Santander mortgage valuation

Jonathan1985

I have a Santander mortgage valuation on y house Thursday ? What sort of thing do they look for, should I be worried?

Gary123456790

They will be looking for bricks and mortar, a roof and rooms inside..

Joking aside, why worry? You cant change the valuation, it will be their opinion.

Have you over-estimated the value and are concerned the valuer wont agree?

Gary.

holly_hobby

In essence, that it is structually sound, generally good condition, no evidence of recent movement, no evidence of damp or rotten timbers, and that the pch price is reasonable for the condition of the property, and its location etc. (homebuyers and full structual more detailed and wide ranging).

Any negatives that come back, may be used as a further bargining tool, if your offer was made subject to survey.

Hope this helps

Holly

Jonathan1985

i was jsut worried that they will find things that not even i know about. e.g i heard about them finding damp with thier damp meter when in fact there is just condesation on windows etc

holly_hobby

If the surveyor finds what they believe is evidence of damp, they note on the valuation that a damp survey and report must be obtained form a qualified practitioner, same with electrics if they think the wiring is 20+ yrs old, they ask for an electrical report.

They are generally obtained by the vendor or owner of the property, and are often free or for a nominal fee that is deducted from the cost of any reqd remdial works that are reqd and completed by the company who has quoted them.

Condensation can be an issue with timber framed windows, as the mositure can over time penetrate and rot the frame (simple splicing is normal remedy if caught early on), or of course replacement with UPVC units instead)

Hope this helps

Holly

Jonathan1985

Thanks holly. if a problem is found, does that mean all work has to be carried out before completion, or could i nock money off so buyer can sort it after completion ?

holly_hobby

Well it depends upon how the surveyor and buyer want to play it.

The surveyor may make a full retention due to essential works, that means that no mortgage will be released by the lender, until the works have been carried out and completed, with a satisfactory re-inspection conducted. That means unless the buyer has the funds to buy for cash and/or is willing to proceed on that basis, there would be no option but the works to be completed by you, and then re-inspected.

If there is a partial retention made re non-essential works (ie only some of the mge advance is being retained by the lender), the buyer may be able to absorb this and move in, get the works done during their ownership, and then apply for the withheld funds to be released via a re-inspection. Of course in that situation I would expect that they will ask for agreed purchase price to be revised, based on the costs of works to be completed.

Or, even if only a partial retention, they may not have the initial funds to absorb the cost of works, or simply elect to make their purchase subject to you carrying out the works under your ownership pre completion (and re-inspected) - whether you chose to agree to that would be up to you - you may be able to negotiate a solution with them.

Any re-inspection post works will incur a re-inspection fee of the surveyor.

Hope this helps

Holly