Valuation confusion

smcqis

I got a text msg from Nationwide and an email from my broker telling me the valuation is satisfactory however a day later Nationwide have requested a structural report. Is this normal? My broker is contacting Nationwide to ask why this has been requested. I’m kind of nervous as I wasn’t expecting anything as the house is fairly new and very modern and well kept by it owners

kingstreet

I assume the surveyor has requested a structural engineer's report after seeing something during his valuation inspection?

Until you (or your broker) get a copy of the valuation, you're going to find it difficult to ascertain the reason. I'd normally have a copy within five minutes of something like this coming up.

kingstreet

You've opened a similar thread on the House Buying board.

You need a structural engineer's report in Northern Ireland?

http://www.findanengineer.com/view_details.asp?ID=897&ResultID=390059&Lock=1|4|2011|15|8|41&Key=7b91851ccf67d5ea5853e5d43398a0cb

http://www.yell.com/s/structural+engineers-northern-ireland.html

smcqis

apologies, i have contacted a few and been quoted around the £100 mark for structural engineer to only look at it and do up a report. Will this be suffice for mortgage company (if he sees no prob)? I have asked the EA to propose to vendor to pay for this as its a structural element of their property, is this fair? I feel so I dont want it to seem like im taking the !!!!.

Also the engineer said for approx. 200-250 he would take a visual look around the house as well investigating for any structural issues (nt taking brick samples). Would this compensate for a homebuyers report that we were planning? The house is only 20yrs old and appears to be well maintained by owner

smcqis

Sorry the only issue with valuation is possible garage (detached) movement and they have put a 3k retention on mortgage till get structural survey. Im not really sure what it all means

kingstreet

You need a copy of the valuation. Ask your broker to get you one ASAP. You need to know exactly what is required and you'll probably need a copy for the surveyor or engineer. The surveyor or engineer may wish to discuss the surveyor's exact requirements with them before proceeding.

On the face of it, the surveyor wants to ensure there is nothing affecting the garage which may make it move again in the future. Hopefully it will have settled within the first few years of being built and it's all over and done with now.

Once you know exactly what is required you'll be able to tell the selling agent and they can take it on from there.

When the inspection has been done, the report needs to go to the original surveyor where he'll recommend;-

- works be carried out as needed

or

- the garage is fine and the retention can be removed.

smcqis

I got a copy of the valuation and it basically only mentions movement of the garage and cant be fully investigated in the context of the valuation and needs a structural report done. Thats basically all that the valuation says, i intend to forward this on to the structural engineer. The structural engineer has informed me he would need to look at it and do a report giving his recommendations and the next step (if any) that should be taken. This first report will be send off to the mortgage company

kingstreet

smcqis wrote: »

I got a copy of the valuation and it basically only mentions movement of the garage and cant be fully investigated in the context of the valuation and needs a structural report done. Thats basically all that the valuation says, i intend to forward this on to the structural engineer. The structural engineer has informed me he would need to look at it and do a report giving his recommendations and the next step (if any) that should be taken. This first report will be send off to the mortgage company

Spot on.

smcqis

My only remaining question is do i get a homebuyers report on actual house or get the structural engineer to have a look over and just pay a bit extra? I suppose a homebuyers would be more appropriate as it cover alot more areas not just the visual structure elements?

kingstreet

smcqis wrote: »

My only remaining question is do i get a homebuyers report on actual house or get the structural engineer to have a look over and just pay a bit extra? I suppose a homebuyers would be more appropriate as it cover alot more areas not just the visual structure elements?

Keep that in reserve. If there was a problem with the main property the surveyor would have asked for reports on that. As it is, he's only mentioned the garage, so ask the SE to concentrate on that to limit your expense. If you are happy with the SER, you can then consider a more in-depth survey on the condition of the main property.