Is my victorian warehouse unmortgageable without a lift?

Hi, I have a converted Victorian warehouse in London which is six storeys high. The top flats are duplexes entered on the fourth floor (fifth storey).

I have decided to retire and sell the block. The top flats are wonderful penthouses with a large terraces. I offered one to market (at a very competitive price – I want to retire from BTL) and it went under offer at asking price immediately. It’s a great area, good connections and fantastic position. It’s always been hugely popular and never had a rental void in 25 years of letting.

However, a valuer recently refused my buyer’s mortgage application because the building is six storeys high with no lift. Despite its period charm, this has never been an issue before.

However, a valuer recently refused my buyer’s mortgage application because the building is six storeys high with no lift. Despite its period charm, this has never been an issue before.

Both the agent and I were shocked. The agent now says that all flats in the block (from ground floor to the fourth floor) might be affected by this lack of a lift, as the valuer is a local panel valuer and could influence the valuation of the entire block.

I’ve had mortgages on all flats in the past (highstreet lenders, high LTV BTL mortgages) with never a problem. The flat is clearly very, very saleable. Did I just get a ridiculous jobsworth valuer?

I know the buildings on either side are similar with no lift and flats have always sold well (one recently at 15% more psf than I was asking).

I hear that some high street lenders say that fifth floor with no lift is subject to valuers opinions (but usually London conversions, in popular areas, penthouses and such will be acceptable). They want to make sure the property is saleable collateral.

Have things changed recently? Is this common these days? Do I conclude that the flat is not fit for high street mortgages anymore?

Thanks,

Lancelot

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