Virgin Money Offer & Survey Information

Karmia

Hello All,

I posted here a wee while back about a potential problem with our mortgage application and got some nice answers and advice. The good news is the problem was a non-issue and everything has progressed very well (although slowly) and we are now in receipt of an offer from Virgin Money that arrived today very close to closing time.

The potential bad news is that the mortgage offer contains the following statement with regards to the valuation: "The valuation report recommends that repairs/improvements are carried out. You are advised to obtain reports and/or estimates in respect of these works prior to making a commitment to purchase."

I'm assuming the valuation was ok, as they are willing to lend us what we asked for. The problem is this line is exceptionally vague. Is this just likely to be minor cosmetic stuff? Is it potentially more "moderate" issues? Serious things? Damp, Subsidence, Demonic Cults?

We do have a "homebuyer's survey" that we should hopefully get next week, but until that arrives I'm going to be stuck here worrying about literally every possibility, and destroying my nails that are already non-existent

Any advice, reassurance, stories, or shared happiness would be most welcome. I feel like were almost there, but that it could be snatched away any minute!

As always, many thanks in advance for any lovely responses

ACG

Its unlikely to be cosmetic.
It could be nothing or it could be something.
Most recent example I had was report said a flat roof report was needed. Flat roof report obtained and absolutely nothing needed.
Previous one to that was roof struts need a report and that report said extra struts were needed to support the roof... not a major cost, I think about £500 to the client but still its £500 not accounted for.

I know you will no matter what I say but there is no point worrying, if they are happy to lend then its unlikely to be anything majorly bad but it could be something that costs money. I would put money on it being gas/electric checks as they are not normally checked on homebuyers.

Karmia

Many thanks for your response ACG.

I'm guessing (hoping) that it's not going to be something of possible major expense? As surely that would have an impact on any valuation, and the subsequent mortgage offer?

Also if it means anything the current owner is renting the house out, so I also guess it is not something that would make the house uninhabitable.

amnblog

It's a PMA statement as ACG says.