Valuation Survey Missed Structural Defect

Mrs_Z

As the others have already said...

The bank is not interested if your house is in good condition, the only thing they are interested in whether they would get their money back if they had to reposess and sell your house. That is what their valuation report tells them.

That's why the surveys exist - if you only want a brief one that does not go into too much detail - that's the HomeBuyers Report. It will be brief (but should pick up any major structural issues) or you pay for Full Structural Survey that picks up everything.

Had you had a proper survey done, you could tried re-negotiating your offer.

But you'll know better next time...

ruggedtoast

You don't seem to be sure what kind of survey you have had:

This is an example homebuyers report:

http://www.reesthomas.co.uk/sv/homebuyer.pdf

If what you have doesnt look like this then you probably just have a valuation survey which is predominantly for the benefit of the bank.

At best you might be able to claim you were mis-sold the survey but to be honest that sounds like a longshot at best.

AdmiralX

moonstick wrote: »

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

The structural engineers deal with these cases all the time and they will tell you the dos and donts.

pinkteapot wrote: »

I

making sure your house is safe and finding out how much any problem will cost to rectify.

Sure, that's it. In this situation finding the funds is important, to do the remedies. Some works need planning perm and building control certificates, but moonstick may not need any of that.

At this stage when you do not know yet, If I was you, I would stir as little as possible of the banks and brokers etc, till I really find out, and as the saying goes: "only when the trouble troubles you".. They may say it is your problem to sort and start nagging. Try to sort as much homework as you can before you talk to them. What I would also do is to plan ahead financially.

Any big hedges or bushes nearby?

propertyman

[QUOTE50882785]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.

[/QUOTE]

Sorry to single your post out but its out of convenience.

There is a duty of care to a buyer since Yianni v Evans 1981 at least

1 Inspection; this must be carried out, the drive by is a long dispelled myth, and as a practice ceased in the 1970's.

2 Duty of care - the RICS position

Generally a mortgage valuer will owe a liability for the quality of their service (as defined as a valuation but not as a survey) to the lender.

The valuer will also owe liability to the purchaser/borrower in circumstances where the purchaser/borrower has relied solely on the contents of the mortgage report for his/her decision on whether to proceed with the purchase.

So if the defect was noticeable by a competent surveyor/valuer in the scope of valuing a property, and affects the value of the property both for the lender and/or the buyer, then there may be case for negligence.

What to do;
1: Instruct a chartered building surveyor to inspect and report
2: Consult a lawyer about a possible claim for negligence.

Also;
You might notify your insurers as they need to know, they may assist with the claim, and may have legal expenses cover to help with 1 & 2

Mistral001

As other's have said, builders are not qualified to give an opinion on these matters, or at least not an opinion which will stand up in court anyway. You will need to get the opinion of a Chartered Structural Engineer, or Chartered Civil Engineer.

If the problems turns out to be a structural defect then you will need legal advice. You might have an actionable claim against the surveyor if it can be established that you have a contract with him. It is not clear whether you have a contract with him or not from your post. Even if the Bank paid for the survey, you could still have a contract with the surveyor.

DannyboyMidlands

@Propertyman

No need to appologise.

I doubt there is a case. Hard to tell without seeing the actual wording of the report. They may have stuck in a line advising the purchaser to obtain a more detailed survey.

kingstreet

I wish we could keep the words "valuation" and "survey" out of the same sentence in our business. All it does is confuses the average borrower/purchaser.

Anyone giving advice should be ensuring they explain the differences and the implications of choosing one route over another.

On to the OP's problem. I'd be very disappointed with any surveyor who couldn't see what sounds like a fairly visible structural issue. I agree with the others recommending a structural engineer's report before any further action is considered.

OP - is there no reference at all to this matter either in the general comments or essential repairs sections?

moonstick

There's a section 'Matters Affecting Value' on the valuation. The comments in there are:

The property is in good condition for lending purposes.

Parts of the garage are thought to contain asbestos material. You should take care when carrying out repairs, maintenance or renewal.

Flooring to the attic bedroom is slightly springy and may be defective, You should instruct a contractor to investigate the full extents and carry out any necessary work.


There are also matters for the conveyancer but these are just permissions and consents etc. Note that the attic bedroom is not the room in which the defect is being displayed - the defect is apparent in the lounge (ground floor) and master bedroom (1st floor).

AdmiralX

A surveyor would see a noticeable defect and would warn both the buyer and the vendor because the latter is at home when survey takes place. Sometimes there are objects in the way however. Surveyors would recommend a structural engineer when they see a serious problem, if it is not covered.

I would be surprised if the vendor had not noticed the problem and in such a case he she ought to have disclosed it.

Why were the vendors selling their home, did they tell?

Perhaps you need to go over what had been disclosed.

kingstreet

moonstick wrote: »

There's a section 'Matters Affecting Value' on the valuation. The comments in there are:

The property is in good condition for lending purposes.

Parts of the garage are thought to contain asbestos material. You should take care when carrying out repairs, maintenance or renewal.

Flooring to the attic bedroom is slightly springy and may be defective, You should instruct a contractor to investigate the full extents and carry out any necessary work.


There are also matters for the conveyancer but these are just permissions and consents etc. Note that the attic bedroom is not the room in which the defect is being displayed - the defect is apparent in the lounge (ground floor) and master bedroom (1st floor).

Were building regulations approvals discussed during the legal enquiries? An attic/loft conversion requires joist strengthening before it can be used as a room.

There's nothing about the room in question then. As already mentioned, a structural engineer appears the next port of call. He might comment on the loft for you as well.