Valuation, lender wants damp & Timber report

set

Hi

Just had valuation back lender has said we need to get a Timber & Damp report. We've got one booked for tomorrow. Would they get us to do this if they weren't going to give us the mortgage?

Hoping the report doesnt bring up anything major, really worried.

minimike2

This is quite a common requirement.

The mortgage is likely to have been agreed based on the financial side, but the outcome of the report will determine if they are willing to lend on the condition of the security - If there are severe damp / timber issues it can cause problems, however it all depends on what the issues are as to what the outcomes would be. It will have been triggered by comments made in the valuation report so that might give you an indication of what has prompted the request.

I had one recently which turned out that about £500 worth of work was needed but it wasn't causing any major problem to the structure and the mortgage went straight to offer. Other possible outcomes are at worst the lending is declined until any problems are rectified and a new report is carried out to confirm this, or a retention put on the mortgage lending until the work is completed.

It is really a case of wait and see after the report has been done.

Thrugelmir

set wrote: »

Hoping the report doesnt bring up anything major, really worried.

What did the valuation report say?

set

Hi

Thanks for your replies. Valuation report said

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

Thanks again

set

Thrugelmir wrote: »

What did the valuation report say?

sorry, also forgot to ask. As you can see in previous post, under essential repairs it also says The electrical and gas installations should be tested and upgraded where necessary

Does this mean they will be wanting these tested too? They have only requested Damp & Timber.

There was also n retention advice noted in the valuation.

Thanks again.

amnblog

The note on gas and electric is standard text - if they wanted a test they would have asked for one.


The Lender refers the TDR back to the valuer for their comments before the Lender makes a decision on your lending.


Your concern should be what the report says and the potential cost of repair. If the situation is so bad the lender wont lend at all (unlikely) they have saved you making a big mistake in purchasing.

set

amnblog wrote: »

The note on gas and electric is standard text - if they wanted a test they would have asked for one.


The Lender refers the TDR back to the valuer for their comments before the Lender makes a decision on your lending.


Your concern should be what the report says and the potential cost of repair. If the situation is so bad the lender wont lend at all (unlikely) they have saved you making a big mistake in purchasing.

Thanks very much or your reply. Just wasnt sure about Gas & Electric. We're hoping its nothing major, but like you said least we wouldnt be making a big mistake. I didnt notice a smell of damp the during the times we went round (doesnt mean there isnt any) property has been empty for we think 8-12 months as vendor relocated. eeping fingers crossed

Thanks again:)

amnblog

Valuers run a PMA process so will request reports for the slightest concern.

set

amnblog wrote: »

Valuers run a PMA process so will request reports for the slightest concern.

OK I'm going to look like a right numpty now, but what is PMA?

amnblog

Protect My Ar**

set

amnblog wrote: »

Protect My Ar**

:rotfl: no wonder I coudnt find it when I 'Googled' it