Mortgage refused - Structurally unsound HELP!

gusman2x

Hi,

My wife and I are buying (or trying to) a property which is circa 130 years old.

We have had an independent homebuyers survey done by someone who comes highly recommended. The results are that the house is basically sound, with some bits here and there. There has been some movement on a bay at the font, but the surveyor stated that he felt he was 95% sure it was historic. We've also had the roof checked by a good roofer, and he's happy with it.

So, our mortgage in principal is/was with the PO. We took the free basic valuation with them as we knew we wanted to get a good independent survey done at our own cost. Unfortunately the PO has declined the mortgage, and they are saying that their survey/valuation has shown that it is structurally unsound.

So, we desperately want the house, and we believe it is OK. What are our options?

I am hoping there are some lenders that will accept a Structural Engineer's report (we'll get one done), but I don;t know if that is the case.

Does anyone have experience of this?

Many (hopeful) thanks

kingstreet

Get a structural engineer's report and forward that, plus your homebuyers' report to the lender and ask it to put these to its chosen surveyor for reconsideration of the decision.

gusman2x

Hi Kingstreet. Is it likely that the lender may be receptive to this? I was concerned that lenders would be very open and shut once the initial valuation had come in?

kingstreet

It's not a lender decision.

It will be referred to the surveyor and the surveyor will decide the outcome based on the new information.

Won't speculate on outcome.

gusman2x

kingstreet wrote: »

It's not a lender decision.

It will be referred to the surveyor and the surveyor will decide the outcome based on the new information.

Won't speculate on outcome.

Hi Kingstreet, sorry I wasn't asking if they would accept the opinion/results of the Structural report and Survey. I was more asking if the lenders/lender's surveyors are generally willing to take an independent structural report and or survey into account.

Thanks

amnblog

KS is right.

The lender works on the recommendation of their surveyor.

If you provide information that will help the surveyor change their view you can present that to the lender. The lender then asks the surveyor to consider the extra information and make a revised recommendation if appropriate.