Valuation Survey Missed Structural Defect

sharpee

I'm sure someone will correct me if I'm wrong but as I understood it (when I last bought a property in 2005) the Valuation Report was for the benefit of the Mortgage company to ensure the money they are lending on the property was appropriate.

The Home Buyers report and Strutual surveys are for the benefit of the buyer to ensure there are no issues with the property. These would have raised concerns about an extentsion being support by the windows etc

sharpee

Also from what has been said it sounds like there is no lintel (RSJ) above the window that the extension has been built on, which would mean the extension is sat directly on top of the window.

If this is the case it would be prudant to address this sooner rather than later as it is far from a cosmetic issue.

But that is only going from the facts stated in this thread.

DannyboyMidlands

Then you should have employed a chartered surveyor to look around on your behalf. You didn't and your proposal to blame the bank is ridiculous.

moonstick

The back of the house has been extended and the loft extended after that. The section where the floor is indicated with '==' is where there slope is:

________
F / | B
/ |
/__________|__
| | |
| | |
| | |
|______|____==|
| | |
| | |
|______|______|

moonstick

DannyboyMidlands wrote: »

Then you should have employed a chartered surveyor to look around on your behalf. You didn't and your proposal to blame the bank is ridiculous.

What a charming and not remotely supercilious attitude! Thanks for your kind words of wisdom.

DannyboyMidlands

Hey don't take it personally, I'm just telling it like it is. If the lender commissions a report for their own benefit then they or their surveyor don't have a duty of care to a third party (you) who makes decisions based on it. End of.

What would you rather I said? That you should assemble a legal team and sue their @rse? That would be pointless.

[Deleted User]

I am afraid I agree that you can't blame the bank, they only do valuations for mortgage purpouses. They look at different things.

It's up to the Buyer to instruct a proper survey (Homebuyers or structural) and with you being a first time Buyer I am surprised that your solicitor didn't remind you to do so?

GAH

OP, I think the overall advice here, is write to the lender, there is no harm in doing this, won't cost you anything, but probably don't expect any form of re-imbursement.

As others have said a homebuyers or full building survey would have picked this up.

Put it down to experience, get the work done and next time you purchase somewhere im sure you won't make the same mistake twice.

Good luck.

pinkteapot

Unfortunately the others are right, but you'll know the next time you buy a house.

The mortgage company do a very basic "valuation survey", as has been said. You will have had the option to pay extra to upgrade this survey to a Homebuyer's Report or Building Survey (formerly called Structural Survey). You probably paid the bank about £150 for a valuation survey, with an option to pay around £3-400 for Homebuyer's or £7-800 for Building. The price usually depends on the value of the house.

My general advice would be:

1) If you're buying a house less than 100 years old that hasn't been structurally altered (extended for example), get a Homebuyer's Report.

2) If the house is more than 100 years old, or has been structurally altered, or you have any concerns about the structure (e.g. see major cracks), get a Building Report.

I've only bought modern, unaltered properties so have just upgraded the bank's survey to a Homebuyer's Report. You do have the option of separately employing your own surveyor to do either Homebuyer's or Building. In this case, you effectively pay the valuation fee twice as you'll still have to pay the bank for their valuation report, and separately pay the surveyor the full price of Homebuyer's/Building. However, if I was buying something with obvious structural concerns I would probably employ my own surveyor separately, and speak to a few locally to get a surveyor with good references etc.

Bit more info here:

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/BuyingYourHome/DG_4001324

moonstick

pinkteapot wrote: »

The mortgage company do a very basic "valuation survey", as has been said. You will have had the option to pay extra to upgrade this survey to a Homebuyer's Report or Building Survey (formerly called Structural Survey). You probably paid the bank about £150 for a valuation survey, with an option to pay around £3-400 for Homebuyer's or £7-800 for Building. The price usually depends on the value of the house.

The survey cost was £430 and the house was £250k!