Ex-loca authority - probability of mortgage?

[Paradoxika]

The flat I'm interested in is on the sixteenth floor of a 24-floor tower block in London. Having contacted the council, they’ve confirmed that it isn’t concrete clad, and was renovated, re-roofed and double-glazed in 2004. About 30% of the block is privately owned. The flat is internally accessed with security doors and data-chip keys and has a 24-hour security concierge on the ground floor.

Because I'm a first-timer with no credit score, my parents are going to be the ones taking out the mortgage – they have a combined income of just over £45,000, plus several thousand in savings. I’m going to be paying them the ‘rent’ every month to cover the mortgage, and have an income of £23,000, but the plan is for me to not be on the title. Flat was on the market at £62,995 (so cheap we're told because of the difficulty mortgaging and letting high-rise properties and it thus not being a good buy-to-let investment), we’ve had an offer accepted for £60,995, and I personally have a £10,000 deposit to put down so my parents are looking to borrow just over £50,000.

Natwest, with whom my parents have been banking and borrowing for over 30 years, have so far said that they’re willing to lend on an ex-local authority flat in a high-rise as long as it’s in good condition, not concrete clad, and isn’t ‘high risk’ – they’ve implied that this particular flat isn’t because of the comparatively small amount my parents want to borrow relative to their income, the good condition of the block and the good security. Nationwide have said they consider ex-local authority but aren't keen on high-rise unless all prospects are good. My parents have already paid off their own mortgage, aren’t at all likely to become victims of the recession in terms of job losses, and their fab credit rating plus long-term custom of Natwest and Nationwide should count for something (shouldn’t it?!)

However, I’ve heard so much about advisors saying that a mortgage should all be okay, only for it to be later declined at a higher level, especially where ex-council properties are concerned. We don’t want to pay to bring in a surveyor and solicitors only to find that the mortgage application has been rejected. Is there anybody here with experience in buying or selling ex-local authority properties who has an opinion or any insight? Really grateful if so.

[Richard Webster]

The value of that kind of flat could fluctuate wildly. Can you be sure that there would even be enough to pay off the mortgage if you wanted to sell it?