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Valuer declined property
Comments
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I'm not saying he would or should have. He probably did exactly as he was asked. Trouble is the bank want a detailed investigation of the structure and the fact is that the engineer is unable to see it unless it's exposed. That is why he is guessing and that is what the bank don't like.0
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I can understand the point you are trying to make but they should be specific about what they want. And if they have no intention of mortgaging the property then they shouldn't say it will be reconsidered.0
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They have been totally specific. A detailed investigation of the structure. What structure could the engineer see? Did he uncover any? Or just walk around and have a look and the fixtures and fittings, carpets and wallpaper?0
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Sorry. My post followed yours but wasn't designed to answer yours.DannyboyMidlands wrote: »I'm not saying he would or should have. He probably did exactly as he was asked. Trouble is the bank want a detailed investigation of the structure and the fact is that the engineer is unable to see it unless it's exposed. That is why he is guessing and that is what the bank don't like.
Normally, I'd expect the surveyor to ask to speak to the structural engineer before the inspection to confirm what he wanted and where his concerns lie.
In this instance, I believe the surveyor is telling the structural engineer whose PI cover is paying if this hits the fan and it isn't the surveyor's! The only way that will happen is if the SE makes an unequivocal statement that "this property is sound and will not move again" and I don't reckon that is going to happen.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
@kingstreet
No problem and I agree entirely. OP needs to find another house. Preferably one that isn't falling into mine workings like it's previous next door neighbour.0 -
I can understand them being cautious but am I really being unreasonable to expect someone to just tell it as it is rather than feed back generic statements?
Surely if I can obtain house insurance on the property then the banks money is pretty safe anyway as the insurer would have to pay out for repairs etc?0 -
If you ever wanted to sell, it would probably be nigh on impossible.0
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That may be the next step for you while the two professionals are battling it out. Make sure you supply potential insurers with a copy of the valuation and structural engineer's report. They might also wish to see the mining report too.I can understand them being cautious but am I really being unreasonable to expect someone to just tell it as it is rather than feed back generic statements?
Surely if I can obtain house insurance on the property then the banks money is pretty safe anyway as the insurer would have to pay out for repairs etc?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I would have run a mile by now. The other end of the semi sunk down a mine shaft and has now gone, and the bit thats left has cracks and settlement and even after a structural engineers report you cant get the bank to offer you a mortgage?
As ILW said, any future buyer will have this problem.
Why do you want this particular house so much?0 -
If you ever wanted to sell, it would probably be nigh on impossible.
This should be the key question for the OP, do they really want to be going through this all over again if they want to sell?
Unless this was really cheap and the last house I was ever going to buy, then I would be walking away by this point.What goes around - comes around0
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