Advice Needed - Survey says house is Unmortgageable

weenster

Hello everyone,

We have had a reply from the Lender today re. the failed mortgage valuation. They sent a referral back to the Surveyor to ask for more details on why the house was considered to be unmortgageable. Unfortunately, the reply was merely to repeat what had already been put in the orginal survey, ie. because the flat roof is approx 30% of the total roof area it is unmortgageable. Oh my word, the Building Society promised us they would find out exactly what the problem is here but we have got nowhere further on at all.

We are probably going to have to pull out of buying the house it has taken us a year to find. Think husband is ready to pull the plug on the whole thing, sale and purchase. He says his nerves can't stand it.

I can't stand the thought of staying here for the rest of my life, so I will have to come up with a solution! Don't know what yet, but something.

Thanks for all the help on this everyone, I really appreciate it, and hope none of you have such nightmares with your properties.

tek-monkey

The place I'm trying to buy has an extension of approx 60% of the original floor area. This extension is (it now turns out) 33 years old with a flat roof. By my maths that means I'm over 30% total roof, and my lender didn't bat an eyelid. Well they did, but not on the roof!

weenster

Tek-monkey,

Thanks for the post, that really is food for thought. What are these surveyor's playing at? It all seems to be a bit 'pot luck', this mortgage business, and I don't like not knowing where I stand. We have given up on our existing Lender and are going to try a new application with a different one. Who knows whether we will be any more successful? I am feeling quite jaundiced about everything now. However, we are also considering getting a personal loan to buy the property, as we only need about 20-25000. It is an option that someone has suggested to us and we are going to look into it.

Please will you post any developments on your situation if you have the time as I find your comments extremely useful.

Thank you very much.

tek-monkey

No probs mate. Have sen you a PM regarding the size of my place, its more like 40%!

As for the rest of my issues, it looks like indemnity insurance will be sought for the building issues. However I still need a buildover agreement from Severn Trent for the drain and I have a CCTV drain survey booked for Tuesday (we're splitting the costs). Will see what happens now!

weenster

tek-monkey wrote: »

No probs mate. Have sen you a PM regarding the size of my place, its more like 40%!

As for the rest of my issues, it looks like indemnity insurance will be sought for the building issues. However I still need a buildover agreement from Severn Trent for the drain and I have a CCTV drain survey booked for Tuesday (we're splitting the costs). Will see what happens now!

Hi tek-monkey,
Thank you very much for your posts and PM too. That was really useful. I now feel I have enough information from everyone's posts to pursue it further. I really hope your latest survey is enough to resolve the issues for you. Interesting to year that you are splitting costs. I tell you what, when I eventually get into a new property I'm never moving again. Can't stand the Stress!

Good Luck.

weenster

Just had the plug pulled on us by the Vendors so our lovely unmortgageable house is no more. We told the vendors on Saturday when we went round to look at the extension, that we were going to apply to their lender for another mortgage (their suggestion as their lender re-mortgaged the house quite happily 2 years ago, including a survey). Just as we were about to leave they asked us if we were aware that there were 2 other couples who really wanted the property and both had all the cash in the bank ready to proceed. Also, they weren't bothered about the state of the extension.

When we had our offer accepted initially, we were told we had been in competition with 2 totally cash buyers. We all offered the same amount and we were in a long chain and yet they chose us. Never made any sense. Whey would anyone do that? Now they are saying they want a quick sale, so we have lost it. Our solicitor has already done all the searches, paperwork, contracts etc. so no doubt we will owe a pretty penny.

Also, now have to decide what to do about the sale of our property. (OH wants to pull the plug on everything now.) I think that is just defeatist and we should look for something else, although most of the decent stuff has been snapped up and not much new coming on.

Anyway, rant over and thanks for listening. Good luck tomorrow tek-monkey.

tek-monkey

Sorry to hear that

Seems very strange that they went with you in the first place though, doesn't sound right. My drain surveyor 'should' be on site now, so will see what happens. Do you still have to pay the mortgage arrangement fee if you pull out? Cos if so I'm in a bit of a mess!

stanleyunwin

Its easy to for me to say, but don't worry about it. Things happen for a reason. The (mortgageable) house of your dreams is just around the corner! Wait and see.

LandyAndy

stanleyunwin wrote: »

Its easy to for me to say, but don't worry about it. Things happen for a reason. The (mortgageable) house of your dreams is just around the corner! Wait and see.

I'm inclined to agree with this.

Even if you had raised the finance it sounds as if you were buying yourself a few years of expense, problems and hassle.

Hailstorm

tek-monkey wrote: »

Sorry to hear that

Seems very strange that they went with you in the first place though, doesn't sound right. My drain surveyor 'should' be on site now, so will see what happens. Do you still have to pay the mortgage arrangement fee if you pull out? Cos if so I'm in a bit of a mess!

If you pull out your mortgage offer can be transferred to another property when you find one (providing they are happy with the property and valuation obviously).

This whole thing does sound strange. Why did they go with the OP if there were cash buyers with no chain?