e.surve woolwich mortgage survey

neilg81

Hi im in the process for changing my existing property to a buy to let mortgage and buying another to do up and live in. Spoke to A woolwich advisor in a barclays bank went through all the paper work all good no problems. Being a builder i wanted a place i can do up an make my own. Been looking for a wile for a place in the rural location in norfolk every thing we like seem to make way out of our price league. But then up pops on right move a cottage so straight out to look at it loved it but pricey. so i put in a stupid offer an pressto they accepted as the family wants a quick sale after the death of there dad. The house looks like going back in time. Perfect fields behind and to the sides down a quite lane. Offer i made was £125,000 was on market for £155,000 the house beside it is identical but does not look as nice from the front as the brickwork has been spoiled by render!. part from that they identical but bit more maintained and slightly more modern That is also for sale at £195,000 as it happens its a old friend of my dads so got so back round info into the places he is only moving as they need a bungalow to retire in. So brilliant a dream house for my 10 month old son to grow up in. Woolwich put the wheels in motion said would be about 6 weeks. any way 5 weeks later surveys were done on the 2 houses. Survey came back from E.surv on the new place saying its a reasonable purchase for £125,000 but they advise the woolwich not go a head till i have a damp survey and a electrical survey. Also the kitchen units need replacing???!!! and the roof needs attention. States until these issues are resolved they should not proceed!!
The mortgage adviser asked if its possible for me to sort the roof and kitchen units before they give the mortgage??? How does someone do work on a house they dont own??????? Excuse my language but what the F**K. The reason this propery is so cheep is cause it need the work doing! If the work had been already done i wouldnt be able to afford it, i can afford to buy this property is im a builder i will do all the work my self over a couple of years its a dream for a 30year old with a family. When ive finished with this property it will be worth around the £200,000 mark. is this not bad business from woolwich??! Is it Esurve trying to get me to take out there damp survey and there electrical suvery????? ?? just to make some more money out of me????? so angry ive been a barclays customer for 30 years, woolwich customer for 10.
Im so stressed with all this could make a grown man cry .:(:(:(

Just to top it off my little brother got a mortgage last week on a property in same village on a property thats in much much worse condition. Has even signs of subsidence. The halifax didnt even hesitate!

Excuse the spelling and bad punctuation im a builder not a surveyor i know difference between a brick and a block.

Thrugelmir

Normally the lender would request a retention against the mortgage advance until the works are completed. When the mortgage offer was made.

Was this suggested?

neilg81

Thrugelmir wrote: »

Normally the lender would request a retention against the mortgage advance until the works are completed. When the mortgage offer was made.

Was this suggested?

no not been very helpful. In what way do you mean a retention?

Simon_gloster

Once the initial survey I'd done as in this case, the seed had been sown. You can appeal but will need alike fir like survey from a surveyor off their panel and HOPE a senior surveyor agrees. Possible lost cause.

Goldiegirl

neilg81 wrote: »

no not been very helpful. In what way do you mean a retention?

A retention is when the mortgage completes, but some of the money is kept back until the works are done.

So you can move in and do the work, and if the works are done to the surveyors satisfaction, the rest of the mortgage money is released to you.

Of course this would mean that you would need to find the shortfall in funds yourself,maybe from savings , or possibly short term loan from a family member.

Dave_Ham

I am not a fan of e-surv, but it is the same as any industry that is to a degree opinion driven.

So long as it has the basics of functioning kitchen, bathroom, water etc. then it is a qualified view on whether it is suitable security for the lender.

You must have a fair deposit as a %, as Woolwich are certainly not competitive with a 10% or 15% deposit so you will potentially have other options.

Some lenders have free valuations at the moment even on purchases, so may be worth having a look at another lender and picking up a better rate to boot.

After 5 weeks, whatever you do you may need to be quick as otherwise the Estate Agent will be selling this to someone else at your cheeky offer.

Good luck

barrow1956

Esurve When there is trouble in a survey ESURVE is never far behind .

Building_Surveyor

the surveyor has done their job on advising what work needs doing and what state the property is in. the surveyor does not decide what funds the bank gives if any at all. that is entirely up to the bank.

so what is your dispute? are you disputing what has been highlighted in the survey, do you think it doesn't need doing? or are you disputing the fact that the money is being held back til the issues are sorted?