Valuation survey mentions "movement"

kingstreet

A bit pedantic perhaps, but you're better off using the term "mortgage report and valuation" and reserve the word "survey" for the additional information provided by a Homebuyer's or Chartered Building Survey.

Keeps everyone clear on which document you're using and future readers of this thread don't get confused.

ruggedtoast

polophonic wrote: »

That's the main issue for me. As long as the buliding surveyor is happy (and he is but I will be talking to him again), then I'm confident there will not be any issues in the future that will be caused by movement.

But the fact remains that there is a survey (a valuation) that has the words "movement" and "displacement" on them. The impression I get is that the caveats and qualifications can be irrelevant when seeking insurance. A box gets ticked and that's that!

I'm going to contact some potential insurers to find out for myself. I'd be very interested if anyone else has been through this particular issue and how it was resolved. Or not!

I have, and there are about 3 insurers in the country that will quote.

Adrian Flux and a couple of others. I think Aviva do in some circumstances.

polophonic

kingstreet wrote: »

A bit pedantic perhaps, but you're better off using the term "mortgage report and valuation" and reserve the word "survey" for the additional information provided by a Homebuyer's or Chartered Building Survey.

Keeps everyone clear on which document you're using and future readers of this thread don't get confused.

That's a good point. I think that the building survey that I had performed by a different company will also mention this 'movement' and 'settlement' (waiting for the actual report). I will be sure to appropriately differentiate the two types of survey/report in future!

MelaBella

maninthestreet wrote: »

So is the house this property is attached to also showing signs of 'movement' ?

I m interested how to find out if the other property shows sign of movement. I mean the reason I ask is because im facing the simiar problem as OP and when I called a few insurance company they asked me the same question. So, do I just knock on the neghbour's doors and ask the question? I mean like, seriously, how would you know?:eek:

6am

You might be interested in this discussion https://forums.moneysavingexpert.com/discussion/4271385

polophonic

MelaBella wrote: »

I m interested how to find out if the other property shows sign of movement. I mean the reason I ask is because im facing the simiar problem as OP and when I called a few insurance company they asked me the same question. So, do I just knock on the neghbour's doors and ask the question? I mean like, seriously, how would you know?:eek:

This may be something that is covered in your conveyancing. I am checking this. So far I've seen no mention of these environmental issues in the searches. I also think that your insurer would be able to see if there is any evidence of movement in properties in the area.

kingstreet

At the time of this thread, I put the scenario to one of the insurers I use regularly. This is what I asked;-

If a mortgage report and valuation has the following comment;-

“Evidence of movement in the form of minor displacement and weathering of pointing. This appears to be long-standing, non-progressive and chances of it getting worse remote.”

Would additional information be needed, such as a structural engineer’s report, or would the underwriter proceed with a copy of the valuer’s report in hand? What would the likely underwriting decision be premium-wise?

I received a reply today;-

If the report states that the movement is long-standing and non-progressive, our Underwriters will usually be able to make a decision based on the valuation report alone if no other issues have been highlighted. If, for example, the valuation report advises that the property is in a former mining area, they will also require a Mining Report.

We would not load the premium. The Underwriters would either outright decline to offer cover or cover would be offered under normal terms and conditions.

Although not a complete answer, it does match the stance I've previously encountered, as mentioned in post #8.

polophonic

kingstreet wrote: »

At the time of this thread, I put the scenario to one of the insurers I use regularly. This is what I asked;-


I received a reply today;-


Although not a complete answer, it does match the stance I've previously encountered, as mentioned in post #8.

Many thanks for the update. Sounds very promising. I'm going to contact insurers and will report back here.

polophonic

UPDATE: I've gone through some online quotations and this issues hasn't been flagged. I've also contacted an insurer and discussed this particular issue over the phone, including reading out the relevant survey statements. The response was that the insurer would offer a policy and that this would not affect the premium. They also said they have no record of movement in that area. So this all looks promising.

Chartered-Structural-Eng

Get a Chartered Structural Engineer to do a report. That way you have peace of mind, the paperwork to prevent any issues, and when you come to sell the house you can pass over the paperwork to stop vendors being put off by surveyor comments.