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Valuer declined property
Comments
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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?
No. As ILW points out...
Which would be the same as if the bank needed to sell it.If you ever wanted to sell, it would probably be nigh on impossible.
The whole point of a mortgage is that it is a safe bet for the bank because if you stop paying, they can sell your house and get their money back.
Note that this means there is a lot less risk for the bank when prices are rising (which they probably were when the last mortgage was taken out).
If they lend you this money and you stop repaying it, they're going to have to try to sell the house. Judging by the reaction on here they might not get much for it.
So they don't want to lend to you.
Hopefully the valuer and the engineer can sort it out between themselves. Hopefully it is a bit of lack of communication so far and the bank will be happy.
But if not, I'd be asking for the bank to pay for the engineer's report (on the grounds that you did what they wanted and they still said no) and walk away.
If this is the only property you can afford in the area, you really do need to consider why it is the cheapest.0 -
It is not the only property I can afford in the area - it is the only one that meets all of the many requirements i want in a property to stay in it for the long term. If this hadn't come up when it did we would have gone for a semi on the same estate but I would have had to compromise on the garden and the size of the kitchen and I know within 5 years I would be wanting to move againIf this is the only property you can afford in the area, you really do need to consider why it is the cheapest.
Houses in this price bracket aren't moving at all in our area at the moment so they have accepted an offer at 12k less than they paid and 25k less than original asking price. But the property is vacant as they are divorcing (yes further complication) and therefore want to get shut so they can get on with their own lives.0
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