Extra borrowing due to probems not seen by surveyor

pettelly

We bought a house a month ago and have been renovating because it's in a bit of a state. Before buying we paid for the mortgage company's (NatWest) surveyor to do a homebuyer's report which just pointed out a problem with damp. We got a quote to fix the damp and then took out the mortgage and bought the property.

Since we've been renovating we've come across a couple of structural problems. Firstly, the walls at the front has been weakened due to poorly maintained window frames expanding and contracting. We need to change the windows and support the wall while doing so as it is so weak it could just go. Also, the ceiling below the hot water tank in the loft has an obvious bulge to it and it turns out that the water tank is not secured properly and could casue the ceiling to collapse.

Fixing both these problems is going to cost an additional £10,000 in addition to the £25,000 we budgeted to spend on renovations. We bought the house for 315k (a v good price for the area) and borrowed 195k so still have a good ltv even if we borrow more.

The thing is that I want the bank to lend us the money on the same terms as our original mortgage and without an arrangement fee. We've only had the mortgage a month and if the surveyor had done his job properly, we would have borrowed more originally to cover the cost of the repairs. I don't think it's fair that we are being penalised because the surveyor didn't notice the problems (the bulge in the ceiling can clearly be seen, even by me). Our builder thinks the surveyor was negligent and has evidence of all the problems.

Do we have a chance with this? Any tips or hints would be greatly appreciated.

Trying_to_be_good

I'm not quite sure on the terminology, but for the hosue we're in the process of buying, we paid extra to get a 'Structural Survey', which was more expensive than a Homebuyer's Report - if you haven't paid for the full survey option, the surveyor won't have looked at it all although he'll have done more than just a valuation. I'm not quite sure what extra is included/excluded for each type of report.

EDIT - from the website http://www.shiredirect.com/mortgage-glossary/home-buyers-report.html:

Different types of valuation explained

Here we take a look at the three main types of property valuation, and explain and compare the main differences between them.

1. Basic Valuations

The Basic Valuation is for the benefit of the mortgage lender alone, and merely confirms that the property is suitable for mortgage purposes, and provides a general description of the property and its condition, together with an indication of the market valuation and insurance value. Lenders will usually require the valuer to support their declared valuation by comparing recent transactions of similar types of property. The Basic Valuation does not give any form of redress to the purchaser if subsequent problems arose.
Lenders will require a minimum of a Basic Valuation to be undertaken when purchasing or remortgaging a property. Because the Basic Valuation only provides minimum information, the cost is cheaper than the other types of valuation.

2. Home Buyers Reports

The Home Buyers Report is considerably more comprehensive than the Basic Valuation. The valuer this time acts for you, and therefore it will provide the purchaser with some form of comeback in the event that the surveyor proved to be negligent in their reporting. However, the scope of the Home Buyers Report will generally be to point out major and urgent faults that may have a significant effect on the property so that the buyer has an opportunity to confront the vendor (seller) to either correct the fault, or to adjust the sale price to compensate for the works required.
The valuer will also point out any other surveys that they may consider necessary, for example a timber and damp report. It must be remembered that the survey will relate usually only to visible areas of the property, and it will point out any major structural defects. It is important to check the extent of the aspects to be examined within the valuer's contractual remit, and ensure this will be sufficient for your purposes.
The Home Buyers Report will also provide an estimate of the property's current market value, and will also address any issues that may require further investigation by your solicitor such as rights of way to, or over the property.
Because the Home Buyers Report is more detailed than the Basic Valuation, the cost is correspondingly higher, and the cost for an average property would probably be in the region of £400 - £500 plus VAT.

3. Building Survey (formerly known as the Full Structural Survey)

The Building Survey, or the Full Structural Survey as it is still often referred to as, provides the purchaser with the most comprehensive property report of all. It will generally list all faults, both major and minor, and will therefore give the prospective purchaser a clear indication as to any of the potential pitfalls that they may be entering into. In the event the surveyor has been negligent, as with the Home Buyers report, the purchaser has the protection of the right to redress against the surveyor.
Because the surveyor will undertake a very thorough and detailed inspection of all parts of the property, the cost of the Building Survey is the most expensive of all, and is likely to be at least 50% more expensive as a Home Buyers Report.