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Survey on a repo not mortgageable
chocomonsta
Posts: 489 Forumite
Hi
we put an offer in for a repo which was accepted and mortgage arranged and agreed. Then the mortgage co Nationwide did a survey, we have found out they used estate agents own surveyors and survey came back as value 0 (zero)
they want us to do a full structural survey as there may be evidence of structural movement. My gripe is that this house has been offered-on before and it has fallen through, so estate agents (by way of using their own surveyors) must know it is un mortgageable and yet are still advertising it and letting people apply for mortgages and pay for basic survey knowing that mortgage is not going to be agreed.
I have solicitor that warned me not to use estate agent surveyors and it wasn't till survey came back that we realised Nationwide had actually used surveyors we were warned off!
Do I have a valid point or is this just how it goes?
I feel like setting up camp outside the house and warning would be buyers that the property is not mortgageable without an in depth structural survey - it seems so unfair.
We have a 20% deposit in place, not sure if that makes a difference.
we put an offer in for a repo which was accepted and mortgage arranged and agreed. Then the mortgage co Nationwide did a survey, we have found out they used estate agents own surveyors and survey came back as value 0 (zero)
they want us to do a full structural survey as there may be evidence of structural movement. My gripe is that this house has been offered-on before and it has fallen through, so estate agents (by way of using their own surveyors) must know it is un mortgageable and yet are still advertising it and letting people apply for mortgages and pay for basic survey knowing that mortgage is not going to be agreed.
I have solicitor that warned me not to use estate agent surveyors and it wasn't till survey came back that we realised Nationwide had actually used surveyors we were warned off!
Do I have a valid point or is this just how it goes?
I feel like setting up camp outside the house and warning would be buyers that the property is not mortgageable without an in depth structural survey - it seems so unfair.
We have a 20% deposit in place, not sure if that makes a difference.
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Comments
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http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20(Effective%20from%201%20August%202011).PDF
Here is the EA Code of Practice. See especially para 5. They are supposed to disclose anything significant they know about the property at the earliest opportunity (e.g. if it unmortgageable then they would usually advertise it as suitable for cash buyers).0 -
NWide use surveyors from their panel. Do you mean countrywide? They are not linked to the EA. Think about it; if they were on the side of the EA they wouldn't have come back with a negative report if possible.
Structural survey will confirm one way or the other what the state of play is. If all is actually OK then the initial valuation should be revisited.0 -
http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20(Effective%20from%201%20August%202011).PDF
Here is the EA Code of Practice. See especially para 5. They are supposed to disclose anything significant they know about the property at the earliest opportunity (e.g. if it unmortgageable then they would usually advertise it as suitable for cash buyers).
that is what I thought, I will be speaking to my solicitor on Monday not sure if anything can be done about it though, thanks for replying.0 -
NWide use surveyors from their panel. Do you mean countrywide? They are not linked to the EA. Think about it; if they were on the side of the EA they wouldn't have come back with a negative report if possible.
Structural survey will confirm one way or the other what the state of play is. If all is actually OK then the initial valuation should be revisited.
I do mean countrywide, which is v similar to one EA use, perhaps I am mistaken?? I will check again on Monday.
The problem I have is if I do get a full structural survey somebody else could come in with a higher offer, apparently there is another higher offer which we were told about after we arranged the survey ...not sure what to do...its attached to another house and not sinking as far as i could see! no massive cracks inside, well no cracks at all.
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EA told me that couple before us pulled out due to financial reasons, I never asked though if there had been a survey done on it before.0
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chocomonsta wrote: »they want us to do a full structural survey as there may be evidence of structural movement.
Which means that that as yet the property isn't proven to be unmortgagable.
The valuer is unable to place on a value on the property which is a different matter. As the valuer is working for the lender not you.0 -
chocomonsta wrote: »Hi
we put an offer in for a repo which was accepted and mortgage arranged and agreed. Then the mortgage co Nationwide did a survey, we have found out they used estate agents own surveyors and survey came back as value 0 (zero)
they want us to do a full structural survey as there may be evidence of structural movement. My gripe is that this house has been offered-on before and it has fallen through, so estate agents (by way of using their own surveyors) must know it is un mortgageable and yet are still advertising it and letting people apply for mortgages and pay for basic survey knowing that mortgage is not going to be agreed.
I have solicitor that warned me not to use estate agent surveyors and it wasn't till survey came back that we realised Nationwide had actually used surveyors we were warned off!
Do I have a valid point or is this just how it goes?
I feel like setting up camp outside the house and warning would be buyers that the property is not mortgageable without an in depth structural survey - it seems so unfair.
We have a 20% deposit in place, not sure if that makes a difference.
all lenders are different it really wont be the estate agents fault some will offer on it other banks will shy away...the real issue here is that nationwide let you set up and agreed a mortgage and only then did they want a survey??? i bought my house in feb. and the lady at halifax wouldnt even talk money till survey was complete....i would look to ditch nationwide, if they are this !!!! to begin with what could you encounter during the term of the mortgage?!?0 -
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all lenders are different it really wont be the estate agents fault some will offer on it other banks will shy away...the real issue here is that nationwide let you set up and agreed a mortgage and only then did they want a survey??? i bought my house in feb. and the lady at halifax wouldnt even talk money till survey was complete....i would look to ditch nationwide, if they are this !!!! to begin with what could you encounter during the term of the mortgage?!?
With respect, not all lenders do things in the same order.
If you haven't encountered how NWide work, then you really shouldn't be advising someone to change lenders on the basis of ignorance.0 -
chocomonsta wrote: »EA told me that couple before us pulled out due to financial reasons,
Translation - The previous buyers couldn't get a mortgage on it.
The difference between not telling a lie and telling the truth.What goes around - comes around0
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