Mortgage Valuation Advice

Smiley1987

Hi Everyone

In need of a bit of advice as i'm pulling my hair out here.

Got mortgage approved on a house subject to valuation (credit checks etc all fine). Solicitors are involved and draft contracts have come through.

Got an email from Nationwide on Monday saying their has been something flagged up on the valuation - they think the house has been underpinned (5 year old mid terrace) but the house is still valued at what we are paying, with no retention and is classed as suitable security for them.

Have a letter from the sellers solicitors confirming he hasn't had the house underpinned (he has lived there since new). Everyone who has seen the valuation is sure it is a mistake/typo.

Nationwide are taking their time to get back to me - Mortgage Adviser not responding to emails or phone calls.

Just wondering where we stand with this - would going to another lender be wise?

Any advice much appreciated

kingstreet

Other than a comment on the valuation, the surveyor seems happy and Nationwide seems happy, so what are you trying to achieve?

Is there an insurance issue? In which case, you need to address that to the vendor and his solicitor for written confirmation no underpinning has ever taken place.

Thrugelmir

Maybe NW are waiting for surveyor to clarify their comments.

What did the valuation say?

Smiley1987

Sorry forgot to mention previously - he hasn't signed off or approved the valuation, but he has valued it at what we are paying and answered Yes to "it this suitable security for the society?"

Thanks

Crashandburn

Just seems like an(other) admin issue from a Surveyor.

How many days has it been since the query was raised? Usually valuers are back to the lender on matters like this within 48 hours. It will then take the lender another 48 hours to review his comments and update the broker

kingstreet

I suspect a "copy & paste" error.

Smiley1987

Crashandburn wrote: »

Just seems like an(other) admin issue from a Surveyor.

How many days has it been since the query was raised? Usually valuers are back to the lender on matters like this within 48 hours. It will then take the lender another 48 hours to review his comments and update the broker

We raised the query with them on Monday.

If the valuer has made a mistake is he likely to own up to it? Are we able to ask Nationwide to do and pay for another one?

It all seems very strange to us - he asking for an arboricultural report when there are no trees with in 100m or ever have been :(

kingstreet

Are these mistakes on the valuer's report, or has the wrong valuation been added to your application file?

Crashandburn

Smiley1987 wrote: »

If the valuer has made a mistake is he likely to own up to it?

:rotfl::rotfl::rotfl:

Much easier to wait for hell to freeze over!

Thrugelmir

Smiley1987 wrote: »

We raised the query with them on Monday.

If the valuer has made a mistake is he likely to own up to it? Are we able to ask Nationwide to do and pay for another one?

It all seems very strange to us - he asking for an arboricultural report when there are no trees with in 100m or ever have been :(

Perhaps the wrong data was entered into the system. Clerical errors do happen.

JimmyTheWig

I can't see there is any point in going to another lender (unless you can get a better deal elsewhere) as this lender isn't saying there is a problem.
You might want a different house if the surveyor says it has been underpinned and the vendor says it hasn't been. Or you may want a different survey done. Or you may want to check with insurance companies. But I can't see why you'd want to change lender.