Surveys on a property

littlened

We've been trying to get a mortgage for a repossession since before christmas. We've finally got a mortgage offer and we're due to complete on Friday. However now the mortgage company have done an audit valuation which states there is cracking in the main wall, and they now want a report from a structural engineer.

Obviously we're questioning this as a previous survey on the property states that there is no sign of movement and also that there is no need to investigate anything further.

Has this happened to anyone else, are the lenders just taking the mick here and really don't want to lend us the money?

We're worried now that if we pay for a structural engineer, we might be turned down for the mortage and lose the money we've paid for our broker, solicitor and any surveys and reports.

ajay_182

When I had my survey done on a repo, the guy mentioned plastering and joinery. To me, this is vey minor, and as it was just cosmetic's and I couldnt see how it affected the mortgage. However, i have to now pay a retention fee of 3k. Dont always trust the surveyors. Just coz their qualified doesnt mean they know what their on about! How many doctors get things wrong, know its different, but you get my jist.

littlened

ajay_182 wrote: »

When I had my survey done on a repo, the guy mentioned plastering and joinery. To me, this is vey minor, and as it was just cosmetic's and I couldnt see how it affected the mortgage. However, i have to now pay a retention fee of 3k. Dont always trust the surveyors. Just coz their qualified doesnt mean they know what their on about! How many doctors get things wrong, know its different, but you get my jist.

Stupid question, but what is a retention fee?

hezb

we have just had the same sort of problem suveryer said no movement then listed on the survey that there was!! so full retension!!! had to have an structal report done at a extra cost of £300 to tell the mortage company there is no movement and every thing is fine!!!! I think they are all just coving their backs to be honest!!!

If you love the house then get the report done.

ajay_182

littlened wrote: »

Stupid question, but what is a retention fee?

My understanding is, its a fee they say the work should cost. You give them £x when you buy the house, you do the work, then they inspect it, if they okay it, they give you back the £x, probably for a fee of course.

littlened

Had a structural engineer compile a report today, the cracks are nothing to be concerned about, basically a result of new windows being put in and bricks suffering a slight bit of slippage. The cracks could do with repointing which would cost about £200, so I'm hoping they wont hold any of the mortgage back for that.

puddy

does make me wonder though, how many times someone will have a straight forward valuation, meaning that some works that need doing that the mortgage company might otherwise keep a retention for, are missed and therefore the company is not aware of them. seems they keep a retention because they are aware of it, but are happy to not be aware of something, otherwise they would insist on a full structural survey on every property people buy