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Mortgage and Survey
paulburton
Posts: 19 Forumite
Morning everyone,
Quick question, getting a mortgage with Accord, LTV of 68%. I upgraded from the valuation to home buyers survey, total cost about £440.
I called Accord this morning as broker on holiday, and they said that they have looked at the survey, and now want a damp and timer report, roof report, and firewall report.
Now, if I had only gone for the valuation, instead of upgrading to home buyers, surly they wouldn't of known any of these details, and how come they have a copy of my survey, surly they should only get the valuation sheet ? I read on here that a valuation report can almost be a drive by to see if the properly exists, or a quick nip round and measure up.
To be honest, I am getting a little bored with the whole buying process, as it takes so long, and with the current financial climate, I am thinking about pulling out.
If they decide to put a retention on the mortgage, how on earth do they expect you to pay for the repairs !
Any comments greatly appreciated,
Paul
Quick question, getting a mortgage with Accord, LTV of 68%. I upgraded from the valuation to home buyers survey, total cost about £440.
I called Accord this morning as broker on holiday, and they said that they have looked at the survey, and now want a damp and timer report, roof report, and firewall report.
Now, if I had only gone for the valuation, instead of upgrading to home buyers, surly they wouldn't of known any of these details, and how come they have a copy of my survey, surly they should only get the valuation sheet ? I read on here that a valuation report can almost be a drive by to see if the properly exists, or a quick nip round and measure up.
To be honest, I am getting a little bored with the whole buying process, as it takes so long, and with the current financial climate, I am thinking about pulling out.
If they decide to put a retention on the mortgage, how on earth do they expect you to pay for the repairs !
Any comments greatly appreciated,
Paul
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Comments
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You are buying what is potentially the biggest purchase of your life. To say that without a homebuyers report would mean they couldn't ask for extra reports is technically true, but that would have left you at risk of owning a home with a lot of expensive and urgent maintenance required. Far better to know the risks in advance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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But I already knew of these problems, and took them into account, so I am not using all my deposit for the purchase, as saved it for the repairs. Now if the mortgage company has a retainer, I am stuck. I will have to increase my LTV and borrow more, to pay for the repairs - hope this make some sense !0
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Yeah sounds weird. I get your point - they would have had no probs with the place if you didnt get the other inspection.
If the lender is making certain conditions there is not much you can do about that and if it is then going to become a struggle you might need to think about whether you can afford it.
At times like this you need to start thinking about whether you want to continue with the purchase. Don't be afraid to cut your losses and pull out if things get too difficult!0 -
A valuation for a purchase wouldn't have been a 'driveby'. If things are serious enough to warrant a retention they'd probably have been picked up on a standard val.
Anyway, you can't change what's happened so you've just got to decide whether you want to proceed or not.0 -
But do you pay interest on a retention? [I would think not, but who knows?]. Can you do the work and when it is complete not take up the retained loan?paulburton wrote: »But I already knew of these problems, and took them into account, so I am not using all my deposit for the purchase, as saved it for the repairs. Now if the mortgage company has a retainer, I am stuck. I will have to increase my LTV and borrow more, to pay for the repairs - hope this make some sense !
If you don't pay interest on it then use your savings for the repairs and don't take the retained amount. That should only be a problem if you cross a LTV threshhold and end up with a higher interest rate?After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
What happened OP did they put a retention on the property?Pawpurrs x
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No reply yet, Accord are waiting for me to give them quotes from builders for the necessary repairs, problem is I already had these quotes, but they were only verbal, and Accord want a written quote. Think we are up to 15 days from original application now
I'll keep you posted .......0
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