deciphering a valuation report???

wannahouse

in the section ESSENTIAL REPAIRS, it says: total estimated cost of essential repairs: £ WHOLE ADVANCE.

what does whole advance mean???

also , for what purpose is the insurance reinstatement value put on the valuation report???

GMS

Sounds like big defects therefore the whole of the loan would be held back until repairs are done. What repairs are noted? Is it structural?

Reinstatement value is the rebuild cost for the buildings inurance

GMS

Just remembered your previous post. Is this the valuation for another lender?

holly_hobby

Means full retention - ie no mge advance until the noted works are completed and re-inspection has taken place.

Usually seen with structural issues, severe D&T, roofing/timber structure issues, outdated elec issues (phase 2 or older than 20 yrs), or properties without functioning kitchens/bathrooms, or commerical properties where a resi mge has been applied for.

What are the specalist reports that have been requested ?

Afer they are back, the rentention may be reduced or removed depending on the experts comments and costings of any reqd works.

Hope this helps

Holly

Simon_gloster

It's the worst outcome on any valuation. Happy summer.

Simon_gloster

Just remembered is this the Lloyds mortgage with Jap knotwood? If so, do you feel they don't want this property on their books?

wannahouse

ok, thanks for your speedy replies!!!
i was thinking thats what it meant!

we managed to get the japanese knotweed silly business scuppered, so he has to take that off now...so we were just reading though all the stuff he noted (as we expected) on the report...
looooooong list of essential repairs! lol!

the "proper" surveyor is coming ourt next week to do his thang and rebutt alot of the nonsense the other guy has written...
the only "structural " defects the guy could pick on was the conservatory (cracks in the stone work and tiling) and the back part of the house, both which we believe are non issues... all evidence points to them being historical.. and, i think form the reading i have done, but will be confirmed by the FRICS surveyor next week, that the cracking to the stone pillars of the conservatory is caused by the iron work inside rusting and expanding..there is evidence of that where the cracks are, but the conservation officer said its not a big deal to fix, and the tiles are cracked in some places (beautiful encaustic tiles!) from tree roots, but that will not be a big deal either...

where they put "electrics and plumbing overhaul" needed blah blah....
will that mean we have to do a FULL rewire, as the lloyds mortgage adviser told us in previous cases others just got the part of the house they would be using temporarily rewired, with a new board also put in, and the rest rendered safe , to get the mortgage...

it also said roof overhaul and water furniture made good...(all rusted out and needs replacing), but so far we were told by the other knowledgable parties that patching the roof would be sufficient to make it completely watertight, and we could take the roof off and redo it after we get the mortgage...
we know we will need to redo the guttering though as alot of it is rusted out, but the conservation officer said he would be happy with us doing plastic guttering temporarily,(but plastic might not take the weight of the water in a huge down pour due to the size of the roof) or aluminium as a permanent solution (it has a mix of materials at the moment)

very funny about the knotweed business though..don't know what he was trying to pull with that one!!!

when the full survey is done, he will price up what he believes we can do to meet the criteria, for as little as possible, so we can see if its do-able...
if it is, lloyds will give us a mortgage offer based on the works being satisfactorily completed, and then we can exchange with an offer and complete once the works are done..

wannahouse

Simon_gloster wrote: »

Just remembered is this the Lloyds mortgage with Jap knotwood? If so, do you feel they don't want this property on their books?

hey simon...
as i mentioned last week, it was baloney that there was japanese knotweed, and we had that proven with a survey on the matter that has gone back to C&G....the original surveyor got a speaking to for that and has been told to remove all traces of that from the survey report!
the SURVEYOR didn't want it on his caseload obviously, judging by the red herring knotweed he put in there for fun!

wannahouse

Simon_gloster wrote: »

It's the worst outcome on any valuation. Happy summer.

ah!!!! but i am one for a challenge!!!
a dog with a bone so to speak when i want something!!! :beer:

wannahouse

Simon_gloster wrote: »

It's the worst outcome on any valuation. Happy summer.

holly_hobby wrote: »

What are the specalist reports that have been requested ?

Afer they are back, the rentention may be reduced or removed depending on the experts comments and costings of any reqd works.

Hope this helps

Holly

holly, what relevance does the est cost of the works have on the decision - if you can pay for them upfront to be done?

holly_hobby

The cost of the works reqd if non-essential (following expert inspection) will influcence the amount of retention, meaning you can complete with a reduced mge and have the works done and resinpsectd within 6 mths, to drawdown the retained funds.

If they are essential - the full rentention will remain - and youeither complete for cash, or you/the vendor, have them addressed and inspected pre completion, and you complete for the full mge agreed.

Holly