Anyone know what this means?

dodo01

I am still waiting for my final mortgage offer. I had offer on the house I am buying accepted back on June 25th and what with one thing or another i.e valuation report and survey taking 4 weeks from intitial offer in principal to be carried out time has gone on. Anyhoo we knew house had suffered from subsidence 20years ago and it is underpinned. The mortgage lenders wanted to see a underpinning report and proof it was structurally sound. They had all the paperwork last Weds. After numerous calls asking what was happening I finally had an email saying this : the offer is on a review for a specialist insurance risk to do with report submitted and it should take two days to get the decision...... oh dear doesn't sound too promising to me. Anyone had dealings with this? Oh we are supposed to be completing next Thursday :rotfl: Any views would be appreciated.

maninthestreet

When, exactly, was the lender first informed that the house had been underpinned?

kingstreet

Such an issue would be referred to the original surveyor to see if the valuation is affected, then to the lender's insurer to establish if CML compliant cover can be obtained.