ISSUE: Bank valuation

andypandy86

In process of buying a house and things have not necessarily been done in the right order

Already had our homebuyer rosier, negotiated a final priceand solicitor is already involved doing searches etc before the bank sent their valuer out just to satisfy their lending requirements

However, their valuation came back as £0 as they require a structural survey, damp and timber report and roof report

As it stands we have the homebuyer report, a quote for damp work done by a registered contractor and the vendor already has a quote for chimney replacement with comments on the roof included

Will this be enough? Am I worrying over nothing?

Getting rather stressed that it's going to fall through

Incidentally the homebuyer report raised nothing major regarding structural matters and only mentioned minor damp which we followed up with the damp contractor

Hoploz

.... Shows how useful a Homebuyers survey report is.

Rollinghills

I know you have invested money in the buying process but frankly if my mortgage survey said this I'd run a mile. If you are looking for a fixer upper it might still be ok but are you willing to pay for these evaluations? How much spare budget do you have? This mortgage survey may be disappointing but it could save you lots of money and hassle in the future.

nubbins

This is exactly why I keep banging on about not choosing a lenders homebuyers report via the lender, these !!!!! covering reports always throw something up which in turn opens up a can of worms with the lenders. In future get a basic lenders and your own private survey.
I would not be running a mile at all and I am pretty sure if you showed the report to an honest builder the work required would be minimal. Unfortunately the can of worms has been opened and you are now going to have to provide whatever the lender requests, and only they are going to know if its enough.

Rollinghills

The way I read it homebuyer's report was not via the lender. So it is the bank valuation that came up with these problems. They are normally pretty forgiving so I would be very worried.
Carrying out these investigations will be costly with no guarantee that the deal will proceed. That's why I would probably not go further but it does all depend on how much you want the house and whether the price is right.

topcat007

nubbins wrote: »

This is exactly why I keep banging on about not choosing a lenders homebuyers report via the lender, these !!!!! covering reports always throw something up which in turn opens up a can of worms with the lenders. In future get a basic lenders and your own private survey.
I would not be running a mile at all and I am pretty sure if you showed the report to an honest builder the work required would be minimal. Unfortunately the can of worms has been opened and you are now going to have to provide whatever the lender requests, and only they are going to know if its enough.

AFAIK the lender gets the basic report and never sees the homebuyers report

silvercar

Can you submit the homebuyer's report to the lender? I would be talking to the surveyor who did the homebuyer's report. Either he missed a load of stuff or the valuer did a rush job and made mistakes.

andypandy86

That's right - our homebuyer report was independent of the bank and had nothing to do with them

It was extremely comprehensive and to be honest I'm a bit peeved with the valuation report from the bank contractor

We've sent on the homebuyer report, plus the damp survey and the vendors chimney replacement quote on to the bank - hopefully this will satisfy them

This house is far from a fixer upper - it's already been 'fixed up'

http://www.zoopla.co.uk/for-sale/details/35560254?search_identifier=6569af0c8fdf0ef7ed584c75e9915d3c