valuation states property not fit for motgage ? :(

poppy123b

hi all apologies in advance for long post !

first time buyers, mortgage accepted with Natwest subject to valuation, 2 bedroom bungalow was valued on the 16th along with a homebuyers report.

spoke to Natwest today who said that the valuers state that the property is not fit for mortgage due to 40 - 50% of the property being single brick construction, polystyrene tiles in the hallway (we were going to have these removed anyways and there is only about 16 tiles) and there is potentially asbestos lining in the kitchen wall.
Now this apparantly is the mortgage valuation ! nothing to do with the homebuyers report, i haven't even had that back yet.

Anyways a buyer who previously wanted to purchase the same property also had a valuation done (no survey though) about a month before us, he was also going through Natwest, But Natwest had another valuation company doing the valuing for him.
His report came back that a wooden floor needed replacing, (we knew of this) and that as long as this was repaired £5,000 retention, Natwest would happily provide him the loan amount, which is the same we are asking for 70,000.

The only reason the previous buyer had to pull out was because he was on a chain which fell through, we managed to jump in, although i think he now in a postion to go after the property again if something does go wrong for is

i telephoned the people that did our Valuation, cant discuss it with them as the person that did the valuation is on holiday until the 2nd September!

i phoned Natwest and said they have instructed two valuations for the same property, in the last month from two different companies and they are both conflicting with each other, one is saying the property needs a new floor, the other says its not even fit for a mortage ?

they said that they will get the underwriters to look into this again, and are going to look at the previous valuation provided by the first buyer.

We really want the property, to live in for as long as we want too and were fully prepared to have work done to the property to modernise it inside before we moved in, just concerned what happens if Natwest still say no ?
can we try a different lender?

many thanks for all your help
i am guessing that the valuation i had done was different because they did a homebuyers report at the same time, as where as the previous potential buyer did not.
so they have gone more indepth? i just don't know im so dissapointed as we really want this property

kingstreet

If NatWest don't want to lend, you can of course apply to a different lender, but be careful to choose one unlikely to instruct the same surveyor.

That can be difficult, when you only have the likes of Colleys, ESurv, Countrywide, Connells and one or two others big enough to be able to cover the work of a number of large lenders.

poppy123b

hiya there, thanks for your help
natwest hired countrywide to do the original buyers valuation which just the mentioned the floor, but natwest hired a local firm to me to do mine called pygott & crone

i wish i had just sorted out the homebuyers report myself seperatley now

not sure how two valuations can be so different, one states a £5,000 rentention the other says its non-mortgageable !

poppy123b

spoke to natwest before the closed for business, and told me to phone again tommorow, to see if they have any further updates.

so frustrating, the more i think about it, the more it just seems crazy to just write the house off like they have done, the two reports are just contradicting.

the 40% single skinned brick which i think they are reffering too, appears to be an extension/conservatory, not the actual house itself.
the energy performance rating states that the house has cavity wall filling and scores a 4 out of 5, the solid brick extension is a 2 out of 5

so many hurdles to jump :mad: