PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Under valuation on mortgage
Comments
-
Thanks for the response DaveSnave. Think I was kinda trying to get the answer that you've just given. That is the surveyor likely to of just requested the 2 surveys just to be sure or whether they would of had to of seen something.
Well fingers crossed all will be OK, and both reports will come back that there are no issues.
Once all this has been done and proof given to the lender, do they have to come back out again to remove the retention or can they just be supplied the documents to prove it's been done?0 -
Turns out that the rendering needs repairing/replacing and the soil vent pipe and waste pipes replacing as they are asbestos cement. What are people's thoughts? Is there a high potential of it having further issues with it?0
-
Wanttoknow2017 wrote: »Turns out that the rendering needs repairing/replacing
That's where the damp originated then, possibly made worse by cracked or damaged asbestos gutter/downpipe. Asbestos is OK if it's sound, but once some of it has deteriorated, it's time to replace it.
None of us here can tell you what other issues the house might hold in store, but the ones you know about are those the lender's surveyor thinks important enough to need remedying now.
There are few older houses that have no issues, but some can be lived with till the money is there to fix them.0 -
£7,000 is the chartered surveyor's estimate of the cost of repairs when he doesn't actually know what work is required.
When the surveyor gets the requested reports and estimates, the valuation will then be set according to the actual cost of essential repairs needed.
Therefore the valuation at this stage is provisional at best. For this reason, you normally find the valuation in current condition and the valuation after essential repairs are the same amount different, ie it'll be worth £7,000 more. Again, after the surveyor sees the reports, this will be subject to change.
Once again, the word 'survey' should not be used anywhere near the lender's mortgage report & valuation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Usually the surveyor will just match it at what you offered so for them to value lower is either an anomaly or it genuinely is not worth what you offered.
I would reduce the offer by 7k or walk away, especially in this market.0
This discussion has been closed.
Categories
- All Categories
- 343K Banking & Borrowing
- 250K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.1K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards