Mortgage Approved - Valuation Comments: Advice Needed..?

krisswilliams

Hi.

We have just had our mortgage approved with Natwest and the valuation has been completed with the below.

Could someone please advise if this is good, bad or acceptable?

---

Specialist Reports:
Dampness was evident to the ground floor walls in particular to the front bay. Instruct a specialist contractor to investigate the cause and carry out repairs under guarantee.

General Observations:
The general condition of the property appears consistent with its age and type of construction, but some elements of the property are ageing and are likely to require attention.

---

I have arranged a surveryor to go and do a full structural survey to be carried out Monday morning. Is there anything I should be worried about as we really want this property.

Thanks in advance

hcb42

Seems quite mild and in keeping with every house I have ever bought...why a full structural survey? Not just on the back of this, surely?

Thrugelmir

On older properties always worth the expense of a House Condition Survey. As this at least will warn you of potential issues in the future. As all property does require maintenance of some kind over time.

The mortgage valuation is only of use to the lender.

If issues are noted you can attempt to renegotiate your offer price in light of the cost of the remedial works.

hcb42

I normally have the middle ground i.e. the homebuyer, which has been very good, and I tend to buy old houses. In fact the one I was in, I thought I would do structural and was advised not necessary unless the first survey came up with anything worrying, that's why I asked, that's all.

whatyadoinsucka

the problem with house surveys is the more you pay the more they investigate, and ineveitably the more issues / problems they find

my FA/MA said walk outside, has it a roof on, does it look to be in a good state of repair, are all the walls upright and look ok,
walk around the house, are the walls wet, any water damage, big cracks in walls.. etc

if you happy buy it, it should be ok.

julie11_2

Properties are prone to dampness in bays in my experience and it is nothing to worry about usually. You can usually get a damp specialist round for a free look and sometimes they say to have it remedied will do more harm than good or even if it does need doing which my old house did, it only cost a few hundred pounds; certainly cheaper than a Structural Survey. All old houses will require some attention over time in general maintenenace etc. Surveyor has to state this. I certainly wouldn't have a structural...it will probably frighten you to death unecessarily. I arranged a private home buyers for the property I just brought and it's a lot cheaper going direct and you can ask the surveyor to pay particular attention to the bits you may be concerned about, in other words have an ad hoc report done to give you peace of mind.

I hope you get the house you love.

kingstreet

krisswilliams wrote: »

Hi.

We have just had our mortgage approved with Natwest and the valuation has been completed with the below.

Could someone please advise if this is good, bad or acceptable?

---

Specialist Reports:
Dampness was evident to the ground floor walls in particular to the front bay. Instruct a specialist contractor to investigate the cause and carry out repairs under guarantee.

General Observations:
The general condition of the property appears consistent with its age and type of construction, but some elements of the property are ageing and are likely to require attention.

---

I have arranged a surveryor to go and do a full structural survey to be carried out Monday morning. Is there anything I should be worried about as we really want this property.

Thanks in advance

As it stands, the surveyor thinks there's work needed on the damp course to bring the property up to scratch. To sort this, you need to get a specialist in to establish what, if any, repairs are needed.

Following the structural survey, this will still be required.

You can get a firm which carries out remedial damp work to report, probably free of charge, but can you be sure the work is really needed and not just a nice little earner for them?

Here http://www.property-care.org/ you can find independent specialist surveyors who will inspect the property and tell you if anything is needed and what it might cost to put right. You can then look at any existing guarantees provided by the vendor (get your solicitor to obtain) to determine if there's anything which will actually cost money.

If guarantees are to be used, get the vendor to get the ball rolling on those repairs!

You don't mention how the surveyor valued the property, nor if there's any recommended retention?