House valuation

Belfast1978

Hello,

Had my valuation done yesterday and it came back saying the house is worth £119 which is what I have offered but may need repairs common with a house of this age house is over 100 yrs old.

Is this normal and will this cause a problem with the lender?

Thanks in advance

amnblog

Have the seen the full copy of the valuation?


There may be notes that certain repairs need to be completed before the lender is advised to release the full funds.


Such restrictions, where applied, are called retentions.

Belfast1978

just noticed under the repairs section it says requires specialist survey for damp and to check the timber which says to me expensive! So in theory I could end up paying for this and not even get a mortgage?

The other part about repairs says its worth £119k providing I don't mind paying for potential repairs associated with a house of this age if repairs are done to a good standard there's no reason why I wouldn't be able to resell for £119k

amnblog

Do not pay for a D&T survey - the vendor should pay - it's their problem, don't make it yours.

Thrugelmir

Belfast1978 wrote: »

just noticed under the repairs section it says requires specialist survey for damp and to check the timber which says to me expensive! So in theory I could end up paying for this and not even get a mortgage?

The property is a 100 years old. So will deteriorate with age. Therefore like a classic car should be checked over thoroughly.