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Mortgage offer dropped due to inhabitable bedroom
wench90
Posts: 104 Forumite
Can anyone help?!
We are currently in process of buying a house. In May natwest got a valuer in to house who said it was 3 bedrooms and worth money we had offered. On this basis we have pursued the mortgage however our surveyor picked up an issue with one of the bedrooms and stated it didn't meet building regulations based on ventilation and light ( also fire safety it turns out). We informed our solicitor but as both the valuer and surveyor didn't devalue the house we felt we could go ahead and we're happy to alter the bedroom ourselves in the future.
We were supposed to exchange 3 weeks ago but solicitor felt we needed to check with natwest snout this 3rd bedroom to ensure they were abreast of the issue but turns out they weren't. Their valuer didn not pick up on this issue at all. But now natwest have devalued the property by £20k and obviously won't lend us what they said they would.
Whilst I don't mind offering £20k less for a property I doubt the vendor will drop so much. We feel very upset that we are now in a position where we've spent a lot of money having put our confidence in the valuer appointed by natwest but now stand to lose house and about £1500 in fees!!
We have been told by natwest that they devalued the house based on what our solicitor told them!!!
We have questioned why their original valuer didn't pick up this issue and we were told they "wouldn't be expected too" surely this can't be right? The valuer are registered chartered surveyors..surely they'll be aware of building regs?
The valuer are also standing by their initial report but have prepared a new report stating house is 2 bedroom and worth £20k less but also state they have changed their view at the request of the bank!!'
We are at a loss as to this craziness and just want to get on with buying our new home.
Any advice would be much appreciated!
We are currently in process of buying a house. In May natwest got a valuer in to house who said it was 3 bedrooms and worth money we had offered. On this basis we have pursued the mortgage however our surveyor picked up an issue with one of the bedrooms and stated it didn't meet building regulations based on ventilation and light ( also fire safety it turns out). We informed our solicitor but as both the valuer and surveyor didn't devalue the house we felt we could go ahead and we're happy to alter the bedroom ourselves in the future.
We were supposed to exchange 3 weeks ago but solicitor felt we needed to check with natwest snout this 3rd bedroom to ensure they were abreast of the issue but turns out they weren't. Their valuer didn not pick up on this issue at all. But now natwest have devalued the property by £20k and obviously won't lend us what they said they would.
Whilst I don't mind offering £20k less for a property I doubt the vendor will drop so much. We feel very upset that we are now in a position where we've spent a lot of money having put our confidence in the valuer appointed by natwest but now stand to lose house and about £1500 in fees!!
We have been told by natwest that they devalued the house based on what our solicitor told them!!!
We have questioned why their original valuer didn't pick up this issue and we were told they "wouldn't be expected too" surely this can't be right? The valuer are registered chartered surveyors..surely they'll be aware of building regs?
The valuer are also standing by their initial report but have prepared a new report stating house is 2 bedroom and worth £20k less but also state they have changed their view at the request of the bank!!'
We are at a loss as to this craziness and just want to get on with buying our new home.
Any advice would be much appreciated!
0
Comments
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You misunderstand.Can anyone help?!
....
We have been told by natwest that they devalued the house based on what our solicitor told them!!!
The solicitor has two clients.
He is instructed by you to act on your behalf in the purchase.
He is also instructed by the mortgage lender to act on their behalf.
Thus if he learns something about the property that could be of importance to the lender he has a duty to inform them.0 -
Is this a loft conversion? There are endless threads about problems with building regs on such rooms.0
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No help at all but I suspect you are stuck unless they drop the price or you can find the money to make up the difference. If it falls through you have the comfort that a better house may appear for you and there will always be houses coming to the market I'd think. Good luck.0
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When was the survey? Did the solicitor inform the lender straightaway? Another lender may assess things differently. Perhaps speak to your broker about other lenders0
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OP - do you know when the loft was converted to a bedroom, and by whom? If you do withdraw from the sale, in some instances it is possible to recover fees from either the EA or vendor if they had grounds to believe the property should not have been marketed as a 3 bedroom. If its a case of this being an attic room that predates building regs, then they have marketed in good faith though.
I'd be tempted to see if the vendor would take a reduced offer anyway. It would be difficult for the to remarket it as a 3 bedroom now."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
Thanks all
It isn't a loft. The vendor had a double extension put on the back of the house and as a result blocked up the window of a back bedroom so now doesn't meet ventilation, natural light or fire safety regs. The vendor got planning approval but told planning dept the room was going to be a bathroom but put bedroom in instead, changed his mind later on.
We are hoping he'll drop price..but such a big drop. We definitely want to pursue the EA for miss-selling the property as a bedroom and would like to ensure they don't do this again if we miss out on the property.
Our surveyor has categorically stated it is not a bedroom, we have spoken to local authority who have informed us of what the plans were and now we have amended valuation from bank..surely this means the EA will not market it as bedroom again!
Very upset...Moved our life and two small children in preparation for this and now we will probably have to rent until another property comes up. Very very frustrating. Certainly feel we should have some redress from Natwest (given their valuer missed this) and EA for miss-selling the property.0
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