction.

This sounds that the house is far from a safe bet. Nobody else has bought theirs from the council, presumably because they know that they are a poor investment.

There's some good deals on the market at the moment as people are wary of buying. My neighbours both sold in days in the summer and I've had virtually no interest in the last month. See if there's anything else you like and go in with a low offer.

I am no expert, but that house doesn't look like any of the PRC houses I have seen.

There were a lot round us where I grew up, and different types where I now live. None of them look like brick houses.

Has this one been clad in brick slips?

Are you sure it's non standard construction?
As pp said on the surface it doesn't look like it is unless it's had a brick front added.
My friend had a ex council non standard construction house and it was a pita to sell as when house was surveyed some mortgage companies withdrew their offer as they didn't like non standard construction, it was made of concrete.
Previously ive lived in a timber framed house and again had to go to a specialist mortgage provider. So it's perfectly possible to get a mortgage on a non standard construction house but it limits your options on a mortgage and you may not get the most competitive deal. This will put some people off if you come to sell in the future .
That would be my biggest concern as otherwise it looks absolutely lovely.

@SuperCamp @Runnerduck34

It's had all the brick remedial PRC work done. The survey flagged it is still "originally" a non-standard construction - well, the vendor doesn't think it is any more.

Would add of you didn't know it was non standard construction when you put your offer in I think it's fair to reduce the price to reflect that is harder to get a mortgage for so probably more difficult to sell.
On the plus side my friend loved her house that was similar construction by the sound of it and had no issues maintenance or otherwise until she tried to sell