structural engineers report

sammy66

After finally getting accepted by mortgage lender and having valuation done, the report has come back stating evidence of cracking in the party wall and front elevation which may well be longstanding however we think it prudent to get a structural report so it can be checked. I have had 4 previous surveys on this property each one mentions historic movement but satisfactory not on-going. This surveyor has put £10k retention on property. I have spoken with the guy who did the survey and he said he was confident it was longstanding but he is covering his back and passing the buck on to someone else! I will get the report done, but I am not happy with the surveyors attitude. Does the £10k retention mean if there is found that some work needs doing when the engineers report comes back would they still lend but hold £10k back whilst I have the work done. I am hoping that all is ok. It's an old property and there have been cracks in the ceiling every since I lived there. If all ok on the engineers report the surveyor told me he would then inform the lender the property is ok to lend on.

holly_hobby

The property may need some wall ties, or underpinning - your expert will tell you - or he may discover whats already been said - its all historical & ok.

The lender is just hedging their bets that there may be a slight issue with movement - usually (unless you are in a mining area) its historical - but it always needs checking (and a surveyor will always cover their back so that they are not later sued) its also not a bad idea too from your point of view too.

With regards to the retention - you have it right, the lender is advising they will lend you what you want (less 10k), and allow you to complete. Once any reqd work has been completed by a suitably qualified professional with certs of gte and work, you can request a re-inspection - they will send a valuer back round (yes there will be a fee) and if he is happy with the work, then the lender will release the retention, either all or part - its up to you.

Or you can choose not to complete until all works have been done, re-valued etc - and just get the whole loan then as initially requested.

Hopefully, there will be no remedial works reqd, and you can get a revised offer from the lender, with the removal of the retention, and move ahead to completion as normal ... bobs your uncle.



Hope this helps

Holly

sammy66

Thanks Holly, much appreciated

kingstreet

An additional note.

At this point, the retention is pending sight of the structural engineer's report. If the report recommends work which costs only £2k, the surveyor will reduce the retention accordingly.

Likewise, if the report recommends work costing £20k, the retention will rise accordingly.

If there's no work required, the retention will be completely removed.

sammy66

Thanks Kingstreet that makes me feel better. Is it the surveyors word which is god then, once the surveyor is happy the lender should be happy?

kingstreet

sammy66 wrote: »

Thanks Kingstreet that makes me feel better. Is it the surveyors word which is god then, once the surveyor is happy the lender should be happy?

Normally, the lender relies on the surveyor's opinion. If he's happy, they're happy.

sammy66

Yahoo, Structural eng said all was ok. ?? leak on front drainpipe!! thank you all for keeping me sane!

holly_hobby

Well done Sammy !!

Holly

sammy66

Mmmm maybe I shouldnt of yahood just yet, had the written report and sent off to lender, they have sent to valuer but he twice filled in the reply back wrong!! now they have receive the valuers comments and the file is with the unerwriter. surley if the report says no work needs doing it should be ok, although it says, 1 the drain and gully adjacent to front wall repair/replace if and as necessary within next 12 months to prevent longterm softening of the foundation supporting stratum that is probably responsible for the limited longterm differential foundation settlement that is occuring to the property in this area.

2 It would be necessary to stitch together the inner and outer skins of gable wall and outrigger side wall if any lateral distortion of these walls is progressive in the future but such remedial works are not necessary to date.

Dave_the_Ginger_Cat

Keep it as a muted yahoo for now

They may ask you to have the drain & gully work done before completion to make sure that it is done, as works after completion are hard for them to monitor and enforce. That;s the approach I would take were I underwriting it, but everyone's policies differ. It sounds like it would be in your interests to do this anyway, especially with the amount of rain in most parts of the country right now.

Am sure you won't have to wait too long for their response.

sammy66

thanks, yes will get the gully work done if they ask us to or not, hopefully thats all they will ask for.