bank morgage trouble

zanzen4

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?

Thrugelmir

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

The banks will go with what the valuers tell them.

G_M

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

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.