Valuation Report results and delays?

belfastguy30

I am currently in the process of buying a house off my uncle which is a 1950's semi detached but has been totally gutted out within the last 3 years and refurbished with brand new wiring and heating, plastering and doors etc. I have just received the valuation report back though which states two matters affecting value:

1. There is evidence of penetrating dampness/condensation and timbers in contact may be defective. You should instruct a damp and timber treatment contractor to investigate the full extent and carry out necessary repair work.

2. There is evidence of woodboring insect infestation. You should instruct a timber treatment contractor to investigate the full extent and carry out necessary repair work.

As this is a basic valuation report it doesn't go into any more detail but it says the house is the value that we have agreed to but once these repairs are carried out it is worth £1,000 more.

Does anyone have any advice on what all this may involve?

Firstly, if I contact the valuer will they be able to tell me anything more specific about where these issues may have been noticed?

Do I arrange for a timber treatment contractor to carry out the report myself and then let the vendor know what needs to be done? Is it up to me to pay for any work or should something be agreed with the vendor to take this off the asking price? I really can't afford a lot of extra costs at the moment but I know also that the vendor will be reluctant to reduce the price too.

Does the fact that the property has still been valued at the agreed price despite these issues mean that the issues may not be as serious as they sound?

Will this hold up getting the mortgage through until these issues are resolved?

Apologies if this is a bit long winded but any advice would be much appreciated.

motherofstudents

1. You can get an independent damp surveyor which would cost in the region of £200. They would identify the cause of the damp and advise you of the remedy. This is preferable to getting a free survey from a damp proofing company. However, in the first instance I would give your surveyor a call and ask for his/her opinion on the damp. If it is condensation you should be able to sort it out by better ventilation and heating. Has the property been empty ? If there is penetrating damp, you need to find the source and rectify it. It may be fairly easy to put right if,for example, there is a leaking gutter or some kind of leak eg from bathroom.
2 there may be evidence of wood boring insects but it doesn't mean they are still present.

It doesn't sound as if there is a retention so it shouldn't affect the mortgage.
You could always ask the vendor to reduce the price but it is of course up to them whether they agree.
These problems don't sound serious so no need to panic.

Goldiegirl

Your lender will also get a copy of the valuation, and, depending on the size of the mortgage you have applied for, may make these works a condition of the mortgage.

This is more likely if you are applying for a high LTV mortgage. Typically they'd keep back a small portion of the mortgage until any timber and damp work is done

However, as the property has been valued at the purchase price this is unlikely, so really this information is probably for information only.

So, when you move in, you can get contractors in to look at the property and have any recommended works done. Unless the lender refuses to proceed until the works are done (unlikely) you don't have to do anything about it now.

However, there's nothing to stop you using the report as a negotiating tool with the seller

Of course, if the lender doesn't make the works a condition of the mortgage, you could opt not to do anything at all, but it's wise to get this looked at, to protect your investment

belfastguy30

Thanks both of you for your responses.

Yes, the property has more or less been empty apart from every couple of weekends over the past couple of years so it may hopefully be something as simple as lack of heating and ventilation hopefully.

Hopefully, the woodboring insects aren't as bad as it sounds also but I will contact the valuer and try to find out more.

An independent survey is probably the best thing to do at first.

I am applying for a high LTV value mortgage so maybe they will want to withhold part of it until the work is carried out but I guess I will soon find out!

Thanks again

sulphate

If the surveyor has valued the house at the price you offered you shouldn't have a problem getting a mortgage. The surveyor may be able to advise more about the problem but as this was only a valuation they will not have looked into it in much detail and therefore will probably stick to what he has written in the valuation. If the property has been empty it may well just be due to condensation and needs a bit of ventilation.

We had a valuation & homebuyers survey come back a few weeks ago, on the house we're in the process of buying and it advised "damp is penetrating ground floor walls, i suspect this is due to rising damp, you now need to get a damp and timber contractor in to estimate the remedial costs". Instead of getting a contractor out (which are often just salesmen trying to sell unnecessary damp proofing courses) we paid £250 for an independent surveyor who informed us that there was no real damp problem and the only issue was the ground level needed lowering in some places. The house had still been valued at the offer price so it was a non-issue for the mortgage. Would definitely recommend you take the independent surveyor option although it costs money.

belfastguy30

Thanks! I will definitely go for somebody independent and keep the fingers crossed that nothing too costly needs to be done!