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bank morgage trouble

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We are selling my father in laws house as he has gone into care, what a time we are having with the banks. Young couple really want the house nice area in lytham st annes, 4 houses to the block were built in 1939, not one crack inside or outside building only defect is about 1 inch lean on staicase which all the houses have in this area due to a course of pig out, but the bank had a valuer out said it was not worth £86000, was on market for £95000, then young couple had private surveyor out last week, now the real estate has informed us that a structual engineer has to come out as they say this area is prone to subsidence, no one else in the 2 streets have had any problems selling, house next door went for £120.000 last september,no one can understand why the banks are making these claims, is it because they are 1st time buyers? i can assure you this house is sound , my father in law has never even had 1 claim on insurance in the 70 years of occupation here.what are the banks up to?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    zanzen4 wrote: »
    my father in law has never even had 1 claim on insurance in the 70 years of occupation here.what are the banks up to?

    Subsistence can affect any property over time. The older the property the greater the likelihood.
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    The banks will go with what the valuers tell them.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    and banks are getting much more cautious about what they lend on / who they lend to.

    Not a lot you can do. Either keep it on the market at same price and hope the next buyer's bank is different, or reduce the price. You could try getting your own valuation/survey but no lender will accept it - they'll rely on their own.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Offer to go halves on the structural engineer's report, then you get to keep a copy for future purchasers if the current ones pull out.
    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.
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