Mortgage Lender - wants a cavity wall tie report

iandv

Hi

We are currently going through a mortgage application and after the homebuyers survey they are now asking that a Cavity Wall Tie report needs to be done - even though the report said it was fine, the mortgage company has said that other houses in the area have had similar problems hence the need for the cavity wall tie report that they can send to their independent valuers before they decide on the mortgage offer.

Is this normal or are is mortgage lender being over the top? as we will now have to fork out for this additional report.

The house was built in the late 1950's

Senior_Paper_Monitor

We are experiencing what might be reasonably described as neurosis on valuation/survey from many lenders at the moment - some others might call it 'appropriate diligence'.

Coventry seem to be leading the pack in caution, but its a close run race.

You have two choices ....

1) Refuse to pay and don't get mortgage for that property from currently proposed lender (another might be less demanding, but might not)

2) Cough up for the report and you may get mortgage for that property from currently proposed lender

Devil and deep blue, rock and the hard place, damned if you do / damned if you don't etc etc

iandv

I have just spoken to the surveyor who conducted the report and he says the comments were not specific to the property that we were buying but were just general comments for houses (pre 1982) in the area (and not the close we are buying in) who have suffered cavity wall tie failure

dunstonh

Welcome to the world of no win no fee claims!

They are protecting themselves from a future liability. Either from something actually going wrong with the security (the property) that causes it to lose value or from being taken to court for not taking notice of information supplied to them.

I have just spoken to the surveyor who conducted the report and he says the comments were not specific to the property that we were buying but were just general comments for houses (pre 1982) in the area (and not the close we are buying in) who have suffered cavity wall tie failure

They can only go by what he says. If he has highlighted a potential issue then they need to look at it. Surveyors too are also seeing an increase in claims being made against them. So, its not a surprise to see more wishy washy statements being added to their reports just as they are to everyone elses.

Gorgeous_George

Would a valuation survey have been so 'diligent'.

I've recently had a house surveyed (Homebuyer's Survey) but not for mortgage purposes. I bet 90% of the report is very similar to any other property surveyed by the same outfit.

GG