Valuation Survey Missed Structural Defect

pinkteapot

Which mortgage company was it? That's a high charge for a valuation survey (but all the lenders vary). We paid about that for our Homebuyer's Report on a £230k house (in May 2010).

If it was a Homebuyer's Report, it will clearly say "Homebuyer's Report" at the top and will be 10-15 pages long.

AdmiralX

moonstick wrote: »

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

You need first to find out what the structural problem is, if it exists, asap. So, You need to ask structural engineer to come to your property. He will advise you on remedies, costs, what is the root, and what insurance you need. You have 2 options price wise: you may ask for a verbal report which costs cheaper or if you want a written report the eng will charge more. get quotes emailed.
You may find one locally here: http://www.findanengineer.com/
I am not sure the valuation reports include everything and I understand they do jot do the job of a structural engineer. It is possible that a surveyor of the mortgagee might recommend a stuctural engineer if he thinks this is necessary, provided he sees a problem.

moonstick

Mortgage is through Halifax - the report doesn't say "homebuyer's report" and is only a few pages long.

pinkteapot

From what you've said, it's just a valuation report.

AdmiralX's advice is spot on.

_Andy_

Lesson to be learned: don't scrimp on surveys when spending hundreds of thousands of pounds on a house.

sonastin

To be honest, I'd be a little bit wary of getting the lender involved without finding out a bit more first. If this is a serious structural problem which significantly reduces the value of the property, you might find that they shouldn't have lent you the money to buy it. While I think it is extremely unlikely, absolute worst case scenario would be that they withdraw the mortgage requiring you to pay them the funds back ASAP. I honestly don't think that the mortgage conditions will permit this, and they are more likely to pursue the valuer for increasing their risk exposure but I would advise you to seek advice before you go down the route of informing the lender just in case. Forewarned is forearmed.

ic

From the halifax site here and here.

First time buyer common enquiries

What’s the difference between a home survey and a valuation?

A valuation will be carried out by your lender to make sure the property is appropriate for the amount you want to borrow. It's purely for their purposes, though if they charge for the valuation they may give you a copy.

A home survey is something that you should consider, as it points out things you'd want to know about as the homeowner but that the valuation might not reveal. With the Halifax, your mortgage expert can arrange for one to be carried out at the same time as the valuation, or you have the option to arrange for your own survey. Your mortgage expert will discuss the features of the different types of valuations and surveys with you.

Mortgages glossary

Structural engineer's report
A specialist report from a structural engineer on the condition of a property.

Survey and valuation
A property survey that includes a valuation and should reveal any major faults in the property.

Valuation
A valuation is an inspection of the property to ascertain it's acceptability to the lender as security against the mortgage loan, for which the borrower may have to pay.

moonstick

I actually went through a broker rather than directly to the bank - maybe I should speak to him?

pinkteapot

I'm not sure if you're listening to the advice on here?

You really need to establish the extent of the problem. For that, you need a structural engineer (not a builder). Get a few quotes for them to do a report and get one round to tell you if there's a problem, and what it'll take to fix it.

If you just had a valuation report done, you've got no come-back on the broker or Halifax. Valuation surveys are really basic. They are sometimes done with a drive-past! Even with the valuer going into the house, they're not going to have had a proper look at anything.

Your first priority should be making sure your house is safe and finding out how much any problem will cost to rectify. If it's a significant problem, then you could try complaining to Halifax if you want to.

DannyboyMidlands

Sue the broker!