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Q&As
Are wall ties necessary to get a mortgage?
I currently own a small townhouse which I’m in the process of selling in order to start a self build. I’ve been told I need new wall ties to this property which I have agreed to having done. However, the people purchasing this property have been told that they can’t get a mortgage unless both adjoining neighbours get their wall ties done as well. Is this correct?
One Answer
Hi Eric,
Thanks so much for getting in touch with your question. The requirement for both adjoining neighbours to have their wall ties done before a mortgage can be approved for the sale of your townhouse seems unusual. Mortgage requirements can vary based on the lender’s policies, local regulations, and the specific circumstances of the property.
However, it’s not uncommon for lenders to require certain structural issues to be resolved before approving a mortgage, especially if those issues could affect the value or safety of the property. Wall ties are essential for the stability of a building, so it’s understandable that a lender might want assurance that the structural integrity of the entire building is sound.
To clarify the situation and understand the specific requirements of the lender, it would be best to consult a broker and/or your solicitor. They can help you to navigate the situation and provide guidance on how to proceed with the sale given the requirement for wall ties. Additionally, speaking directly with the lender to seek clarification from them might shed light on the reasoning behind their requirement for the neighbouring properties.
Best of luck,
Rachel Pyne (Finance & Mortgages expert at BuildStore)