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Failed mortgage valuation
hmapoet
Posts: 17 Forumite
Hi everyone,
We are first time buyers and applied for a mortgage with Santander. All our credit checks and affordability was fine. The valuation however was not.
The valuer advised the lender not to lend on the property full stop because it is 'poorly laid out and badly lit'. It has baffled both my mortgage adviser and estate agent.
In all fairness the property has been on the market since last Christmas which made me suspicious but the estate agent assures me that was only because the previous buyers chain broke down and they had to pull out.
There is also asbestos cement in the extension. I only know this because the seller told me independently and assured us that it is in perfect condition and minimal risk. The mortgage valuer didn't pick up on this though. We planned to get our own valuer to check it out after getting a mortgage offer.
All of this looks bad and yet there's no tangible reason for the valuer not even putting a price on it! The flat is really lovely. Small but perfect for a couple starting out.
We are considering trying another lender but obviously I don't want something that will be hard to sell but at the same time I can't work out why it's turning out to be so difficult.
I just wondered if anyone else had a similar experience with the valuation?
Thanks!
We are first time buyers and applied for a mortgage with Santander. All our credit checks and affordability was fine. The valuation however was not.
The valuer advised the lender not to lend on the property full stop because it is 'poorly laid out and badly lit'. It has baffled both my mortgage adviser and estate agent.
In all fairness the property has been on the market since last Christmas which made me suspicious but the estate agent assures me that was only because the previous buyers chain broke down and they had to pull out.
There is also asbestos cement in the extension. I only know this because the seller told me independently and assured us that it is in perfect condition and minimal risk. The mortgage valuer didn't pick up on this though. We planned to get our own valuer to check it out after getting a mortgage offer.
All of this looks bad and yet there's no tangible reason for the valuer not even putting a price on it! The flat is really lovely. Small but perfect for a couple starting out.
We are considering trying another lender but obviously I don't want something that will be hard to sell but at the same time I can't work out why it's turning out to be so difficult.
I just wondered if anyone else had a similar experience with the valuation?
Thanks!
0
Comments
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Has it got a poor layout?
Is it badly lit?
The valuer clearly does not believe this is a mortgageable property. So he either knows something you and the estate agent don't, or he is speaking from an orifice not designed for speech!
If you haven't already done so, interrogate the valuer as to why he has formed such as a negative opinion.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
I wonder what the valuer means by badly lit? It could be not enough/too small windows. I agree with linercroft about questioning the valuer.
Good luck.I must remember that "Money Saving" is not buying heavily discounted items that I do not need. :hello:0 -
No, it isn't any of those things. Even if they think it is badly lit and in poor condition why not undervalue and we could negotiate with the seller? It's all rather odd.
I don't understand why they wouldn't say if they knew something else. We are getting it valued by a different Santander valuer so we'll just see what they say.0 -
Madeline'sMum - thanks!0
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That does seem bizarre. Those factors clearly affect the value of the house, but none of them make the house unsellable. If you price a house low enough anything will sell, even a house with no windows at all would sell if it was priced far enough below houses with windows. I can't think why he/she wouldn't give a valuation at all.Changing the world, one sarcastic comment at a time.0
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Just wondering if you're not being given the whole story...
Who gave you the feedback? Was it the Mortgage Broker, and is the Mortgage Broker connected to the Estate Agent?
Because I'm a very cynical person, I wonder if the broker and EA are hiding the real reasons so they don't lose the sale, whilst they try to find another less strict valuer and/or lender.
Or maybe I should just get out more!0 -
Hi - I've just had a mortgage application cancelled as the valuer gave the property a value of £ZERO. This is due to the warranty/building guarantee apparently being for the whole building which was converted into 3 flats - one of which I am attempting to buy - and not for the individual flat. The conversion happened less than 2 years ago. Any advice as to whether this is standard practice would be greatly appreciated!
Thanks
JP Papin0 -
It's standard practice to require a building guarantee for recently built houses. When was it built?Hi - I've just had a mortgage application cancelled as the valuer gave the property a value of £ZERO. This is due to the warranty/building guarantee apparently being for the whole building which was converted into 3 flats - one of which I am attempting to buy - and not for the individual flat. The conversion happened less than 2 years ago. Any advice as to whether this is standard practice would be greatly appreciated!
Thanks
JP PapinChanging the world, one sarcastic comment at a time.0 -
Its ok, OP has started another thread now !"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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Just wondering if you're not being given the whole story...
Who gave you the feedback? Was it the Mortgage Broker, and is the Mortgage Broker connected to the Estate Agent?
Because I'm a very cynical person, I wonder if the broker and EA are hiding the real reasons so they don't lose the sale, whilst they try to find another less strict valuer and/or lender.
Or maybe I should just get out more!
The broker isn't attached to the estate agent. They are actually attached to another agent who we didn't use0
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