MASSIVE Valuation mess up, trying to get my money back! be warned, ITS LONG!

Wyndham

I'm not clear - sorry, it may be buried and I've missed it - was the amount on the valuation the same as the offer you made? This will make a difference, as in that case the surveyor is advising strongly that the work is completed rather than it stopping the mortgage being issued.

Any house has things wrong with it, and they fall into three camps:

1) Need to be done in order for the mortgage company to issue the mortgage i.e. really, really urgent.
2) Should be done, but do not affect the mortgage i.e. urgent and advised quite soon after you buy the property.
3) Good idea to do, but do not affect anything i.e. you need to think about them at some point, which may be now or may be in the future.

AFK_Matrix

I think unfortunately your not going to get anywhere with suing anyone or anything so I would just take the money imo. When I had my valuation done I understood it was just that a valuation of the house and I had no expectation of it telling me about the house. The Post Office who I had the mortgage through did send me the report which if I remember didn't have any info on the house just the valuation amount.

Luckily a friend of mine new a surveyor who did the survey for me at a really good rate so I just kind of ignored the valuation after I saw it was for the right amount.

RoaringTwenties

From what you say it sounds like you have just paid for thebasic valuation report required by the lender. I’ve only done this once whentransferring a property I owned and lived in onto a buy-to-let (hence I didn’tneed another Homebuyers survey). I did receive a copy of the valuation report frommy lender as that is their policy but my understanding is that many if not mostlenders do not provide a copy of the basic report to the purchaser as it issimply conducted to confirm the existence and value of the property in question fortheir security.

Ignore any advice from the agent on this matter – as othershave said they work for the seller and not you. I suspect some of the confusionmay have arisen from the terms being used – when the agent says he received alist of works from his “basic” he may mean a Homebuyers survey, which I supposecould be thought of as a ‘basic’ survey relative to an in-depth Full Structuralone, but is certainly far more detailed than a lenders valuation report.

I would also kindly say that if you are confused at thispoint with the house-buying process you might exercise caution and read up further on the processes and responsibilities before becominginvolved in Buy-To-Let, releasing equity to invest in further properties etc. Thiscan be a far, far more complicated world that you may have initially thought

Jonesy_McJones

Who is the lender?
I had two valuations done (just over two years ago), one with the Cooperative and one with Santander. I recieved a copy of both - in fact they had both been completed by the same person but the second one (Santander) had much more detail on it than the first.

annoye

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phill99

maninthestreet wrote: »

OP - are you sure property ownership is right for you?

Well put, Sir!

annoye

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arbrighton

No-one expects you to know everything, but before embarking on a major process involving hundreds of thousands of pounds and potentially a 25 year commitment, it might have been wise to read up on the process, the terminology, what 'should' happen if it's smooth and the potential pitfalls.
Our solicitor sent us a document outlining how the process normally proceeds, including the detail of the types of survey. Fortunately OH has bought a house before (and was stung by not getting structural survey done when we found out house was underpinned) and I used to work for a house building company, but we're still discussing and reading up on every step.

Also, if you supposedly know enough to not bother seeing a financial advisor, it might be assumed that you do know what's supposed to happen.

If you're doing properties up to sell, I assume with the idea of actually making a profit, perhaps you should get a bit more clued up. The remark about property ownership wasn't that harsh, really.

annoye

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Cissi

annoye wrote: »

im not doing them up to sell? im doing them up to add value, and gain 25% ownership so i can remortgage as a let to buy and move onto next property and keep doing the same. The house was initally going to be a safe rental, and i was going to over pay like 10k etc and sit tight for a few years

That all sounds like a pipe dream to me I'm afraid, and it looks like you've just been brought down to earth with a bang. What you thought was a "safe rental" obviously wasn't - there was a reason why it was cheaper than others in the area, there generally is. I think you've had a lucky escape as your business plan sounds VERY dangerous to me in the current climate...

(and for future reference, it's "buy to let", not "let to buy" - if you want to be taken seriously you may want to get the basic terminology right)