BISF into Standard construction
I need help with BISF construction. I like one property but find out that its BISF. So if I buy that property on cheaper price how much it will cost to convert into standard construction such as timber, brick or concrete? Because otherwise, it will be difficult to sell as most of bank won't give a mortgage for this house.
First I need to ask if you are certain that the property is a BISF house and not another type of non-traditional construction?
Sadly you cannot convert a BISF house into a standard construction house because the main steel frame (support structure) will still remain in place and therefore the house will still be deemed to be of Non-Tradional Construction.
Many people change the exterior walls. Some are replaced with a traditional brick skin, but it is only a skin. It does not replace the internal steel support structure.
Despite what you may have heard or read on the internet, BISF Houses are not difficult to sell, nor are they difficult to mortgage, unless they are in poor condition. However a potential buyer should ensure that they only choose a mortgage provider who accepts properties of Non-Traditional construction, as not all do.
If the provider does accept this type of property and the survey is satiffactory, then the mortgage usually goes through fine, just like a traditional mortgage. However if the application is made to a lender who does not deal with this type of construction, then the application is refused, causing the buyer to blame the construction type, when it is actually the buyers fault, for not checking the providers lending criteria first.
The providers published lending criteria can usually be found online and it lists the types of property the lender will consider as suitable security for lending purposes.
Simply enter you chosen lenders name into Google followed by the words 'Lending Criteria', and you should see a link to the companies intermediaries webpage. (See example below)
You should then search the relevant pages for the heading 'Property type' or 'Construction type' to find the aswer. Alternatively, call your provider first before making any mortgage application. It could save you a lot of time, money and frustration.
I would suggest reading up a little more on BISF houses before making any applications. A lot of what is written on the internet is written through ignorance and it is often false, misleading and very innacurate.
I hope this helps