Issues with mortgage valuation report

upsizer

We had a mortgage valuation and homebuyer report carried out on the hjouse we are planning to buy.

I caled the bank today for feedback and they said that the report has valued the house at 3k less than the agreed sale price AND the valuer has requested a full structural survey plus a damp and timber report. She then said something about a suggested 10k retention, but then went on to say that this particular bank don't do retentions (?!?).

I have ordered a building survey to take place and contacted the EA to warn them about the lower valuation. Basically we're now waiting to find out the outcome of the building survey to see if we have any chance of borrowing the amount we need.

The issue with the structure seems to relate to some movement and minor cracks in one of the walls attached to an outbuilding. It seems that if the movement has ceased, then the lending could go ahead, if not then goodness knows.

I'm a bit befuzzled by the whole thing. The house is perfect for us and came up just as we sold our own property. There's nothing else around right now that we want to buy, so if this doesn't work, we'll have to go into rented which won't be ideal.

I don't have a specific question here, was just wanting to get it all out!

Fire_Fox

Have you seen the Homebuyers Report before steaming ahead? If there is movement you might be best shelling out for a Structural Engineers report instead of a full structural survey which will repeat a lot of the Homebuyers stuff, and could end up recommending a Structural Engineer anyway.

Have you ensured your surveyor/ engineer/ damp specialist has full access to the loft space, any cellars, is allowed to lift the carpets?

upsizer

Thanks for your reply.

I'd already ensured that we were getting the right kind of report done, so that's all ok.

I have received the valuation report in the post today and this is what it says:

Matters to be dealt with by customer - Essentail Repairs and Special Comments

1. Instruct a Structural Engineer or Chartered Building surveyor to inspect the property and report on evidence of past movement to the house and the relatively minor cracking that has now occurred as well as the significant disturbance to the attached outbuilding that requires to be removed, repaired or rebuilt in accordance with the engineer's recommendations, along with repair to the adjacent and other damaged boundary brick walls.
2. Implement the recommendations of damp and timber specialists reports which should encompass inspection of all including sub floor timbers.

General Observations

An end terraced ouse occupying a moderately sloping site inthis well regarded established residential locality convenient for local amenities. The property was fairly well presented for its type and age although in need of some maintenance and cosmetic attention. In addition there was evidence of some past movement to the house which appears substantially longstanding although several thin cracks are now visible. Whereas the attached outhouse has the far rear section removed the remaining building is in poor condition with significant cracking to it and its boundary walls.

We have enlisted a surveyor to carry out a full structural report in the next few days and I'm now trying to find damp and timber specialists.

Oh, the joys....

Fire_Fox

That doesn't tell you to have a full structural survey? Be sure to choose an independent damp specialist not a DPC installation company. You might run an advanced search for posts by David Aldred who used to be an MSE regular.