Valuation report help

set

Hi

Lenders valuation was yesterday. Got valuation report about an hour ago. Valuation came back at the sale price agreed. Woolwich are currently reviewing the valuation. We have no formal mortgage offer yet. The valuation came back with this in it:

Essential repairs

There is evidence of dampness to some walls and timbers in contact are effected by rot. You should instruct a damp and timber treatment contractor to investigate the full extent, including underfloor timbers and carry out necessary repair work.

The electrical and gas installations should be tested and upgraded where necessary.

Just to note that the property has be empty for a year. On the 4 occasions we visited we didn't smell or see any obvious dam (I know that doesn't mean there isn't any)

As we haven't had a formal mortgage offer yet, does this mean if we do it will be subject to these essential repairs?

We have our Homebuyers survey being done today also.

Thanks guys

Hoploz

Woolwich are reviewing the report, just like you are. They will make a decision whether they put these things as conditions to the mortgage or not and it will state on your proper mortgage offer letter.

You could either ask the HB surveyor to look for any damp issues (not sure if they will do this or not) or upgrade to a building survey, or cancel the HB while you think about what to do next, as it may not be the best report to use your money on?

set

Thanks very much for your reply. Homebuyers survey was sometime today. We did ask him to look for any signs of damp. We've been in rent for a few years and had problem with damp before so made sure we specifically asked about damp. Will just have to wait & see what it says if when mortgage offer comes through.

Thanks again:)