We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Errors in valuation report
lukealexander
Posts: 29 Forumite
We have had a valuation report from the bank which has stated the building has a steel frame when it is definitely a concrete frame.
The bank say we have to wait for the decision to come back from the underwriters before we can challenge it but that a steel frame will carry a minimum LTV of 20%. This wouldn't be possible for us and so this issue is causing much concern!
It is a very frustrating process for something which should be clear cut.
Has anyone any advice/experience in dealing with this kind of issue?
The bank say we have to wait for the decision to come back from the underwriters before we can challenge it but that a steel frame will carry a minimum LTV of 20%. This wouldn't be possible for us and so this issue is causing much concern!
It is a very frustrating process for something which should be clear cut.
Has anyone any advice/experience in dealing with this kind of issue?
0
Comments
-
Please state the name of the construction method. Plus the year, or at least the period of construction?
Lender?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It's a concrete frame with a glazed curtain wall and was completed in 2009.
The lender is HSBC, knew they had criteria on steel frames but given this isn't a steel frame and the valuation says it is a steel frame not entirely sure how that works.0 -
Are sure that there's no steel reinforcement?0
-
I'm not a construction expert but I'd hope the concrete was reinforced in some way. I'd imagine there will be steel in there somewhere but it is definitely not a steel framed building as stated in the report.0
-
I would recommend you gain some information on the construction that you can supply to the lender
What formal information do you have on the build? As a recent build, it will have outstanding guarantees, and you may find that the NHBC certificate or equivalent details out the construction. Sometimes these papers take a few days to get hold of, and I'd recommend you ask the question now - valuers will be happy to revise their report with new informationSo many glitches, so little time...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards