Valuation problem with 1920's flat

2devim38

I'm having a few issues with a remortgage valuation on my property.....

Situation is that i'm buying out my ex. Property was purchased in 2008 with a Santander mortgage. Valuation was fine. We renovated the house that year.

Getting a mortgage is not a major issue as I earn enough and have am putting in a chunk of money to get 75% LTV. However, I had a mortgage valuation from Natwest which found it to be 'un mortgagable' because a % of the property was constructed in 4inch masonry. I thought this was a bit wierd considering it's a victorian property and in this area they are all like that.

I've now gone to another mortgage provider, went round when they were doing the valuation today and from what the guy said I could have the same problem again - this time with regard to the front of the property which is timber-framed and renderred.

I find this really strange as Santander didn't pick up on any of this with their original full valuation. I can go back to Santander and get the mortgage (even though they are putting a low automatic value on it) but i'm concerned I might struggle to sell it in the future.

Is this a new thing in the world of valuations? Has anybody had any similar experiences lately?

GMS

2devim38 wrote: »

I'm having a few issues with a remortgage valuation on my property.....

Situation is that i'm buying out my ex. Property was purchased in 2008 with a Santander mortgage. Valuation was fine. We renovated the house that year.

Getting a mortgage is not a major issue as I earn enough and have am putting in a chunk of money to get 75% LTV. However, I had a mortgage valuation from Natwest which found it to be 'un mortgagable' because a % of the property was constructed in 4inch masonry. I thought this was a bit wierd considering it's a victorian property and in this area they are all like that.

I've now gone to another mortgage provider, went round when they were doing the valuation today and from what the guy said I could have the same problem again - this time with regard to the front of the property which is timber-framed and renderred.

I find this really strange as Santander didn't pick up on any of this with their original full valuation. I can go back to Santander and get the mortgage (even though they are putting a low automatic value on it) but i'm concerned I might struggle to sell it in the future.

Is this a new thing in the world of valuations? Has anybody had any similar experiences lately?

Do you know if Abbey did a physical inspection for the valuation or an electronic one?

2devim38

They did a physical inspection. They noted a number of things on there which needed doing but we already knew this so it wasn't a problem. I actually dug the old valuation out and no mention of timber frame / masonry wall isues.

GMS

2devim38 wrote: »

They did a physical inspection. They noted a number of things on there which needed doing but we already knew this so it wasn't a problem. I actually dug the old valuation out and no mention of timber frame / masonry wall isues.

The valuer has valued as per Abbey policy so has seen it as suitable security. Would have thought the masonry wall and timber frame should have been noted though as a minimum.

If the 4 inch masonry is traditional for the area this should be argued with the lender. Timber frame may cause issues but could be put right with a brick outer skin usually.

May be worth you calling the original valuer for his opinion. He may have known the area better than the Natwest valuer and be more familiar with the type of construction for the area.