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munchkinsugarpie

Please Help! Advice Needed

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Am about to make my FIRST purchase in investment property (to flip over) and have found out the home is of a Wimpey no-fines construction. The mtge lender I was going to use won't lend on it and now I've got shaky feet.

Has anyone got any experience of this build? Should I steer clear, after all, if this mtge lender's not happy on it, how about future purchasers? Any advice would be SO gratefully received. Many thanks

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Guest The_Oldie

Surely it doesn't matter if you're planning to flip it, borrow from whoever you can and flip away, you're bound to find another mug to buy it, maybe :rolleyes:.

By the way, did you notice the name of this website?

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It's basically a concrete construction with no 'fine' aggregates in it.

Wouldn't touch it with a bargepole personally.

http://en.wikipedia.org/wiki/Wimpey_no-fines_house

The novel nature construction is still a residual concern and many lenders make restrictions on mortgages against no-fines houses. Wimpey no-fines houses are no longer in active construction.

D :ph34r:

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It should have been externally clad in expanded polystyrene or phenolic foam boards and subsequently rendered by this time if it's recently ex L.A., complete with a guarantee of some sort. If it hasn't been insulated in this way forget it.

In any event you're probably best steering clear of 'system built' houses altogether - don't worry there's plenty more fish in the sea!

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They won't grant mortgages on them because they don't think they're going to last the course.

The 'no-fines' construction allows moisture to get at the reinforcement which rusts, expands, damages the concrete around it and, ultimately, can lead to failure.

They are also a bugger for mould etc - they have no cavity and are partial to condensation.

Edited by Lets' get it right

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thanks so much guys for the genuine replies ... don't really understand the sarky ones... sorry. I did look it up and even though the majority feeling seems to be it's quite sound, that doesn't really seem to be the problem -

If lenders aren't happy lending on it, then it'll be much harder to find a buyer won't it? It 'sold' just before I saw it, so I thought it was off the market... now I'm beginning to see why it came on again... It's not to say it won't sell, but I reckon it doesn't really facilitate a quick sale does it?

Would any of you more experienced people buy or walk away?

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If you're not claiming to be an expert, then it's the wrong type of thing to cut your teeth on. Even if it turns out alright in the end and you make a profit, you'll have burnt a hole in your stomach from worry.

EDIT: Not that you shouldn't be worrying enough with the HPC on its way ;-)

Edited by dellboy

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Another point to bear in mind apart from all else is that a lot of these postwar prefabs were a shorter term answer to a housing crisis at that time and most were anticipated to last only until around the 60s or 70s. Most are therefore long overdue for demolition and many that havent already been are earmarked by planners for an imminent date with the wrecking ball somewhere in the not too distant future-certainly the case round my way for many of the old pre-fab estates-and another good reason (as if there arent enough already) to steer clear and why you will probably struggle to get a mortgage on one.

It is a useful insight too for those in denial and insisting that we have a housing shortage of just how quickly the govt and construction industry CAN respond if needed if this really were the case!

Edited by stonethecrows

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thanks so much guys for the genuine replies ... don't really understand the sarky ones... sorry. I did look it up and even though the majority feeling seems to be it's quite sound, that doesn't really seem to be the problem -

If lenders aren't happy lending on it, then it'll be much harder to find a buyer won't it? It 'sold' just before I saw it, so I thought it was off the market... now I'm beginning to see why it came on again... It's not to say it won't sell, but I reckon it doesn't really facilitate a quick sale does it?

Would any of you more experienced people buy or walk away?

Walk.

It will already have or will develop problems caused by not having traditional skins of brick.

The ventilation is usually crap and that caused condensation.

Many WImpey Nofines were built with flat roofs and these caused problems even when a pitched roof was later added.

Walk away.

dont look back in anger

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This sort of thread makes me smile.

Apart from he fact that now is not the time to be flipping anything.....a few realities about "No Fines" from the perspective of an owner.

First it`s not a "prefab" it`s constructed on site using poured in concrete of very coarse aggregate ...pebbles about 1/2 " to 3/4".

Second it shouldn`t have any reinfocing, steel or oherwise. So rust should never be a problem. If it had you probably won`t get a mortgage.

Internal walls , if original, will probably be breeze block.

Regarding longevity, my house was built in the fifties and I`ve lived in it for the last 20 years, and I woud say it will be here in another 100.

These houses are tough, the wals are about 16" thick, and the biggest problem is doing any work on them, drilling into them is a major headache.

You need a good quality SDS drill. Even then it can be a sruggle. If I was a flipper that would put me off!!

Damp does not seem to be a problem, it`s warm in the winter, cool in the summer and I would put it up against one of your "new build" timber framed brick faced rabbit hutches any day of the week.

Don`t get me wrong I`m not saying they are the best houses in the world, and if could have a stone built cottage in France I`d be off like a shot, but I think a little perspective is needed.

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This sort of thread makes me smile.

Apart from he fact that now is not the time to be flipping anything.....a few realities about "No Fines" from the perspective of an owner.

First it`s not a "prefab" it`s constructed on site using poured in concrete of very coarse aggregate ...pebbles about 1/2 " to 3/4".

Second it shouldn`t have any reinfocing, steel or oherwise. So rust should never be a problem. If it had you probably won`t get a mortgage.

Internal walls , if original, will probably be breeze block.

Regarding longevity, my house was built in the fifties and I`ve lived in it for the last 20 years, and I woud say it will be here in another 100.

These houses are tough, the wals are about 16" thick, and the biggest problem is doing any work on them, drilling into them is a major headache.

You need a good quality SDS drill. Even then it can be a sruggle. If I was a flipper that would put me off!!

Damp does not seem to be a problem, it`s warm in the winter, cool in the summer and I would put it up against one of your "new build" timber framed brick faced rabbit hutches any day of the week.

Don`t get me wrong I`m not saying they are the best houses in the world, and if could have a stone built cottage in France I`d be off like a shot, but I think a little perspective is needed.

Point agreed that it is not technically a prefab, but nevertheless it is a 'system built' non traditional construction type being a formwork and poured concrete construction and that's the main point most mortgage lenders will baulk at lending against it on. You are lucky not to have damp and/or condensation issues though I assure you this is not the case for a majority of properties of this construction type without extensive refurb which does not always solve all problems relating to the structure. I also agree timber frames are not so great (just ask the Barratt family what happened the first time they ventured into this area, haharr ;) ). Masonry construction is far preferrable to my mind but the main reason for the reintroduction of the timber frame is as a means to comply with the ever more stringent Part L building regs.

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