something dodgys going on? declined on valuation-japanese knotweed

Thrugelmir

Apologies for more or less repeating myself. Ask Lloyds to refund the surveyors fee you've paid and request that a full survey be conducted by a suitably qualified individual.

The underwriter is not going to (a) accept a basic valuation nor (b) be advised by anyone directly in your employ, more so if they are "mates".

The branch advisor appears out of their depth with the advice you've been given.

GMS

Thrugelmir wrote: »

The underwriter is not going to (a) accept a basic valuation nor (b) be advised by anyone directly in your employ, more so if they are "mates".
.

The lender will accept whichever valuation they choose to instruct. Almost all are basic valuations with any recommendations for specialist reports being followed up as necessary.

Simon_gloster

They lend money, so they call the shots. Buy it outright then you have no issues. Blunt but normal I'm afraid. Unless you can categorically prove they are wrong no one apart from a senior valued can overturn what's happened.

wannahouse

Thrugelmir wrote: »

The underwriter is not going to (a) accept a basic valuation nor (b) be advised by anyone directly in your employ, more so if they are "mates".

The branch advisor appears out of their depth with the advice you've been given.

oh, no, you might have it wrong..we don't KNOW the historic and listed building surveyor..i found him thru researching a suitable surveyor for this kind of building, as often a normal surveyor will panic about a bit of damp in an old building, for example, when someone experienced on that type/age building could inspect it and know that all thats required is improved drainage and lowering the outside ground level for example and nothing to panic about..

its the conservation officer that we have met, that is our good friends friend!

wannahouse

GMS wrote: »

The lender will accept whichever valuation they choose to instruct. Almost all are basic valuations with any recommendations for specialist reports being followed up as necessary.

so are you saying if he has said xyz are problems, then specialist reports can be ordered to look at x,y and z???

wannahouse

Simon_gloster wrote: »

They lend money, so they call the shots. Buy it outright then you have no issues. Blunt but normal I'm afraid. Unless you can categorically prove they are wrong no one apart from a senior valued can overturn what's happened.

how can we prove they are catergorically wrong then???

the adviser had a woman recently with a building that needed work beofre they'd lend, who went away after the valuation, had the suggested works done, and came back 7 mths later and was able to complete on the mortgage, which is what we want to do, if this surveyor will give us the chance to instead of shutting it down...

GMS

wannahouse wrote: »

so are you saying if he has said xyz are problems, then specialist reports can be ordered to look at x,y and z???

It was a general response to a statement, not to your situation. Sorry.

Usually a lender will instruct a basic mortgage valuation and wait for the surveyors report. This MAY request specialist reports and can include any number of observations.

There is a question along the lines of 'Is the property suitable security for mortgage purposes?'

If they answer no then it is not good for the customer.

You say yours has had many faults identified so the valuer may have valued at zero rather than recommend reports.

Goldiegirl

What do the Lloyds underwriters say about it all?

They are the people that make the lending decision, not the valuer.

They take guidence from the valuer, but the valuer doesn't decline a mortgage.

bigadaj

OP it might be useful to provide some context, what ltv are you applying for, income, self employed, deposit etc

It could be that the surveyor isn't confident of valuing such an unusual place or lacks experience, but given the property then its likely that many lenders would see as high risk and only lend limited amounts due to concerns about security.

wannahouse

bigadaj wrote: »

OP it might be useful to provide some context, what ltv are you applying for, income, self employed, deposit etc

It could be that the surveyor isn't confident of valuing such an unusual place or lacks experience, but given the property then its likely that many lenders would see as high risk and only lend limited amounts due to concerns about security.

LVT 85%
deposit £37,500
purchase price £250,000.
both self employed but only applying in husbands name for this one as just changed to a company...he is treated as employee, excellent wage and credit history, and i can't put my income down, as company director , i need 2 years books, but we just changed over...we will also take dividends at some stage, accountant will sort that out..
we also have a rental property with about £13,000 net profit a year...
we have saved £25,000 since last sept, so will be able to save and spend on repair works as we go.

the adviser (the only one for this county) assured us that if we were prepared to address the concerns of the survey,and eliminate them, we would be able to get the funds...