Failed mortgage valuation

EdwardS033

If you can post a link to the advert (rightmove or zoopla) and maybe forum members can offer opinion as to the suitability of the property.

hmapoet

Amnblog- I absolutely agree with you. The last thing we want is a property that we can't sell.

I guess we'll just see what the second valuer says!

suziemoon

A few months ago we were trying to but a gorgeous cottage with loads of potential, the valuation came back that it was single brick to th top floor and Santander wouldn't lend to us. In hindsight this was definitely the right decision as we have since found another lovely little cottage which Santander have been more than happy to lend on and which we know is worth what we paid for it. Hard as it is I recommend you walk away.

Thrugelmir

Mortgage_Mark wrote: »

Bear in mind that they have confirmed that it is not suitable for Santander's lending purposes, i.e. it's not within their lending remit.

This is the key. Santander will instruct the surveyor in their own right. After all it is they that are advancing the money.

Wyndham

hmapoet wrote: »

It's hard to see the valuers logic. The seller didn't struggle at valuation and nor did the previous prospective buyer (it fell through because they lost their buyer).

Do you know the reason why? They may have lost the buyer because it is unmortgagable.....

hmapoet

It was because the buyer lost their buyer.

We are getting a second valuation. If it is unmortgageable then I would like to know why. If it's unmortgageable then we won't get a mortgage on it this time either and that's that. If it passes then all is fine.

theoretica

hmapoet wrote: »

"Elements of the property are in poor condition considering it’s age and type.
The property is a small lower ground floor flat at the rear of the block which is in poor condition, poorly laid out and poorly lit. Due to this the property is not suitable security for Santander lending purposes."

Is it the property or the block which is in poor condition, poorly laid out and poorly lit? Could it be that the flat is fine, and what you are looking at but the rest of the building is dragging it down?

amnblog

I hope you are not paying to get a second valuation!

TBeckett100

If the propert is unsold since Christmas, when you come to sell, you may be in for a long wait. We bought a house that had changed hands every two years and it took us a year to sell. Buy something desirable or risk the misery of flogging it

hmapoet

We've decided not to get a second valuation but try a different lender altogether. We've opted for Halifax. If it all falls through again then we will leave it.

It's just a case of wait and see I guess....