Valuation Survey Missed Structural Defect

moonstick

I've just bought and moved into my first house (1940's semi). On the first day I moved in, I noticed that the back of the master bedroom has a significant slope down where it's been extended. I had a joiner come round and look at it - he says it's a structural defect; the load of the extension is being supported by the window frames (which are distorted) and the back end of the house has a general slope all the way down.

When applying for the mortgage the bank did a valuation survey which stated that the house was in good condition and didn't raise any concerns about this issue. It'll probably cost a good few grand to fix which I'm not happy about and so I want to complain to the bank with the aim of reclaiming some or all of the costs for the repair work.

The only problem is, I don't know where to start! Should I contact a solicitor / citizen's advice and deal from there or should I contact the bank directly?

Thanks in advance

hazyjo

Did you not have a homebuyer's report done, or a full structural survey? The bank's valuation is a totally different thing. They might not even have stepped inside the property. Sometimes it's just a 'drive-by' to make sure it's standing and there's nothing obviously wrong with it - and they'll compare against other sold properties to establish you're not overpaying. Then their valuation is confirmed. Chances are they did look round the property, but it wouldn't have been anywhere near the level of a survey.

Try, but I don't think you'd have a leg to stand on, tbh...

(Presuming England/Wales.)

Good luck.

Jx

agrinnall

It's worth making a complaint to the bank to start with as it won't cost you anything, but don't be surprised if their response is along the lines of if you wanted a structural survey you should have paid for one. Whether that is a valid view or not may depend on how obvious the structural fault is.

sirmosh

You should have had your own survey conducted, it's difficult to believe you didn't actually. The valuation survey isn't for your benefit, it just means independently of your own decision to buy the property that the bank are willing to lend the money you're asking for, it's a bit like (although obviously not exactly the same) as getting a loan from the bank to start a business then complaining when you go bust, saying that they should have told you it would never turn a profit.

Unfortunately this is completely down to your lack of diligence rather than the bank being negligent.

moonstick

The valuation report says that it's prepared in accordance with the RICS mortgage valuation specification so I assume that it's the homebuyers survey rather than just a basic valuation. The surveyer definitely entered the property as he's commented on a springy floorboard in another room so I think it's something that should have been picked up on. I guess I'll have to contact the bank and see what they say.

Thanks

moonstick

@sirmosh

As I mentioned, this is the first house I've bought so lack of dilligence might be better described as a lack of understanding. The bank have done a survey which states 'the property is in good condition' and on the basis of my own inspection and the comments from my joiner, I disagree. I believe that the surveyor has a duty of care so it actually looks like he's just done a poor job.

sirmosh

If the survey was a homebuyer's report then I of course change my opinion on the matter completely, they probably do hold some responsibility for not picking this up. But if it was just a valuation survey then I firmly believe they're not to blame.

hazyjo

'in accordance with the RICS mortgage valuation specification' would not lead me to assume it's a homebuyer's report. Sounds like it's exactly what you said it was - a valuation for the mortgage lender. Do you have a copy of it, or were those words written in a letter or something? How many pages does it stretch to? One? Forty? Our homebuyer's report was at least 30/40 pages, I seem to remember...

Jx

gazareth

My understanding is that "RICS" doesn't necessarily mean homebuyer's report.

DannyboyMidlands

moonstick wrote: »

The valuation report says that it's prepared in accordance with the RICS mortgage valuation specification so I assume that it's the homebuyers survey rather than just a basic valuation.

Not neccessarily. Why don't you just tell us, once and for all, what kind of survey/valuation you had?

Also how significant is this slope really? I mean you didn't notice it and I bet you visited more times than the surveyor.

moonstick

The report I've got is only a few pages long so from the sounds of things on here it looks like it was just a valuation survey. I guess I'll have to take my chances with the bank and see what they say - I've (rightly or wrongly) based my lending decision on the fact that I've got a report from them saying that the house is in good condition but that this isn't the case.

I don't think it's entirely fair to say that I should have picked up on the problems - I'm not a chartered surveyor and don't have any experience in looking round a house for defects. I'd guess the slope is in the region of 10 degrees and my joiner thinks it's serious enough to call it a structural defect so I'm not just complaining about something cosmetic.